Diamond S Shipping Sells Two Vessels

Connecticut-headquartered Diamond S Shipping Group Inc. (DSG) announced that it has agreed to sell two of its 2008-built medium-range product carriers as part of its fleet renewal initiatives.

The vessels - the Atlantic Aquarius and Atlantic Leo - are expected to be delivered in the third quarter or early the following quarter, said the owners and operators of crude and product tankers, which provide seaborne transportation of crude oil, refined petroleum and other products in international shipping markets.

Diamond will recognize a non-cash charge of about $9.5 million per vessel this quarter, said a press note from the company.

It expects to the sale to generate liquidity of about $12 million in aggregate after repayment of outstanding debt and settlement of working capital.

Diamond S Shipping owns and operates 68 vessels, including 15 Suezmax vessels, one Aframax and 52 medium-range (MR) product tankers.