Diana Containerships Inc. (NASDAQ:DCIX) Enters Into A Time Charter Contract With Wan Hai Lines

Diana Containerships Inc. (NASDAQ:DCIX) has agreed to work with Wan Hai Lines. Through a separate wholly-owned subsidiary, the global shipping company has entered into a time charter contract with the with Taiwanese ocean carrier. The contract, which will revolve around a gross charter rate of US$11,000 per day will be for a minimum and a maximum of one hundred and two hundred and twenty days respectively.

However, the rate is minus a 3.75 percent commission payable to third parties.  Diana Containerships Inc. has picked up on M/V Hamburg, one of its Post-Panamax container vessels.  The “Hamburg”, which is a 6,494 TEU container vessel was built in 2009 and was previously chartered to CMA CGM, Marseille.  The gross charter then was $6,700 per day, minus a 3.5 percent commission.

How much will this arrangement bring in terms of revenue?

The charter launched on December 1. According to DCI, the anticipation is that the employment will generate close to $1.32 million of gross revenues. This particularly for the scheduled period of the time charter.  It is worth noting that in the latest past Wan Hai Lines has been having impressive performance.

In fact, during the Gujarat Junction 2017 Conference on Ports, Shipping & Logistics, it was awarded the prestigious award, “Container Shipping Line of The Year.” The award was based on customer satisfaction year on year growth as well as the commencement of new services.

Currently, the company has over 40 regular services and it operates within the most intensive networks in Asia. It serves 31 countries with 148 sites worldwide.

Let’s explore the Diana Containerships Inc. (DCI)

The Athens-based vessel owner and lessor is equally strong in its operations. Currently, the company boosts a fleet of 11 container vessels. Six of them are Post-Panamax and another five are Panamax.  More often than not the company’s vessels are put on board on time charters with leading liner companies.

Meanwhile, the company says it is committed to offering a wide and comprehensive range of services in an effort to meet and satisfy customer’s transportation needs.

Abbott Michael

Abbott Michael

Michael joined US Markets Daily in 2009 and is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments.