Diana Shipping: Panamax Sale Fails

  • Business & Finance

Greek dry bulker owner Diana Shipping has received a notice of cancellation of the memorandum of agreement signed in December 2019 to sell the 2005-built Panamax vessel Calipso.

Diana previously agreed to sell the 73,700 dwt bulker for USD 7.275 million. The ship was scheduled to be delivered to an unnamed buyer by January 30, 2020.

“The buyers elected to exercise their right to cancel the contract as a result of vessel’s missing the cancelling date stipulated therein, due to unforeseen events, unrelated to the condition of the vessel, and have requested the refund of the deposit of the purchase price held in joint escrow account by the deposit holder,” Diana Shipping said in a statement.

The company added it has taken steps to release the deposit to the buyers.

Upon completion of the previously announced sale of one Capesize dry bulk vessel, the m/v Norfolk, Diana Shipping’s fleet will consist of 41 vessels. The combined carrying capacity of the company’s fleet, including the m/v Norfolk, is approximately 5.2 million dwt with a weighted average age of 9.66 years.

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