Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 305

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 305
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other senior

unsecured obligations of

the Company

other than

obligations which are

mandatorily
preferred

by

law.

The

bond

includes

financial

and

other

covenants

and

is

trading

on

the

Oslo

Stock
Exchange under the ticker symbol “ DIASH03”.
Secured Term Loans:
Under the

secured term

loans outstanding

as of

December 31,

2024,
27
vessels of

the Company’s

fleet
are

mortgaged

with

first

preferred

or

priority

ship

mortgages,

having

an

aggregate

carrying

value

of
$
585,780.

Additional

securities

required

by

the

banks

include

first

priority

assignment

of

all

earnings,
insurances, first assignment of time

charter contracts that exceed a

certain period, pledge over the

shares
of

the

borrowers,

manager’s

undertaking

and

subordination

and

requisition

compensation

and

either

a
corporate

guarantee

by

DSI

(the

“ Guarantor”)

or

a

guarantee

by

the

ship

owning

companies

(where
applicable), financial covenants, as well as operating account assignments. The lenders may also require
additional

security

in

the

future

in

the

event

the

borrowers

breach

certain

covenants

under

the

loan
agreements.

The

secured

term

loans

generally

include

restrictions

as

to

changes

in

management

and
ownership of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover
ratio and minimum liquidity

per vessel owned by the

borrowers, or the Guarantor,

maintained in the bank
accounts of the borrowers, or the Guarantor.
As of December 31,

2024 and 2023 minimum

cash deposits required to

be maintained at all

times under
the Company’s

loan facilities,

amounted to

$
19,000
and $
20,000, respectively

and are

included in

restricted
cash, non-current in

the accompanying consolidated

balance sheets. Furthermore,

the secured term

loans
contain

cross

default

provisions

and

add