Freight rates more than double in Cargill’s new time charter

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It has become much more expensive to transport feed ingredients.

The bulk shipping company Diana Shipping announced on Monday that it has entered into a time charter contract with Cargill for the Panamax dry bulk carrier ‘Artemis’ through a separate wholly owned subsidiary.

The gross charter rate is $21,250 per day, minus a 4.75 percent commission paid to third parties, for a period up to a minimum of June 20, 2023 up to August 20, 2023, at the latest. The charter started on the same day.

‘Artemis’ was previously chartered to Glencore Agriculture at a gross charter rate of $10,250 per day, minus a 5 percent commission paid to third parties.

This means that freight rates have more than doubled since the last charter ended.

The commitment of ‘Artemis’ is expected to generate approximately $9.54 million in gross revenue for the minimum period of the charter. ‘Artemis’, weighing 76,942 tons, was built in 2006.