Ship owner Diana Containerships Inc. announced it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2009-built vessel Hamburg, with delivery to the buyer latest by July 31, 2018, for a sale price of $21 million before commissions.

Net proceeds from the sale of the vessel are expected to be used by the company to prepay part of the existing indebtedness.

Upon completion of the sale, Diana Containerships Inc.’s fleet will consist of five container vessels, including three Post-Panamax and two Panamax ships.