Greece-based and New York-listed Diana Shipping inked a US$80.2m seven-year secured term loan facility with Danish Ship Finance A/S on October 18.
The shipowner said it signed a US$80.2m amended and restated loan facility agreement with Danish Ship Finance A/S to refinance its existing term loan facility with the bank.
As reported, the amended and restated loan maturing in April 2031 is secured by seven vessels.
The proceeds have been utilized to refinance the company’s existing loan facility with Danish Ship Finance A/S of the same balance, originally maturing in April 2028.
Diana Shipping said that this loan was previously secured by nine vessels. As part of this refinancing, two of Diana’s mortgaged vessels have been released.
Ioannis Zafirakis – Director, Chief financial officer, Chief strategy officer, Treasurer and secretary of Diana Shipping – said: “This financial decision highlights the company’s dedication to improving its capital structure while increasing operational flexibility.
“By strategically managing resources, the company aims to strengthen its financial position, allowing for greater adaptability and efficiency in its operations, ultimately supporting long-term growth and value creation for stakeholders.”
Diana Shipping Inc.’s fleet currently consists of 38 dry bulk vessels, including four newcastlemax, eight capesize, five post-panamax, six kamsarmax, six panamax and nine ultramax.
The company also expects to take delivery of two methanol dual fuel newbuilding kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.
Meanwhile, the combined carrying capacity of the company’s fleet, excluding the two vessels not yet delivered, is approximately 4.2 million dwt with a weighted average age of 11.06 years.
