Diana Shipping Inc. Announces Signing and Drawdown of a US$100 Million Term Loan Facility With DNB Bank ASA and a US$22.5 Million Term Loan Facility With Nordea Bank to Refinance Existing Loan Facilities
June 29 2023 - 9:28AM
Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping
company specializing in the ownership and bareboat charter-in of
dry bulk vessels, today announced that on June 26, 2023, it signed
a term loan facility with DNB Bank ASA for up to US$100 million
with maturity date up to December 2029, subject to mutually agreed
margin reset at the end of the fourth year. Yesterday, it concluded
the drawdown of US$100 million, secured by ten vessels. The
proceeds from the loan facility refinanced other loan facilities
with an aggregate outstanding amount of approximately US$68.7
million, namely two existing loan facilities with ABN AMRO Bank
N.V. of approximately US$31.4 million and of approximately US$37.3
million (maturity dates in June 2024 and in May 2026) related to
the same ten vessels. The remaining proceeds may be used to pay
transaction costs and expenses incurred in connection with the loan
agreement and/or general corporate purposes.
On June 20, 2023, The Company also signed a term
loan facility with Nordea Bank Abp, filial i Norge for up to
US$22.5 million with maturity date in June 2028. On June 27, 2023,
it concluded the drawdown of US$22.5 million, secured by four
vessels. The proceeds from the loan facility refinanced the
existing loan facility with an outstanding amount of approximately
US$20.9 million, with Nordea Bank Abp, filial i Norge (maturity
date in March 2024) related to the same four vessels. The remaining
proceeds may be used to pay transaction costs and expenses incurred
in connection with the loan agreement and/or general corporate
purposes.
Diana Shipping Inc.’s fleet currently consists
of 42 dry bulk vessels: 4 Newcastlemax, 10 Capesize, 5
Post-Panamax, 6 Kamsarmax, 7 Panamax and 10 Ultramax (including a
partial interest through a joint venture arrangement in one
Ultramax). As of today, the combined carrying capacity of the
Company’s fleet, is approximately 4.7 million dwt with a weighted
average age of 10.19 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 and bareboat
charter-in of dry bulk vessels. The Company’s vessels are employed
primarily on short to medium-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, Company management’s examination of historical
operating trends, data contained in the Company’s records and other
data available from third parties. Although the Company believes
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies that are difficult or impossible to predict and are
beyond the Company’s control, the Company cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include the continuing impacts of the
COVID-19 pandemic; the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for dry bulk shipping
capacity, changes in the Company’s operating expenses, including
bunker prices, drydocking and insurance costs, the market for the
Company’s vessels, availability of financing and refinancing,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, including risks associated with the continuing conflict
between Russia and Ukraine and related sanctions, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see the Company’s filings with the U.S. Securities and
Exchange Commission for a more complete discussion of these and
other risks and uncertainties. The Company undertakes no obligation
to revise or update any forward-looking statement, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary
Telephone: + 30-210-9470-100
Email: izafirakis@dianashippinginc.com
Website: www.dianashippinginc.com
Twitter: @Dianaship
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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