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The tender offer will expire at the end of the day on May 13, 2019, unless extended or withdrawn.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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >