Diana Sells Panamax Boxship for Scrap

Athens-based shipping company Diana Containerships has decided to sell its Panamax container vessel, the MV Hanjin Malta, to a third party  for demolition.

The 1993-built vessel should be delivered to the buyer by the end of March 2016.

Diana sold the 4,024 TEU ship for a price tag of some USD 5.04 million before commissions.

Upon completion of the sale, Diana Containerships’ fleet will consist of 13 container vessels.

The news follows a recent notice served to the company only a month ago by the Nasdaq Stock Market LLC, in which Nasdaq said that Diana Containerships no longer meets the minimum bid price requirement for the Nasdaq Global Select Market.

Namely, the notice was sent after the company’s closing bid price for its common stock was below USD 1 per share for 30 consecutive business days.

Diana has until July 12, 2016 to regain compliance.

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