Diana Shipping said it signed a time charter contract for one of its Panamax vessels, expected to generate about $5.6m in revenue.

The contract with Intermare Transport, Hamburg, is for a minimum of 11 to 13 months.

The deal is expected to start in the middle of October 2009.

In August, the Greek dry bulk carrier reported lower quarterly earnings as the economic slowdown led to lower charter rates for its ships and increased off-hire days, reports Reuters.

The gross charter rate for the vessel – the M/V Triton – is $17,000 a day, said Diana Shipping.