New York-listed Diana Shipping has confirmed that the planned sale of an ultramax bulker in which it holds a minority stake has collapsed.

The Semiramis Paliou-led company said the memorandum of agreement to sell the 2016-built ultramax DSI Drammen has been terminated. Diana owns 25% of the 63,379-dwt vessel through a limited partnership, with the remaining 75% held by Norway’s Ecobulk.

The ship was due to be delivered to its buyer by October 31 under a deal announced mid-September, valued at about $26.86m before commissions. No reason was given for the cancellation.

Diana originally bought the scrubber-fitted unit from Norden for nearly $28m, before selling 75% of the vessel to Ecobulk in early 2023.

In a separate development, Diana has fixed its 2013-built post-panamax Electra to Oldendorff Carriers on a new period charter. The 87,150 dwt bulker will earn $14,000 per day, less 5% commission, for a duration running from December 2025 to at least December 2026, with options to January 2027. The contract is expected to generate around $5m in gross revenue over the minimum period.