Diana Shipping subsidiary Diana Containerships has signed an agreement with Germany-based ship chartering company Reederei Santa Containerschiffe to buy two panamax container vessels for $33m each.

The two vessels – Cap San Marco and Cap San Raphael – were built in 2001 and 2002 respectively, and each one is capable of carrying 3,750teu.

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The vessels are expected to be delivered from their previous owners to the company between 5 January 2012 and 29 February 2012.

Following delivery, each of the two vessels will be chartered back to their sellers for a period of 36 months, plus or minus 45 days.

The daily charter rate for each vessel will be $22,750 during the first 12 months, $22,850 during the second 12 months and $23,250 during the third 12 months of the charter.

Each charter will start on or about the day of that vessel’s delivery to Diana.

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The employment of the two vessels is expected to generate $47.5m in revenue for the minimum agreed period of the charters.

The pair of ships is part of six vessels being sold by the Hamburg Sud unit to raise cash and, according to reports, the company was looking to sell six panamax boxships in October.

Diana Shipping has also entered into an agreement for a revolving credit facility of up to $100m with the Royal Bank of Scotland that may be increased to $150m, subject to further syndication.

The loan has a term of five years and will bear interest at the rate of 2.75% over LIBOR.

Diana Shipping is planning to use part of the loan to fund the two new panamax vessels, adding to the seven vessels already on its books.

In November this year, the company reported a profit of $2.7m in the third quarter of 2011, compared with a $51,000 loss a year ago.