Diana Shipping Inc. Announces Signing and Drawdown of a US$18 Million Term
Loan Facility With Deutsche Bank
ATHENS, Greece, June 21, 2013 (GLOBE NEWSWIRE) -- Diana Shipping Inc.
(NYSE:DSX), a global shipping company specializing in the ownership and
operation of dry bulk vessels, today announced that it has signed, through two
separate wholly-owned subsidiaries, a term loan facility for up to US$18
million with Deutsche Bank Aktiengesellschaft Filiale Deutschlandgeschäft. The
Company also completed the drawdown of US$18 million in order to partially
finance the acquisition costs of the two Kamsarmax dry bulk carriers, the m/v
"Myrto" and the m/v "Maia", which were delivered to the Company on January 25,
2013 and February 19, 2013, respectively.
Diana Shipping Inc.'s fleet currently consists of 33 dry bulk carriers (2
Newcastlemax, 9 Capesize, 3 Post-Panamax, 2 Kamsarmax and 17 Panamax). The
Company also expects to take delivery of one Panamax vessel during September
2013, 2 new-building Ice Class Panamax vessels during the fourth quarter of
2013 and the first quarter of 2014, and 2 new-building Newcastlemax vessels
during the second quarter of 2016. As of today, the combined carrying capacity
of our current fleet, excluding the five vessels not yet delivered, is
approximately 3.7 million dwt with a weighted average age of 6.4 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 leading global provider of shipping transportation
services through the ownership and operation of dry bulk vessels. The
Company's vessels are employed primarily on medium to long-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, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our
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 our operating expenses, including bunker prices, drydocking and insurance
costs, the market for our 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, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns and
instances of off-hires and other factors. Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.
CONTACT: Corporate Contact:
Director, Executive Vice-President and Secretary
Telephone: + 30-210-947-0100
Investor and Media Relations:
Telephone: + 1-203-972-8350
Press spacebar to pause and continue. Press esc to stop.