Diana Shipping Announces Sale of a Panamax Vessel

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(Image Courtesy: Vessel Finder)

Diana Shipping Inc, on Monday announced that it has signed, a Memorandum of Agreement to sell to an unaffiliated third party, the 2001-built vessel “Alcyon”. The vessel is expected to be delivered to the buyer latest by January 7, 2019, for a sale price of USD 7.45 million before commissions.

The Company also announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Oceanis.

The gross charter rate is USD 10,350 per day, minus a 5% commission paid to third parties, for a period until minimum January 1, 2020 up to maximum March 31, 2020. The new charter period is expected to commence on November 16, 2018. The m/v Oceanis is currently chartered, as previously announced, at a gross charter rate of USD 7,000 per day, minus a 5% commission paid to third parties.

The “Oceanis” is a 75,211 dwt Panamax dry bulk vessel built in 2001.

Additionally, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Pamanax dry bulk vessels, the m/v Clio.

The gross charter rate is USD 10,600 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to maximum thirteen (13) months. The charter commenced on November 10, 2018. The m/v Clio was chartered, as previously announced, to Phaethon International Company AG, at a gross charter rate of USD 8,550 per day, minus a 5% commission paid to third parties.

The “Clio” is a 73,691 dwt Panamax dry bulk vessel built in 2005.

The employment extension of “Oceanis” as well as the employment of “Clio” are anticipated to generate approximately USD 7.37 million of gross revenue for the minimum scheduled period of the time charters.

Upon completion of the aforementioned sale and the previously announced sale of a Panamax dry bulk vessel, the m/v Triton, Diana Shipping Inc.’s fleet will consist of 48 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 20 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Triton and m/v Alcyon, is approximately 5.8 million dwt with a weighted average age of 9.22 years.

Sea News, November 13

Baibhav Mishra
Author: Baibhav Mishra

Associate Editor, Sea News

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