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New Bulker, Drawdown Loans Actioned by Diana Shipping

December 23, 2012

Diana Shipping Inc. signs MOU to buy a new-building bulk ship from a third party; subsidiaries negotiate term loan facilities.

The new-building Kamsarmax dry bulk carrier, to be named Myrto of 82,131 dwt, was built by Tsuneishi Shipbuilding Co., Ltd., Japan, and the purchase price is US$26.5-million. The vessel is expected to be delivered to Diana Shipping at the end of January 2013.

Separately, the Company also announced that it signed, through two separate wholly owned subsidiaries, a term loan facility with Nordea Bank Finland Plc, London Branch, and has completed the drawdown of US$20-million.

The purpose of this facility is to partially finance the acquisition costs of the two newly built Post-Panamax dry bulk carriers, the m/v "Amphitrite" and m/v "Polymnia", which were delivered to the Company on August 14, 2012 and November 20, 2012, respectively.

Including the "Myrto", Diana Shipping Inc. (DSX-PB)'s fleet currently consists of 31 dry bulk carriers (17 Panamax, 1 Kamsarmax, 3 Post-Panamax, 8 Capesize and 2 Newcastlemax), as well as 2 new-building Ice Class Panamax vessels expected to be delivered to the Company during the fourth quarter of 2013

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