Diana Containerships Acquires Three Panamax Container Vessels

Thursday, April 14, 2011

ATHENS, GREECE, April 14, 2011 – Diana Containerships Inc. (NASDAQ: DCIX), a global shipping company specializing in the transportation of containers, today announced that it has signed three Memoranda of Agreement (one with Maersk Line UK Ltd., and two with A.P. Moller Singapore Pte. Ltd.) for the purchase of three Panamax container vessels, MV “Maersk Madrid”, MV “Maersk Malacca”, and MV “Maersk Merlion”.

The MV “Maersk Madrid” is a 1989-built vessel of 4,206 TEU capacity. The purchase price for the MV “Maersk Madrid” is U.S.$22.5 million.  The MV “Maersk Malacca” and MV “Maersk Merlion” are both 1990-built vessels of 4,714 TEU capacity each. The purchase price for the MV “Maersk Malacca” and MV “Maersk Merlion” is U.S.$24 million each. The expected dates of delivery from their previous owners to the Company for all three vessels are between May 20, 2011, and June 20, 2011.

Each of the three vessels is chartered to A.P. Møller-Maersk A/S for a period of minimum twenty-four (24) months plus or minus forty-five (45) days at a daily rate of U.S.$21,450 less a 2.25% commission.  The charterer has the option to employ each vessel for a further twelve (12) month period plus or minus forty-five (45) days, at a daily rate of U.S.$25,000 less a 2.25% commission starting twenty-four (24) months after delivery of the vessel to the charterer.  Each charter will commence on or about the day of that vessel’s delivery to the Company.

The employment of the three vessels is anticipated to generate approximately U.S.$43.5 million of gross revenues for the minimum scheduled period of the charters. 

The vessels are expected to be purchased partly with Company’s existing cash and partly with a bank loan which the Company is currently negotiating.

Source:Diana Containerships

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