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Diana Shipping signed a term loan facility with ABN AMRO and announced the time charter contract for m/v Crystalia with Glencore

Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that on May 22, 2020, it signed a term loan facility with ABN AMRO Bank N.V. (the “Lender”), through six wholly-owned subsidiaries (the “Borrowers”), in the amount of US$52.885 million, divided into two tranches. The purpose of the loan facility was to combine the two loans outstanding with the Lender and extend the maturity of the loan maturing in March 2021 to the maturity of the other loan, maturing in June 2024.

The company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia. The gross charter rate is US$8,750 per day, minus a 5% commission paid to third parties, for a period until minimum July 1, 2021 up to maximum September 30, 2021. The charter commenced on May 22, 2020.

The “Crystalia” is a 77,525 dwt Ice Class Panamax dry bulk vessel built in 2014.

This employment is anticipated to generate approximately US$3.49 million of gross revenue for the minimum scheduled period of the time charter.

Diana Shipping Inc.’s fleet currently consists of 41 dry bulk vessels (4 Newcastlemax, 13 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.1 million dwt with a weighted average age of 9.69 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.