Diana Containerships Inc. Announces Direct Continuation of Time Charter Agreement for m/v Sagitta With A.P. Moller-Maersk A/S

Tuesday, March 15, 2011

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.

Source: Diana Containerships Inc.

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