Home HRCommunication Diana Containerships acquires two panamax contships

Diana Containerships acquires two panamax contships

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ATHENS, GREECE, March 20, 2015 – , (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated third party two Panamax container vessels, the m/v YM Los Angeles and the m/v YM New Jersey.

The “YM Los Angeles” and the “YM New Jersey” are both 2006-built vessels of approximately 5, 000 TEU capacity. The purchase price for each vessel is US$21.5 million. The sellers may deliver the vessels to the Company at any time between April 1, 2015 and April 30, 2015. The m/v YM Los Angeles is currently expected to be delivered to the Company on April 9, 2015 and the m/v YM New Jersey on April 15, 2015.

Each of the two vessels is chartered to Yang Ming (UK) Ltd., at a gross charter rate of US$21, 000 per day less US$350 per day commission paid to third parties. Based on the existing time charterparties and their addenda, the charterer has the option to redeliver the m/v YM Los Angeles at any time between October 19, 2016 and February 19, 2017 and the m/v YM New Jersey at any time between September 24, 2016 and January 24, 2017. The charterer has the option to employ the vessel for a further twenty-two (22) to twenty-six (26) month period at the same daily gross charter rate less US$350 per day commission paid to third parties. The optional period if exercised will start on December 19, 2016 for m/v YM Los Angeles and on November 24, 2016 for m/v YM New Jersey and must be declared six (6) months prior to these dates in respect of each vessel.

The closing of this transaction is subject to the signing of a novation agreement to the time charter contract of each vessel mentioned above.

Including the aforementioned vessels, Diana Containerships Inc.’s fleet will consist of 13 container vessels (4 Post-Panamax and 9 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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