Diana Shipping Bulks Up Fleet By Acquiring Nine Vessels For $330M

Diana Shipping Inc DSX has agreed to acquire nine modern ultramax dry bulk vessels built between 2015 and 2018, with an average vessel age of ~5.4 years, from Sea Trade Holdings Inc.
The company expects vessel deliveries to occur during the fourth quarter of 2022.
DSX will acquire the nine vessels for an aggregate purchase price of $330 million, comprising $220 million in cash and $110 million in the form of 18.48 million newly issued DSX common shares at $5.95 per share.
DSX held cash and equivalents of $130.34 million as of June 30, 2022.
The company intends to fund the cash portion of the consideration with available cash on hand. It is currently negotiating terms of a new credit facility with a major European lender, the proceeds of which will be used to fund the balance of the cash purchase price.
DSX plans to issue the common shares upon the closing of each vessel delivery.
After giving effect to the delivery of the nine vessels and upon completion of the previously announced sale of the m/v Baltimore, DSX's fleet will consist of 43 dry bulk vessels.
Price Action: DSX shares are trading higher by 1.02% at $5.97 on the last check Thursday.
Photo Via Company