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.
