Diana Shipping has found a much more lucrative time charter for a capesize bulker that just came off a one-year contract.

The Semiramis Paliou-led owner of 35 bulkers has fixed the 179,134-dwt PS Palio (built 2013) to George Economou-controlled Classic Maritime at $31,000 per day for at least 22 months.

The charter, which may be extended to slightly more than two years, is expected to earn $20.6m for the minimum period of the contract.

The deal emerges as period rates for capesizes have been rising since mid-April.

Clarksons’ assessment of a one-year charter of a 180,000-dwt bulker rose to $31,000 per day on Friday, up from $30,500 a week earlier and from about $27,600 on 15 April.

That’s still below spot rates, which saw capesizes were earning nearly $38,200 per day on average on Monday, according to the Baltic Exchange. That is up from about $37,500 per day on Friday.

The PS Palios came off a 10-month charter to Olam International on 23 April that earned $26,500 per day.

The average rate for one-year capesizes during the time of this fixture ranged from $24,156 per day in November to a height of $35,325 per day in October.

Half of Diana’s 12 capesizes are currently on charters, five of which are ending within the next few months.

The charter is the latest for the Greek company since the 182,063-dwt Florida (built 2022) was fixed in late March on a rare five-year charter to Bunge at $25,900 per day.

The vast majority of Diana’s other ships — eight panamaxes, six kamsarmaxes, five post-panamaxes and four newcastlemaxes — are employed into 2023.