Diana Shipping unlocks cash in sale and leaseback deal for capesize pair

Greek bulker owner Diana Shipping has raised fresh capital after agreeing to a sale and leaseback deal for two of its capesize vessels with unaffiliated Japanese third parties.

The New York-listed company said it has sealed a deal for the 2015-built New Orleans and Santa Barbara, which will, upon completion by the end of the third quarter of 2022, generate gross proceeds of $66.4m.

The deal will also see Diana bareboat charter-in the vessels for a period of eight years, with purchase options attached, beginning at the end of the third year of the charters.

Diana Shipping recently bolstered its fleet with the acquisition of nine modern ultramax vessels from Stamford-based Sea Trade Holdings for $330m. After the delivery of and completion of the previously announced sale of the Baltimore to its spinoff OceanPal, the company will have a fleet of 43 bulkers with a carrying capacity of around 4.9m dwt.