Diana Containerships Inc. is a holding company which owns containerships and pursues containership acquisition opportunities. The Company focuses on identifying and acquiring suitable vessels at favorable prices and trades its vessels on short-, medium- or long-term time charters. The commercial and technical management of its fleet, as well as providing administrative services relating to the fleet’s operations, are carried out, since March 1, 2013, by its wholly-owned subsidiary, Unitized Ocean Transport Limited (UOT, or fleet manager). In exchange the Company pays Manager a commission that is approximately 2% of its gross revenues. Pursuant to an Administrative Services Agreement, it pays to UOT a fixed monthly administrative fee of approximately $10,000, in exchange for providing it with accounting, administrative, financial reporting and other services necessary for the operation of its business.