Diana Shipping Inc. Announces Signing of a US$80.2 Million Amended and Restated Loan Facility Agreement With Danish Ship Finance A/S to Refinance its Existing Term Loan Facility With the Bank
Diana Shipping Inc. (NYSE: DSX) has successfully signed a US$80.2 million seven-year secured term loan facility with Danish Ship Finance A/S on October 18, 2024. This amended and restated loan, maturing in April 2031, refinances the Company's existing loan facility of the same balance, originally due in April 2028. The new loan is secured by seven vessels, down from nine in the previous agreement, releasing two mortgaged vessels.
Mr. Ioannis Zafirakis, CFO and CSO, emphasized that this refinancing demonstrates the Company's commitment to enhancing its capital structure and operational flexibility. Diana Shipping Inc.'s fleet currently comprises 38 dry bulk vessels with a combined carrying capacity of approximately 4.2 million dwt and a weighted average age of 11.06 years. The Company also anticipates the delivery of two methanol dual fuel new-building Kamsarmax vessels by 2028.
Diana Shipping Inc. (NYSE: DSX) ha firmato con successo un prestito garantito a termine di 80,2 milioni di dollari della durata di sette anni con Danish Ship Finance A/S il 18 ottobre 2024. Questo prestito modificato e ristrutturato, in scadenza ad aprile 2031, rifinanzia il prestito esistente della Società dello stesso importo, originariamente in scadenza ad aprile 2028. Il nuovo prestito è garantito da sette navi, rispetto alle nove dell'accordo precedente, liberando due navi ipotecate.
Il sig. Ioannis Zafirakis, CFO e CSO, ha sottolineato che questo rifinanziamento dimostra l'impegno della Società a migliorare la propria struttura patrimoniale e flessibilità operativa. La flotta di Diana Shipping Inc. attualmente comprende 38 navi da carico secco con una capacità di carico combinata di circa 4,2 milioni di dwt e un'età media ponderata di 11,06 anni. La Società prevede anche la consegna di due nuove navi Kamsarmax a doppio carburante a metanolo entro il 2028.
Diana Shipping Inc. (NYSE: DSX) ha firmado con éxito un préstamo a plazo garantizado de 80,2 millones de dólares por siete años con Danish Ship Finance A/S el 18 de octubre de 2024. Este préstamo enmendado y restablecido, que vencerá en abril de 2031, refinancia la línea de crédito existente de la Compañía por el mismo monto, que originalmente vencía en abril de 2028. El nuevo préstamo está respaldado por siete embarcaciones, en lugar de las nueve del acuerdo anterior, liberando dos embarcaciones hipotecadas.
El Sr. Ioannis Zafirakis, CFO y CSO, enfatizó que este refinanciamiento demuestra el compromiso de la Compañía con la mejora de su estructura de capital y flexibilidad operativa. La flota de Diana Shipping Inc. actualmente comprende 38 buques de carga seca con una capacidad de carga combinada de aproximadamente 4,2 millones de dwt y una antigüedad media ponderada de 11,06 años. La Compañía también anticipa la entrega de dos nuevos buques Kamsarmax de doble carburante de metanol para 2028.
다이애나 해운 주식회사 (NYSE: DSX)는 2024년 10월 18일 덴마크 선박 금융사 A/S와 8,020만 달러의 7년 만기 담보 대출 계약을 성공적으로 체결했습니다. 이 수정되고 재작성된 대출은 2031년 4월에 만기가 되며, 원래 2028년 4월에 만기가 되는 동일한 금액의 기존 대출을 재융자합니다. 새로운 대출은 이전 계약의 아홉 척에서 두 척의 저당선이 해제된 일곱 척의 선박으로 담보됩니다.
Ioannis Zafirakis CFO 겸 CSO는 이번 재융자가 회사의 자본 구조 개선과 운영 유연성 증대에 대한 회사의 의지를 보여준다고 강조했습니다. 다이애나 해운 주식회사의 현재 선대는 38척의 벌크선으로 구성되어 있으며, 총 적재 능력은 약 420만 dwt이고 가중 평균 연령은 11.06년입니다. 회사는 또한 2028년까지 두 척의 메탄올 이중 연료 Kamsarmax 신조선이 인도될 것으로 예상하고 있습니다.
Diana Shipping Inc. (NYSE: DSX) a réussi à signer un prêt à terme garanti de 80,2 millions de dollars sur sept ans avec Danish Ship Finance A/S le 18 octobre 2024. Ce prêt amendé et révisé, arrivant à échéance en avril 2031, refinance la ligne de crédit existante de la Société du même montant, initialement due en avril 2028. Le nouveau prêt est garanti par sept navires, contre neuf dans l'accord précédent, libérant deux navires hypothéqués.
M. Ioannis Zafirakis, CFO et CSO, a souligné que ce refinancement démontre l'engagement de la Société à améliorer sa structure du capital et sa flexibilité opérationnelle. La flotte de Diana Shipping Inc. comprend actuellement 38 navires de charge sèche avec une capacité de charge totale d'environ 4,2 millions de dwt et un âge moyen pondéré de 11,06 ans. La Société prévoit également la livraison de deux nouveaux navires Kamsarmax à double carburant au méthanol d'ici 2028.
Diana Shipping Inc. (NYSE: DSX) hat am 18. Oktober 2024 erfolgreich eine gesicherte langfristige Kreditlinie in Höhe von 80,2 Millionen US-Dollar über sieben Jahre mit der Danish Ship Finance A/S unterzeichnet. Dieser geänderte und neu gefasste Kredit läuft bis April 2031 und refinanziert die bestehende Kreditlinie des Unternehmens in gleicher Höhe, die ursprünglich im April 2028 fällig war. Der neue Kredit wird durch sieben Schiffe gesichert, was eine Reduzierung von neun in der vorherigen Vereinbarung bedeutet, wobei zwei verpfändete Schiffe freigegeben werden.
Herr Ioannis Zafirakis, CFO und CSO, betonte, dass diese Refinanzierung das Engagement des Unternehmens für die Verbesserung seiner Kapitalstruktur und operativen Flexibilität zeigt. Die Flotte von Diana Shipping Inc. besteht derzeit aus 38 Massengutfrachtern mit einer Gesamttragfähigkeit von etwa 4,2 Millionen dwt und einem gewichteten Durchschnittsalter von 11,06 Jahren. Das Unternehmen erwartet auch die Lieferung von zwei neuen Kamsarmax-Schiffen mit Methanol-Dualbrennstoff bis 2028.
- Successful refinancing of US$80.2 million loan facility
- Extended loan maturity from April 2028 to April 2031
- Reduced number of mortgaged vessels from 9 to 7, increasing operational flexibility
- Fleet expansion with two methanol dual fuel new-building Kamsarmax vessels expected by 2028
- None.
Insights
This refinancing deal is a strategic move for Diana Shipping Inc. The
The refinancing at the same balance suggests favorable terms, likely due to the company's solid financial position and the current low interest rate environment. This could result in reduced interest expenses and improved cash flow. The extended maturity also aligns better with the long-term nature of shipping assets.
For investors, this move signals prudent financial management and could enhance DSX's ability to navigate market fluctuations. The company's fleet expansion with two upcoming methanol dual fuel Kamsarmax vessels demonstrates a forward-looking approach, potentially positioning DSX to benefit from increasing environmental regulations in the shipping industry.
Diana Shipping's fleet composition and strategy reveal important insights. With 38 vessels averaging 11.06 years in age, DSX maintains a relatively modern fleet, important for efficiency and compliance with environmental regulations. The diverse vessel types, from Ultramax to Newcastlemax, allow flexibility in serving various dry bulk markets.
The addition of two methanol dual fuel Kamsarmax vessels by 2028 is particularly noteworthy. This investment in alternative fuel technology positions DSX ahead of potential regulatory changes and may provide a competitive advantage in securing environmentally conscious charters.
The total fleet capacity of 4.2 million dwt places DSX as a mid-sized player in the global dry bulk market. This scale allows for operational efficiencies while maintaining agility to adapt to market changes. The company's focus on dry bulk specialization, rather than diversifying into other shipping segments, suggests a confident outlook on the dry bulk market's long-term prospects.
ATHENS, Greece, Oct. 21, 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 amended and restated loan maturing in April 2031 is secured by seven vessels. The proceeds have been utilized to refinance the Company’s existing loan facility with Danish Ship Finance A/S of the same balance, originally maturing in April 2028. This loan was previously secured by nine vessels. As part of this refinancing, two of the Company’s mortgaged vessels have been released.
Mr. Ioannis Zafirakis, Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary of the Company, stated: “This financial decision highlights the Company's dedication to improving its capital structure while increasing operational flexibility. By strategically managing resources, the Company aims to strengthen its financial position, allowing for greater adaptability and efficiency in its operations, ultimately supporting long-term growth and value creation for stakeholders.”
Diana Shipping Inc.’s fleet currently consists 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, excluding the two vessels not yet delivered, is approximately 4.2 million dwt with a weighted average age of 11.06 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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