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Diana Shipping secures $200m loan to fund Sea Trade ultramaxes buy

Diana Shipping has secured a new loan to back the acquisition of nine modern ultramax dry bulk vessels.

The New York-listed Greek bulker owner has taken $200m from Nordea Bank which will be directed to partially finance the $330m deal the company struck in August to take over the entire fleet of Stamford-based Sea Trade Holdings.

The acquisition includes $220m in cash and another $110m to be paid in the form of close to 18.5m in newly issued common shares of the company, at a price of $5.95 per share.

The vessels, built between 2015 and 2018 in Japan, will deliver during the fourth quarter of 2022, taking Diana Shipping’s fleet to 43.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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