ING Provides $39.7MM Term Loan to Diana Shipping

Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced it signed, through two separate wholly-owned subsidiaries, a term loan facility for up to approximately $39.68 million with ING Bank, London branch.

The proceeds will be used to partially finance the acquisition costs of one of its Kamsarmax dry bulk vessels that was delivered to the company on June 1, 2015 and of a Capesize dry bulk vessel currently under construction, that is expected to be delivered to the company by the end of October 2015. The company said it recently completed a drawdown of $11.73 million secured by the vessel “Medusa”.

Diana Shipping fleet currently consists of 41 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax).

The company said it also expects to take delivery of one new-building Capesize dry bulk vessel by the end of October 2015, one new-building Newcastlemax dry bulk vessel during the second quarter of 2016, as well as one new-building Kamsarmax dry bulk vessel and one new-building Newcastlemax dry bulk vessel during the third quarter of 2016.

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