Yasmine Venture News

CMB confirmed that its subsidiary, Bocimar and Wah Kwong, have sold the panamax vessel Yasmine Venture (2006 - 73,546 dwt) - ordered in joint venture in 2003 from Jiangnan (China) - to Diana Shipping. The net sale price amounts to $39.6 million, and CMB will realize a capital gain of approximately $5.5 million on this sale. Also, Bocimar and Oak Maritime have concluded an agreement with Chang Myung Shipping (Korea) for the sale of the joint venture vessel Mineral Oak (1996 - 165,693 dwt). The net sale price is $45.3 million. For CMB, this sale will generate a capital gain of approximately $11.5 million, also expected for the third quarter. Finally Bocimar has ordered a 177,000 dwt capesize vessel from SWS (Shanghai Waigaoqiao Shipyard - China). quarter of 2009.

Diana Shipping Inc. has exercised the option to purchase a Panamax dry bulk carrier, the Yasmine Venture, of 73,546 dwt, built in June 2006. The vessel has a purchase price of $39.6m and is expected to be delivered to the Company in July 2006. Upon delivery the vessel will be chartered to Bocimar Belgium NV, Antwerp, Belgium, for 11 to 13 months at $21,000 per day net.