Diana Shipping has sold a 17-year-old capesize bulker to spin-off OceanPal for $22m, taking its fleet to two capesizes and two panamaxes.
OceanPal owner will pay for 20% of the 177,243-dwt Baltimore (built 2005) in cash. It will pay for the remainder in preferred stock that will pay a preferred dividend and can be turned into OceanPal shares.
“The aggregate purchase price of the vessel was based on the average of two independent broker valuations, after adjusting for expected dry dock expenses and taking into account the share-based component of the consideration,” Diana said in a statement.
The Baltimore has an estimated market value of $19.2m and a scrap value of $13.6m, according to VesselsValue data.
Diana currently has the ship, which was built by Namura Shipbuilding in Japan, on charter to Solebay Shipping until 22 June at $16,000 per day.
That’s below prevailing rates in the spot market, where the Baltic Exchange’s Capesize 5TC spot market average stood at $21,157 per day on Wednesday.
Athens-based OceanPal expects to take delivery of the vessel in the third quarter of 2022 following its next scheduled dry docking, the cost of which is covered in the purchase price.
OceanPal bought the ship under a right of first refusal given by Diana on six ships within its fleet of 34 vessels, based on a November agreement.
Semiramis Paliou-led Diana spun off three of its older bulkers late last year into New York-listed OceanPal, which is led by Eleftherios Papatrifon.
