Diana Shipping Gets Full Refund for Cancelled Bulker

Image Courtesy: Diana Shipping

Greek dry bulk ship owner Diana Shipping has received a full refund payment in the amount of USD 9.4 million following the cancellation of the shipbuilding contract for a Kamsarmax dry bulk carrier.

The shipbuilding deal with China’s Yangzhou Dayang Shipbuilding was cancelled in early November due to a delay in delivery of 150 days after the original delivery date.

The newbuilding, ordered in April 2014, was scheduled to join its owner on May 31, 2016.

Diana Shipping said that the refund payment was made under the Refund Guarantee from the Export-Import Bank of China and reflects a refund of the first and second installment payments under the shipbuilding contract.

The refund amount constitutes the repayment of all monies paid in connection with the cancelled shipbuilding contract, together with interest thereon, the company said.

Diana Shipping’s fleet currently consists of 46 dry bulk vessels, including 2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax vessels.

In addition, the company expects to take delivery of two newbuilding Newcastlemax dry bulk vessels during the fourth quarter of 2016 and the first quarter of 2017.

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