OP - OceanPal to acquire capesize dry bulk vessel from Diana Shipping for $22.0M

Shipping company OceanPal (NASDAQ:OP) signed a memorandum of agreement to acquire the capesize dry bulk vessel m/v Baltimore from Diana Shipping (DSX), a related party of the company, for $22.0M. The acquisition was approved by a committee of independent members of the OP's board. 20% of the purchase price has been paid in cash, while the  remaining 80% is expected to be paid in the form of shares upon delivery of the vessel to OceanPal. The shares will be a new series of the company's preferred stock, with the terms to be mutually agreed upon between OP and Diana Shipping. The terms are also expected to include a preferred dividend and the right to convert the newly issued preferred shares into OP common shares at any time after the issue date. OP expects to take delivery of the vessel in Q3. DSX was trading +4.38% pre-market. Source: Press Release

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OceanPal to acquire capesize dry bulk vessel from Diana Shipping for $22.0M