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Diana Shipping takes delivery of panamax dry bulk vessel m/v Selina

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Dry Bulk,

Diana Shipping Inc., a global shipping company specialising in the ownership of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Selina (formerly Sunshine), a 2010 built panamax dry bulk vessel of 75 700 DWT.

The company entered into an agreement to purchase this in February 2016.

Diana Shipping signed, through two separate wholly-owned subsidiaries, a term sheet with ABN AMRO Bank N.V. for a term loan facility of up to US$25.755 million to finance the entire acquisition cost of m/v Infinity 9 (tbr. Ismene), that was delivered to the company on 21 March 2016 and the newly delivered m/v Selina.

The m/v Selina is chartered to Dampskibsselskabet Norden A/S, Copenhagen, at a gross charter rate of US$5800/day minus a 5% commission paid to third parties, for a period of up to minimum 15 October 2016 to maximum 15 February 2017.

Separately, the company also announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its capesize dry bulk vessels, the m/v Norfolk. The gross charter rate is US$4350/day, minus a 5% commission paid to third parties, for a period of minimum nine months to maximum twelve months. The charter is expected to commence on 28 March 2016.

The Norfolk is a 164 218 DWT capesize dry bulk vessel built in 2002.

The employments of Selina and Norfolk are anticipated to generate approximately US$2.37 million of gross revenue for the minimum scheduled period of the time charters.

Including the newly delivered m/v Selina, Diana Shipping Inc.’s fleet currently consists of 45 dry bulk vessels (2 newcastlemax, 14 capesize, 3 post-panamax, 4 kamsarmax and 22 panamax). The company also expects to take delivery of one panamax dry bulk vessel by the end of April 2016, one new-building newcastlemax dry bulk vessel during 3Q16, as well as one new-building newcastlemax dry bulk vessel and one new-building kamsarmax dry bulk vessel during 4Q16.

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