Diana announces developments related to the purchase of three panamaxes

Banking, Company Profiles, Dry Bulkcarriers, Markets, News, Sales and Purchases, Shipfinance, Stock Markets — By on March 22, 2016 at 1:35 PM

sideris GS FUNNELDIANA SHIPPING INC. ANNOUNCES DEVELOPMENTS RELATED TO THE PURCHASEOF THREE PANAMAX VESSELS 

ATHENS, GREECE, March 22, 2016 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that the aggregate purchase price of the three Panamax vessels, m/v Infinity 9 (tbr. “Ismene”), m/v Manzoni (tbr. “Maera”) and m/v Sunshine (tbr. “Selina”), was reduced from US$39.8 million, initially agreed in February 2016, to US$39.265 million, through the signing of two addenda.

In addition, the Company announced that it signed, through two separate wholly-owned subsidiaries, a term sheet with ABN AMRO Bank N.V. for a term loan facility of up to US$25.755 million to finance the entire acquisition cost of m/v Infinity 9, that was delivered to the Company yesterday, and m/v Sunshine, that is expected to be delivered to the Company by the end of March 2016.

The m/v Infinity 9 is chartered to Glencore Grain B.V., Rotterdam at a gross charter rate of US$7, 825 per day minus a 5% commission paid to third parties, for a period of up to minimum June 24, 2016 to maximum October 24, 2016. This employment is anticipated to generate approximately US$0.74 million of gross revenue for the minimum scheduled period of the time charter.

The m/v Infinity 9 is a 77, 901 dwt Panamax dry bulk vessel built in 2013.

Separately, the Company also announced that consummation of the purchase of m/v Manzoni is still subject to the Company obtaining bank financing from the sellers’ existing lenders, for substantially all of the purchase price of the vessel.

Including the newly delivered m/v Infinity 9, Diana Shipping Inc.’s fleet currently consists of 44 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 21 Panamax). The Company also expects to take delivery of one Panamax dry bulk vessel by the end of March 2016, one Panamax dry bulk vessel by the end of April 2016, one new-building Newcastlemax dry bulk vessel during the third quarter of 2016, as well as one new-building Newcastlemax dry bulk vessel and one new-building Kamsarmax dry bulk vessel during the fourth quarter of 2016. As of today, the combined carrying capacity of the Company’s fleet, excluding the five vessels not yet delivered, is approximately 5.1 million dwt with a weighted average age of 7.49 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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