Diana Containerships acquires APL Spinel

News, Sales and Purchases — By on March 6, 2012 at 6:44 PM
Diana Containerships’ new aquisition the APL Spinel

Diana Containerships Inc., a global shipping company specializing in owning and operating containerships, announced that the Company took delivery of the Panamax container vessel, m/v “APL Spinel”, a 1996-built vessel of approximately 4, 750 TEU capacity, on Thursday, March 1, 2012.

As previously announced, the APL Spinel is chartered to APL (Bermuda) Ltd., or to a guaranteed nominee or to another entity of the NOL Group with similar or better net worth than APL (Bermuda) Ltd. for a period of minimum twenty-four (24) months plus or minus forty-five (45) days at a daily rate of US$24, 750. The charterer has the option to employ the vessel for a further twelve (12) month period plus or minus forty-five (45) days, at a daily rate of US$24, 750 starting twenty-four (24) months after delivery of the vessel to the charterer. After that period the charterer has the option to employ the vessel for a further twelve (12) month period plus or minus forty-five (45) days, at a daily rate of US$28, 000 starting thirty-six (36) months after delivery of the vessel to the charterer. Options must be declared by the charterer not later than twenty (20) months for the first option and thirty-two (32) months for the second option after the delivery date to the charterer. Daily rates include a total commission of 2% paid to third parties and Diana Shipping Services S.A.

The employment of the vessel is anticipated to generate approximately US$16.7 million of revenues for the minimum agreed period of the charter.

Separately, Diana Containerships Inc. also announced today that it has completed the drawdown of an additional US$8.8 million under the previously announced revolving credit facility of up to US$100 million with The Royal Bank of Scotland plc, which may be increased to US$150 million subject to further syndication. With the drawdown announced today, Diana Containerships Inc. has completed the drawdown of a total of US$92.7 million under the above mentioned revolving credit facility.

Including the newly delivered APL Spinel, the Diana Containerships Inc. fleet currently consists of 9 Panamax container vessels. A table describing the current Diana Containerships Inc. fleet can be found on the Company’s website, www.dcontainerships.com. Information included on the Company’s website does not constitute a part of this press release.

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