Diana Shipping Signs Sustainability Linked Loan Worth US$91 Million

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that on May 14, 2021, it signed sustainability linked loan facility with ABN AMRO Bank N.V., through six wholly-owned subsidiaries (the “Borrowers”), in the amount of US$91 million.

Representation Image – Credits: cision.com / Diana Shipping / ABS

The purpose of the senior secured term loan facility was the refinancing of existing indebtedness on the Borrowers’ vessels, M/V Medusa, M/V New Orleans, M/V Los Angeles, M/V Philadelphia, M/V Santa Barbara and M/V Artemis, and for general corporate purposes.

Commenting on this transaction, the Company’s Chief Executive Officer, Ms. Semiramis Paliou, stated:

“We are pleased to have signed this loan agreement with ABN AMRO Bank N.V., which is in accordance with our policy of managing our cash flow and loan maturities proactively for the benefit of our shareholders. The added sustainability aspect is essential not only for the potential additional cost savings, but more importantly because it is in line with the Company’s commitment towards its long-term sustainability goals.”

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Naias, Diana Shipping Inc.’s fleet will consist of 36 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 10 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Naias, is approximately 4.7 million dwt with a weighted average age of 10.24 years.

Reference: dianashippinginc.com

Source: Maritime Shipping News