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Diana Containerships Inc. Announces Agreement to Acquire Two Post-Panamax Container Vessels

ATHENS, Greece, Aug. 7, 2014 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (Nasdaq:DCIX), (the "Company"), a global shipping company specializing in the ownership of containerships, today announced that it has signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated third party two Post-Panamax container vessels, the m/v "YM March" and the m/v "YM Great."

The m/v "YM March" and the m/v "YM Great" are both 2004-built vessels of 5,576 TEU capacity. The purchase price for each vessel is US$22.175 million. The sellers can deliver the vessels to the Company at any time between September 1, 2014 and October 31, 2014. The m/v "YM March" is currently expected to be delivered to the new owners by the end of September 2014 and the m/v "YM Great" by mid-October 2014.

The two vessels are chartered to Yang Ming (UK) Ltd., at a net charter rate of US$12,000 per day each. Based on the existing time charterparties and their addenda, the charterer has the option to redeliver the m/v "YM Great" at any time between September 7, 2014 and March 7, 2015 and the m/v "YM March" at any time between November 6, 2014 and April 6, 2015.

Including the aforementioned vessels, Diana Containerships Inc.'s fleet will consist of 10 container vessels (4 Post-Panamax and 6 Panamax). A table describing the current Diana Containerships Inc. fleet can be found on the Company's website, www.dcontainerships.com. Information included on the Company's website does not constitute a part of this press release.

About the Company

Diana Containerships Inc. is a leading global provider of shipping transportation services through its ownership of containerships. The Company's vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes.

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.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for containership capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

CONTACT: Corporate Contact: Ioannis Zafirakis Director, Chief Operating Officer and Secretary Telephone: +30-216-600-2400 Email: izafirakis@dcontainerships.com Website: www.dcontainerships.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: +1-203-972-8350 Email: enebb@optonline.netSource:Diana Containerships Inc.