China: CSSC Delivers Newcastlemax Dry Bulk Carrier MV Los Angeles

Diana Shipping Inc, a global shipping company specializing in the ownership and operation of dry bulk vessels, today took delivery of the newly-built MV “Los Angeles”, a Newcastlemax dry bulk carrier of 206,104 DWT. The company signed two shipbuilding contracts with China Shipbuilding Trading Company and Shanghai Jiangnan-Changxing Shipbuilding Co., Ltd for the construction of two Newcastlemax dry bulk carriers of approximately 206,000 dwt each for a contract price of US$59 million per vessel in April 2010.

Separately, the Company also announced that on February 7, 2012, it completed the drawdown of US$16.125 million from a term loan facility with Nordea Bank Finland Plc, London Branch, through a wholly owned subsidiary. The purpose of this facility is to partially finance the acquisition cost of the m/v “Leto” which was delivered to the Company on January 16, 2012.

Including the newly-delivered m/v “Los Angeles”, Diana Shipping Inc.’s fleet currently consists of 26 dry bulk carriers (16 Panamax, 1 Post-Panamax, 8 Capesize and 1 Newcastlemax) with a weighted average age of 5.9 years. The Company also previously announced one additional Newcastlemax new-building dry bulk carrier that is expected to be delivered during the second quarter of 2012.

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Shipbuilding Tribune Staff, February 9, 2012; Image: dianashippinginc