Diana Containerships Inc. Announces Agreement to Sell Up to Seven Vessels
October 05 2017 - 9:25AM
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 up to
seven of its containership vessels for an aggregate purchase price
of up to US$104.0 million to an unaffiliated third party. Separate
Memoranda of Agreement will be signed for each vessel. The sale and
purchase of the vessels is subject to the purchaser obtaining
certain minimum financing. 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 the seven, and will in
each case be at prices that have been agreed to by the Company and
the buyer as of the date hereof. The Company 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 the Company to repay indebtedness under its previously
announced credit agreements with Addiewell Ltd. and Diana Shipping
Inc. in accordance with the repayment provisions thereof and/or to
finance additional vessel acquisitions. However, the Company has
not identified any vessels for acquisition and there can be no
assurance that the Company will consummate any potential vessel
acquisition.
Mr. Anastasios Margaronis, President, commented
that:
“We believe that the transaction reflects
attractive sale terms for the vessels in the current market, which
will further strengthen the Company’s balance sheet, decrease its
fleet’s age profile and may allow the Company to pursue a strategy
of selective acquisitions of additional modern container vessels.”
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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