Diana Shipping sign loan facility with the Export-Import Bank of China

Diana Shipping Inc. a global shipping company that specialises in the ownership of dry bulk vessels, has signed, through three separate wholly-owned subsidiaries, a term loan facility for up to US$75 734 900 with The Export-Import Bank of China.

The company has carried out this loan facility is to partially finance, after delivery, the acquisition cost of two new-building newcastlemax dry bulk vessels of approximately 208 500 DWT each and one new-building kamsarmax dry bulk vessel of approximately 82 000 DWT.

The signing of the relevant shipbuilding contracts was announced by the Company on 21 May 2013 and 8 January 2014, respectively.

Based on latest information received from the yards, the one new-building newcastlemax dry bulk vessel is now expected to be delivered to the company during 3Q16 and the second new-building newcastlemax dry bulk vessel, as well as the one new-building kamsarmax dry bulk vessel are expected to be delivered during 4Q16.

Excluding the three aforementioned vessels, Diana Shipping Inc.’s fleet currently consists of 43 dry bulk vessels: 2 newcastlemax, 14 capesize, 3 post-panamax, 4 kamsarmax and 20 panamax. The combined carrying capacity of the company’s fleet – excluding the three vessels not yet delivered – is approximately 5 million DWT with a weighted average age of 7.37 years.

Diana Shipping’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.

Edited from press release by Harleigh Hobbs

Read the article online at: https://www.worldcoal.com/handling/12012016/diana-shipping-sign-loan-facility-with-the-export-import-bank-of-china-31/