Athens-based Diana Shipping is testing the waters for a new bond issue.
The New York-listed bulker owner said it has asked Fearnley Securities and Nordea Bank to arrange a series of fixed-income investor calls.
Subject to market conditions, a US dollar bond will be sold over five years.
The aim is to pre-pay in full the company’s existing $125m senior unsecured notes maturing in June 2026.
These were sold in 2021 and are listed on the Oslo Stock Exchange.
Diana has a call option it can use this year if it succeeds with the new issue.
The coupon of the 2026 bonds is 8.375%.
The balance of any new issue will be used for general corporate purposes.
Diana said in 2021 that its $125m offer was significantly oversubscribed.
The company’s fleet comprises 38 bulkers, including four newcastlemaxes and eight capesizes.
Profit falls in first quarter
Two methanol dual-fuel newbuilding kamsarmaxes are due for delivery in the second half of 2027 and the first half of 2028.
Declining revenue pushed Diana’s bottom line downward as the owner reported lower charter rates for the first quarter.
The Semiramis Paliou-led company, whose fleet employment strategy is focused on period charters rather than the spot market, reported just $2.1m in net income, just $600,000 of which is attributable to common shareholders.
That was a decline from $22.7m in net income a year earlier, with $21.3m attributable to common shareholders.
