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Diana Containerships Inc sells its ‘Hamburg’ vessel to pay down debt

Thursday, May 17, 2018 12:25
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Diana Containerships Inc. (NASDAQ: DCIX), an Athens-based container shipping company, has signed an agreement to sell its “Hamburg” cargo vessel in a bid to pay down its debt.

The nine-year-old ship will be delivered to the undisclosed buyer by July 31 for a price of US$21mln before commissions.

Proceeds from the sale will be used to pay down Diana Containership’s debt pile.

Earlier this month, the shipping company said its net loss in the first quarter narrowed to US$3.9mln on revenue of US$8mln, down from a loss of US$7.4mln in the first quarter of 2017.

After the sale, Diana Containerships Inc’s fleet will consist of 5 container vessels, three of which are Post-Panamax ships and two are Panamax ones.

READ: Diana Containerships soars on smaller 1Q loss as revenue doubled year-earlier levels

Investors applauded the news and sent shares up 9.7% to US$1.70.

Story by ProactiveInvestors


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