Greek shipping company Diana Containerships has signed an agreement to sell up to seven of its vessels to an unnamed unaffiliated third party for a total price of up to $104m.

Diana Containerships is expected to sign a separate memorandum of agreement (MoA) for each of the vessels in the near future.

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The agreement's completion is subject to the purchaser being able to receive a certain minimum level of financing in support of the deal.

The number of ships to be sold to the buyer could be reduced from the initially agreed seven units, depending upon the amount of funding received and related time constraints.

Diana Containerships expects the transaction to be closed during the first quarter of next year, however an extension could be granted under certain circumstances.

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"We believe that the transaction reflects attractive sale terms for the vessels in the current market, which will further strengthen the company’s balance sheet."

The company aims to use the net proceeds from the completed sale to repay its indebtedness under its previously announced credit agreements with Addiewelland Diana Shipping, or to fund additional vessel acquisitions.

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Diana Containerships president Anastasios Margaronis said: “We believe that the transaction reflects attractive sale terms for the vessels in the current market, which will further strengthen the company’s balance sheet, decrease its fleet’s age profile and may allow the Company to pursue a strategy of selective acquisitions of additional modern container vessels.”

Diana Containerships currently operates a fleet of five panamax and six post-panamax container vessels,

The company currently provides its ships on time-based charters to major liner companies carrying containerised cargo worldwide.