Tuesday, January 10, 2012

Two New Panamax Container Ships for Diana

Fledgling Box Outfit Keeps Increasing Fleet
Shipping News Feature

GREECE – Diana Shipping’s partly owned subsidiary Diana Containerships Inc which was registered in the Marshall Islands in 2010 to diversify the group’s shipping interests has signed today two Memoranda of Agreement with APL (Bermuda) Ltd. for the purchase of two Panamax container vessels the m/v APL Sardonyx and the m/v APL Spinel with anticipated delivery within the first quarter of this year at a price of $30 million each.

The ships were built in 1995 and 1996 respectively and each has a capacity of approximately 4,750TEU and will be chartered back to APL (Bermuda) or one of its subsidiaries for a minimum of two years at a rate of $24,750 per day with options to extend at a higher rate. The employment of the two vessels is anticipated to generate approximately US$33.5 million of gross revenues for the minimum agreed period of the charters.

Just last month the company announced a similar agreement with Reederei Santa Containerschiffe GmbH & Co. KG for two 3,750 TEU box vessels and Symeon Palios, Chairman and Chief Executive Officer of Diana Containerships Inc commented:

“At the time of the Diana Containerships Inc. public offering in June 2011, we indicated that our strategy was to use part of the proceeds of that offering together with bank financing to fund the acquisition of additional vessels. Within six months, we have succeeded in putting that money to work with the acquisition of good ships from reputable liner operators with very lucrative time charters attached from their respective sellers.

“While industry conditions remain unsettled, we are well-positioned to operate our business successfully and we have cultivated and expanded our relationships with some of the strongest charterers in the industry. Furthermore, in what is generally regarded a difficult credit environment, we successfully arranged a credit facility that will significantly enhance our ability to implement our strategy and allow for our balance sheet to remain healthy and not over-leveraged.”

Photo: The Cap San Raphael, another of the Diana Containerships box carrier fleet.