Diana funds two of three panamaxes

Diana Shipping

Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, 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, the Company 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 the Company yesterday, and m/v Sunshine, that is expected to be delivered to the Company 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, the Company also announced that consummation of the purchase of m/v Manzoni is still subject to the Company obtaining bank financing from the sellers’ existing lenders, for substantially all of the purchase price of the vessel.

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