Diana Shipping Inc. Announces Signing and Drawdown of a US$165 Million Term Loan Facility with BNP Paribas

News, Shipfinance, Stock Markets — By on July 27, 2015 at 12:51 PM

sideris GS FUNNELATHENS, GREECE, July 27, 2015 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that on July 22, 2015, it signed a five year term loan facility with BNP Paribas for up to US$165 million. On July 24, 2015, it completed a drawdown of US$165 million, secured by the vessels m/v Oceanis, m/v Alcyon, m/v Nirefs, m/v Triton, m/v Dione, m/v Danae, m/v Norfolk, m/v Protefs, m/v Thetis, m/v Erato, m/v Calipso, m/v Clio, m/v Salt Lake City, m/v Naias, m/v Sideris GS, m/v Semirio, m/v Boston and m/v Alcmene. The proceeds from the loan facility together with cash from operations were used to voluntarily prepay in full the balance of US$195 million of the revolving credit facility with the Royal Bank of Scotland plc.

Diana Shipping Inc.’s fleet currently consists of 41 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one new-building Capesize dry bulk vessel during October 2015, one new-building Newcastlemax dry bulk vessel during the second quarter of 2016, as well as  one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the four vessels not yet delivered, is approximately 4.7 million dwt with a weighted average age of 7.3 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

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