Diana Shipping agrees to a loan of US$82.6M to Diana Containerships
Diana Shipping Inc. (NYSE: DSX) (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, has agreed to refinance its existing loan facility with Diana Containerships Inc. (NASDAQ: DCIX), having an outstanding balance of US$42.6 million, with a loan facility of US$82.6 million, which reflects an additional loan amount to Diana Containerships of US$40.0 million, the Company said in a press release.
The loan also has an additional US$5.0 million interest-bearing amount, which is classified as discount premium. The loan matures in eighteen (18) months and bears interest at the rate of 6% per annum for the first twelve (12) months, scaled to 9% for the next three (3) months, and further scaled to 12% for the remaining three (3) months of the loan. The loan facility includes financial and other covenants.
Diana Shipping Inc.’s Independent Director, Mr. Apostolos Kontoyannis, has commented that: “We are very pleased that the new facility is secured with better terms and conditions, especially after the full and final settlement that Diana Containerships Inc. successfully obtained with The Royal Bank of Scotland plc by repaying US$85.0 million for its outstanding loan amount of US$128.9 million.”
Diana Shipping Inc.’s fleet currently consists of 51 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 23 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.9 million dwt with a weighted average age of 7.93 years.
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.
