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Diana Shipping seals ultramax sale and leaseback and charter deals

Greek bulker owner Diana Shipping has unlocked cash via the sale and leaseback of a recently delivered ultramax while fixing another one for at least $8.1m.

The New York-listed firm is looking at $29.85m gross proceeds by the end of the fourth quarter from a deal with a Japanese third party for the 2016-built DSI Andromeda, formerly known as STH Tokyo. The vessel, currently on time charter with Western Bulk Carriers between October 16, 2023, and December 16, 2023, at $14,250 per day, will be bareboat charter-in by Diana for 10 years. The company will have purchase options beginning at the end of the third year of the charter.

Meanwhile, Diana Shipping has chartered out its 2015-built DSI Pegasus, ex-STH Athens, to Reachy Shipping at $14,000 per day between July 15, 2024 and September 15, 2024. The charter of the 60,508 dwt vessel, which was delivered earlier this month, should start on December 7.

Both modern ultramaxes were acquired in August as part of the $330m nine-ship deal with Sea Trade Holdings.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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