Diana Containerships Inc., announces agreement to acquire a panamax container vessel

Sales and Purchases, Stock Markets — By on November 6, 2012 at 10:37 PM

ATHENS, GREECE, November 6, 2012 – Diana Containerships Inc. (NASDAQ: DCIX), a global shipping company specializing in owning and operating containerships, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement with Neptune Orient Lines Ltd. for the purchase of a 1995-built Panamax container vessel of  approximately 4, 750 TEU capacity, the m/v “APL Garnet”, for a purchase price of US$30 million. The vessel is expected to be delivered to the Company from the sellers around the 19th of November, 2012.

The vessel is to be chartered to NOL Liner (Pte.) Ltd. (or a guaranteed nominee or other entity of the NOL Group, subject to the Company’s approval), for a period of thirty-four (34) months at a rate of US$27, 000 per day, with 30 days more or less at the charterer’s option. The time-charter party is to commence simultaneously upon delivery of the vessel to the Company, and is expected to generate approximately US$26.7 million of  revenues for the minimum agreed period of the charter.

The vessel is anticipated to be purchased using the Company’s existing cash.

Diana Containerships Inc.’s fleet currently consists of 9 Panamax container vessels, excluding the vessel not yet delivered. A table describing the current Diana Containerships Inc. fleet can be found on the Company’s website, www.dcontainerships.com. Information included on the Company’s website does not constitute a part of this press release.

About the Company

Diana Containerships Inc. is a Marshall Islands corporation founded in 2010 to own and operate containerships and pursue containership acquisition opportunities. Diana Containerships Inc. intends to continue to capitalize on investment opportunities by purchasing additional containerships in the secondhand market, from other companies, shipyards and lending institutions, and may also enter into newbuilding contracts with shipyards for new containerships.

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