Diana Shipping Buys Vessel for $110M
Wednesday, April 18, 2007
Diana Shipping Inc., bought a big ship currently under construction in China for $110 million.
Athens, Greece-based Diana Shipping expects to take delivery of the Capesize-class vessel from Shanghai Waigaoqiao Shipbuilding Co. in November. Capesize-class ships are vessels too large to traverse either the Suez Canal or Panama Canal.
Diana Shipping said it is seeking long-term employment for the tanker.
The acquisition will decrease the average age of the company's fleet to 3 years and raise its total cargo carrying capacity to about 1.7 million tons, the company said.