Diana Containerships: Completion of Sale of Post-Panamax Container Vessel

Diana Containerships

Diana Containerships announced that it has completed the previously announced sale of one of its Post-Panamax container vessels, the m/v Hamburg, with the delivery of the vessel to her new owners.

Part of the proceeds from the sale of the vessel were used by the Company to repay in full its existing indebtedness.

The Company’s Chief Financial Officer and Treasurer, Mr. Andreas Michalopoulos, commented: “With the repayment in full of the Diana Shipping Inc. loan, the Company has no outstanding debt on its fleet of four modern container vessels. The transition from a highly leveraged company in breach of financial covenants during the first half of 2017 to a debt free balance sheet today represents a remarkable turnaround for the Company, which can be largely attributed to management’s successful refinancing of its outstanding RBS credit facility in June 2017, its ability to raise additional equity capital and the strategically timed sales of certain of its containerships at attractive prices during the past 8 months. With this transformation, the Company is in a far stronger position.”

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