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Diana Containerships ready to sell-off Seven Ships

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Diana Containerships ready to sell-off Seven Ships
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Diana Containerships Inc

Greece shipping company, Diana Containerships Inc. has signed an agreement with an undisclosed unaffiliated third party company to sell-off up to seven of its containership vessels for an aggregate purchase price of about USD 104.0 million.

The company revealed that separate Memoranda of Agreement (MOA) will be signed for each vessel and the deals are subject to the purchaser obtaining certain minimum financing.

According to the company, the actual number of vessels to be sold to the buyer may be fewer than seven and the prices depends on what would be further agreed on in due course.

“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, Diana Containerships’ President.

The sales are expected to be completed during the first quarter of 2018, subject to extension under certain circumstances. The names of the vessels to be sold has not been disclosed.

Diana Containerships plans to use the net proceeds from the sale of the containerships to repay indebtedness under its credit agreements with Addiewell and Diana Shipping and possibly finance additional vessel acquisitions.

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