Diana Still in Talks on Financing Third Bulker

Greek dry bulk owner and operator Diana Shipping has encountered some bumps on the road to fleet expansion as it is still waiting to finalize the purchase of MV Manzoni bulk carrier.

The company said that it needs to obtain bank financing from the sellers’ existing lenders, for substantially all of the purchase price of the 76,000 dwt bulker.

The news comes on the back of the company’s drawdown of USD 25.7 million under a loan agreement to finance the acquisition of two Panamax bulk carriers.

Granted under the agreement with ABN AMRO Bank N.V., the proceeds will be used to finance the entire purchase cost of MV Infinity 9 (to be renamed Ismene) and MV Selina, which joined Diana’s fleet on March 21 and 24, respectively.

MV Infinity is chartered to Dutch company Glencore Grain B.V., at a gross rate of USD 7,825 per day for a period of three to a maximum of seven months. Diana expects that the vessel could generate some USD 0.74 million of gross revenue for the minimum charter period.

MV Selina is chartered out to Copenhagen-based Dampskibsselskabet Norden A/S, at a gross rate of USD 5,800 per day. The vessel’s charter is for a minimum of seven to a maximum of eleven months.

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