Diana Shipping secures $55 million loan facility with National Bank of Greece

Published 01/10/2025, 14:14
Diana Shipping secures $55 million loan facility with National Bank of Greece

ATHENS - Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in dry bulk vessels, has secured a $55 million six-year term loan facility with National Bank of Greece S.A., according to a press release statement. The company, currently valued at $184.26 million, maintains strong financial health with a comfortable current ratio of 2.29, indicating solid liquidity position.

The company announced that the loan agreement was signed on September 29, 2025, with the full amount drawn down immediately. The facility, which matures in September 2031, is secured by five vessels from Diana Shipping’s fleet. According to InvestingPro analysis, the company maintains impressive gross profit margins of 58.22% and trades at an attractive price-to-book ratio of 0.37, suggesting potential undervaluation.

Ioannis Zafirakis, Director, Co-Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary of Diana Shipping, stated that the transaction demonstrates the company’s commitment to optimizing its capital structure while enhancing operational and investing flexibility.

Diana Shipping currently operates a fleet of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.85 years. The fleet consists of 4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax, and 9 Ultramax vessels. With last twelve months EBITDA of $86.22 million, the company demonstrates solid operational performance. For deeper insights into Diana Shipping’s financial health and valuation metrics, check out the comprehensive Pro Research Report available on InvestingPro.

The company also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively.

Diana Shipping primarily employs its vessels on short to medium-term time charters, transporting dry bulk cargoes including iron ore, coal, grain, and other materials along worldwide shipping routes.

In other recent news, Diana Shipping Inc. has announced a series of new time charter contracts for its fleet. The company secured a higher-rate charter for its Ultramax vessel, the m/v DSI Aquila, with Bunge SA, set at $14,500 per day, starting on October 12, 2025, and extending until at least February 25, 2027. Additionally, Diana Shipping has signed a contract with Nippon Yusen Kabushiki Kaisha for its Kamsarmax vessel, m/v Leonidas P. C., at a rate of $14,000 per day, commencing on September 24, 2025. The Post-Panamax vessel, m/v Polymnia, will be chartered by Oldendorff Carriers GmbH & Co. KG at $14,000 per day, beginning August 17, 2025.

Furthermore, Diana Shipping has agreed to a $14,250 daily charter for its Ultramax vessel, m/v DSI Pegasus, with Cargill Ocean Transportation, starting August 15, 2025. In a separate development, the company plans to sell its Ultramax vessel, m/v DSI Drammen, for approximately $26.86 million to an unaffiliated third party, with delivery expected by October 31, 2025. These recent developments highlight Diana Shipping’s active engagement in securing lucrative contracts and strategic asset sales.

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