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Diana Shipping to sell a panamax dry bulk vessel

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Dry Bulk,

Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2004-built vesselMelite” for demolition, on an “as is where is” basis, with delivery anticipated to be by 30 October 2017, for a sale price of approximately US$2.52 million before commissions.

Diana’s wholly-owned subsidiary have submitted a Notice of Abandonment for “Melite” to their Hull and Machinery Underwriters, who have not, as of today’s date, accepted this Notice, but have agreed to the sale of the vessel on the terms outlined in the above mentioned Memorandum of Agreement. This Notice of Abandonment forms part of the company’s claim against the vessel’s Hull and Machinery Underwriters, resulting from the previously announced grounding of the vessel on 26 July 2017, which if accepted by them, will result in the payment to owners of the vessel’s total insured value of approximately US$14.0 million.

Upon completion of the aforementioned sale, Diana Shipping Inc.’s fleet will consist of 50 dry bulk vessels (four newcastlemax, 14 capesize, five post-panamax, five kamsarmax and 22 panamax). As of today, the combined carrying capacity of the company’s fleet, including the m/v Melite, is approximately 5.9 million DWT with a weighted average age of 8.2 years.

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