Diana Shipping Acquires Two More Bulkers

 

Diana Shipping Inc. signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement on to acquire a 2010-built 82,194 dwt Kamsarmax dry bulk vessel from an unaffiliated third party. The vessel, m/v Torm Island, to be renamed Medusa, was acquired for a purchase price of $18.05 million and is expected to be delivered to the buyer during the second quarter of 2015.

 

The company also signed, again through a separate wholly-owned subsidiary, an agreement to acquire from a different unaffiliated third party a newbuild Capesize dry bulk vessel of approximately 180,000 dwt, being built by Shanghai Waigaoqiao Shipbuilding Co., Ltd., for a purchase price of $43 million. The vessel, Hull No. H1364, to be renamed New Oreleans, is expected to be delivered to the buyer during August 2015.

 

The second transaction is subject to final negotiation and execution of a novation agreement among the builders, the buyer and the seller.

 

Excluding the newly acquired vessels, as well as two newbuild Newcastlemax dry bulk vessels and one newbuild Kamsarmax dry bulk vessel expected to be delivered during the second quarter of 2016, Diana Shipping’s fleet currently consists of 40 dry bulk vessels: two Newcastlemax, 12 Capesize, three Post-Panamax, three Kamsarmax and 20 Panamax. The combined carrying capacity of the company's fleet, excluding the five vessels not yet delivered, is approximately 4.6 million dwt with a weighted average age of 7.1 years.