Diana Containerships Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2012

Diana Containerships Inc. Reports Financial Results for the Third Quarter and
Nine Months Ended September 30, 2012

       Declares Cash Dividend of $0.30 Per Share for the Third Quarter

  Announces the Delivery of a Panamax Container Vessel, the APL Garnet, and
                    Commencement of Time Charter Contract

ATHENS, Greece, Nov. 19, 2012 (GLOBE NEWSWIRE) -- Diana Containerships Inc.
(Nasdaq:DCIX), a global shipping company specializing in owning and operating
containerships, today reported net income of $1.6 million for the third
quarter of 2012, compared to net income of $2.7 million for the same period of
2011.

Time charter revenues were $14.6 million for the third quarter of 2012,
compared to $9.7 million for the same period of 2011, mainly due to the
increase in the number of vessels in the fleet following the delivery in
February and March 2012 of the Cap San Marco (renamed Cap Domingo), Cap San
Raphael (renamed Cap Doukato), APL Sardonyx and APL Spinel.

Net income to Diana Containerships Inc. for the nine months ended September
30, 2012 amounted to $5.7 million, compared to net income of $2.3 million for
the same period of 2011. Time charter revenues were $42.0 million for the nine
months ended September 30, 2012, compared to $17.2 million for the same period
in 2011.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.30 per
share. The cash dividend will be payable on or around December 18, 2012 to all
shareholders of record as at December 4, 2012. The Company has 32,191,964
shares of common stock outstanding.

Delivery of the m/v APL Garnet and Commencement of Time Charter Contract

In addition, the Company also announced that, through a separate wholly-owned
subsidiary, it took delivery today of a Panamax container vessel, the m/v "APL
Garnet", a 1995-built vessel of approximately 4,750 TEU capacity. As
previously announced, the APL Garnet is 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 commenced today and is expected to generate approximately
US$26.7 million of revenues for the minimum agreed period of the charter.

Including the newly-delivered APL Garnet, Diana Containerships Inc.'s fleet
currently consists of 10 Panamax container vessels. A table describing the
current Diana Containerships Inc. fleet can be found on the Company's website,
www.dcontainerships.com. Information included on the Company's website does
not constitute a part of this press release.

Chairman and Chief Executive Officer's Comments

"Our performance during this quarter reflects our successful efforts to build
a solid business, with the capacity to pursue opportunities in the
containership sector and to deliver strong financial performance relative to
the current market environment and long-term shareholder value. Through our
efforts to grow our fleet, including the newly-delivered m/v APL Garnet, we
now have a fleet of 10 vessels – a significant increase over the two vessels
we owned at the end of 2010. The growth of our fleet contributed to a dramatic
rise in revenues and solid earnings for the third quarter of 2012. We also
have a strong balance sheet, with a prudent level of debt and the resources to
support our continued growth.

"Our Board of Directors commenced a dividend policy as of the second quarter
of 2011. Since that time, up to and including the third quarter of 2012, we
will have paid dividends to our shareholders totalling $1.18 per share. We
have added more vessels and strengthened our revenue-generating capacity since
first establishing our dividend policy. It is our intention, assuming the
continued performance of our current time charters and no unanticipated
extraordinary expenses, to maintain for the foreseeable future the current
quarterly dividend level of $0.30 per share."

                                                                        
Fleet Employment Profile (As of November 19, 2012)                       
Currently Diana Containerships Inc.'s fleet is employed as follows:      

                   Gross                            Delivery
Vessel      Sister Rate                             Date      Redelivery
BUILTTEU   Ships* (USD    Com** Charterer          to        Date to    Notes
                   Per                              Charterer Owners***
                   Day)
Container Vessels
                                 A.P. Moller -                15-Mar-13
SAGITTA     A      $22,000 2.25% Maersk A/S         15-May-11 -          1
                                                              15-Jun-13
20103,426                                                         
CENTAURUS   A      $20,000 2.25% CSAV Valparaiso    4-Sep-10  13-Aug-12  
                                                              13-Apr-13
                 $7,500  4.50% CMA CGM S.A.       13-Aug-12 -          
                                                              13-Aug-13
20103,426                                                         
MAERSK      B      $21,450 2.25% A.P. Moller -      24-Jun-11 10-May-13  2
MALACCA                          Maersk A/S                   - 8-Aug-13
19904,714                                                         
MAERSK      B      $21,450 2.25% A.P. Moller -      19-Jun-11 5-May-13 - 2
MERLION                          Maersk A/S                   3-Aug-13
19904,714                                                         
MAERSK            $21,450 2.25% A.P. Moller -      15-Jun-11 1-May-13 - 2
MADRID                           Maersk A/S                   30-Jul-13
19894,206                                                         
CAP         C      $22,750 1.00% Reederei Santa     6-Feb-12  6-Feb-13   3,4
DOMINGO                         Containerschiffe
(ex Cap San       $22,850 1.00% GmbH & Co. KG      6-Feb-13  6-Feb-14
Marco)
                                                              23-Dec-14
20013,739        $23,250 1.00%                   6-Feb-14  -          
                                                              23-Mar-15
CAP DOUKATO C      $22,750 1.00% Reederei Santa    6-Feb-12  6-Feb-13   3,4
(ex Cap San       $22,850 1.00% Containerschiffe   6-Feb-13  6-Feb-14   
Raphael)
                                                              23-Dec-14
20023,739        $23,250 1.00% GmbH & Co. KG      6-Feb-14  -          
                                                              23-Mar-15
APL         D      $24,750 2.00% APL (Bermuda) Ltd. 17-Feb-12 3-Jan-14 - 4,5
SARDONYX                                                      3-Apr-14
19954,729                                                         
                                 NOL Liner (Pte)              20-Aug-15
APL GARNET  D      $27,000 1.00% Ltd.               19-Nov-12 -          4
                                                              19-Oct-15
19954,729                                                         
                                                              15-Jan-14
APL SPINEL  D      $24,750 2.00% APL (Bermuda) Ltd. 1-Mar-12  -          4,5
                                                              15-Apr-14
19964,729                                                         
* Each container vessel is a "sister ship", or closely similar, to other
container vessels that have the same letter.
** Total commission as a percentage of charterhire paid to third parties and
Diana Shipping Services S.A.
*** Charterers' optional period to redeliver the vessel to owners. Charterers
have the right to add the off hire days, if any, and therefore the optional
period may be extended.

1 The charterer has the option to employ the vessel for a further 11-13 month
period. The optional period, if exercised, must be declared on or before
December 15, 2012 and can only commence on May 1, 2013 at a gross daily rate
of $30,000.
2 The charterer has the option to employ the vessel for a further 12 month
period, plus or minus 45 days at a gross daily rate of $25,000. The optional
period, if exercised, must be declared on or before the end of the 20th month
of employment and will only commence at the end of the 24th month.
3 For financial reporting purposes, we recognize revenue from time charters
that have varying rates on a straight-line basis equal to the average revenue
during the term of that time charter. We calculate quarterly dividends based
on the available cash from operations during the relevant quarter.
4 For financial reporting purposes, revenues derived from the time charter
agreement will be netted off during the term of the time charter with an
amortization charge of the asset that was recognized at the delivery of the
vessel, being the difference of the present value of the contractual cash
flows to the fair value. However, we calculate quarterly dividends based on
the available cash from operations during the relevant quarter.
5 The charterer has the option to employ the vessel for a further 12 month
period plus or minus 45 days, at a daily rate of $24,750 starting 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 12 month period plus or
minus 45 days, at a daily rate of $28,000 starting 36 months after delivery of
the vessel to the charterer.Options must be declared by the charterer not
later than 20 months for the first option and 32 months for the second option
after the delivery date to the charterer.
                                                                  


Summary of Selected Financial & Other Data
                  For the three months ended     For the nine months ended
                   September 30,                  September 30,
                  2012            2011          2012           2011
                  (unaudited)     (unaudited)    (unaudited)    (unaudited)
INCOME STATEMENT DATA (in thousands of US Dollars):
Time charter       $ 14,606      $ 9,728      $ 41,993     $ 17,216
revenues
Voyage expenses    366           252          1,029        507
Vessel operating   7,410         3,714        20,160       6,490
expenses
Net income        1,591         2,712        5,698        2,323
FLEET DATA
Average number of  9.0           5.0          8.3          3.2
vessels
Number of vessels  9.0           5.0          9.0          5.0
Ownership days     828           460          2,285        860
Available days     828           460          2,285        860
Operating days     827           458          2,280        852
Fleet utilization  99.9%           99.6%          99.8%          99.1%
AVERAGE DAILY RESULTS
Time charter
equivalent (TCE)   $ 17,198       $ 20,600      $ 17,927      $ 19,429
rate (1)
Daily vessel
operating expenses $ 8,949        $ 8,075       $ 8,823       $ 7,547
(2)
___________________
(1) Time charter equivalent rates, or TCE rates, are defined as our time
charter revenues less voyage expenses during a period divided by the number of
our available days during the period, which is consistent with industry
standards.Voyage expenses include port charges, bunker (fuel) expenses, canal
charges and commissions.TCE is a non-GAAP measure.TCE rate is a standard
shipping industry performance measure used primarily to compare daily earnings
generated by vessels on time charters with daily earnings generated by vessels
on voyage charters, because charter hire rates for vessels on voyage charters
are generally not expressed in per day amounts while charter hire rates for
vessels on time charters are generally expressed in such amounts.
                                                             
(2) Daily vessel operating expenses, which include crew wages and related
costs, the cost of insurance, expenses relating to repairs and maintenance,
the costs of spares and consumable stores, tonnage taxes and other
miscellaneous expenses, are calculated by dividing vessel operating expenses
by ownership days for the relevant period.

Conference Call and Webcast Information

Diana Containerships Inc. will conduct a conference call and simultaneous
Internet webcast to review these results at 9:00 A.M. (Eastern Time) on
Monday, November 19, 2012.

Investors may access the webcast by visiting the Company's website at
www.dcontainerships.com, and clicking on the webcast link. The conference call
also may be accessed by telephone by dialing 1-877-407-8029 (for U.S.-based
callers) or 1-201-689-8029 (for international callers), and asking the
operator for the Diana Containerships Inc. conference call.

A replay of the webcast will be available soon after the completion of the
call and will be accessible for 30 days on www.dcontainerships.com. A
telephone replay also will be available for 30 days by dialing 1-877-660-6853
(for U.S.-based callers) or 1-201-612-7415 (for international callers), and
providing the Replay ID number 401889.

About the Company

Diana Containerships Inc. is a Marshall Islands corporation founded in 2010 to
own and operate containerships and pursue containership acquisition
opportunities. 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.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking statements in order to encourage
companies to provide prospective information about their
business.Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
historical facts.

The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast," "project,"
"plan," "potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, our management's examination of historical
operating trends, data contained in our records and other data available from
third parties.Although we believe that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict
and are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our
view, could cause actual results to differ materially from those discussed in
the forward-looking statements include the strength of world economies and
currencies, general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for containership capacity, changes in
our operating expenses, including bunker prices, drydocking and insurance
costs, the market for our vessels, availability of financing and refinancing,
changes in governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation, general
domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns and
instances of off-hires and other factors.Please see our filings with the
Securities and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.


DIANA CONTAINERSHIPS INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except for share and per share data
                                                              
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME
                                                              
                         For the three months ended For the nine months ended
                          September 30,              September 30,
                         2012          2011        2012         2011
REVENUES:                                                      
Time charter revenues     $ 14,606    $ 9,728    $ 41,993   $ 17,216
                                                              
EXPENSES:                                                      
Voyage expenses           366         252        1,029      507
Vessel operating expenses 7,410       3,714      20,160     6,490
Depreciation              3,244       2,135      9,140      3,794
Management fees           405         225        1,125      425
General and               865         674        2,700      2,468
administrative expenses
Foreign currency losses / (37)          13         (102)        14
(gains)
Operating income          2,353       2,715      7,941      3,518
                                                              
OTHER INCOME /                                                 
(EXPENSES):
Interest and finance      (779)         (44)         (2,294)      (1,300)
costs
Interest Income           17          41         51         105
Total other expenses, net (762)         (3)          (2,243)      (1,195)
                                                              
Net income                $ 1,591     $ 2,712    $ 5,698    $ 2,323
                                                              
Earnings per common       $ 0.05      $ 0.12     $ 0.22     $ 0.18
share, basic and diluted
Weighted average number   29,645,316   22,929,499  25,196,124  13,044,456
of common shares, basic
Weighted average number   29,645,316   22,929,499  25,196,124  13,054,886
of common shares, diluted
                                                              
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                                              
                         For the three months ended For the nine months ended
                          September 30,              September 30,
                         2012         2011        2012        2011
                                                              
Net income                $ 1,591      $ 2,712     $ 5,698     $ 2,323
                                                              
Comprehensive income      $ 1,591      $ 2,712     $ 5,698     $ 2,323
                                                              

                                                           
UNAUDITED CONDENSED CONSOLIDATED BALANCE                    
SHEET DATA
(Expressed in thousands of US Dollars)                      
                                         September 30, 2012 December 31, 2011
ASSETS                                                      
                                                           
Cash and cash equivalents                 $ 64,373           $ 41,354
Other current assets                      4,563              2,205
Advances for vessel acquisitions and      --                 6,634
other vessel costs
Vessels' net book value                   246,694            158,827
Other non-current assets                  30,561             991
Total assets                              $ 346,191          $ 210,011
                                                           
LIABILITIES AND STOCKHOLDERS' EQUITY                        
                                                           
Current liabilities                       $ 6,156            $ 3,114
Long-term debt, net of unamortized        91,856             --
deferred financing costs
Other non-current liabilities             261                364
Total stockholders' equity                247,918            206,533
Total liabilities and stockholders'       $ 346,191          $ 210,011
equity
                                                           

                                                               
OTHER FINANCIAL DATA                                            
                                                              
                         For the three months ended For the nine months ended
                          September 30,              September 30,
                         2012          2011         2012         2011
                         (unaudited)   (unaudited)  (unaudited)  (unaudited)
Net Cash provided by      $ 9,134       $ 3,680      $ 24,449     $ 7,884
Operating Activities
Net Cash used in          --            (564)        (119,873)    (71,878)
Investing Activities
Net Cash provided by /
(used in) Financing       44,244        (693)        118,443      101,489
Activities
                                                              

CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Chief Operating Officer and Secretary
         Telephone: + 30-210-947-0000
         Email: izafirakis@dcontainerships.com
         Website: www.dcontainerships.com
        
         Investor and Media Relations:
         Edward Nebb
         Comm-Counsellors, LLC
         Telephone: + 1-203-972-8350
         Email: enebb@optonline.net