Diana Containerships to Buy Two Post-Panamax Vessels

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced that it has signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated third party two Post-Panamax container vessels, the m/v YM March and the m/v YM Great.

The m/v YM March and the m/v YM Great are both 2004-built vessels of 5,576 TEU capacity. The purchase price for each vessel is $22.175 million. The sellers can deliver the vessels to the company at any time between September 1, 2014 and October 31, 2014. The m/v YM March is currently expected to be delivered to the new owners by the end of September 2014 and the m/v YM Great by mid-October 2014.

The two vessels are chartered to Yang Ming (UK) Ltd., at a net charter rate of $12,000 per day each. Based on the existing time charterparties and their addenda, the charterer has the option to redeliver the m/v YM Great at any time between September 7, 2014 and March 7, 2015 and the m/v YM March at any time between November 6, 2014 and April 6, 2015.