Diana Containerships Inc. Announces the Delivery of Two Panamax Container Vessels and the Drawdown of US$75.5 Million

Thursday, Feb 09, 2012

Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in owning and operating containerships, today announced that the Company took delivery of two Panamax container vessels, m/v "Cap San Marco" and m/v "Cap San Raphael", on Monday, February 6, 2012.

The m/v "Cap San Marco" is a 2001-built vessel and the m/v "Cap San
Raphael" is a 2002-built vessel, each having an approximate capacity of
3,750 TEU. The purchase price for each vessel was US$33 million.

As previously announced, each of the two vessels is chartered back to
the sellers, Reederei Santa Containerschiffe GmbH & Co. KG, 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. Both charters commenced upon the vessels' 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, Diana Containerships Inc. also announced that, to date, it
has completed the drawdown of a total of US$75.5 million under the
previously announced 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.

Source: Diana