Diana Seals Financing for Three New Bulkers

  • Business & Finance

Dry bulk shipping company Diana Shipping Inc. has signed a term loan facility for up to USD 75.7 million with the Export-Import Bank of China.

The purpose of this facility is to partially finance, after delivery, the acquisition cost of two new-building Newcastlemaxes of approximately 208,500 dwt each and one 82,000 dwt new-building Kamsarmax dry bulk vessel.

The contracts for the new bulkers were signed in May, 2013 and January, 2014, respectively.

Based on latest information received from the yards, the one new-building Newcastlemax dry bulk vessel is expected to be delivered to Diana during the third quarter of 2016 and the second Newcastlemax together with the Kamsarmax are expected to be delivered during the fourth quarter of 2016.

Excluding the three aforementioned vessels, Diana Shipping’s fleet currently consists of 43 dry bulk vessels. The combined carrying capacity of the company’s fleet, is approximately 5 million dwt with a weighted average age of 7.37 years.

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