Diana Shipping Inc. Announces Signing of a Sustainability Linked Loan With ABN AMRO Bank to Refinance Four Separate Existing Loans

ATHENS, Greece, May 18, 2021 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that on May 14, 2021, it signed a sustainability linked loan facility with ABN AMRO Bank N.V., through six wholly-owned subsidiaries (the “Borrowers”), in the amount of US$91 million. The purpose of the senior secured term loan facility was the refinancing of existing indebtedness on the Borrowers' vessels, m/v Medusa, m/v New Orleans, m/v Los Angeles, m/v Philadelphia, m/v Santa Barbara and m/v Artemis, and for general corporate purposes.

Commenting on this transaction, the Company’s Chief Executive Officer, Ms. Semiramis Paliou, stated:

“We are pleased to have signed this loan agreement with ABN AMRO Bank N.V., which is in accordance with our policy of managing our cash flow and loan maturities proactively for the benefit of our shareholders. The added sustainability aspect is essential not only for the potential additional cost savings, but more importantly because it is in line with the Company’s commitment towards its long-term sustainability goals.”

Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Naias, Diana Shipping Inc.’s fleet will consist of 36 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 10 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Naias,  is approximately 4.7 million dwt with a weighted average age of 10.24 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute a part of this press release.

About the Company

Diana Shipping Inc. is a global provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.