Diana Shipping announces developments related to the purchase of three Panamax vessels
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that 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”), was reduced from US$39.8 million, initially agreed in February 2016, to US$39.265 million, through the signing of two addenda.
In addition, Diana Shipping announced that it 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, that was delivered to Diana Shipping yesterday, and m/v Sunshine, that is expected to be delivered to Diana Shipping 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 US$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 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 Diana Shipping 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 Inc.’s fleet currently consists of 44 dry bulk vessels (2 Newcastlemax, 14 Capesize, 3 Post-Panamax, 4 Kamsarmax and 21 Panamax). Diana Shipping 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. As of today, the combined carrying capacity of Diana Shipping’s fleet, excluding the five vessels not yet delivered, is approximately 5.1 million dwt with a weighted average age of 7.49 years.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. 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.
