Diana Shipping has signed a $15m deal to acquire Gala Properties.

Gala Properties has a $60.2m contract with China Shipbuilding Trading Company and Shanghai Jiangnan-Changxing Shipbuilding Company for the construction of a 177,000t Capesize dry bulk carrier vessel.

Diana will transfer its ownership interest in Eniwetok Shipping Company. The deal is expected to be complete in May this year.

By staff writer