Diana’s Board Clears Purchase of Three Vessels

Board of directors of the Greek owner of dry bulk vessels Diana Shipping has approved the acquisition of three vessels, the company said.

The approval follows closing of the company’s previously announced underwritten public offering of a total of 20,125,000 common shares, par value USD 0.01 per share, at a price of USD 4 per share.

The offer includes the full exercise of the over-allotment option granted to the underwriters to purchase up to 2,625,000 additional common shares. Following this offering, the company has 106.1 million common shares outstanding, par value USD 0.01 per share.

As part of the offering, entities affiliated with Simeon Palios, the company’s Chief Executive Officer and Chairman, executive officers and certain directors, purchased an aggregate of 5,500,000 common shares at the public offering price.

The gross proceeds from the offering were USD 80.5 million, all of which is expected to be used to fund the acquisition costs of additional dry bulk vessels, including two 2013-built Post-Panamax dry bulk vessels and one 2013-built Kamsarmax bulker.

Any net proceeds from the offering not used for the vessel acquisitions will be used for general corporate purposes, the company added.

As of April 26, 2017 the company’s fleet consists of 48 dry bulk vessels, featuring a combined carrying capacity of approximately 5.7 million dwt with a weighted average age of 7.9 years.

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