Diana Containerships to Buy Two Panamax Container Vessels for USD 43m.
20 March 2015 - Greek shipping firm Diana Containerships Inc. (NASDAQ: DCIX) has inked MOUs, through two separate wholly-owned subsidiaries, to purchase from an unaffiliated third party two Panamax container vessels, the firm said.
Diana said that the vessels are the m/v YM Los Angeles and the m/v YM New Jersey.
The "YM Los Angeles" and the "YM New Jersey" are both 2006-built vessels of approximately 5,000 TEU capacity. The purchase price for each vessel is USD 21.5m.
The sellers may deliver the vessels to the company at any time between April 1, 2015 and April 30, 2015. The m/v YM Los Angeles is currently expected to be delivered to the company on April 9, 2015 and the m/v YM New Jersey on April 15, 2015.
Each of the two vessels is chartered to Yang Ming Ltd., at a gross charter rate of USD 21,000 per day less USD 350 per day commission paid to third parties.
Based on the existing time charterparties and their addenda, the charterer has the option to redeliver the m/v YM Los Angeles at any time between October 19, 2016 and February 19, 2017 and the m/v YM New Jersey at any time between September 24, 2016 and January 24, 2017.
The charterer has the option to employ the vessel for a further twenty-two to twenty-six month period at the same daily gross charter rate less USD 350 per day commission paid to third parties.
The optional period if exercised will start on December 19, 2016 for m/v YM Los Angeles and on November 24, 2016 for m/v YM New Jersey and must be declared six (6) months prior to these dates in respect of each vessel.
Including the aforementioned vessels, Diana Containerships Inc.'s fleet will consist of 13 container vessels (four Post-Panamax and nine Panamax).
Sector: Water Transport
Target: m/v YM Los Angeles and the m/v YM New Jersey
Buyer: Diana Containerships Inc
Deal size in USD: 43m
Type: Corporate Acquisition
Buyer advisor: , ,