Diana Containerships Adds Two Panamax Ships

Maritime Activity Reports, Inc.

March 20, 2015

Diana Containerships Inc. announces agreement to acquire two Panamax container vessels
 
Through two separate wholly-owned subsidiaries, Diana Containerships Inc. has signed two Memoranda of Agreement to purchase two Panamax container vessels from an unaffiliated third party.
 
The purchased vessels, m/v YM Los Angeles and the m/v YM New Jersey, are both 2006-built vessels of approximately 5,000 TEU capacity.
 
The purchase price for each vessel is $21.5 million. The sellers may deliver the vessels to the company at any time between April 1, 2015 and April 30, 2015. The m/v YM Los Angeles is currently expected to be delivered to the Company on April 9, 2015 and the m/v YM New Jersey on April 15, 2015.
 
Each of the two vessels is chartered to Yang Ming (UK) Ltd., at a gross charter rate of $21,000 per day less $350 per day commission paid to third parties. Based on the existing time charter parties and their addenda, the charterer has the option to redeliver the m/v YM Los Angeles at any time between October 19, 2016 and February 19, 2017 and the m/v YM New Jersey at any time between September 24, 2016 and January 24, 2017. The charterer has the option to employ the vessel for a further 22- to 26-month period at the same daily gross charter rate less $350 per day commission paid to third parties. The optional period if exercised will start on December 19, 2016 for m/v YM Los Angeles and on November 24, 2016 for m/v YM New Jersey and must be declared six months prior to these dates in respect of each vessel.
 
The closing of this transaction is subject to the signing of a novation agreement to the time charter contract of each vessel mentioned above.
 
Including the aforementioned vessels, Diana Containerships Inc.’s fleet will consist of 13 container vessels (four Post-Panamax and nine Panamax).
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