DIANA SHIPPING INC. ANNOUNCES SIGNING AND DRAWDOWN OF A US$25, 755, 000 TERM LOAN FACILITY WITH ABN AMRO – DEVELOPMENTS RELATED TO THE PURCHASE OF M/V MANZONI
ATHENS, GREECE, March 31, 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 two separate wholly-owned subsidiaries, it completed a drawdown of US$25, 755, 000 under a term loan facility it signed with ABN AMRO Bank N.V. The proceeds will be used to finance the entire acquisition cost of m/v Infinity 9 (tbr. “Ismene”), that was delivered to the Company on March 21, 2016 and m/v Selina, that was delivered to the Company on March 24, 2016.
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.
Diana Shipping Inc.’s fleet currently consists of 45 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 22 Panamax). The Company also expects to take delivery of 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 four vessels not yet delivered, is approximately 5.2 million dwt with a weighted average age of 7.5 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.
