Diana Acquires Panamax Bulker

By Joseph R. Fonseca
Friday, March 25, 2016
Courtesy Diana Shipping

Diana Shipping Inc. today announced that through a separate wholly-owned subsidiary, it has taken delivery of the m/v Selina (formerly “Sunshine”), a 2010 built Panamax dry bulk vessel of 75,700 dwt that the Company entered into an agreement to purchase in February 2016.

As previously announced, the Company signed, through two separate wholly-owned subsidiaries, a term sheet with ABN AMRO Bank N.V. for a term loan facility of up to US$25.755 million to finance the entire acquisition cost of m/v Infinity 9 (tbr. “Ismene”), that was delivered to the Company on March 21, 2016 and the newly delivered m/v Selina.

The m/v Selina is chartered to Dampskibsselskabet Norden A/S, Copenhagen, at a gross charter rate of US$5,800 per day minus a 5% commission paid to third parties, for a period of up to minimum October 15, 2016 to maximum February 15, 2017.

Separately, the Company also announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Norfolk. The gross charter rate is US$4,350 per day, minus a 5% commission paid to third parties, for a period of minimum nine (9) months to maximum twelve (12) months. The charter is expected to commence on March 28, 2016.

The “Norfolk” is a 164,218 dwt Capesize dry bulk vessel built in 2002.

The employments of “Selina” and “Norfolk” are anticipated to generate approximately US$2.37 million of gross revenue for the minimum scheduled period of the time charters.
 
Including the newly delivered m/v Selina, Diana Shipping Inc.’s fleet currently consists of 45 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 22 Panamax). The Company also expects to take delivery of one Panamax dry bulk vessel by the end of April 2016, one new-building Newcastlemax dry bulk vessel during the third quarter of 2016, as well as one new-building Newcastlemax dry bulk vessel and one new-building Kamsarmax dry bulk vessel during the fourth quarter of 2016.

As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 7.47 years.
 

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