Diana Nets Financing for 3rd Second-Hand Panamax

  • Business & Finance

Greek dry bulk owner and operator Diana Shipping has taken delivery of the M/V Maera (formerly Manzoni), a Panamax dry bulk vessel bought in February 2016. The company has also obtained a term loan of more than USD 13 million to finance the acquisition cost of the vessel. 

Namely, Diana has completed a drawdown of USD 13.5 million under a term loan facility it signed with The Export-Import Bank of China, which will be used to finance the entire acquisition cost of the M/V Maera.

The ship was purchased together with another two dry bulkers, the MV Infinity 9 and MV Sunshine, which joined Diana’s fleet on March 21 and 24, respectively, after the company signed the term loan with ABN AMRO Bank N.V.

Since March 2016, the company has been waiting to obtain bank financing for the purchase of the M/V Maera.

The Maera has been chartered to United Bulk Carrier International S.A., Luxembourg at a gross charter rate of USD 4,500 per day for a period of up to minimum December 28, 2016 to maximum April 28, 2017. The employment is anticipated to generate for the company approximately USD 1.04 million of gross revenue for the minimum scheduled period of the time charter.

The 75,40 dwt Maera features a length of 225 meters and a width of 32.26 meters. Built in 2013 at China-based Jiangnan Shipyard, the vessel has a gross tonnage of 41,342 tons.

Diana’s fleet currently consists of 46 dry bulk vessels and the company also expects to take delivery of one newbuilding Newcastlemax during the third quarter of 2016 as well as one Newcastlemax and one Kamsarmax during the fourth quarter of this year.


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