Diana Shipping Assumes Contracts for Purchase

Monday, September 18, 2006
Diana Shipping Inc., announced that it has assumed shipbuilding contracts from two unaffiliated parties for the construction of two Capesize dry bulk carriers of approximately 175,000 dwt each for a price of $60.4 million each. The vessels will be constructed by Shanghai Waigaoqiao Shipbuilding Co., Ltd. and Diana Shipping Inc. expects to take delivery of the vessels during the second quarter of 2010. The Company also announced that it has accepted a Commitment Letter from Fortis Bank for a secured term loan of $62 million which the Company will use to pay the pre-delivery installments of these two newbuilding dry bulk carriers. An affiliate of Fortis Bank is a shareholder of the Company.

There will be no principal payments on this loan before delivery of the ships, at which time this loan may be refinanced. Interest on this facility during the construction period of the ships will be capitalized and included in the construction cost of the ships being acquired. As such, this interest will not affect the Company's calculation of the quarterly dividend per share.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Gondan to Build Spanish Patrol Boats

Gondan Shipyard has recently signed a contract with the Guardia Civil, Spain’s Civil Guard, for the building of two patrol boats. The aluminum and fiber (PRFV ) vessels will measure 20.

ABS to Class the World's First CNG Ship

ABS announced it has been chosen to class the world's first compressed natural gas (CNG) carrier ordered by Pelayaran Bahtera Adhiguna, a subsidiary of Indonesia's

Interview: Roberto Cazzulo Talks Class Trends

As Roberto P. Cazzulo, RINA, steps down as the Chairman of the IACS Council, Maritime Reporter caught up with him to discuss the current state and future direction of global class.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0841 sec (12 req/sec)