Still no financing for third vessel bought by Diana Shipping

Still no financing for third vessel bought by Diana Shipping

Diana Shipping has drawn down from its ABN AMRO loan to finance two of three panamax bulk carriers it recently acquired from Alpha Sigma, but still has not secured financing for the third.

The NYSE-listed shipowner says it has drawn down $25,755,000 from the $29.755m term loan to help pay for Sunshine (75,700 dwt, built 2010) and Infinity 9 (77,901 dwt, built 2009).

Completion of the purchase of Manzoni (75,403 dwt, built 2013), however, is still subject to Diana securing bank financing from the sellers’ existing lenders, “for substantially all of the purchase price of the vessel”, the company said.

Earlier this month, some $535,000 was knocked off the aggregate price of the three panamaxes, which are being 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.

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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