Diana Containerships Inc. has sold the Panamax containership 53,519gt/1996 built Spinel (formerly the APL Spinel) for demolition at an estimated loss of $10.5 million. The Spinel fetched $9.65 million before deduction for brokerage commissions.

The 1996-built vessel had been purchased from American President Lines (APL) less than two years ago in a $30 million sale-lease back deal. As part of the deal, APL had agreed to charter the vessel for two years at a daily gross rate of $24,750. The ship had just been redelivered to Diana from that charter and this is the fourth time that the company has scrapped a vessel following her redelivery.

The Maersk Madrid, Maersk Malacca, & Maersk Merlion had also been scrapped in 2013 at a loss of $36.9 million. The future of the 53,519gt/1995 built APL Sardonyx, redelivered in January 2014, could well echo that of the Spinel.