Diana Shipping Sells Dry Bulker

Maritime Activity Reports, Inc.

January 29, 2020

Image: Diana Shipping

Image: Diana Shipping

Diana Shipping announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2002-built vessel “Norfolk”.

The delivery to the buyer is scheduled for latest by February 25, 2020, said a press note from the global shipping company specializing in the ownership of dry bulk vessels. The sale price of its first capesize is US$9.35 million before commissions.

Upon completion of the aforementioned sale and the previously announced sale of a Panamax dry bulk vessel, the m/v Calipso, Diana Shipping Inc.’s fleet will consist of 40 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and 13 Panamax).

Diana Shipping also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Aquavita International S.A., for one of its Kamsarmax dry bulk vessels, the m/v Maia.

The gross charter rate is US$11,200 per day, minus a 5% commission paid to third parties, for a period of minimum 14 months to about 16 months. The new charter will commence today.

The “Maia” is a 82,193 dwt Kamsarmax dry bulk vessel built in 2009.

As of today, the combined carrying capacity of Diana Shipping's fleet, including the m/v Norfolk and the m/v Calipso, is approximately 5.2 million dwt with a weighted average age of 9.62 years.

This employment is anticipated to generate approximately US$4.7 million of gross revenue for the minimum scheduled period of the time charter.

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