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Diana Containerships announces agreement for a new acquisition

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Diana Shipping officesDIANA CONTAINERSHIPS INC. ANNOUNCES AGREEMENT TO ACQUIRE POST-PANAMAX CONTAINER VESSEL 

ATHENS, GREECE, November 10, 2014 – Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that on November 5, 2014, it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase from an unaffiliated third party a 2005-built Post-Panamax container vessel of approximately 5, 000 TEU capacity, the m/v “Santa Pamina”, for a purchase price of US$15.95 million. The vessel is expected to be delivered to the Company from the sellers by the end of November, 2014.

The vessel is chartered to The Shipping Corporation of India Ltd. at a gross charter rate of US$9, 500 per day minus a 5% commission paid to third parties, for a period ending on minimum March 16, 2015 to maximum May 15, 2015. The closing of this transaction is subject to the signing of a novation agreement to the time charter mentioned above. Should such novation agreement not be executed by the end of November 2014, the sellers will deliver the vessel to the company after the expiration of the time charter, between March 16, 2015 and May 20, 2015.

Including the aforementioned vessel, Diana Containerships Inc.’s fleet will consist of 11 container vessels (5 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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