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Diana Shipping gets $39.7m loan for vessel finance

NYSE-listed Diana Shipping has secured a term loan for $39,682,500 from ING Bank and has drawn down $11,732,500 from the facility.

The funds will be used in part to 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 and delivered on June 1.

The money will also go towards the construction costs of a 180,000-dwt capesize being built at China’s Shanghai Waigaoqiao Shipbuilding. The vessel will be named New Orleans when it is delivered in October, Diana said.

The loan agreement was signed with ING Bank’s London branch on September 30. The drawdown was completed on Wednesday and was secured against the Medusa.

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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