Diana Purchases Three Panamax Container Vessels
According to the company, the MV Maersk Madrid is a 1989-built vessel of 4,206 TEU capacity. The purchase price for the MV Maersk Madrid is $22.5m.
The MV Maersk Malacca and MV Maersk Merlion are both 1990-built vessels of 4,714 TEU capacity each. The purchase price for the MV Maersk Malacca and MV Maersk Merlion is $24m each. The expected dates of delivery from their previous owners to the company for all three vessels are between May 20, 2011, and June 20, 2011.
Each of the three vessels is chartered to A.P. Moeller-Maersk for a period of minimum twenty-four (24) months plus or minus forty-five days at a daily rate of $21,450 less a 2.25 percent commission.
The charterer has the option to employ each vessel for a further twelve month period plus or minus forty-five days, at a daily rate of $25,000 less a 2.25 percent commission starting twenty-four (24) months after delivery of the vessel to the charterer. Each charter will commence on or about the day of that vessel's delivery to the company.
The employment of the three vessels is anticipated to generate approximately $43.5 million of gross revenues for the minimum scheduled period of the charters.
The vessels are expected to be purchased partly with company's existing cash and partly with a bank loan which the company is currently negotiating.
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