Greece: Diana Shipping Signs Agreement to Purchase Panamax Dry Bulk Carrier

Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, on Friday, March 30, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase from an unaffiliated third party the m/v “Mining Star”, a 2005 built Panamax dry bulk carrier of 76,225 dwt, for a price of US$20.65 million.

The vessel, to be renamed “Melia”, is expected to be delivered to the Company by the sellers in mid-April 2012.

Excluding the aforementioned vessel Diana Shipping’s fleet currently consists of 26 dry bulk carriers (16 Panamax vessels, 8 Capesize vessels, 1 Post-Panamax vessel and 1 Newcastlemax vessel), as well as 1 new building Newcastlemax vessel expected to be delivered to the Company during the second quarter of 2012 and 2 new building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013. As of today, the combined carrying capacity of company’s current fleet, excluding the four vessels not yet delivered, is 2.9 million dwt with a weighted average age of 6 years.

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Source: Diana Shipping, April 2, 2012