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Diana panamax finally secures financing, commences charter

The last of three panamax bulk carriers acquired by Diana Shipping has secured financing and was delivered to its new owner on Tuesday.

Diana’s acquisition of Maera (was Manzoni; 75,403 dwt, built 2013) was subject to the NYSE-listed owner securing financing from the seller’s existing lenders.

The buyer drew down $13.51m on Tuesday from a term loan facility signed with The Export-Import Bank of China, which has a majority interest in the facility, with DNB Bank acting as agent.

Funding for Maera was still was not in place at the end of March, when Diana drew down from its new $29.755m term loan from ABN AMRO Bank to finance its acquisition of Selina (was Sunshine; 75,700 dwt, built 2010) and Ismene (was Infinity 9; 77,901 dwt, built 2009).

The three China-built vessels were acquired from Alpha Sigma Shipping for around $39.27m. Alpha Sigma is owned by Aliki Paliou and Semiramis Paliou, the daughters of Simeon P. Palios, Diana’s chairman and CEO. Semiramis is also a director of Diana Shipping.

Maera will continue its existing charter to Luxembourg-based United Bulk Carrier International, which has been fixed at a gross daily rate of $4,500, minus 5% commission. The contract is due to terminate between December 28 this year and April 28, 2017.

Diana expects the charter to generate gross revenue of $1.04m during the minimum scheduled period.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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