Diana Shipping Inc. Sells Ultramax Dry Bulk Vessel to Boost Growth
Diana Shipping Inc. Moves Forward with Vessel Sale
ATHENS, Greece – Diana Shipping Inc. (NYSE: DSX), a prominent player in the dry bulk shipping industry, has recently confirmed a significant milestone in its operations with the planned sale of the 2016-built Ultramax dry bulk vessel, m/v DSI Drammen. This strategic decision comes as part of the Company’s initiative to enhance its financial flexibility and operational focus in the ever-evolving shipping market.
Details of the Sale Agreement
The Company has entered a Memorandum of Agreement to transfer ownership of the m/v DSI Drammen to an unaffiliated third party for an estimated sale price of around US$26.86 million before commissions. This sale is scheduled for completion by October 31, 2025. Diana Shipping Inc. controls a 25% share in the limited partnership responsible for the sale, while the remaining 75% is held by Ecobulk AS, headquartered in Norway.
Current Fleet Overview
As of now, Diana Shipping Inc. boasts a fleet comprising 36 dry bulk vessels, categorized into various classes: 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. The total cargo capacity is approximately 4.1 million deadweight tons (dwt), excluding the m/v DSI Drammen slated for sale. The vessels have a weighted average age of 11.82 years, reflecting the Company's commitment to maintaining a robust and competitive fleet.
Future Deliveries
Looking ahead, Diana Shipping is poised to expand its fleet with the upcoming delivery of two methanol dual-fuel Kamsarmax dry bulk vessels, expected within the next few years. This transition aligns with the Company’s strategic focus on enhancing environmental sustainability and operational efficiency.
About Diana Shipping Inc.
Diana Shipping Inc. operates globally, offering shipping transportation services through owning and chartering dry bulk vessels. With a commitment to short to medium-term charters, the Company specializes in transporting a diverse array of dry bulk commodities, such as iron ore, coal, and grain. This extensive operational experience equips Diana Shipping to navigate the complexities of the shipping industry effectively.
Market Position and Strategy
The sale of the m/v DSI Drammen is a tactical move that reflects Diana Shipping Inc.'s long-term vision to adapt to market demands and optimize its operational model. By engaging in strategic asset sales and focusing on fleet upgrades, the Company positions itself favorably against fluctuations in global shipping prices and shifts in demand for dry bulk shipping services.
Cautionary Statements
As industry conditions can change rapidly, the forward-looking statements regarding this transaction are built on various assumptions. Diana Shipping remains vigilant in monitoring market trends and economic indicators that affect its business operations.
Contact Information
If you would like to know more about this announcement or discover opportunities with Diana Shipping Inc., please reach out to:
Corporate Contact:
Ioannis Zafirakis
Director, Co-Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
Phone: +30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Frequently Asked Questions
What is the significance of the m/v DSI Drammen sale?
The sale of the m/v DSI Drammen is a strategic move by Diana Shipping to enhance its financial resources and streamline its fleet operations.
How many vessels does Diana Shipping own?
Diana Shipping Inc. operates a fleet of 36 dry bulk vessels of various categories and sizes.
When is the sale of m/v DSI Drammen expected to be completed?
The sale is scheduled for completion by October 31, 2025.
What are Diana Shipping's plans for future vessel deliveries?
The Company plans to take delivery of two new methanol dual-fuel Kamsarmax vessels by 2027 and 2028.
Who can I contact for more information about Diana Shipping?
You can contact Ioannis Zafirakis via email at izafirakis@dianashippinginc.com for further inquiries.
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