Greek shipping company Diana Shipping has reached a memorandum of agreement (MoU) with an unaffiliated third party for the acquisition of an Ultramax dry bulk vessel.

Named Nord Potomac, the 2016-built ship has been bought for $27.9m.

The 63,379 deadweight ton (dwt) vessel is expected to be delivered at the start of April.

It will be added to the firm’s fleet of 41 dry bulkers, which currently comprises four Newcastlemax, ten Capesize, five Post-Panamax, six Kamsarmax, seven Panamax and nine Ultramax vessels.

Excluding the most recent acquisition, the fleet’s combined carrying capacity is around 4.7 million dwt, with a weighted average age of 9.87 years.

Last August, Diana Shipping reached a master agreement with Sea Trade Holdings to buy nine Ultramax dry bulk vessels for a total price of $330m.

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The consideration included $220m in cash payment and $110m in the form of 18,487,395 newly issued common shares.

Through its ownership and bareboat charter-in of dry bulk vessels, Diana Shipping offers shipping transportation services.

Employed on short to medium-term time charters, the firm’s vessels are involved in the shipping of a range of dry bulk cargoes, including commodities such as iron ore, coal and grain, along worldwide shipping routes.