DSX - Diana Shipping acquires nine Ultramax dry bulk vessels from Sea Trade

• Diana Shipping ( NYSE: DSX ) through separate wholly-owned subsidiaries 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.
• The vessel deliveries are expected to occur during Q4 of 2022.
• The company will acquire the nine vessels for purchase price of $330M, of which $220M will be paid in cash and $110M is to be paid in the form of 18.5M shares in newly issued common shares at $5.95/share.
• The cash portion will be funded through available cash on hand and 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.
• Post this transaction and others in prior, the company's fleet will consist of 43 dry bulk vessels; current combined carrying capacity of fleet is ~4.5M dwt with a weighted average age of 10.53 years.

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