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Diana Containerships Inc. announces agreement to sell up to seven vessels

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ATHENS, GREECE, October 5, 2017 – Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that it has entered into an agreement to sell up to seven of its containership vessels for an aggregate purchase price of up to US$104.0 million to an unaffiliated third party. Separate Memoranda of Agreement will be signed for each vessel. The sale and purchase of the vessels is subject to the purchaser obtaining certain minimum financing. Depending on the level and timing of financing the buyer is able to obtain, the actual number of vessels to be sold to the buyer may be fewer than the seven, and will in each case be at prices that have been agreed to by the Company and the buyer as of the date hereof.  The Company expects any vessel sales pursuant to this agreement to be completed during the first quarter of 2018, subject to extension under certain circumstances.

Net proceeds from the sale of the vessels will be used by the Company to repay indebtedness under its previously announced credit agreements with Addiewell Ltd. and Diana Shipping Inc. in accordance with the repayment provisions thereof and/or to finance additional vessel acquisitions. However, the Company has not identified any vessels for acquisition and there can be no assurance that the Company will consummate any potential vessel acquisition.

Mr. Anastasios Margaronis, President, commented that:

“We believe that the transaction reflects attractive sale terms for the vessels in the current market, which will further strengthen the Company’s balance sheet, decrease its fleet’s age profile and may allow the Company to pursue a strategy of selective acquisitions of additional modern container vessels.”

About the Company

Diana Containerships Inc. is a 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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