Diana’s new Capesize

Diana Shipping Inc, a global shipping transportation company specializing in dry-bulk cargoes, yesterday announced that it has signed a memorandum of agreement with an unaffiliated third party for the purchase of a Capesize newbuilding dry-bulk carrier of approximately 177,000 deadweight tons (dwt) for the price of $110 million. The vessel is currently being constructed by Shanghai Waigaoqiao Shipbuilding Co, Ltd. Diana Shipping expects to take delivery of the vessel in November 2007. Diana Shipping Chairman and CEO Simeon Palios said: «With the closing of our follow-on offering in March, we have again expanded our equity base in accordance with our commitment of expanding the company with accretive vessel acquisitions. The purchase of this vessel, for which we intend to seek long-term employment, will improve the visibility of our earnings. At the same time, this will decrease the weighted average age of our fleet to only three years as of November 2007, while our total cargo carrying capacity will increase to approximately 1.7 million dwt, excluding the two newbuildings on order for 2010.» (Reuters)

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.