Diana Containerships: MOU to Buy Ship for $30m

Diana Containerships Inc. (Nasdaq:DCIX),  signed  through a separate wholly-owned subsidiary, a Memorandum of Agreement with Neptune Orient Lines Ltd. for the purchase of a 1995-built.

Panamax container vessel of approximately 4,750 TEU capacity, the m/v "APL Garnet", for a purchase price of $30 million. The vessel is expected to be delivered to the Company from the sellers around the 19th of November, 2012.

The vessel is to be chartered to NOL Liner (Pte.) Ltd. (or a guaranteed nominee or other entity of the NOL Group, subject to the Company's approval), for a period of thirty-four (34) months at a rate  of US$27,000 per day, with 30 days more or less at the charterer's option. The time-charter party is to commence simultaneously upon delivery of the vessel to the Company, and is expected to generate approximately US$26.7 million of revenues for the minimum agreed period of the  charter.


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