Diana Shipping has snapped up a bulker newbuilding in a resale deal that will see the Greek shipowner add a capesize to its fleet for the first time in six years.
The New York-listed dry bulk specialist said it bought a 181,500-dwt newbuilding under construction in Japan.
The company agreed to pay nearly $60.4m for the ship, which will be delivered at the end of the first quarter of next year.
Athens-based Diana did not identify the buyer or give further details on the bulker, and the company could not be immediately reached for comment on this story.
But VesselsValue identified the ship as Hull 503 at Japan's Namura Shipbuilding.
It is unknown who originally ordered the unit, as shipping databases list the owner as unknown.
VesselsValue lists Hull 503 as worth $57.3m, down from a peak of $61.6m in October, before the dry bulk spot market started its decline.
Diana has not been an active player in the secondhand and resale markets.
The newest addition is the second vessel that the Semiramis Paliou-led company has purchased so far this year, and the last time it purchased a capesize vessel was in 2015, according to VesselsValue.
Known for its conservative balance sheet, the company finished the third quarter with $146m in cash, according to investment bank HC Wainwright.
As for what to do with that cash, its recent moves have been focused on restarting its dividend.
But after the company reported earnings last month, chief executive Semiramis Paliou hinted that vessel acquisitions were also on the company's mind.
"We find ourselves in the fortunate position that market conditions are such that we could potentially allow for fleet growth and renewal," she told analysts in a conference call.
The newbuilding purchase will add to the youthfulness of the company's fleet, which already got a boost when the company spun off its three oldest bulkers into new vehicle Ocean Pal on 30 November.
When delivered, the vessel will lift Diana's fleet to 33 bulkers, including 16 capesizes and newcastlemaxes.
