Diamond S starts fleet renewal efforts with sale of two vessels

Greenwich, Conn., headquartered Diamond S Shipping Inc. (NYSE: DSSI) reports that it has agreed to sell two of its 2008-built medium-range product carriers, the Atlantic Aquarius and Atlantic Leo, as part of its fleet renewal initiatives.

The vessels are expected to be delivered in the third quarter or early the following quarter. The company will recognize a non-cash charge of about $9.5 million per vessel this quarter. The company expects to the sale to generate liquidity of about $12 million in aggregate after repayment of outstanding debt and settlement of working capital.

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