Diana Containerships Purchases Two Panamax Vessels, Immediately Signs 3-Year Charter with Seller

Cap San Raphael Diana Containerships
MV Cap San Raphael

Diana Containerships Inc. acquires two Panamax container vessels, signs US$100 Million Credit Facility With The Royal Bank of Scotland

ATHENS, Greece, Dec. 19, 2011 (GLOBE NEWSWIRE) — Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in owning and operating containerships, today announced that it has signed today two Memoranda of Agreement with Reederei Santa Containerschiffe GmbH & Co. KG for the purchase of two Panamax container vessels, M/V “Cap San Marco” and M/V “Cap San Raphael”.

The M/V “Cap San Marco” is a 2001-built vessel of approximately 3,750 TEU capacity and the M/V “Cap San Raphael” is a 2002-built vessel of approximately 3,750 TEU capacity. The purchase price for each vessel is US$33 million. The expected dates of delivery from their previous owners to the Company for both vessels are between January 5, 2012 and February 29, 2012.

Each of the two vessels is chartered back to the sellers of the vessels for a period of thirty-six (36) months plus or minus forty-five (45) days. The net daily charter hire rate for each vessel will be US$22,750 during the first twelve (12) months, US$22,850 during the second twelve (12) months and US$23,250 during the third twelve (12) months of the charter. Each charter will commence on or about the day of that vessel’s delivery to the Company.

The employment of the two vessels is anticipated to generate approximately US$47.5 million of revenues for the minimum agreed period of the charters.

Separately, the Company also announced today that it has entered into an agreement for a revolving credit facility of up to US$100 million with The Royal Bank of Scotland plc, which may be increased to US$150 million subject to further syndication. The credit facility has a term of five years and will bear interest at the rate of 2.75% over LIBOR. The Company will also pay a commitment fee of 0.99% per annum on the undrawn amount of the facility.

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.