Dry CargoEuropeFinance and Insurance

Diana adjusts sale price to buy panamaxes more cheaply

Some $535,000 has been knocked off the aggregate price of three panamax bulk carriers being acquired by Diana Shipping from the daughters of Simeon P. Palios, the company’s chairman and CEO.

Two addenda to the sale and purchase agreement have been signed between Diana and the seller, Alpha Sigma Shipping Corp, which is owned by Aliki Paliou and Semiramis Paliou, who is a director of Diana Shipping.

The three China-built vessels are Sunshine (75,700 dwt, built 2010), Manzoni (75,403 dwt, built 2013) and Infinity 9 (77,901 dwt, built 2009). The ships will be renamed Selina, Maera and Ismene respectively.

The cost of Infinity 9 and Sunshine will be financed in full using a new $29.755m term loan secured from ABN AMRO Bank, the NYSE-listed company said.

The acquisition of Manzoni is subject to Diana obtaining bank financing from the seller’s existing lenders for substantially all of the purchase price of the vessel. So far, the requisite financing is not in place.

Infinity 9 was delivered to Diana on Mondaywhen it commenced a timecharter to Glencore Grain at a gross rate of $7,825 per day, minus 5% commission. The contract is due to terminate between June 24 and October 24 this year, for which Diana expects gross revenue of around $0.74m for the minimum period.

Sunshine is expected for delivery before the end of the month.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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