Dry CargoEurope

Diana Shipping ships out capesize to spinoff OceanPal in $22m deal

Greek bulker owner Diana Shipping has struck a deal to sell its 2005-built capesize Baltimore to its Nasdaq-listed spinoff OceanPal.

The aggregate sale price of the vessel is $22m, 20% of which was paid upon signing and 80% of which will be paid upon delivery of the vessel in the form of newly issued preferred shares of OceanPal.

Diana said the terms of the preferred shares will be mutually agreed upon between the companies and are expected to include, among other terms, a preferred dividend and the right to convert the newly issued preferred shares into OceanPal common shares at any time after the issue date.

Delivery of the 177,243 dwt vessel should take place in the third quarter of 2022 following the completion of its next scheduled drydocking.

Last year, Diana spun off three of its older ships into a newly formed vehicle, OceanPal. Following the transaction, OceanPal’s fleet will consist of two capes and two panamax bulkers.

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.
Back to top button