Panamax purchase scheme appears to have worked out badly for Diana
AFTER buying the 4,206-TEU Maersk Madrid in 2011 for US$22.5 million, Diana Containerships has now sold the 1989-built vessel as scrap for $8.8 million, reports Alphaliner.
The vessel was acquired under a sale-leaseback arrangement with Maersk with a two-year charter daily rate of $21,450 less a 2.25 per cent commission, but Maersk did not exercise an option to extend the charter for another year at $25,000 a day.
Panamaxes like the Maersk Madrid have poor prospects, with charter rates at only $7,000-$9,000 a day, said the report. There are 50 ships laid up or idle in the 4,000-5,100 TEU range and a constant flow of redeliveries is expected to add to the pool of idle ships and force down charter rates, said Alphaliner.