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$80.2 million seven-year secured term loan facility with Danish Ship Finance A/S on October 18, 2024.

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.