Diana Containerships looks to sell up to seven boxships

Diana Containerships Inc. has entered into an agreement to sell up to seven container vessels for a total price of $104m to an unnamed unaffiliated third party.

“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 Anastasios Margaronis, president of Diana Containerships. The company, however, has not identified any vessels for acquisition.

The names of the seven ships up for sale were not disclosed.

It was pointed out by Diana Containerships that the actual number of vessels to be sold to the buyer may be fewer than seven, depending on the level and timing of financing the buyer is able to obtain.

According to its website, Diana Containerships’ fleet list comprises of 11 panamax and post-panamax boxships.

Net proceeds from the sale of the vessels will be used to repay indebtedness under credit agreements with Addiewell and Diana Shipping Inc, or to finance additional vessel acquisitions.

The vessel sales are planned to be completed during the first quarter of 2018, subject to extension under certain circumstances.

Posted 06 October 2017

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