Diana Shipping Sells Majority Stake in Ultramax to Norwegian Entity

Photo credit: Diana Shipping

New-York listed dry bulk owner Diana Shipping seals an investment agreement for the acquisition, by a Norwegian entity, of a 75% partnership interest in ultramax vessel “DSI Drammen”, while maintaining 25% of the partnership interest. The Greece-based company led-by the Palios family acquired the vessel earlier this year.

The financing of the ship was also concluded, with the drawdown of US$15.4 million from Nordea Bank Abp, filial i Norge, as a result of the term loan facility which Diana Shipping signed on March 30, 2023.

The Greek shipowner also entered into a time charter contract with ST Shipping and Transport Pte. Ltd., for one of its Capesize dry bulk vessels, the “Boston”, a 177,828 dwt ship built in 2007.

The gross charter rate is US$17,000 per day, minus a 5% commission paid to third parties, for a period until minimum July 15, 2024 up to maximum October 15, 2024. The charter is expected to commence on May 6, 2023.

The fixture of “Boston” is expected to generate approximately US$7.29 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping’s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 10 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 10 Ultramax).

As of today, the combined carrying capacity of the company’s fleet, is approximately 4.7 million dwt with a weighted average age of 10.03 years.

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