The vessels are expected to be delivered to the buyer at the latest by March 30, 2018. The purchaser of the vessels is the same party with which the company entered into a previous agreement, for the sell of up to seven vessels, subject to the purchaser arranging financing.

The buyer informed Diana Containerships that such financing has not been arranged and, as a result the two parties agreed to terminate all rights and obligations under the prior agreement.

Diana Containerships informed that it use the net proceeds from the sale of the vessels to repay indebtedness under its previously announced credit agreements.

After the sale is completed, Diana Containerships fleet will consist of 9 container vessels: 4 Post-Panamax and 5 Panamax.