Diana Shipping continues panamax bulker sell-off

Diana Shipping continues panamax bulker sell-off

Greek dry bulk owner Diana Shipping has announced the sale of 2004-built panamax bulker Erato.

The Chinese-built vessel was sold to an unaffiliated third party for $7m, slightly below the VesselsValue market value of $7.2m. Completion of the sale is scheduled by June 10.

Diana Shipping has been selling off some of its older panamaxes this year and in February the company sold 2001-built panamaxes Danae and Dione. Last month, the company began circulating 2001-built panamax pair Nirefs and Oceanis, although a sale has yet to materialise.

The sale of Erato leaves Diana Shipping with a fleet of 45 dry bulk vessels.

Separately, Diana also announced a tender offer today to buy back up to 3.125m shares at a price of $3.20 per share.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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