Diana Containerships Inc. (NASDAQ: DCIX), a global shipping company specializing in the ownership of containerships, today announced that it has entered into an agreement to sell the m/v March and the m/v Great, each a 2004 built containership, for an aggregate price of US$22.0 million to an unaffiliated third party.

Diana Containerships sells two Post-Panamax container vessels
Caption: Container ship March - Image courtesy of Ahmet Ünlügil

The Company expects the Vessels to be delivered to the buyer at the latest by March 30, 2018. The unaffiliated purchaser of the Vessels is the same party with which the Company entered into a previously announced agreement to sell up to seven vessels, subject to the purchaser arranging financing. The Company has been advised by the purchaser that such financing has not been arranged and, concurrently with the sale of the Vessels, the Company and the purchaser have agreed to terminate all rights and obligations under the prior agreement.

The Company expects to use the net proceeds from the sale of the Vessels to repay indebtedness under its previously announced credit agreements.

Upon completion of the aforementioned sale, Diana Containerships Inc.’s fleet will consist of 9 container vessels (4 Post-Panamax and 5 Panamax).

Source: Diana Containerships