Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 154

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 5
Chunk 154
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alments of

$2.5 million

each and

a balloon

of $14.3

million payable

together with the last instalment on April 18, 2031.

On June

26, 2023,

we entered

into a

$100 million

loan agreement

with DNB

Bank ASA,

or DNB,

to refinance

an aggregate

of $68.7

million outstanding

balance under

existing loans

with ABN

AMRO Bank

N. V,

and

for

working

capital

purposes.

The

loan

is

repayable

in

equal

quarterly

instalments

of

$3.8

million

until

December 27, 2029. Additionally,

the loan is

subject to a margin

reset, according to

which the borrowers

and the lenders

will enter into

discussions to agree

on a new

margin. Unless the

parties agree on

a new

margin, the loan will

be mandatorily repayable on

June 27, 2027. As part

of the loan agreement, on

July 6,

2023, we

entered into

an interest

rate swap

with DNB

for a

notional amount

of $30

million and

quarterly

amortization of

$1.2 million.

Under the

interest rate

swap, we

pay a

fixed rate

of 4.268%

and receive

floating

under term

SOFR. The swap

has a

termination date

on December 27,

2029, and

a mandatory break

on

June 27, 2027, which is the margin reset date of

the loan, according to which the swap will be terminated

if the loan is prepaid. As of December 31, 2024, the

interest rate swap was a liability having a fair value

of

$0.2 million.

Under

the

secured

term

loans

outstanding

as

of

December

31,

2024,

27

vessels

of

our

fleet

were

mortgaged with

first preferred

or priority

ship mortgages.

Additional securities

required by

the banks

include

first priority assignment of all earnings, insurances,

first assignment of time charter contracts with

duration

that

exceeds

a

certain

period,

pled