Diana Containerships Inc. Announces Direct Continuation Of Time Charter Agreement For M/v Sagitta With A.P. Moller-Maersk A/S

ATHENS, Greece, March 15, 2011 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in the transportation of containers, today announced that it has entered into a time charter contract with A.P. Moller-Maersk A/S for one of its container vessels, the m/v Sagitta, for a period of minimum twenty-two (22) to maximum twenty-five (25) months at a gross daily rate of US$22,000, minus 2.25% commission paid to third parties. The charterer has the option to employ the vessel for a further eleven (11) to thirteen (13) month period at a gross daily rate of US$30,000. The charter is a direct continuation of the previous agreement and will commence on May 15, 2011.

This employment is anticipated to generate approximately US$14.5 million of gross revenue for the minimum scheduled period of the charter. If the charterer exercises its optional period, the charter is expected to generate an additional US$11 million of gross revenue.

The m/v Sagitta is a 3,426 TEU container vessel built in 2010.

About the Company

Diana Containerships Inc. is a Marshall Islands corporation founded in 2010 to own and operate containerships and pursue containership acquisition opportunities. The Company currently owns and operates two 3,426 TEU container vessels. 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 new building contracts with shipyards for new containerships.   

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

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