Diana Containerships Clinches USD 148m Bank Loan

Nasdaq-listed containership owner Diana Containerships Inc. has signed a six-year term loan facility with The Royal Bank of Scotland plc for up to USD 148 million.

As informed, the loan will bear interest at the rate of 2.75% over LIBOR.

Diana said that it has completed a drawdown of USD 122.5 million, secured by the vessels m/v Sagitta, m/v Centaurus, m/v Pucon, m/v YM March, m/v Great, m/v YM Los Angeles, m/v YM New Jersey and m/v Rotterdam.

“The drawdown amount was used to voluntarily prepay in full the balance of USD 92.7 million of the existing revolving credit facility with The Royal Bank of Scotland plc and to partially finance the acquisition cost of the m/v Rotterdam,” the company informed.

Separately, the container shipping company agreed to extend the present time charter contract with Maersk Line A/S for one of its Panamax container vessels, the 3,426 TEU m/v Centaurus, built in 2010. The extension covers a period of minimum eleven to maximum eighteen months.

The new gross charter rate will be USD 10,875 per day, minus a 5% commission paid to third parties. The new charter period will commence on October 2, 2015.

This employment is anticipated to generate approximately USD 3.59 million of gross revenue for the minimum scheduled period of the charter extension.

Diana Containerships’ fleet currently consists of 14 container vessels (5 Post-Panamax and 9 Panamax). The company also expects to take delivery of one Post-Panamax container vessel by the end of November 2015.

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