Athens-based Diana Shipping announced that it has signed a five-year term loan facility with BNP Paribas for up to $165 million. The company used the proceeds from that loan facility along with cash from operations to pay off in full the balance of the $195 million of the revolving credit facility with the Royal Bank of Scotland.

The $165 million sum was secured by vessels in Diana’s shipping fleet. 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.