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Diana Containerships Announces the Delivery of a Panamax Container Vessel, the APL Sardonyx, and the Drawdown of an Additional US$8.4 Million From the Revolving Credit Facility With RBS

Diana Containerships Inc. (Nasdaq: DCIX) today announced that the Company took delivery of the Panamax container vessel, m/v "APL Sardonyx", a 1995-built vessel of approximately 4,750 TEU capacity, on Friday, February 17, 2012.

As previously announced, the APL Sardonyx is chartered to APL (Bermuda) Ltd., or to a guaranteed nominee or to another entity of the NOL Group with similar or better net worth than APL (Bermuda) Ltd. for a period of minimum twenty-four (24) months plus or minus forty-five (45) days at a daily rate of US$24,750 The charterer has the option to employ the vessel for a further twelve (12) month period plus or minus forty-five (45) days, at a daily rate of US$24,750 starting twenty-four (24) months after delivery of the vessel to the charterer. After that period, the charterer has the option to employ the vessel for a further twelve (12) month period plus or minus forty-five (45) days, at a daily rate of US$28,000 starting thirty-six (36) months after delivery of the vessel to the charterer. Options must be declared by the charterer not later than twenty (20) months for the first option and thirty-two (32) months for the second option after the delivery date to the charterer. Daily rates include a total commission of 2% paid to third parties and Diana Shipping Services S.A.

The employment of the vessel is anticipated to generate approximately US$16.7 million of revenues for the minimum agreed period of the charter.

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