"Santa Barbara". Photo: Vesselfinder

Cargill extends the lease of a 295 meter long bulk carrier as shipping rate almost doubles

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Hires Greek freighters.

The Greek shipping company Diana Shipping announced on Thursday a time charter contract with Cargill for the dry bulk ship “Santa Barbara”. Gross charter price is $29,500 per day, minus a 4.75 per cent commission paid to third parties, for a period up to a minimum of May 10, 2023 to a maximum of July 10, 2023.

The new charter period is expected to start on 15 March 2022.

The 295-meter-long “Santa Barbara” is currently chartered at a gross charter rate of $17,250 per day. This means a significant increase in freight rates.

On Thursday last week, it was announced that another ship chartered by Cargill, the 61,100-tonne “Yasa Jupiter”, was hit by a projectile after it left the Ukrainian port city of Odessa.

“Santa Barbara” is a dry bulk vessel of 179,426 deadweight tonnes, a so-called Capesize, built in 2015. The lease for “Santa Barbara” is expected to generate 12.2 million dollars in gross income for the shipping company during the planned minimum period for the new hourly charter (415 days).

Diana Shipping’s fleet currently consists of 34 dry bulk carriers (four Newcastlemax, 11 Capesize, five Post-Panamax, six Kamsarmax and eight Panamax).

American company Cargill is the world’s second largest producer of fish feed.