Greek dry bulk owner Diana Shipping is buying a 2011-built kamsarmax bulker, Magnolia, from Japan’s Kawana Kaiun for a purchase price of $22m.

According to VesselsValue data, the New York-listed firm is paying $1m less than the market value of the Japanese-built vessel, expected for delivery by the end of February 2022.

On a fully delivered basis, Diana Shipping will have a fleet of 37 bulkers, of which six are kamsarmaxes.

In addition to this deal, the company also said it will buy up to 3.33m shares, or about 3.6%, of its outstanding common stock using cash and cash equivalents on hand at a price of $4.50 per share.