Diana Containerships to sell up to seven vessels

Greek shipping company Diana Containerships Inc. announced that it has entered into an agreement to sell up to seven of its container vessels to an unaffiliated third party.

As informed, separate Memoranda of Agreement will be signed for each vessel, but an aggregate purchase price is estimated up to USD 104 million. The sale and purchase of the vessels is subject to the purchaser obtaining certain minimum financing.

    “Depending on the level and timing of financing the buyer is able to obtain, the actual number of vessels to be sold to the buyer may be fewer than the seven, and will in each case be at prices that have been agreed to by the Company and the buyer as of the date hereof,” the company explained.

The vessel sales are expected to be completed during the first quarter of 2018.

Net proceeds from the sale of the vessels will be used by the company to repay indebtedness under its previously announced credit agreements with Addiewell Ltd. and Diana Shipping Inc. in accordance with the repayment provisions thereof and/or to finance additional vessel acquisitions.

    “We believe that the transaction reflects attractive sale terms for the vessels in the current market, which will further strengthen the Company’s balance sheet, decrease its fleet’s age profile and may allow the Company to pursue a strategy of selective acquisitions of additional modern container vessels,” said President Anastasios Margaronis.