Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 306

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 306
---
itionally

the

Company

is

not

permitted

to

pay

any

dividends

DIANA SHIPPING INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2024

(Expressed in thousands of U. S. Dollars - except share, per share

data, unless otherwise stated)

F-27

following the occurrence

of an event

of default. All

of the Company’s

secured term loans

bear interest at
SOFR plus a margin. In 2024 and 2023, the weighted

average interest rate of the secured term

loans was
7.3
% and
7.3
%, respectively.
As of December

31, 2024 and

2023, the Company

had the following

agreements with banks,

either as a
borrower or as a guarantor, to guarantee the loans of its subsidiaries:
Nordea Bank

AB, London

Branch (“ Nordea”):
On September

30, 2022,

the

Company entered

into a
$
200
million loan

agreement to

finance the

acquisition of

9 Ultramax

vessels. The

Company drew

down
$
197,236
under the loan,

in tranches for

each vessel on

their delivery to

the Company and

in December
2022 prepaid

$
21,937
due to

a vessel

sale and

leaseback transaction. The

loan was

repayable in equal
quarterly instalments of an aggregate amount of $
3,719, and a balloon of $
100,912
payable together with
the last instalment on
October 11, 2027.
On June 27, 2023, the Company drew down $
22,500
under a secured loan agreement and prepaid in full
the

outstanding

balance

of

an

existing

loan

amounting

to

$
20,934
and

recorded

a

loss

on

debt
extinguishment amounting to $
220. The loan, maturing

on
June 27, 2028
was repayable in equal

quarterly
instalments of $
1,125.
On

July

25,

2024,

the

Company

entered

into

a

$
167,263
loan

agreement,

drawn

on

July

25,

2024,

to