The sale of a panamax boxship owned by Diana Containerships has fallen through after the buyer failed to receive approval from its board of directors.

The sale of the Cap Domingo (3,739teu, built 2001) was agreed for US$24.25m on July 28, subject to the green light from the unnamed buyer's board.

NASDAQ-listed Diana Containerships said it was informed on Sept. 4 that the approval had not been granted.

The vessel is currently chartered to Germany's Rudolf A Oetker KG on a one-year contract (plus extension options), which is due to expire between Dec. 24 this year and March 8, 2016.

The charter was fixed at a gross rate of US$9,900 per day, minus 3.75% commission for third parties.