Diamond S Shipping seals new $525m credit facility

Diamond S Shipping seals new $525m credit facility

New York-listed Diamond S Shipping (DSS) has closed a five-year $525m credit facility, funds which will be used to repay around $501m of the company’s outstanding term loans.

The new facility is composed of a $375m term loan and a $150m revolving credit facility.

Craig Stevenson, president and CEO of DSS, commented: “Diamond S is fortunate to work with a top tier group of international ship lending banks including Nordea Bank Abp (New York Branch), Crédit Agricole Corporate and Investment Bank, Skandinaviska Enskilda Banken AB (publ), ABN AMRO, National Australia Bank and BNP Paribas. We appreciate their continued support through this transaction.”

Kevin Kilcullen, the company’s CFO, said the financing will increase available liquidity and improving financial flexibility to support the growth of DSS.

DSS owns a fleet of 66 tankers and its shareholders include Wilbur Ross’s WL Ross & Co.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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