Diana Shipping to sell Panamax vessel Selina for $11.8 million

ATHENS - Diana Shipping Inc. (NYSE:DSX), currently trading at $1.68 and considered undervalued according to InvestingPro Fair Value metrics, announced Monday it has signed an agreement to sell its 2010-built Panamax vessel Selina to an unaffiliated third party for approximately $11.8 million before commissions.

The vessel is scheduled for delivery to the buyer by August 15, 2025, according to a company press release statement.

Following the completion of this sale, Diana Shipping’s fleet will consist of 36 dry bulk vessels, including 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax ships. The company’s remaining fleet has a combined carrying capacity of approximately 4.1 million dwt with a weighted average age of 11.63 years.

Diana Shipping also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels in the second half of 2027 and first half of 2028, respectively.

The Athens-based shipping company specializes in the ownership and bareboat charter-in of dry bulk vessels that transport commodities such as iron ore, coal, and grain on worldwide shipping routes. The company primarily employs its vessels on short to medium-term time charters.

In other recent news, Diana Shipping Inc. has secured several new time charter contracts for its dry bulk vessels. The company announced a contract for the m/v Atalandi with Stone Shipping Ltd., expected to generate approximately $3.62 million in gross revenue. Another contract was signed for the m/v Newport News with Bohai Ocean Shipping, which will bring in about $10.95 million in gross revenue. Additionally, Diana Shipping has entered into a charter agreement for the m/v Ismene, projected to generate $3.54 million in revenue. The m/v Leto has also been chartered to Cargill International SA, expected to earn $5.93 million.

In a strategic move, Diana Shipping has partnered with Ecogas Holding AS, investing in a venture to construct two new semi-refrigerated LPG vessels. The company holds an 80% equity interest in this partnership, marking a significant fleet expansion. Diana Shipping’s current fleet includes 37 dry bulk vessels, with plans to add two methanol dual fuel Kamsarmax vessels by 2028. These developments highlight the company’s ongoing efforts to enhance its fleet and expand its operational capabilities.

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