NEW YORK (Bloomberg) — Diana Shipping Inc., owner of vessels that carry iron ore and coal, said it bought a company with ownership rights to a Capesize ship under construction, and in exchange would transfer its stake in another company building a vessel.

Diana will buy the single-purpose company Gala Properties Inc., which is controlled by the two daughters of Diana's Chief Executive Officer Simeon Palios, the shipowner said in a statement.

Gala has ownership rights for a Capesize ship under construction to be delivered in November. In exchange, Diana will transfer to Gala its ownership interest in Eniwetok Shipping Co., which also has a Capesize ship under construction, due for delivery in June 2010.

Diana traded a ship in return for an identical vessel with an attached lease agreement, paying $15 million for an expected $97 million in revenue over the life of the charter, five years at $55,000 per day to the Jiangsu Shagang Group Co., analysts Justin Yagerman at Wachovia Corp. in New York and Natasha Boyden of Cantor Fitzgerald LP, said.

Diana "effectively bought a $100 million revenue stream for $0.15 on the dollar," Yagerman said in a note.

Diana expects the transaction to close next month. A Capesize is capable of moving 175,000 tons of cargo.