Document:

Exhibit 4.32

13 January  2017

	
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

Diana Shipping Inc

16 Pendelis Street

175 64 Paleo Faliro

Athens

Greece

(the "Guarantor")

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 our letter of 15 February 2016 in which we agreed to a temporary 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 2D16 by the replacement of "125 per cent." with "110 per cent." ("Temporary Amendment"). 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 (i) the aggregate Market Value of the my Artemis & my Melite based on a valuation provided by Braemar ACM Valuations Limited dated 15 December 2016 is still less than 125% of the outstanding Loan under the Loan Agreement, and that (ii) such valuation represents a fair reflection of the Market Value. On the basis of your representations, we agree to extend the duration of the Temporary Amendment to 30 June 2017.

For the avoidance of doubt, unless we agree otherwise in writing, the Temporary Amendment shall cease to apply from 30 June 2017 and from this date, clause 14.1 of the Loan Agreement shall again be read to include "125 per cent" as the relevant percentage in the last line of this clause.

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.

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 sincerely,

	
/s/Simon Baker

	 
	

Simon Baker

Director

For and on behalf of

Commonwealth Bank of Australia

	 

We have read and understood the terms of your letter dated 13 January 2017 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/ S. Palios

	 	
/s/ S. Palios

	
S. Palios

Director and President

	 	
S. Palios

Director and President

	 	 	 
	 	 	 
	
/s/ A. Michalopoulos

	 	
/s/ I. Zafirakis

	
A. Michalopoulos

Director and Treasurer

	 	
I. Zafirakis

Director and Treasurer

	
 

For and on behalf of

Taka Shipping Company Inc

 

	 	
 

For and on behalf of

Fayo Shipping Company Inc

	 	 	 
	
/s/ S. Palios

	 	 
	
S. Palios

Director, Chief Executive

Officer & Chairman of the Board

	 	 
	 	 	 
	 	 	 
	
/s/ A. Michalopoulos

	 	 
	
Chief Financial Officer & Treasuer

	 	 

For and behalf of

Diana Shipping Inc. as the GuarantorExhibit 4.33

AMENDMENT AGREEMENT

 Date: 15 February 2017

	1	
Reference is made to the loan agreement dated 2 October 2010 (as amended and/or supplemented from time to time) (the Loan Agreement) and entered into between, inter alios, (1) Lae Shipping Company and Namu Shipping Company Inc. as joint and several borrowers (the "Borrowers"), (2) Diana Shipping Inc. as guarantor (the "Corporate Guarantor"), (3) DNB Bank ASA (then known as DnB NOR BANK ASA) and The Export-Import Bank of China as arrangers, (4) DNB Bank ASA (then known as DnB NOR BANK ASA) as swap provider, (5) DNB Bank ASA (then known as DnB NOR BANK ASA) as security agent (the "Security Agent"), agent (the "Agent") and account bank and (6) the banks and financial institutions referred to therein as lenders (the "Banks"), in relation to a loan of up to $82,600,000.

	2	
Words and expressions defined in the Loan Agreement shall, unless the context otherwise requires or unless otherwise defined herein, have the same meanings when used in this Agreement.

	3	
The Creditors hereby agree, following the Borrowers' request, that, with effect from the date of this Agreement, clause 4.1.5 of the Loan Agreement shall be amended (and is hereby amended) as follows:

		"4.1.5	
If one or more Banks wish to exercise their right under clause 4.1.3 in respect of an Advance, the Agent shall send to the Borrowers a written demand to this effect in respect of that Advance:

	
(a)

	
in respect of the Namu Advance, by not earlier than the date falling fifty four (54) months after the Drawdown Date for such Advance and by not later than the date falling sixty (60) months after the Drawdown Date for such Advance; or

	
(b)

	
in respect of the Lae Advance, at any time on or before 18 May 2017.

Neither the Agent nor any Bank shall be obliged to assign any reason to any decision to demand such repayment of an Advance under clause 4.1.3 above.".

	4	
The consent of the Creditors referred to in paragraph 3 above is given only on the condition and in consideration of the Borrowers and the Corporate Guarantor hereby agreeing with the Creditors that the Borrowers and the other Security Parties will comply or will procure compliance with the following terms at the times specified below:

	
(a)

	
by no later than 15 February 2017, the Borrowers and the other Security Parties shall have executed this Agreement by signatories acceptable to the Agent in all respects;

	
(b)

	
by no later than 23 February 2017, the Borrowers and the other Security Parties deliver to the Agent, such corporate authorisations or other evidence of the authority of each Security Party, in relation to the execution of this Agreement, in such form as the Agent may require in its absolute discretion; and

	
(c)

	
by no later than 23 February 2017, each Borrower executes in favour of the Security Agent, in respect of its Ship, an addendum to the Mortgage of such Ship (each a "Mortgage Addendum" and together the "Mortgage Addenda") in form and substance satisfactory to the Agent and procures that each such Mortgage Addendum has been duly recorded with the relevant Registry of each such Ship.

	5	
Failure by the Borrowers and the other Security Parties to comply with any of the above conditions at the times specified above will constitute an Event of Default under the Loan Agreement.

	6	
This Agreement is supplemental to the Loan Agreement.

	7	
This Agreement constitutes a Security Document.

	8	
Save as amended or deemed amended by this Agreement, the provisions of the Loan Agreement shall continue in full force and effect and the Loan Agreement and this Agreement shall be read and construed as one instrument.

	9	
Each of the Borrowers, the Corporate Guarantor and the Manager hereby confirms its consent to the amendments to the Loan Agreement hereunder and the other arrangements contained in this Agreement, and further acknowledges and agrees that the Security Documents to which it is a party and its obligations, shall remain and continue to be in full force and effect notwithstanding the said amendments to the Loan Agreement and the other arrangements contained in this Agreement.

	10	
The provisions of clauses 17 (Notices) and 18 (Governing law and jurisdiction) of the Loan Agreement shall be incorporated into this Agreement as if set out in full herein and as if references to "this Agreement" were references to this Agreement.

	11	
This Agreement and any non-contractual obligations in connection with this Agreement are governed by, and shall be construed in accordance with English law.

SIGNATORIES

	
EXECUTED as a DEED

	
)

	 
	
By Anastasios Margaronis

	
)

	 
	
for and on behalf of

	
)

	
/s/ Anastasios Margaronis

	
LAE SHIPPING COMPANY INC.

	
)

	
Authorised Signatory

	
as Borrower

	
)

	
Signed in Switzerland

	
in the presence of:

	 	
15 February 2017

	 	 	 
	 	 	 
	 	 	 
	
/s/ Sophia Fafalios

	 	 
	
Witness

	 	 
	
Name: Sophia Fafalios

	 	 
	
Address: 1 Haversham Place, Merton Lane, London N6 6NG, United Kingdom

	
Occupation: Shipbroker

	 	 
	 	 	 
	 	 	 
	 	 	 
	
EXECUTED as a DEED

	
)

	 
	
By Anastasios Margaronis

	
)

	 
	
for and on behalf of

	
)

	
/s/ Anastasios Margaronis

	
NAMU SHIPPING COMPANY INC.

	
)

	
Director and Secretary

	
as Borrower

	
)

	
Signed in Switzerland

	
in the presence of:

	 	
15 February 2017

	 	 	 
	 	 	 
	 	 	 
	
/s/ Sophia Fafalios

	 	 
	
Witness

	 	 
	
Name: Sophia Fafalios

	 	 
	
Address: 1 Haversham Place, Merton Lane, London N6 6NG, United Kingdom

	
Occupation: Shipbroker

	 	 
	 	 	 
	 	 	 
	 	 	 
	
EXECUTED as a DEED

	
)

	 
	
By Anastasios Margaronis

	
)

	 
	
for and on behalf of

	
)

	
/s/ Anastasios Margaronis

	
DIANA SHIPPING INC.

	
)

	
Director and President

	
as Corporate Guarantor

	
)

	
Signed in Switzerland

	
in the presence of:

	 	
15 February 2017

	 	 	 
	 	 	 
	 	 	 
	
/s/ Sophia Fafalios

	 	 
	
Witness

	 	 
	
Name: Sophia Fafalios

	 	 
	
Address: 1 Haversham Place, Merton Lane, London N6 6NG, United Kingdom

	
Occupation: Shipbroker

	 	 
	 	 	 
	 	 	 
	 	 	 

	
EXECUTED as a DEED

	
)

	 
	
By Anastasios Margaronis

	
)

	 
	
for and on behalf of

	
)

	
/s/ Anastasios Margaronis

	
DIANA SHIPPING SERVICES S.A.

	
)

	
Director and Secretary

	
as Manager

	
)

	
Signed in Switzerland

	
in the presence of:

	 	
15 February 2017

	 	 	 
	 	 	 
	 	 	 
	
/s/ Sophia Fafalios

	 	 
	
Witness

	 	 
	
Name: Sophia Fafalios

	 	 
	
Address: 1 Haversham Place, Merton Lane, London N6 6NG, United Kingdom

	
Occupation: Shipbroker

	 	 
	 	 	 
	 	 	 
	 	 	 
	
EXECUTED as a DEED

	
)

	 
	
By David Hopwood and Ioannis Kariofyllidis

	
)

	 
	
for and on behalf of

	
)

	
/s/ David Hopwood     /s/ Ioannis Kariofyllidis

	
DNB (UK) LIMITED

	
)

	
Authorised Signatory

	
as Bank

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	 	 	 
	 	 	 
	
/s/ Vanessa Kerr

	 	 
	
Witness

	 	 
	
Name: Vanessa Kerr

	 	 
	
Address: Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ United Kingdom

	
Occupation: Legal Transaction Assistant

	 	 
	 	 	 
	 	 	 
	 	 	 
	
EXECUTED as a DEED

	
)

	 
	
By David Hopwood and Ioannis Kariofyllidis

	
)

	 
	
for and on behalf of

	
)

	
/s/ David Hopwood     /s/ Ioannis Kariofyllidis

	
DNB BANK ASA (formerly known as DNB NOR BANK ASA)

	
)

	
Authorised Signatory

	
as Arranger

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	 	 	 
	 	 	 
	
/s/ Vanessa Kerr

	 	 
	
Witness

	 	 
	
Name: Vanessa Kerr

	 	 
	
Address: Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ United Kingdom

	
Occupation: Legal Transaction Assistant

	 	 
	 	 	 
	 	 	 
	 	 	 

	
EXECUTED as a DEED

	
)

	 
	
By 

	
)

	 
	
for and on behalf of 

	)                      /s/	 
	
THE EXPORT-IMPORT BANK OF CHINA

	
)

	
Authorised Signatory

	
as Manager

	
)

	 
	
in the presence of:

	 	 

 

 

 

 

	 	 	 
	 	 	 
	 	 	 
	
/s/ Luo Weibo

	 	 
	
Witness

	 	 
	
Name: Luo Weibo

	 	 
	
Address: No. 30, FuXingMenNei street, Xicheng District, Beijing 100031, P.R. China

	
Occupation: Project Manager

	 	 
	 	 	 
	 	 	 
	 	 	 
	
EXECUTED as a DEED

	
)

	 
	
By David Hopwood and Ioannis Kariofyllidis

	
)

	 
	
for and on behalf of

	
)

	
/s/ David Hopwood     /s/ Ioannis Kariofyllidis

	
DNB BANK ASA (formerly known as DNB NOR BANK ASA)

	
)

	
Authorised Signatory

	
as Swap Provider

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	 	 	 
	 	 	 
	
/s/ Vanessa Kerr

	 	 
	
Witness

	 	 
	
Name: Vanessa Kerr

	 	 
	
Address: Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ United Kingdom

	
Occupation: Legal Transaction Assistant

	 	 
	 	 	 
	 	 	 
	 	 	 
	
EXECUTED as a DEED

	
)

	 
	
By David Hopwood and Ioannis Kariofyllidis

	
)

	 
	
for and on behalf of

	
)

	
/s/ David Hopwood     /s/ Ioannis Kariofyllidis

	
DNB BANK ASA (formerly known as DNB NOR BANK ASA)

	
)

	
Authorised Signatory

	
as Security Agent

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	 	 	 
	 	 	 
	
/s/ Vanessa Kerr

	 	 
	
Witness

	 	 
	
Name: Vanessa Kerr

	 	 
	
Address: Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ United Kingdom

	
Occupation: Legal Transaction Assistant

	 	 
	 	 	 
	 	 	 
	 	 	 

	
EXECUTED as a DEED

	
)

	 
	
By David Hopwood and Ioannis Kariofyllidis

	
)

	 
	
for and on behalf of

	
)

	
/s/ David Hopwood     /s/ Ioannis Kariofyllidis

	
DNB BANK ASA (formerly known as DNB NOR BANK ASA)

	
)

	
Authorised Signatory

	
as Agent

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	 	 	 
	 	 	 
	
/s/ Vanessa Kerr

	 	 
	
Witness

	 	 
	
Name: Vanessa Kerr

	 	 
	
Address: Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ United Kingdom

	
Occupation: Legal Transaction Assistant

	 	 
	 	 	 
	 	 	 
	 	 	 
	
EXECUTED as a DEED

	
)

	 
	
By David Hopwood and Ioannis Kariofyllidis

	
)

	 
	
for and on behalf of

	
)

	
/s/ David Hopwood     /s/ Ioannis Kariofyllidis

	
DNB BANK ASA (formerly known as DNB NOR BANK ASA)

	
)

	
Authorised Signatory

	
as Account Bank

	
)

	 
	
in the presence of:

	 	 
	 	 	 
	 	 	 
	 	 	 
	
/s/ Vanessa Kerr

	 	 
	
Witness

	 	 
	
Name: Vanessa Kerr

	 	 
	
Address: Norton Rose Fulbright LLP, 3 More London Riverside, London SE1 2AQ United Kingdom

	
Occupation: Legal Transaction Assistant

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