Diana Shipping Signs US$75.7 mln Term Loan Facility

By Joseph R. Fonseca
Saturday, January 09, 2016
Courtesy Diana Shipping

 

Diana Shipping Inc. announced that yesterday it signed, through three separate wholly-owned subsidiaries, a term loan facility for up to US$75,734,900 with The Export-Import Bank of China. The purpose of this facility is to partially finance, after delivery, the acquisition cost of two new-building Newcastlemax dry bulk vessels of approximately 208,500 dwt each and one new-building Kamsarmax dry bulk vessel of approximately 82,000 dwt.

  The signing of the relevant shipbuilding contracts was announced by the Company on May 21, 2013 and January 8, 2014, respectively.

 Based on latest information received from the yards, the one new-building Newcastlemax dry bulk vessel is now expected to be delivered to the Company during the third quarter of 2016 and the second new-building Newcastlemax dry bulk vessel as well as the one new-building Kamsarmax dry bulk vessel are expected to be delivered during the fourth quarter of 2016.

Excluding the three aforementioned vessels, Diana Shipping Inc.’s fleet currently consists of 43 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). As of today, the combined carrying capacity of the Company’s fleet, excluding the three vessels not yet delivered, is approximately 5.0 million dwt with a weighted average age of 7.37 years.

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