Diana Containerships Buys NOL Panamax for $30 Million

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November 6, 2012

M/V APL Garnet via Marinetraffic

Diana Containerships Inc. (NASDAQ: DCIX), a global shipping company specializing in owning and operating containerships, announced Tuesday that it has signed a Memorandum of Agreement with Neptune Orient Lines Ltd. to purchase a 1995- built Panamax containership for $30 million that includes a 34 month charter with NOL.

Upon delivery on November 19, the 4,750 teu M/V APL Garnet is to be chartered to NOL Liner for 34 months at a rate of $27,000 per day. The time-charter is to commence simultaneously upon delivery of the vessel and is expected to generate approximately US$26.7 million of revenues over the charter period.

Diana Containerships says the vessel is expected to be purchased using existing cash raised through a public offering of common stock in July that raised $50 million.

Founded in 2010 as a spinoff of Diana Shipping Inc., Diana Containerships is a Marshall Islands corporation that currently operates a fleet of 9 Panamax container vessels, excluding the vessel not yet delivered.


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