Greece: Diana Containerships Buys Panamax Vessel from Hanjin Shipping

Diana Containerships Inc., a global shipping company specializing in owning and operating containerships, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement with Hanjin Shipping Co., Ltd., Seoul, for the purchase of a 1993-built Panamax container vessel of approximately 4,024 TEU capacity, the m/v “Hanjin Malta”, for a purchase price of US$22 million. The vessel is expected to be delivered to the Company from the sellers in mid-March 2013.

The vessel is to be chartered to Hanjin Shipping Co. Ltd., Seoul (or a nominee to be fully guaranteed by Hanjin Shipping Co. Ltd., Seoul), for a period of minimum thirty-six and a half (36.5) months to maximum thirty-eight (38) months at a gross rate of US$25,550 per day. The time-charter party is to commence simultaneously upon delivery of the vessel to the Company, and is expected to generate approximately US$27.98 million of gross revenues for the minimum agreed period of the charter.

The vessel is anticipated to be purchased using the Company’s existing cash.

Establishment of New Fleet Manager

The Company also today announced that it has established a new wholly-owned subsidiary, Unitized Ocean Transport Limited, or UOT, for the purpose of providing management services similar to those provided currently by Diana Shipping Services S.A., including vessel commercial and technical management, administrative services, and ship brokering services. The Company, and its vessel-owning subsidiaries, intend to enter into new agreements with UOT for the provision of these management services after March 1, 2013. “We expect the material terms of these new management agreements with UOT to be substantially similar to those of the Company’s current agreements with Diana Shipping Services S.A.” the Company stated in its press release.

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Diana Containerships, February 20, 2013