Diamond S Shipping Disposes of Two MR Tankers

Connecticut-based tanker shipping company Diamond S Shipping has decided to sell two of its 2008-built medium-range (MR) product carriers as part of its fleet renewal efforts.

The company has agreed to dispose of the Atlantic Aquarius and Atlantic Leo.

As informed, the 50,000 dwt vessels are expected to be delivered in the third quarter or early the following quarter.

Diamond S Shipping said it would recognize a non-cash charge of about USD 9.5 million per vessel this quarter. The company expects to the sale to generate liquidity of about USD 12 million in aggregate after repayment of outstanding debt and settlement of working capital.

Based in Greenwich, the tanker company has been formed following a merger between DSS Holdings and Capital Product Partners. The merger, worth about USD 1.65 billion, was completed in March this year.

Diamond S Shipping owns and operates 68 vessels, including 15 Suezmax vessels, one Aframax and 52 MR product tankers.