Diana Shipping Inc. Announces Completion Of A Joint Venture

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Credit: Tom Fisk/Pexels

Diana Shipping Inc. announced that through a limited partnership it signed an investment agreement for the acquisition by a Norwegian entity of a 75% partnership interest in m.v. “DSI Drammen”, while maintaining 25% of the partnership interest, says an article published on their website.

Term loan facility

The Company acquired the vessel earlier this year. The financing of the vessel was also concluded, with the drawdown of US$15.4 million from Nordea Bank Abp, filial i Norge, as a result of the term loan facility which the Company signed on March 30, 2023.

Wholy-owned subsidiary

The Company also announced that, through a separate wholy-owned subsidiary, it has entered into a time charter contract with ST Shipping and Transport Pte. Ltd., for one of its Capesize dry bulk vessels, the m/v Boston.

The gross charter rate is US$17,000 per day, minus a 5% commission paid to third parties, for a period until minimum July 15, 2024 up to maximum October 15, 2024. The charter is expected to commence on May 6, 2023.

Minimum scheduled period

The “Capesize” is a 177,828 dwt Capesize dry bulk vessel built in 2007.

The employment of “Boston” is anticipated to generate approximately US$7.29 million of gross revenue for the minimum scheduled period of the time charter.

Company’s fleet

Diana Shipping Inc.’s fleet currently consists of 42 dry bulk vessels (4 Newcastlemax, 10 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 10 Ultramax).

The combined carrying capacity of the Company’s fleet, is approximately 4.7 million dwt with a weighted average age of 10.03 years.

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Source: Dianashippinginc