Diana Containerships: No Fleet Expansion Before Late 2018

Athens-based shipping company Diana Containerships has amended its USD 148 million loan agreement with The Royal Bank of Scotland, which would prohibit the company from paying dividends and buying additional vessels until September 15, 2018.

Other amendments of the loan with The Royal Bank of Scotland, which was signed in September 2015, include the prepayment of the amount of USD 7.6 million by September 15, 2016, a reduction in the first four consecutive quarterly repayment instalments under each loan tranche, and the deferral of all quarterly repayments until September 15, 2017.

Furthermore, the changes include the creation of a new USD 8.8 million tranche out of the reallocation of amounts due under the existing tranches, whose repayment will commence on March 15, 2019, Diana Containerships said.

Additionally, the company has amended its USD 50 million loan agreement with Diana Shipping dated May 20, 2013, to defer its repayment until the later of the repayment or prepayment in full by the company of the deferred tranche under The Royal Bank of Scotland Loan and September 15, 2018.

The agreements are expected to result in “improvements to Diana Containerships’ liquidity and current cash flows in the challenging market for the container sector,” Simeon Palios, Diana Shipping’s Chairman and CEO, said.

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