Diana Containerships Inc. Announces Signing of a US$148 Million Term Loan Facility with The Royal Bank of Scotland Plc and Subsequent Drawdown of US$122.5 Million
Direct Continuation of Time Charter Agreement for m/v Centaurus
ATHENS, GREECE, September 16, 2015 – Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that on September 10, 2015, it signed a six year term loan facility with The Royal Bank of Scotland plc for up to US$148 million, which will bear interest at the rate of 2.75% over LIBOR. Yesterday, it completed a drawdown of US$122.5 million, secured by the vessels m/v Sagitta, m/v Centaurus, m/v Pucon, m/v YM March, m/v Great, m/v YM Los Angeles, m/v YM New Jersey and m/v Rotterdam. The drawdown amount was used to voluntarily prepay in full the balance of US$92.7 million of the existing revolving credit facility with The Royal Bank of Scotland plc and to partially finance the acquisition cost of the m/v Rotterdam.
Separately, the Company also announced that yesterday, through a separate wholly-owned subsidiary, it agreed to extend the present time charter contract with Maersk Line A/S for one of its Panamax container vessels, the m/v Centaurus, for a period of minimum eleven (11) months to maximum eighteen (18) months. The new gross charter rate will be US$10, 875 per day, minus a 5% commission paid to third parties. The new charter period will commence on October 2, 2015.
The “Centaurus” is a 3, 426 TEU container vessel built in 2010.
This employment is anticipated to generate approximately US$3.59 million of gross revenue for the minimum scheduled period of the charter extension.
Diana Containerships Inc.’s fleet currently consists of 14 container vessels (5 Post-Panamax and 9 Panamax). The Company also expects to take delivery of one Post-Panamax container vessel by the end of November 2015. 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.
About the Company
Diana Containerships Inc. is a global provider of shipping transportation services through its ownership of containerships. The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes.
