Diana Secures Loan for Panamax Pair

Diana Shipping Greek dry bulk ship owner Diana Shipping has obtained a term loan of up to USD 25.7 million to finance the acquisition cost of two out of three Panamax vessels bought earlier this year, the Infinity 9 and Sunshine. The term sheet has been signed with ABN AMRO Bank N.V. In February, the company signed three memoranda of agreement to acquire the abovementioned dry bulk vessels for USD 39.8 million. However, Diana noted that the aggregate price was reduced to USD 39.2 through the signing of two addenda. Infinity 9 was delivered to the company on March 21, and Sunshine is expected to be delivered by the end of March 2016. Infinity 9 is chartered to Glencore Grain B.V., Rotterdam at a gross rate of USD 7,825 per day for a period of up to minimum June 24, 2016, to maximum October 24, 2016. The employment is anticipated to generate approx. USD 0.74 million of gross revenue for the minimum scheduled period, as the company claims. The company said it was now looking to finance the purchase of the third dry bulker Manzoni. Diana Shippings fleet currently consists of 44 dry bulk vessels, including the newly delivered Infinity 9.