Diana Shipping announces the full repayment of the loan to Diana Containerships
Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announced that on July 23, 2018, it received the full and final repayment of the loan to Diana Containerships Inc.
The Company’s Director, Chief Executive Officer and Chairman of the Board, Mr. Simeon Palios, has commented that: “We are delighted that our loan to Diana Containerships Inc. originally agreed in May 2013 and refinanced in June 2017 was repaid in full and ahead of schedule. In addition to the full repayment of the outstanding principal amount, the Company received aggregate interest and other payments, including a discount premium in the amount of US$5.0 million, of approximately US$19.8 million during the life of the facility. The Company believes that the above mentioned amount reflects an attractive return on the Company’s available cash during the recent downturn in the dry bulk sector. Additionally, we believe the timing of this repayment and the strengthening of the Company’s balance sheet comes at an opportune time in the dry bulk cycle.”
Diana Shipping Inc.’s fleet currently consists of 50 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 22 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.8 million dwt with a weighted average age of 8.92 years.
About the Company
Diana Shipping Inc. 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.