Deutsche Bank Upgrades Diana Shipping (DSX) to Hold
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Deutsche Bank upgraded Diana Shipping (NYSE: DSX) from Sell to Hold with a price target of $2.50 (prior $1.50). The change follows the company's update on loan talks.
"Diana Shipping announced late this morning that it has reached an agreement – in principal – with certain creditors (including its largest lender) to defer its amortization payments and amend financial covenants. The pending agreement is contingent on reaching similar terms with its other lenders, but does not appear to be contingent on new equity. If this is the case we view this announcement as a significant positive, as it has potential to defer up to $78M of cash calls related to debt repayments through 2017 ($31M remaining this year as of the end of 2Q, and $47M in 2017). The company is not out of the woods, however, in the sense that they still have to endure a persistently weak dry bulk market- but its cash position pro forma for this agreement would be significantly enhanced and it would effectively remove the overhang related to near-term need for new equity financing," said analyst Amit Mehrotra.
Shares of Diana Shipping closed at $2.40 yesterday.
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