Diana Containerships Inc. Announces the Sale of Two Post-Panamax Container Vessels
January 22 2018 - 9:10AM
Diana Containerships Inc. (NASDAQ:DCIX), (the “Company”), 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 (the
“Vessels”), for an aggregate price of US$22.0 million to an
unaffiliated third party. 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). A table describing the
current Diana Containerships Inc. fleet can be found on the
Company’s website, www.dcontainerships.com. Information included on
the Company’s website does not constitute a part of this press
release.
About the Company
Diana Containerships Inc. is a global provider
of shipping transportation services through its ownership of
containerships. The Company’s vessels are employed primarily on
time charters with leading liner companies carrying containerized
cargo along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe,"
"anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for containership capacity,
changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: +30-216-600-2400
Email: izafirakis@dcontainerships.com
Website: www.dcontainerships.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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