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Diana Shipping draws down $28m to fund capesize construction

NYSE-listed Diana Shipping has drawn down the remaining $27,950,000 from its term loan facility with ING Bank.

Today’s drawdown was secured against Diana’s capesize New Orleans, which was recently delivered from China’s Shanghai Waigaoqiao Shipbuilding. The funds will be used in part to cover the ship’s construction costs.

On November 11, New Orleans began an 11- to 15-month timecharter to SwissMarine Services (Geneva), fixed at a gross daily rate of $11,650, less 5% commission.

Diana secured the $39,682,500 term loan from ING Bank in early October, and has already drawn down $11,732,500 from the facility. This amount was used to partly finance Diana’s acquisition of the kamsarmax bulk carrier Medusa (82,800 dwt, built 2010), which was purchased from Shikishima Kisen in April for $18.05m.

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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