Diana Shipping Inc. Announces Signing and Drawdown of a US$167.3 Million Term Loan Facility With Nordea Bank to Refinance Two Existing Term Loan Facilities With Nordea
Diana Shipping Inc. (NYSE: DSX) has successfully signed and drawn down a US$167.3 million six-year secured term loan facility with Nordea Bank Abp, filial i Norge on July 25, 2024. This new loan, maturing in July 2030, is secured by ten vessels and refinances two existing loan facilities with Nordea: one for US$149.3 million and another for US$18.0 million. As a result, two of the Company's mortgaged vessels have been released.
This refinancing strategy aims to optimize Diana Shipping's capital structure and enhance operational flexibility. Upon completion of the previously announced sale of m/v Houston, the Company's fleet will consist of 38 dry bulk vessels with a combined carrying capacity of approximately 4.4 million dwt and a weighted average age of 10.98 years. Additionally, Diana Shipping expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by 2027 and 2028.
Diana Shipping Inc. (NYSE: DSX) ha firmato con successo e effettuato il prelievo di un prestito a termine garantito di 167,3 milioni di dollari, della durata di sei anni con Nordea Bank Abp, filiale in Norvegia il 25 luglio 2024. Questo nuovo prestito, in scadenza a luglio 2030, è garantito da dieci navi e ristruttura due prestiti esistenti con Nordea: uno di 149,3 milioni di dollari e un altro di 18,0 milioni di dollari. Di conseguenza, due delle navi ipotecate della Società sono state liberate.
Questa strategia di rifinanziamento mira a ottimizzare la struttura finanziaria di Diana Shipping e a migliorare la flessibilità operativa. Una volta completata la vendita precedentemente annunciata della m/v Houston, la flotta della Società consisterà di 38 navi da carico secco con una capacità di carico combinata di circa 4,4 milioni di dwt e un'età media ponderata di 10,98 anni. Inoltre, Diana Shipping prevede di ricevere due nuove navi Kamsarmax a doppio carburante a metanolo entro il 2027 e il 2028.
Diana Shipping Inc. (NYSE: DSX) ha firmado con éxito y tomado un préstamo a plazo garantizado de 167.3 millones de dólares a seis años con Nordea Bank Abp, sucursal en Noruega el 25 de julio de 2024. Este nuevo préstamo, que vence en julio de 2030, está garantizado por diez buques y refinancia dos préstamos existentes con Nordea: uno por 149.3 millones de dólares y otro por 18.0 millones de dólares. Como resultado, dos de los buques hipotecados de la Compañía han sido liberados.
Esta estrategia de refinanciamiento tiene como objetivo optimizar la estructura de capital de Diana Shipping y mejorar la flexibilidad operativa. Una vez completada la venta previamente anunciada del m/v Houston, la flota de la Compañía consistirá en 38 buques de granel seco con una capacidad de carga combinada de aproximadamente 4.4 millones de dwt y una edad media ponderada de 10.98 años. Además, Diana Shipping espera recibir dos nuevos buques Kamsarmax de combustible dual de metanol para 2027 y 2028.
다이아나 배송 주식회사 (NYSE: DSX)가 2024년 7월 25일 노르디아 은행(Nordea Bank Abp, 노르웨이 지점)과 6년 만기의 1억 6,730만 달러 규모의 담보형 Term Loan 계약을 성공적으로 체결하고 대출을 실행했습니다. 이 새로운 대출은 2030년 7월 만기이며, 10척의 선박으로 담보되어 있으며, 노르디아와의 기존 대출 두 개를 재조정합니다: 하나는 1억 4,930만 달러, 다른 하나는 1,800만 달러입니다. 결과적으로 두 척의 담보 선박이 해제되었습니다.
이번 재정 전략은 다이아나 배송의 자본 구조를 최적화하고 운영 유연성을 강화하는 것을 목표로 하고 있습니다. 이전에 발표된 m/v 휴스턴의 판매가 완료되면, 회사의 선대는 38척의 드라이 벌크 선박으로 구성되어 있으며, 총 적재 용량은 약 440만 dwt, 평균 연령은 10.98년입니다. 또한 다이아나 배송은 2027년과 2028년에 메탄올 이중 연료 신규 Kamsarmax 드라이 벌크 선박 두 척을 인도받을 것으로 기대하고 있습니다.
Diana Shipping Inc. (NYSE: DSX) a signé avec succès et tiré un prêt à terme sécurisé de 167,3 millions de dollars sur six ans avec Nordea Bank Abp, filiale en Norvège, le 25 juillet 2024. Ce nouveau prêt, qui arrivera à échéance en juillet 2030, est garanti par dix navires et refinance deux prêts existants avec Nordea : un de 149,3 millions de dollars et l'autre de 18,0 millions de dollars. En conséquence, deux des navires hypothéqués de la Société ont été libérés.
Cette stratégie de refinancement vise à optimiser la structure du capital de Diana Shipping et à améliorer la flexibilité opérationnelle. Une fois la vente précédemment annoncée du m/v Houston complétée, la flotte de la Société sera composée de 38 navires de vrac sec ayant une capacité de transport totale d'environ 4,4 millions de dwt et une âge moyen pondéré de 10,98 ans. De plus, Diana Shipping prévoit de recevoir deux nouveaux navires Kamsarmax à double carburant à méthanol d'ici 2027 et 2028.
Diana Shipping Inc. (NYSE: DSX) hat erfolgreich einen gesicherten Terminkredit über 167,3 Millionen US-Dollar mit einer Laufzeit von sechs Jahren bei der Nordea Bank Abp, Niederlassung in Norwegen, am 25. Juli 2024 unterzeichnet und abgerufen. Dieser neue Kredit, der im Juli 2030 fällig wird, ist durch zehn Schiffe gesichert und refinanziert zwei bestehende Kreditfazilitäten bei Nordea: eine über 149,3 Millionen US-Dollar und eine andere über 18,0 Millionen US-Dollar. Infolgedessen wurden zwei der hypothekierten Schiffe des Unternehmens freigegeben.
Diese Refinanzierungsstrategie zielt darauf ab, die Kapitalstruktur von Diana Shipping zu optimieren und die operative Flexibilität zu erhöhen. Nach Abschluss des zuvor angekündigten Verkaufs des m/v Houston wird die Flotte des Unternehmens aus 38 Schüttgutfrachtern mit einer Gesamtladekapazität von etwa 4,4 Millionen dwt und einem gewichteten Durchschnittsalter von 10,98 Jahren bestehen. Darüber hinaus erwartet Diana Shipping, bis 2027 und 2028 zwei neu gebaute Kamsarmax-Dry-Bulk-Schiffe mit Methanol-Dual-Fuel-Antrieb zu übernehmen.
- Secured a new US$167.3 million six-year term loan facility
- Refinanced two existing loan facilities, potentially improving financial terms
- Released two mortgaged vessels, potentially increasing financial flexibility
- Fleet expansion with two methanol dual fuel new-building Kamsarmax vessels expected by 2028
- Increased long-term debt obligation with the new US$167.3 million loan
- Extended loan maturity to July 2030, potentially limiting future financial flexibility
Insights
Diana Shipping Inc.'s recent US$167.3 million loan facility with Nordea Bank marks a significant refinancing move that warrants attention. This six-year secured term loan replaces two existing facilities, consolidating US$149.3 million and US$18.0 million loans into a single, longer-term facility. The refinancing achieves several strategic objectives:
- Extended maturity to July 2030, providing improved long-term financial stability
- Reduced collateral requirements, freeing up two vessels from mortgage obligations
- Potentially improved terms, though specific interest rates weren't disclosed
From an investor's perspective, this refinancing demonstrates proactive financial management. By extending loan maturities and optimizing collateral, DSX enhances its financial flexibility and potentially reduces near-term liquidity pressures. However, the impact on interest expenses and overall debt burden remains unclear without further details.
It's worth noting that this refinancing comes amidst a backdrop of fleet optimization. The planned sale of m/v Houston and the expected delivery of two methanol dual-fuel Kamsarmax vessels signal a strategic shift towards a more modern and potentially more efficient fleet. This aligns with industry trends towards cleaner fuel options and could position DSX favorably in a market increasingly focused on environmental considerations.
While the refinancing itself is a positive move, investors should monitor how DSX utilizes this enhanced financial flexibility. Will it fund fleet modernization, explore growth opportunities, or focus on deleveraging? The company's future capital allocation decisions will be important in determining the long-term value creation from this financial maneuver.
Diana Shipping's refinancing move reflects broader trends in the dry bulk shipping sector. With a fleet of 38 vessels post-sale of m/v Houston, DSX maintains a significant presence in the market. The company's diverse fleet composition, spanning from Ultramax to Newcastlemax vessels, allows it to serve various cargo types and trade routes, providing operational flexibility.
The addition of two methanol dual-fuel Kamsarmax vessels is particularly noteworthy. This investment in alternative fuel technology positions DSX at the forefront of the industry's decarbonization efforts. As regulatory pressures increase and charterers prioritize lower-emission vessels, this move could provide a competitive edge and potentially command premium rates in the future.
However, the dry bulk market faces challenges. Volatile commodity demand, geopolitical tensions affecting trade flows and the ongoing transition towards cleaner energy sources all impact the sector. DSX's fleet renewal strategy, coupled with this refinancing, suggests a long-term commitment to navigating these challenges.
The weighted average age of 10.98 years for the fleet is relatively high by industry standards. While the new vessels will help lower this average, investors should watch for further fleet renewal initiatives. Older vessels typically have higher operating costs and may face increasing regulatory scrutiny, potentially impacting profitability.
In conclusion, DSX's refinancing and fleet strategy demonstrate adaptability in a changing market. The company appears to be balancing financial prudence with strategic investments in future-proof assets. However, execution of this strategy and market conditions will ultimately determine its success in creating shareholder value.
ATHENS, Greece, July 26, 2024 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced the successful signing of a US
The new loan maturing in July 2030 is secured by ten vessels. The proceeds have been utilized to refinance two of the Company’s existing loan facilities with Nordea Bank Abp, filial i Norge: one for US
This strategic financial move underscores the Company’s commitment to optimizing its capital structure and enhancing operational flexibility.
Upon completion of the previously announced sale of m/v Houston, Diana Shipping Inc.’s fleet will consist of 38 dry bulk vessels: 4 Newcastlemax, 8 Capesize, 5 Post-Panamax, 6 Kamsarmax, 6 Panamax and 9 Ultramax. The Company also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively. As of today, the combined carrying capacity of the Company’s fleet including the m/v Houston and excluding the two vessels not yet delivered, is approximately 4.4 million dwt with a weighted average age of 10.98 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.
About the Company
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The Company’s vessels are employed primarily on short to medium-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.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Company management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, including risks associated with the continuing conflict between Russia and Ukraine and related sanctions, potential disruption of shipping routes due to accidents or political events, including the escalation of the conflict in the Middle East, vessel breakdowns and instances of off-hires and other factors. Please see the Company’s filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
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