Diana Containerships acquires new tonnage

Company Profiles, Container shipping, News, Sales and Purchases, Stock Markets — By on August 7, 2014 at 2:13 PM

Diana Shipping officesDIANA CONTAINERSHIPS INC. ANNOUNCES AGREEMENT TO ACQUIRETWOPOST-PANAMAX CONTAINER VESSELS 

ATHENS, GREECE, August 7, 2014 – Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that it has signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated third party two Post-Panamax container vessels, the m/v “YM March” and the m/v “YM Great”.

The m/v “YM March” and the m/v “YM Great” are both 2004-built vessels of 5, 576 TEU capacity. The purchase price for each vessel is US$22.175 million. The sellers can deliver the vessels to the Company at any time between September 1, 2014 and October 31, 2014. The m/v “YM March” is currently expected to be delivered to the new owners by the end of September 2014 and the m/v “YM Great” by mid-October 2014.

The two vessels are chartered to Yang Ming (UK) Ltd., at a net charter rate of US$12, 000 per day each. Based on the existing time charterparties and their addenda, the charterer has the option to redeliver the m/v “YM Great” at any time between September 7, 2014 and March 7, 2015 and the m/v “YM March” at any time between November 6, 2014 and April 6, 2015.

Including the aforementioned vessels, Diana Containerships Inc.’s fleet will consist of 10 container vessels (4 Post-Panamax and 6 Panamax). 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 leading global provider of shipping transportation services through its ownership of containerships. The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes.

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