APL To Sell Two Container Ships
Bermuda’s APL Ltd. has today [Jan. 10] signed two memoranda of agreement for the sale of two Panamax container vessels to Diana Containerships Inc., a global shipping company specialising in owning and operating containerships.
APL Ltd. provides container transportation and supply chain management services and the company is based in Hamilton. APL Ltd. operates as a subsidiary of Neptune Orient Lines Ltd. [NOL].
The m/v “APL Sardonyx” is a 1995-built vessel of approximately 4,750 20-foot equivaent unit [TEU] capacity and the m/v “APL Spinel” is a 1996-built vessel of approximately 4,750 TEU capacity.
The purchase price for each vessel is $30 million.
The expected dates of delivery from their previous owners to Diana Containerships for both vessels are within the first quarter of 2012.
Each of the two vessels is chartered to APL Ltd., or to a guaranteed nominee or to another entity of the NOL Group with similar or better net worth than APL Ltd., for a period of minimum 24 months plus or minus 45 days at a daily rate of $24,750.
The charterer has the option to employ each vessel for a further 12 month period plus or minus 45 days, at a daily rate of $24,750 starting 24 months after delivery of the vessel to the charterer.
After that period the charterer has the option to employ each vessel for a further 12 month period plus or minus 45 days, at a daily rate of $28,000 starting 36 months after delivery of the vessel to the charterer.
Options must be declared by the charterer not later than 20 months for the first option and 32 months for the second option after the delivery date to the charterer. Daily rates include a total commission of two percent to third parties and Diana Shipping Services S.A.
The employment of the two vessels is anticipated to generate approximately $33.5 million of gross revenues for the minimum agreed period of the charters.
