Diamond S Shipping Sells MR Vessels

Laxman Pai November 13, 2019

Diamond S Shipping Inc, the owner and operator of crude oil and product tankers, has sold two 2008-built MR vessels, the Atlantic Aquarius and Atlantic Leo, generating approximately $11.3 million of liquidity before settlement of working capital.

A non-cash write-off of $18.3 million was recognized in connection with the vessel sales, it said.

Diamond S Shipping owns and operates 66 vessels on the water, including 15 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers.

The company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the Crude Fleet) and a 50-vessel refined petroleum product transportation fleet (the Product Fleet).

The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel. The Product Fleet consists of 44 medium range (MR2) vessels and 6 Handysize (MR1) vessels.