Greenwich, Conn., headquartered Diamond S Shipping Inc. (NYSE: DSSI) reports that it has agreed to sell two of its carriers, reports Marinelog.
Fleet renewal initiative
The carriers, the Atlantic Aquarius and Atlantic Leo are 2008-built medium-range product carriers. The decision comes as part of the company’s fleet renewal initiatives.
Liquidity following debt settlement
The vessels are expected to be delivered in the third quarter or early the following quarter. The company will recognize a non-cash charge of about $9.5 million per vessel this quarter.
The company expects to the sale to generate liquidity of about $12 million in aggregate after repayment of outstanding debt and settlement of working capital.
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Source: Marinelog
