WFW advises BNP Paribas on a US$55million facility to finance two Capesize dry bulk carriers

12 January 2015

Advised by leading international law firm Watson Farley & Williams (“WFW”), BNP Paribas has provided a term loan facility of US$55 million to subsidiaries of Diana Shipping Inc., to finance the acquisition cost of two Capesize bulk carriers named “G.P. ZAFIRAKIS” and “P.S. PALIOS”.

The two vessels were acquired by Weno Shipping Company Inc. and Pulap Shipping Company Inc. respectively, two wholly owned subsidiaries of Diana Shipping Inc., a New York Stock Exchange listed provider of global shipping transportation services, specializing in dry bulk vessels.  With the addition of the G.P. ZAFIRAKIS and P.S. PALIOS, which were acquired in August 2014 and December 2013 respectively, the company’s fleet now consists of 12 Capesize vessels, as part of its total fleet of 40 dry bulk vessels.  The Company also expects to take delivery of one newbuilding Capesize dry bulk vessel by mid-January 2015 as well as two newbuilding Newcastlemax dry bulk vessels and one newbuilding Kamsarmax dry bulk vessel during the second quarter of 2016.

BNP Paribas provided the financing for the acquisition cost of each ship, with WFW advising on all aspects of the transaction.

The WFW team in Athens was led by Asset Finance partner Alexia Hatzimichalis, supported by senior associate Vassiliki Georgopoulos and associates Kelina Kantzou and Nadine Akleh.

WFW Athens partner Alexia Hatzimichalis, said: “BNP Paribas is a leading financier in the maritime industry and we are pleased to have advised them on this deal.”