Diana Shipping Agrees Panamax Sale, Launches Share Buyback

BulkerIllustration. Image Courtesy: PxHere under CC0 Creative Commons license

Greek dry bulk owner Diana Shipping has signed a Memorandum of Agreement to sell its 2004-built Panamax bulker vessel Erato to an unaffiliated third party.

The company said that the 74,444 dwt unit, built by China’s Jiangnan Shipyard, was sold at a price of USD 7 million before commissions.

Erato is expected to join its new owner by June 10, 2019 at latest.

According to data provided by Diana Shipping, the vessel is currently employed with Hong Kong-based Ausca Shipping at a rate of 7,250 USD per day under a contract until April 17, 2019.

Separately, the company has launched a tender offer to purchase 3.12 million shares, or about 3.1% of its outstanding common stock, using funds available from cash and cash equivalents at a price of USD 3.20 per share.

The tender offer will expire at the end of the day on May 13, 2019, unless extended or withdrawn.

Upon completion of the sale and the previously announced sale of its Panamax dry bulk vessel Dione, Diana Shipping’s fleet will consist of 45 dry bulk vessels, including 4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 17 Panamax units.

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