Through a wholly-owned subsidiary, Diana Shipping, a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, completed a previously announced sale and leaseback agreement with an unaffiliated Japanese third party for the DSI Andromeda, a 2016-built Ultramax dry bulk vessel.

Diana Shipping’s gross proceeds are $29.85 million. As part of the agreement, the company will bareboat charter-in the vessel for a period of 10 years plus 30 days at the charterer’s option at $8,950 per day and have purchase options beginning at the end of the third year of the bareboat charter period.

Diana Shipping’s fleet currently consists of 41 dry bulk vessels (four Newcastlemax, 11 Capesize, five Post-Panamax, six Kamsarmax, eight Panamax and seven Ultramax).