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Diana Shipping Inc. Message Board

  • biggergrove biggergrove Feb 25, 2012 3:10 PM Flag

    Why Buy New Ships

    PUZZLED: I thought DSX strategy was to make buys of distressed assets. Why spend money on new ships, particularly in this economic climate?

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    • And the most recent time charter they got for the Coronis "gyrated" DOWN from $24,000 daily to $10,500 daily.

      For you mathematically challenged, that takes $5 MILLION out of the NET earnings annually.

    • Clarification: My comments were based upon the PR release that included the following statement as part of the new time charter announcement:

      "Separately, the Company also announced that on February 15, 2012, through one of its wholly owned subsidiaries, it completed the drawdown of US$37.45 million from its previously announced loan facility of US$82.6 million with The Export-Import Bank of China ("China Eximbank") having a majority interest and DNB Bank ASA as agent. The purpose of this drawdown was to partially finance the acquisition cost of the newly built m/v "Los Angeles", which was delivered to the Company on February 8, 2012."

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