Diana Containerships Looking to Sell up to Seven Ships

Greek boxship owner Diana Containerships has entered into an agreement to sell up to seven of its containership vessels for an aggregate purchase price of up to USD 104 million to an unaffiliated third party.

The company said that separate Memoranda of Agreement will be signed for each vessel, adding that the deals are subject to the purchaser obtaining certain minimum financing. The company did not disclose the names of the vessels in question.

“Depending on the level and timing of financing the buyer is able to obtain, the actual number of vessels to be sold to the buyer may be fewer than the seven, and will in each case be at prices that have been agreed to by the company and the buyer as of the date hereof,” according to Diana.

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

Diana plans to use the net proceeds from the sale of the containerships to repay indebtedness under its previously announced credit agreements with Addiewell and Diana Shipping.

“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,” Anastasios Margaronis, Diana Containerships’ President, said.

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