Diana Shipping has entered into an agreement with China-based Yangzhou Dayang Shipbuilding and Shanghai Sinopacific International Trade to purchase a Kamsarmax dry bulk vessel for $28.8m.

The company has signed the contract through its wholly-owned subsidiary.

The Kamsarmax dry bulk vessel will weigh approximately 82,000dwt and is expected to be delivered in the second quarter of 2016.

The company is also anticipating the delivery of two new-build Ice Class Panamax dry bulk vessels in the first quarter of this year, and two new-build Newcastlemax dry bulk vessels in the second quarter of 2016.

Diana Shipping is a Greek shipping company, which owns and charters dry bulk vessels.

The company’s current fleet consists of 36 dry bulk vessels including two Newcastlemax, ten Capesize, three Post-Panamax, three Kamsarmax and 18 Panamax vessels, with a combined carrying capacity of approximately 4.1 million dead weight tonnes and a weighted average age of 6.61 years.

The vessels transport a range of dry bulk cargoes along worldwide shipping routes and are mainly employed on medium or long-term charters.