Diana Shipping announces agreement to acquire three Panamax vessels
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has signed, through three separate wholly-owned subsidiaries, three Memoranda of Agreement to acquire from a related party three Panamax vessels for an aggregate purchase price of US$39.8 million. These vessels are the m/v Sunshine, a 2010 built Panamax dry bulk vessel of 75,700 dwt, the m/v Manzoni, a 2013 built Panamax dry bulk vessel of 75,403 dwt and the m/v Infinity 9, a 2013 built Panamax dry bulk vessel of 77,901 dwt, all built by Jiangnan Shipyard (Group) Co., Ltd. The delivery of the vessels to the buyers is expected by the end of March 2016.
Diana Shipping has agreed to acquire the vessels from entities affiliated with Mrs. Semiramis Paliou and Mrs. Aliki Paliou, each of whom is a family member of Diana Shipping’s Chairman and Chief Executive Officer. Mrs. Semiramis Paliou is also a director of Diana Shipping. The transaction was approved unanimously by a committee of the Board of Directors established for the purpose of considering the transaction and consisting of Diana Shipping’s independent directors and each of its executive directors other than Mrs. Semiramis Paliou and Mr. Simeon Palios. The agreed upon purchase price of the vessels was based, among other factors, on independent third party broker valuations obtained by Diana Shipping. Consummation of the purchases is subject to Diana Shipping obtaining bank financing from the sellers’ existing lenders for substantially all of the purchase price of the vessels, thereby resulting in little or no current cash outlay on the part of Diana Shipping.
Excluding the three aforementioned vessels, as well as one new-building Newcastlemax dry bulk vessel expected to be delivered to Diana Shipping during the third quarter of 2016 and one new-building Newcastlemax dry bulk vessel and one new-building Kamsarmax dry bulk vessel expected to be delivered to Diana Shipping during the fourth quarter of 2016, Diana Shipping Inc.’s fleet currently consists of 43 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). As of today, the combined carrying capacity of Diana Shipping’s fleet, excluding the six vessels not yet delivered, is approximately 5.0 million dwt with a weighted average age of 7.44 years.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. Diana Shipping’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
