Document:

Exhibit 4.13

September 9, 2015

SECOND AMENDMENT TO

LOAN AGREEMENT

relating to an unsecured term loan facility of up to US$50,000,000 to be used for general corporate purposes and working capital requirements

by and between

DIANA SHIPPING INC.

as Lender

- and-

ELUK SHIPPING COMPANY INC.

as Borrower

-and-

DIANA CONTAINERSHIPS INC.

as Guarantor

This AMENDMENT (the "Amendment") dated September 9, 2015 to that certain loan agreement dated as of May 20, 2013 is made on September 9, 2015.

BETWEEN

	(1)	DIANA  SHIPPING INC., a corporation  incorporated  under the laws of The Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the "Lender"), as lender;

	(2)	ELUK SHIPPING COMPANY INC., a corporation incorporated under the laws of The Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 and any wholly-owned subsidiary of the Guarantor that becomes an Additional Borrower pursuant to Section 12 hereof (each a "Borrower", collectively the "Borrowers"), as borrowers; and

	(3)	DIANA CONTAINERSHIPS INC., a corporation incorporated under the laws of The Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the "Guarantor"), as guarantor.

Unless otherwise indicated, capitalized terms used in this Amendment are used with the meanings attributed thereto in the Loan Agreement.

WHEREAS, the parties wish to amend the Loan Agreement as hereinafter set forth;

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto hereby agree as follows:

	(A)	Section 10.1 of the Loan Agreement is deleted in its entirety and replaced with the following:

		10.1	Back End Fee.  The Borrowers, jointly and severally, agree to pay to the Lender on the date of this Amendment a back end fee in an amount equal to one and one quarter per cent. (1.25%) per annum of the total amount of the Loan outstanding (the "Back End Fee") in respect of the period commencing on the Drawdown Date(s) and ending on the date of this Amendment.

	(B)	The Loan Agreement shall be amended to add a new Section 10.2 as follows:

		10.2	The Borrowers, jointly and severally, agree to pay to the Lender on the Repayment Date a fee in an amount of $200,000.

	(C)	The definition of "Margin" in Section 1.1 of the Loan Agreement shall be deleted in its entirety and replaced with the following:

"Margin" means three per cent. (3.0%) per annum;

	(D)	The Loan Agreement shall be amended to add a new Section 2.3 as follows:

		2.3	Subordination. Each Borrower, the Guarantor and the Lender agree that the Loan shall be legally subordinated to indebtedness under a term loan with The Royal Bank of Scotland pic ("RBS") in the amount of up to $148,000,000 (the "RBS Term Loan") and exposure under an interest rate management facility (together with the RBS Term Loan, the "RBS Facility") entered into by the Guarantor and certain of its subsidiaries pursuant to an offer letter received by the Guarantor from RBS, dated July 30, 2015.

	(E)	The definition of "Repayment Date" in Section 1.1 of the Loan Agreement shall be deleted in its entirety and replaced with the following:

"Repayment Date" means March 15, 2022 or such earlier date on which the outstanding principal balance of the Loan is paid in full.

	(F)	Section 6.2 of the Loan Agreement is deleted in its entirety and replaced with the following:

		6.2	Repayment Installments. The Borrowers jointly and severally agree to repay the principal amount of the Loan in equal installments on the last day of each Interest Period (excluding the Repayment Date) in amounts totaling $5,000,000 per calendar year, provided that the amount to be repaid pursuant to this Section 6.2 shall not exceed $32,500,000 in the aggregate.

		6.3	Voluntary prepayment. After the RBS Facility shall have been paid in full, each Borrower may prepay the whole or any part of the Loan, without penalty, at any time during the term of the Loan. No prepayment of the Loan shall be made other than in accordance with this Section 6.3.

	(G)	Pursuant to Section 9.2 of the Loan Agreement, the Lender hereby consents to the entry by the Guarantor and certain of its subsidiaries into the RBS Facility.

	(H)	Confirmation of Agreement.  Except as expressly set forth herein, the Agreement is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its terms, and each reference in the Agreement to "this Agreement" shall mean the Agreement as amended by this Amendment.

	(I)	Counterparts; Effectiveness.  This Amendment may be executed in any number of counterparts (including by facsimile) and by different parties hereto in separate counterparts, with the same effect as if all parties had signed the same document.

All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. This Amendment shall become effective when each party hereto shall have received counterparts hereof signed by all of the other parties hereto.

	(J)	Governing Law.  The laws of the State of New York shall govern the enforceability and validity of this Agreement, the construction of its terms and the interpretation of the rights and duties of the parties, without regard to the principles of conflicts of laws thereof.

[Signature page follows]

THIS AMENDMENT has been entered into on the date stated above

	
BORROWER

	 	 
	 	 	 
	
SIGNED by

	
)

	 
	
Margarita Veniou

	
)

	
/s/ Margarita Veniou

	
for and on behalf of

	
)

	 
	
Eluk Shipping Company Inc

	
)

	 
	
in the presence of:

	
)

	
/s/ Ioannis Zafirakis

	Ioannis Zafirakis	 	
	 	 	 
	 	 	 
	
GUARANTOR

	
)

	 
	
SIGNED by

	
)

	 
	
Anastasios Margaronis

	
)

	
/s/ Anastasios Margaronis

	
for and on behalf of

	
)

	 
	
Diana Containerships Inc.

	
)

	 
	
in the presence of:

	
)

	
/s/ Ioannis Zafirakis

	Ioannis Zafirakis	 	
	 	 	 
	
LENDER SIGNED

	 	 
	
by Ioannis Zafirakis

	 	
/s/ Ioannis Zafirakis

	
for and on behalf of

	 	 
	
Diana Shipping Inc.

	 	 
	
in the presence of:

	 	
/s/ Margarita Veniou

	Margarita VeniouExhibit 4.18

DIANA ENTERPRISES INC.

THIS AGREEMENT dated this 1st day of April 2015 by and between Diana Shipping Inc., a Marshall Islands company having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Company") and Diana Enterprises Inc. a Marshall Islands company having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the "Broker").

BY WHICH, in consideration of the mutual covenants and agreements set forth herein, the parties hereto agree as follows:

1.            The Company. Diana Shipping Inc. is a leading global provider of shipping transportation services through its ownership of dry bulk vessels. The Company's vessels are employed primarily on medium to long-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.

2.            Engagement. The Company hereby engages the Broker to act as broker for the Company and for any of its affiliates as directed by the Company to assist the Company in the provision of the Services by providing to the Company or to an entity designated by the Company from time to time, brokerage services relating to the purchase, sale or chartering of vessels, brokerage services relating to the repairs and other maintenance of vessels, and any relevant consulting services permitted by Greek laws or the Broker's Law 27/1975 license (collectively the "Brokerage Services"), and the Broker hereby accepts such appointment.

3.            Duration. The duration of the engagement shall be for a term of twelve (12) months commencing the lst day of April 2015 and ending (unless terminated earlier on the basis of any other provision of this Agreement) on the 31st day of March 2016 (the said period as it may be extended being hereinafter referred to as the "Term").

4.            Representations of Broker. The Broker represents that it has personnel fully qualified, without the benefit of any further training or experience and has obtained all necessary permits and licenses, to perform the Brokerage Services. The duties of the Broker shall be offered on a worldwide basis. Broker's duties and responsibilities hereunder shall always be subject to the policies and directives of the board of directors of the Company as communicated from time to time to the Broker. Subject to the above, the precise duties, responsibilities and authority of the Broker may be expanded, limited or modified, from time to time, at the discretion of the board of directors of the Company.

5.            Commission. Because of their permanent relation the Company shall pay the Broker a lump sum commission in the amount of United States Dollars $110,000 per month,

starting on the 1st day of April 2015 for the second quarter and quarterly thereafter at the beginning of every quarter, subject to required deductions and withholdings. Commissions on a percentage basis for specific deals may be agreed by separate agreements in writing.

6.            Expenses. The Company shall not pay or reimburse the Broker for any out-of pocket expenses as such expenses are included in the commission paid to the Broker.

7.            Termination. This Agreement, unless otherwise agreed in writing between the parties, shall be terminated as follows:

(a)          At the end of the Term, unless extended by mutual agreement in writing.

(b)          The parties, by mutual agreement, may terminate this Agreement at any time.

(c)          Either party may terminate this Agreement for any material breach by the other party of their respective obligations under this Agreement.

8.            Change of Control.

(a)            In the event of a "Change in Control" (as defined herein) within the duration of this Agreement, the Broker has the option to terminate this Agreement within six (6) months following such Change in Control, and shall be eligible to receive the payment specified in sub-paragraph (c), below, provided that the conditions of said paragraph are satisfied.

(b)            For purposes of this Agreement, the term "Change of Control" shall mean the:

(i)          acquisition by any individual, entity or group of beneficial ownership of twenty-five percent (25%) or more of either (A) the then-outstanding shares of common stock of the Company (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that this Clause 8(b)(i) shall not apply to an individual, entity or group that beneficially owns twenty-five percent (25%) or more as of the date the Company's common shares are approved for listing on the NYSE.

(ii)          consummation of a reorganization, merger or consolidation of the Company or the sale or other disposition of all or substantially all of the assets of the Company and/or of the Affiliates; or

(iii)          approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

(c)          If the Broker terminates this Agreement within six (6) months following a Change of Control, the Broker shall receive a payment equal to five (5) years' annual commission. Receipt of the foregoing shall be contingent upon the Broker's execution and non-revocation of a Release of Claims in favor of the Company and the Affiliates in a form that is reasonably satisfactory to the Company and its counsel.

9.          Notices. Every notice, request, demand or other communication under this Agreement shall:

(a)            be in writing delivered personally or by courier or by fax or shall be served through a process server;

(b)            be deemed to have been received, subject as otherwise provided in this Agreement in the case of fax upon receipt of a successful transmission report (or —if sent after business hours— the following business day) and in the case of a letter when delivered personally or through courier or served at the address below; and

(c)            be sent:

 

		(i)	
If to the Company, to:

 

c/o Diana Shipping Services S.A.

Pendelis 16, Palaio Faliro, 175 64

Athens, Greece

Telephone: +30 210 9470000

Telefax: +30 210 9424975

Attn: Director and President

 

		(ii)	
If to the Broker, to:

 

c/o Diana Enterprises Inc.

Ymittou 6, Palaio Faliro, 175 64

Athens, Greece

Telephone: +30 210 9485360

Telefax: +30 210 9401810

Attn: Director and President

 

 

or to such other person, address or telefax, as is notified by the relevant Party to the other Party to this Agreement and such notification shall not become effective until notice of such change is actually received by the other Party. Until such change of person or address is notified, any notification to the above addresses and fax numbers are agreed to be validly effected for the purposes of this Agreement.

10.            Entire Agreement. This Agreement supersedes all prior agreements written or oral, with respect thereto.

11.            Amendments. This Agreement may be amended, superseded, canceled, renewed or extended and the terms hereof may be waived, only by a written instrument signed by the parties.

12.            Independent Contractor. All services provided hereunder shall be provided by the Broker as an independent contractor. No employment contract, partnership or joint venture between the Broker and the Company has been created in or by this Agreement or as a result of services provided hereunder.

13.            Assignment. This Agreement, and the Broker's rights and obligations hereunder, may not be assigned by the Broker; any purported assignment in violation hereof shall be null and void. This Agreement, and the Company's rights and obligations hereunder, may not be assigned by the Company; provided, however, that in the event of any sale, transfer or other disposition of all or substantially all of the Company's assets and business, whether by merger, consolidation or otherwise, the Company shall assign this Agreement and its rights hereunder to the successor to its assets and business.

14.            Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representative.

15.            Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of two copies hereof each signed by one of the parties hereto.

16.            Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

17.            Governing Law and Jurisdiction.

(a)            This Agreement shall be governed by and construed in accordance with English Law.

(b)            Any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this clause.

IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above written.

DIANA SHIPPING INC.

/s/Simeon Palios

By: Simeon Palios

Title: Director, Chief Executive Officer and

Chairman of the Board

DIANA ENTERPRISES INC.

/s/ Andreas Nikolaos Michalopoulos

By: Andreas Nikolaos Michalopoulos

Title: Director and Secretary

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