Peter T. Leach, Senior Editor | Dec 19, 2011 10:23AM EST
Diana Containerships is buying two second-hand Panamax containerships from a KG partnership under an agreement it signed with Reederei Santa Containerschiffe, a charter ship owner.
Diana said Monday it will buy the two vessels, the Cap San Marco and the Cap San Raphael, for $33 million each and charter them back to the sellers for 36 months. Both vessels have capacities of 3,750 20-foot equivalent units.
The daily charter rate for each vessel will be $22,750 during the first 12 months, $22,850 during the second 12 months and $23,250 during the third 12 months of the charter. Each charter will commence on or about the day of that vessel’s delivery to the Diana.
The employment of the two vessels is anticipated to generate approximately $47.5 million in revenues for the minimum agreed period of the charters.
Separately, Diana also announced Monday it has entered into an agreement for a revolving credit facility of up to $100 million with The Royal Bank of Scotland that may be increased to $150 million subject to further syndication.
The credit facility has a term of five years and will bear interest at the rate of 2.75 percent over LIBOR. The company will also pay a commitment fee of 0.99 percent annually on the undrawn amount of the facility.
-- Contact Peter T. Leach at pleach@joc.com. Follow him on Twitter @petertleach.