Diana’s takes dely of panamax “Maera” and signs a US$ 13, 51 mio loan facility with IBC

Banking, Company Profiles, Dry Bulkcarriers, News, Sales and Purchases, Shipfinance — By on May 11, 2016 at 3:19 PM

sideris GS FUNNELDIANA SHIPPING INC. ANNOUNCES DELIVERY OF THE PANAMAX DRY BULK VESSEL M/V MAERA SIGNING AND DRAWDOWN OF A US$13, 510, 000 TERM LOAN FACILITY WITH THE EXPORT-IMPORT BANK OF CHINA 

ATHENS, GREECE, May 11, 2016 – Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that yesterday, through a separate wholly-owned subsidiary, it took delivery of the m/v Maera (formerly “Manzoni”), a 2013 built Panamax dry bulk vessel of 75, 403 dwt that the Company entered into an agreement to purchase in February 2016.

The m/v Maera is chartered to United Bulk Carrier International S.A., Luxembourg at a gross charter rate of US$4, 500 per day minus a 5% commission paid to third parties, for a period of up to minimum December 28, 2016 to maximum April 28, 2017. This employment is anticipated to generate for the Company approximately US$1.04 million of gross revenue for the minimum scheduled period of the time charter.

Separately, the Company also announced that yesterday it completed a drawdown of US$13, 510, 000 under a term loan facility it signed with The Export-Import Bank of China having a majority interest and DNB Bank ASA as agent. The proceeds will be used to finance the entire acquisition cost of the m/v Maera.

Including the newly delivered m/v Maera, Diana Shipping Inc.’s fleet currently consists of 46 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 23 Panamax). The Company also expects to take delivery 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 three vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 7.53 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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