Diana Containerships Inc. (NASDAQ: DCIX), a global shipping company specializing in the ownership of containerships, Tuesday announced that it has completed the previously announced sale of one of its Post-Panamax container vessels, the m/v Hamburg, with the delivery of the vessel to her new owners. Part of the proceeds from the sale of the vessel were used by the Company to repay in full its existing indebtedness.

Diana Containerships announces completion of sale of a Post-Panamax container vessel
Caption: Containership Hamburg - Image courtesy of Buggi Porschien

The Company’s Chief Financial Officer and Treasurer, Mr. Andreas Michalopoulos, has commented that: “With the repayment in full of the Diana Shipping Inc. loan, the Company has no outstanding debt on its fleet of four modern container vessels. The transition from a highly leveraged company in breach of financial covenants during the first half of 2017 to a debt free balance sheet today represents a remarkable turnaround for the Company, which can be largely attributed to management’s successful refinancing of its outstanding RBS credit facility in June 2017, its ability to raise additional equity capital and the strategically timed sales of certain of its containerships at attractive prices during the past 8 months. With this transformation, the Company is in a far stronger position.”

Diana Containerships Inc.’s fleet currently consists of 4 container vessels (2 Post-Panamax and 2 Panamax).

Source: Diana Containerships