Diana Shipping Inc. Announces That it Has Engaged Financial Advisors to Negotiate Amendments to Certain of Its Loan Facilitie...
August 26 2016 - 9:10AM
Diana Shipping Inc. (NYSE:DSX), (the “Company”), a global shipping
company specializing in the ownership of dry bulk vessels, today
announced that it has engaged financial advisors and has entered
into negotiations with certain of its lenders to amend its
outstanding loan facilities. In connection with these
negotiations, the Company has reached an agreement in principle
with certain lenders, including the Company’s largest lender, for
terms that include, among other provisions, the deferral of
amortization payments and amending financial covenants. This
agreement in principle is subject to the Company reaching similar
deferral and covenant terms with its other lenders. In
support of its negotiations with lenders, the Company is currently
deferring certain amortization payments under its credit
facilities. While the Company is in ongoing
negotiations with its lenders, it has not obtained formal waivers
from any lender regarding payment deferrals or amendments to
financial covenants.
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.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect,” “pending” and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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