Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell one of its dry bulk vessels, the m/v Baltimore, to OceanPal Inc., a related party, says a press release published on their site.
About MoU
The aggregate sale price of the vessel is $22.0 million, 20% of which was paid upon signing of the Memorandum of Agreement and 80% of which will be paid upon the delivery of the vessel in the form of newly issued preferred shares of OceanPal Inc.
The terms of the preferred shares will be mutually agreeable between the Company and OceanPal Inc., and are expected to include a preferred dividend and to be convertible into OceanPal Inc. common shares at any time.
The aggregate sale price was agreed upon based on the average of two independent broker vessel valuations, adjusted for a scheduled drydocking of the vessel prior to delivery to OceanPal Inc. and taking into account the share-based component of the consideration.
The m/v Baltimore
The m/v Baltimore is a 2005-built Capesize dry bulk vessel having a carrying capacity of 177,243 dwt. Delivery to the buyer is expected to occur in the third quarter of 2022 following the completion of the vessel’s scheduled drydocking.
The sale and purchase of the vessel was made pursuant to OceanPal Inc.’s exercise of a right of first refusal granted by the Company on six identified vessels (including the m/v Baltimore) based on an agreement dated November 8, 2021.
The sale of the m/v Baltimore to OceanPal Inc. was approved by a committee of independent members of the Company’s Board of Directors.
Diana’s dry bulk vessel
Upon completion of the aforementioned sale, Diana Shipping Inc.’s owned and bareboat chartered-in fleet will consist of 34 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax and 8 Panamax).
As of today, the combined carrying capacity of our fleet, including the m/v Baltimore, is approximately 4.5 million dwt with a weighted average age of 10.38 years.
The Selina
Diana Shipping is specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Speed Logistics Marine Limited, for one of its Panamax dry bulk vessels, the m/v Selina.
The gross charter rate is US$22,000 per day, minus a 5% commission paid to third parties, for a period until minimum April 15, 2023 up to maximum June 20, 2023. The charter is expected to commence tomorrow.
The “Selina” is a 75,700 dwt Panamax dry bulk vessel built in 2010.
The employment of “Selina” is anticipated to generate approximately US$6.56 million of gross revenue for the minimum scheduled period of the time charter.
Upon completion of the previously announced sale of one Capesize dry bulk vessel, the m/v Baltimore, Diana Shipping Inc.’s owned and bareboat chartered-in fleet will consist of 34 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax and 8 Panamax).
As of today, the combined carrying capacity of our fleet, including the m/v Baltimore, is approximately 4.5 million dwt with a weighted average age of 10.38 years.
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Source: Diana Shipping Inc.
