Diana Shipping Bulk Carrier Runs Aground in Indonesia

A Diana Shipping bulk carrier has suffered hull damage after running aground in Indonesia, the company confirmed Wednesday. The Panamax bulker MV Melite ran aground at Palau Laut, Indonesia, temporarily interrupting service, according to a press release published on its website. "Although the Company is still assessing the situation, the crew is in no danger as a result … [Read more...]

Diana Containerships Sells 18-Year Old Panamax for Demolition, and at a Loss [ANALYSIS]

Diana Containerships Inc. (DCIX) took everybody by surprise last Monday, when it announced the sale of its 18-year old Panamax containership “Spinel“ (Ex “APL Spinel”) for demolition.  The “Spinel” fetched $9.65 million before deduction for brokerage commissions.   The 1996-built vessel had been purchased from American President Lines (APL) … [Read more...]

Diana Containerships to Acquire Pair of Post-Panamax Vessels

Diana Containerships Inc. (Nasdaq:DCIX) has signed two Memoranda of Agreement to purchase from an unaffiliated third party two Post-Panamax container vessels, the M/V Puelo and the M/V Pucon. These 6,500 TEU vessels were built in 2006 and come at a purchase price of US$47 million each. Deliveries for the Puelo and the Pucon are expected in August and September of this year, … [Read more...]

Diana Containerships – Lessons Learned From The Disposal of Maersk Madrid

I recently had the opportunity to write an editorial on the sale of Maersk Madrid for demolition by Diana Containerships (DCIX).  The disposal of the vessel represents a unique opportunity to analyze the return on investment for this particular asset.  Since Maersk Madrid was part of a three vessel sale/lease-back deal between Diana & Maersk in April 2011, it also provides … [Read more...]

Diana Containerships Reports Increased Revenues, Acquires 4,024 TEU Panamax

Athens-based shipowner Diana Containerships reported their Q4 earnings today along with news of their acquisition of the M/V Hanjin Malta, a 4,024 TEU Panamax containership from Hanjin Shipping Company. Net revenues for Q4 were down significantly from Q4 2011, however still remained positive at $300,000 USD.  For 2012, time charter revenues increased over 100 percent to … [Read more...]