Diana Shipping Shrinks Fleet, Sheds Another Panamax

Illustration; Source: PxHere under CC0 Creative Commons license

Greek dry bulk owner Diana Shipping has reached an agreement to sell one of its Panamax bulkers to an unaffiliated third party.

Under a Memorandum of Agreement, signed through a separate subsidiary, the company would sell the 2005-built vessel Clio.

The 73,691 dwt ship, scheduled to join its new owner by November 29, 2019, was sold at a price of USD 7.4 million before commissions.

The unit was deployed under a time charter contract with Hong Kong-based Ausca Shipping Limited until November 5, 2019. During the charter, which started in November last year, the unit was earning USD 10,600 per day.

Upon completion of the sale, Diana Shipping’s fleet will consist of 42 dry bulk vessels, shrinking the number of Panamax units to fourteen. As of today, the combined carrying capacity of the fleet, including Clio, is around 5.3 million dwt with a weighted average age of 9.46 years.

So far this year, the company sold a number of its Panamax units, namely the 2001-built Danae and Dione, that were disposed of in February, the 2004-built Erato in April, the 2004-built Thetis in June and the 2001-built Nirefs in July.

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