The Greek dry bulk owner Diana Shipping led-by the Palios family, a shipping specialist in the ownership and bareboat charter-in of dry bulk vessels, reported today its financial results for the fourth quarter and whole year of 2022, a new credit facility with a major European bank in an amount of up to $100 million, cash and special dividend declarations, and changes in the company’s board of directors.
Specifically, the shipowner reported for the fourth quarter of 2022 a net income of $25.7 million, and net income attributed to common stockholders of $24.2 million.
The dry bulk owner posts the results in comparison with the same period of 2021, which the company succeeded to gain a net income of $41.1 million, and net income attributed to common stockholders of $39.7 million, including a gain of $15.3 million from the distribution of the common shares of OceanPal to the company’s shareholders, following its spinoff.
The New-York listed company also reports for the year 2022 a net income amounted to $119.1 million, and net income attributed to common stockholders amounted to $113.3 million, in comparison with 2021 which the company had a net income of $57.4 million, and net income attributed to common stockholders of $51.6 million. Also the company declares a cash dividend of $0.15 per share for the fourth quarter of 2022, and special stock dividend.
Additionally, Diana Shipping has signed a non-binding term sheet with a major European bank for a new credit facility in an amount of up to $100 million. As the company informs, the new credit facility remains subject to negotiation of definitive documentation and satisfaction of other customary closing conditions.
After the completion, the proceeds of the new credit facility will be used to refinance existing credit facilities secured by nine of the vessels in the company’s current fleet. “The facility is expected to have a term of five years and bear interest at the secured overnight financing rate plus 2.2%, and to include customary financial and other covenants and conditions,” as it is mentioned today by the shipowner.
Furthermore, the company also announces changes in the size of the board of directors from nine to eleven members, which is effective from today.
In accordance with the latest information given by the company, Mr. Eleftherios Papatrifon will be transitioning from the role of Chief Operating Officer to a member of the board of directors and an executive committee member, and Ms. Jane Chao will fill the second vacancy resulting from the increase in the size of the board of directors.
“Mr. Papatrifon is a seasoned professional in the shipping industry with significant experience in public company management, asset management, and corporate finance. Ms. Jane Chao is a businessperson with many years of diverse experiences and successes in real estate, hotel and food and beverage industries, she is also a Director of Wah Kwong (China),” as Diana Shipping states.