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Diana Containerships Signs Agreement to Acquire 2 Panamax Container Vessels

Source: www.gulfoilandgas.com 3/20/2015, Location: Europe

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

The “YM Los Angeles” and the “YM New Jersey” are both 2006-built vessels of approximately 5,000 TEU capacity. The purchase price for each vessel is US$21.5 million. The sellers may deliver the vessels to the Company at any time between April 1, 2015 and April 30, 2015. The m/v YM Los Angeles is currently expected to be delivered to the Company on April 9, 2015 and the m/v YM New Jersey on April 15, 2015. Each of the two vessels is chartered to Yang Ming (UK) Ltd., at a gross charter rate of US$21,000 per day less US$350 per day commission paid to third parties.

Based on the existing time charterparties and their addenda, the charterer has the option to redeliver the m/v YM Los Angeles at any time between October 19, 2016 and February 19, 2017 and the m/v YM New Jersey at any time between September 24, 2016 and January 24, 2017. The charterer has the option to employ the vessel for a further twenty-two (22) to twenty-six (26) month period at the same daily gross charter rate less US$350 per day commission paid to third parties.

The optional period if exercised will start on December 19, 2016 for m/v YM Los Angeles and on November 24, 2016 for m/v YM New Jersey and must be declared six (6) months prior to these dates in respect of each vessel. The closing of this transaction is subject to the signing of a novation agreement to the time charter contract of each vessel mentioned above. Including the aforementioned vessels, Diana Containerships Inc.’s fleet will consist of 13 container vessels (4 Post-Panamax and 9 Panamax).

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