Diana Shipping has cleared a $130m loan with BNP Paribas with fresh debt secured from the Paris-based lender.

The Simeon Palios-led bulker owner signed a five-year loan facility to pay off $75m left on the loan maturing 24 July 2020.

The US-listed company on 20 June signed a loan term sheet with the Paris-based lender to voluntarily prepay in full the balance on the debt covering 17 of its ships.