Diana Shipping has seen its highest earning capesize bulker come to the end of a period contract and be renewed at a much lower rate.

New York-listed Diana says the 17,500-dwt GP Zafirakis (built 2014) has been hired by RWE for 15 to 18 months at $6,500 per day.

The new deal means RWE has secured a major reduction on a vessel it has had on charter since late 2014 at $25,250 per day.