Diana Containerships to sell seven vessels

The Athens-based ship owner has entered into an agreement with an undisclosed third party to sell up to seven of its containerships for a total value of $104 million, according to a statement from the company.    Athens-based vessel owner and lessor Diana Containerships has entered into an agreement to sell up to seven of its vessels for a total purchase price of up to $104 million to an “unaffiliated third party,” the company said in a statement Thursday.
   A separate “Memoranda of Agreement” will be signed for each vessel, with the sale and purchase of each subject to the purchaser obtaining certain minimum financing, Diana Containerships said.
   “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,” the company explained.
   The vessel transactions are slated for completion during the first quarter of 2018, subject to extension under certain circumstances.
   “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, president of Diana Containerships.
   Net proceeds from the sale of the vessels will be used to repay debt incurred from Addiewell Ltd. and Diana Shipping Inc., the company said. However, Diana Containerships noted that the vessels have not been identified and therefore there is no assurance that any vessels will be sold.