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

ATHENS, GREECE, March 15, 2011 – 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. Møller-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.

About the Company
Diana Containerships Inc. is a Marshall Islands corporation founded in 2010 to own and operate containerships and pursue containership acquisition opportunities. The Company currently owns and operates two 3,426 TEU container vessels. Diana Containerships Inc. intends to continue to capitalize on investment opportunities by purchasing additional containerships in the secondhand market, from other companies, shipyards and lending institutions, and may also enter into newbuilding contracts with shipyards for new containerships.

Diana Containerships Inc. press release