Document:

Exhibit 4.30

	
September 12, 2016

	 
	 
	 
	 	 	 
	 
	 
	
FOURTH 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 Outgoing Borrower

 

-and-

 

KAPA SHIPPING COMPANY INC.

 as New Borrower

 

- and-

 

DIANA CONTAINERSHIPS INC.

 as Guarantor

	 
	 
	 
	 

This AMENDMENT (the "Amendment") to that certain loan agreement dated as of May 20, 2013, as was amended on July 28, 2014 and further amended on September 9, 2015 and December 3, 2015 (the "Principal Loan Agreement"), is made on September 12, 2016.

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, as outgoing borrower (the "Outgoing Borrower");

	(3)	
KAPA 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 of the Principal Loan Agreement (each a "New Borrower", collectively the "New Borrowers"), as new borrowers; and

	(4)	
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 Principal Loan Agreement.

WHEREAS, the parties wish to amend the Principal 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)	
Novation. With effect from the date of this Amendment, the New Borrower assumes and undertakes to perform all the obligations, duties and liabilities of the Outgoing Borrower under the Principal Loan Agreement as amended by this Amendment and as same may be further amended and/or supplemented in the future (the "Loan Agreement") and shall be bound by the terms and provisions of the Loan Agreement to the same extent and in the same manner as if it had been a party thereto as a borrower and the New Borrower shall be, and is hereby made, party to the Loan Agreement in substitution for the Outgoing Borrower, and the Loan Agreement shall henceforth be construed and treated in all respects

as if the New Borrower was named therein as "Borrower" instead of the Outgoing Borrower. With effect from the date of this Amendment the Outgoing Borrower is released and discharged from all liabilities, obligations, duties, claims and demands whatsoever arising out or connected with the Loan Agreement (including, without limitation, those under Section 9 of the Principal Loan Agreement).

	(B)	
The definition of "Margin" in Section 1.1 of the Principal Loan Agreement is hereby deleted in its entirety and replaced with the following:

"Margin" means: (a) from 12 September 2016 until 31 December 2018 three point three five per cent (3.35%) per annum; and (b) at all other times three per cent (3.00%) per annum.

	(C)	
A new Section 6.4 is hereby added in the Principal Loan Agreement reading as follows:

		6.4	
Notwithstanding anything else contained in this Section 6, there shall be no repayments of the principal amount of the Loan prior to the date that is the later of: (i) 15 September 2018 and (ii) the date when the Deferred Tranche (as defined in the RBS Loan Facility) under the $148,000,000 secured loan agreement with The Royal Bank of Scotland plc dated 10 September 2015 (the "Original RBS Loan Facility") entered into by, amongst others, the Guarantor as guarantor and certain of its subsidiaries as borrowers (the "RBS Borrowers") as amended and restated pursuant to an amendment agreement dated 12 September 2016 (the "RBS Amendment Agreement" and together with the Original RBS Loan Facility, the "RBS Loan Facility"), has been repaid or prepaid in full.

	(D)	
Subordination of Loan Agreement. The amounts due to the Lender under the Loan Agreement are subordinated to the Indebtedness (as defined in the RBS Loan Facility) on the terms and subject to the conditions contained in an intercreditor agreement made or to be made between, amongst others, the New Borrower, the Guarantor, the Lender and The Royal Bank of Scotland plc as agent.

	(E)	
Consent. The Lenders consent to the RBS Borrowers entering into the RBS Amendment Agreement.

	(F)	
Confirmation of Agreement. Except as expressly set forth herein, the Principal Loan 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 Principal Loan Agreement to "this Agreement" shall mean the Principal Loan Agreement as amended by this Amendment.

	(G)	
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.

	(H)	
Governing Law. The laws of the State of New York shall govern the enforceability and validity of this Amendment, 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

	
OUTGOING

 BORROWER

	 	 
	 	 	 
	
SIGNED by

	
)

	 
	
Margarita Veniou

	
)

	
/s/ Margarita Veniou

	
for and on behalf of

	
)

	 
	
Eluk Shipping Company Inc.

	
)

	 
	
in the presence of:

	
)

	 
	 	 	
/s/ Alexandra Markou

	
NEW

 BORROWER

	 	 
	 	 	 
	
SIGNED by

	
)

	 
	
Anastasios Margaronis

	
)

	
/s/ Anastasios Margaronis

	
for and on behalf of

	
)

	 
	
Kapa Shipping

 Company Inc.

	
)

	 
	
in the presence of:

	
)

	 
	 	 	
/s/ Margarita Veniou

	
GUARANTOR

	 	 
	 	 	 
	
SIGNED by:

	
)

	 
	
Anastasios Margaronis

	
)

	
/s/ Anastasios Margaronis

	
for and on behalf of

	
)

	 
	
Diana Containerships Inc.

	
)

	 
	
in the presence of:

	
)

	 
	 	 	
/s/ Margarita Veniou

	
LENDER

	 	 
	 	 	 
	
SIGNED by

	
)

	 
	
Simeon Palios

	
)

	
/s/ Simeon Palios

	
for and on behalf of

	
)

	 
	
Diana Shipping Inc.

	
)

	 
	
in the presence of:

	
)

	 
	 	 	
/s/ Margarita VeniouExhibit 4.31

 

  

15 February 2016

	
Taka Shipping Company Inc

 c/o Approved Manager

16 Pendelis Street

175 64 Paleo Faliro

Athens

 Greece

 

Attn: Chief Financial Officer

 

Email: amichalopoulos@dianashippinginc.com

	 	
Fayo Shipping Company Inc

c/o Approved Manager

16 Pendelis Street

175 64 Paleo Faliro

Athens

 Greece

 

Attn: Chief Financial Officer

 

Email: amichalopoulos@dianashippinginc.com

Dear Andreas,

Loan Agreement between Taka Shipping Company Inc, Fayo Shipping Company Inc, and Commonwealth Bank of Australia dated 9 January 2014 ("Loan Agreement")

We refer to the Loan Agreement and we further refer to your request of 28 January 2016 for us to consider an amendment to clause 14.1 (Minimum required security cover) of the Loan Agreement only for the period from 31 December 2015 up to and including 31 December 2016 by the replacement of "125 per cent." with "110 per cent.". ("Waiver Request") Any capitalised term that is used in this letter but not defined in this letter shall have the meaning given to it in the Loan Agreement.

You have represented to us that the Waiver Request is made because (i) the aggregate Market Value of the my Artemis & my Melite provided by Braemar ACM Valuations Limited as at 31 December 2015 was less than 125% of the outstanding Loan under the Loan Agreement, and that (ii) such valuation represents a fair reflection of the Market Value.

We have considered the Waiver Request and have decided to consent to your Waiver Request and we hereby agree that Clause 14.1 of the Loan Agreement be amended for the period from 31 December 2015 up to and including 31 December 2016 by the replacement of "125 per cent." with "110 per cent." For the avoidance of doubt, unless we agree otherwise in writing, the aforementioned amendment will only be valid up to and including 31 December 2016 and from 1 January 2017, "125 per cent" shall again be the relevant percentage.

This amendment is granted upon the representations that you have made to us and subject to your agreement to provide updated valuations of the Ships by 31 July 2016 that comply with Clause 14.3 of the Loan Agreement.

Please note that a breach of the terms of this letter by you shall constitute an Event of Default entitling the Lenders to take any action pursuant to and in accordance with clause 18 of the Loan Agreement. Further, our consent to the Waiver Request is without prejudice to any other tights we have under the Loan Agreement.

This letter and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law.

Yours faithfully,

	/s/ Simon Baker 	 
	
For and on behalf of

Commonwealth Bank of Australia

	 

We have read and understood the terms of your letter dated 15 February 2016 and hereby irrevocably and unconditionally confirm our agreement to the terms of the same and also agree that failure by us to satisfy timely the conditions referred to in the letter shall constitute an Event of Default.

	
/s/Andre-Nikolas Michalopoulos

	 	
/s/Ioannis Zafirakis

	
For and on behalf of

Taka Shipping Company Inc

Andre-Nikolas Michalopoulos

Director and Treasurer

	 	
For and on behalf of

Fayo Shipping Company Inc

Ioannis Zafirakis

Director and Treasurer

	 	 	 
	 	 	 
	 	 	 
	
/s/Anastasios Margaronis

	 	 
	
For and behalf of

Diana Shipping Inc. as the Guarantor

Anastasios Margaronis

Director and President

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