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Editor in chief: Angelo Scorza
09/10/17 11:02

Diana Containerships seeking for cash money to erase its debts

The Greek shipping line backed by Simeon Palios aimed to collect some 100 million USD from the announced sale of 7 vessels

Diana Containerships Inc. announced it has entered into an agreement to sell up to 7 containership vessels for an aggregate purchase price of up to 104 million USD to an unaffiliated third party.

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 7, and will in each case be at prices that have been agreed already. The Greek shipping line expects any vessel sales pursuant to this agreement to be completed during the first quarter of 2018, subject to extension under certain circumstances.

Net proceeds from the sale of the vessels will be used by company owned by Simeon Palios to repay indebtedness under its previously announced credit agreements with Addiewell Ltd. and Diana Shipping Inc. in accordance with repayment provisions thereof or to finance additional vessel acquisitions..

“We believe the transaction reflects attractive sale terms for the vessels in the current market, to further strengthen our balance sheet, decrease fleet’s age profile and allow us to pursue a strategy of selective acquisitions of additional modern containerships” stated Anastasios Margaronis, President.

TAG : Container