Daily News: March 28, 2016

ABN AMRO Provides Dry-Bulk Vessel Financing to Diana Shipping

Diana Shipping, a global shipping company specializing in the ownership of dry-bulk vessels, announced the aggregate purchase price of the three Panamax vessels, m/v Infinity 9, m/v Manzoni and m/v Sunshine was reduced from $39.8 million, initially agreed in February 2016, to $39.265 million, through the signing of two addenda.

In addition, the company has signed, through two separate wholly-owned subsidiaries, a term sheet with ABN AMRO Bank for a term loan facility of up to $25.755 million to finance the entire acquisition cost of m/v Infinity 9, already delivered, and m/v Sunshine, that is expected to be delivered by the end of March 2016.

The m/v Infinity 9 is chartered to Glencore Grain B.V., Rotterdam at a gross charter rate of $7,825 per day minus a 5% commission paid to third parties, for a period of up to minimum June 24, 2016 to maximum October 24, 2016. This employment is anticipated to generate approximately $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, the company 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 (two Newcastlemax, 14 Capesize, three Post-Panamax, four 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 the fourth quarter of 2016.

Diana Shipping is a global provider of shipping transportation services through its ownership of dry bulk vessels. The company’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.