Watson Farley & Williams has advised shipping lender Danish Ship Finance (DSF) on a US$100 million term loan facility granted to companies under the Diana Shipping Group for the refinancing of nine vessels, with a maturity date in April 2028.

The proceeds from the new loan facility will refinance other loans with an aggregate outstanding amount of US$87 million, including two existing loan facilities with BNP Paribas amounting to US$75.2 million (maturity dates in July 2023 and May 2024) and another loan facility with DNB Bank ASA of approximately US$11.8 million (March 2024).

The remaining proceeds may be used to pay transaction costs and expenses incurred in connection with the loan agreement and/or general corporate purposes.

DSF provides ship financing in Denmark, as well as in the international market.

Diana Shipping is a global provider of ship transportation services through its ownership and bareboat charter-in of dry bulk vessels.

Its vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes including commodities such as iron ore, coal, grain and other materials along worldwide shipping routes.