Diana Shipping Buys Sea Trade’s Bulker Fleet For 0

Diana Shipping Buys Sea Trade’s Bulker Fleet For $330

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Greek shipowner Diana Shipping on Thursday introduced it has acquired the majority service fleet of U.S.-based Sea Commerce Holdings in a $330 million money and shares deal.

The 9 ultramax vessels, constructed between 2015 and 2018 with a median vessel age of roughly 5.4 years, are scheduled to be handed over in the course of the fourth quarter of 2022, Diana stated.

The ships—STH Athens, STH London, STH New York, STH Sydney, STH Tokyo, STH Kure, STH Chiba, STH Oslo and STH Montreal—are all Japanese-built (Japan Marine United and Mitsui Engineering & Shipbuilding) and vary from 60,309 dwt to 60,508 dwt.

New York-listed Diana stated it is going to pay for the deal utilizing $220 million in money and $110 million within the type of 18,487,395, in mixture, newly issued widespread shares, at a worth of $5.95 per share.

The corporate will fund the money portion utilizing money available plus proceeds from a brand new credit score facility presently being negotiating with a “main European lender”. The widespread shares shall be issued upon the closing of every vessel supply.

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