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Diana Containerships Inc sells its 'Hamburg' vessel to pay down debt

The 'Hamburg', which was built in 2009, will be sold for a price of US$21mln
Cargo ship
Investors are applauding the news and shares are up almost 10%

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.

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

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.

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

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.

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"Any simple maths will tell you that 9.6×6 months will see us generating over US$57.5mln in lease revenue in the second half"

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