Diana Shipping has taken out a $100m loan to refinance debt that is coming due this year and in 2024.
The New York-listed owner of 42 bulkers has secured a term loan facility with Danish Ship Finance for up to that amount that will come due in 2028.
The debt is expected to bear interest at the secured overnight financing rate plus 2.2%.
Athens-based Diana will use the proceeds from the loan to pay back $87m in borrowings that include two BNP Paribas term loans that total $75.2m and mature in July 2023 and May 2024.
The money will also go towards paying off an $11.8m loan with DNB Bank that comes due in March 2024 and loan-related transaction costs and general corporate purposes.
Diana said it has spent the $98.8m that came from the first loan and was backed by nine vessels in its fleet.
The company’s long-term debt stood at $663m as of 22 February.
At that time, Diana posted $25.7m in net income for the fourth quarter of 2022, down from $41.1m a year earlier.
It reported $24.2m in net profit attributable to common shareholders, down from $39.7m in the corresponding period of 2021.
The profit resulted in $0.27 earnings per share that beat analyst consensus of $0.19, but Diana still trimmed its quarterly dividend to $0.15 per share from $0.175 in the previous quarter.
