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Diana Shipping agrees purchase price of three panamax vessels

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World Coal,

Diana Shipping Inc., global shipping company specialising in the ownership of dry bulk vessels, has reduced the aggregate purchase price of the three Panamax vessels, m/v Infinity 9 (tbr. Ismene), m/v Manzoni (tbr. Maera) and m/v Sunshine (tbr. Selina), from US$39.8 million, initially agreed in February 2016, to US$39.265 million, through the signing of two addenda.

The company also signed, through two separate wholly-owned subsidiaries, a term sheet with ABN AMRO Bank N.V. for a term loan facility of up to US$25.755 million to finance the entire acquisition cost of m/v Infinity 9 and m/v Sunshine.

The m/v Infinity 9 is chartered to Glencore Grain B.V., Rotterdam at a gross charter rate of US$7825/day minus a 5% commission paid to third parties, for a period of up to minimum 24 June 2016 to maximum 24 October 2016. This employment is anticipated to generate approximately US$0.74 million of gross revenue for the minimum scheduled period of the time charter.

The m/v Infinity 9 is a 77 901 DWT Panamax dry bulk vessel built in 2013.

Separately, Diana Shipping also announced that consummation of the purchase of m/v Manzoni is still subject to the company obtaining bank financing from the sellers’ existing lenders, for substantially all of the purchase price of the vessel.

Including the newly delivered m/v Infinity 9, Diana Shipping’s fleet currently consists of 44 dry bulk vessels (2 newcastlemax, 14 capesize, 3 post-panamax, 4 kamsarmax and 21 panamax). The company also expects to take delivery of one panamax dry bulk vessel by the end of March 2016, one panamax dry bulk vessel by the end of April 2016, one new-building newcastlemax dry bulk vessel during the third quarter of 2016, as well as one new-building newcastlemax dry bulk vessel and one new-building kamsarmax dry bulk vessel during 4Q16.

Edited from press release by Harleigh Hobbs

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