Diana Shipping Announces New Loan Terms and Time Charter

marinelink.com
Tuesday, January 14, 2014

Diana Shipping Inc. Announces Signing and Drawdown of a US$18 Million Term Loan Facility With Commonwealth Bank of Australia; Announces Time Charter Contract for m/v Crystalia With Glencore.

Diana Shipping has announced that it has completed a drawdown of US$18 million, through two separate wholly-owned subsidiaries, under a term loan facility it has signed for up to US$18 million with Commonwealth Bank of Australia. The proceeds will be used to partially finance the acquisition costs of two Panamax dry bulk vessels, the m/v "Melite" and the m/v "Artemis", which were delivered to the Company on January 28, 2010 and August 26, 2013, respectively.

Additionally, the Company announced that through a separate wholly-owned subsidiary, it entered into a time charter contract with Glencore Grain B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v "Crystalia", which is currently under construction. The gross charter rate is US$15,800 per day, minus a 5% commission paid to third parties, for a period of minimum eighteen (18) months to maximum twenty-one (21) months.

As previously announced, the "Crystalia" is a newbuilding Ice Class Panamax dry bulk vessel of 77,525 dwt that was contracted in March 2012. The charter is expected to commence upon delivery of the vessel to the Company from the shipbuilding yard, which is expected to occur by mid-February 2014.

This employment is anticipated to generate approximately US$8.5 million of gross revenue for the minimum scheduled period of the charter.

Excluding the m/v "Crystalia", Diana Shipping Inc.'s fleet currently consists of 36 dry bulk vessels (2 Newcastlemax, 10 Capesize, 3 Post-Panamax, 3 Kamsarmax and 18 Panamax). The Company also expects to take delivery of one new-building Ice Class Panamax dry bulk vessel during the first quarter of 2014 as well as 2 new-building Newcastlemax dry bulk vessels and one Kamsarmax dry bulk vessel during the second quarter of 2016. As of today, the combined carrying capacity of our fleet, excluding the five vessels not yet delivered, is approximately
4.1 million dwt with a weighted average age of 6.63 years.

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