Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012

Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and
Year Ended December 31, 2012

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

          Announces Agreement to Acquire a Panamax Container Vessel

              Announces Establishment of New Management Company

ATHENS, Greece, Feb. 19, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc.
(Nasdaq:DCIX), a global shipping company specializing in owning and operating
containerships, today reported net income of $0.3 million for the fourth
quarter of 2012, compared to net income of $1.3 million for the same period of
2011.

Time charter revenues were $14.6 million for the fourth quarter of 2012,
compared to $9.8 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, March and November 2012 of the Cap San Marco (renamed Cap Domingo),
Cap San Raphael (renamed Cap Doukato), APL Sardonyx, APL Spinel and APL
Garnet.

Net income to Diana Containerships Inc. for the year ended December 31, 2012
amounted to $6.0 million, compared to net income of $3.6 million for the same
period of 2011. Time charter revenues were $56.6 million for the year ended
December 31, 2012, compared to $27.0 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 March 21, 2013 to all
shareholders of record as at March 5, 2013. The Company has 32,191,964 shares
of common stock outstanding.

Acquisition ofa Panamax Container Vessel

In addition, the Company also announced that it has today signed, through a
separate wholly-owned subsidiary, a Memorandum of Agreement with Hanjin
Shipping Co., Ltd., Seoul, for the purchase of a 1993-built Panamax container
vessel of approximately 4,024 TEU capacity, the m/v "Hanjin Malta", for a
purchase price of US$22 million. The vessel is expected to be delivered to the
Company from the sellers in mid-March 2013.

The vessel is to be chartered to Hanjin Shipping Co. Ltd., Seoul (or a nominee
to be fully guaranteed by Hanjin Shipping Co. Ltd., Seoul), for a period of
minimum thirty-six and a half (36.5) months to maximum thirty-eight (38)
months at agross rate of US$25,550 per day. The time-charter party is to
commence simultaneously upon delivery of the vessel to the Company, and is
expected to generate approximately US$27.98 million of gross revenues for the
minimum agreed period of the charter.

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

Establishment of New Fleet Manager

The Company also today announced that it has established a new wholly-owned
subsidiary, Unitized Ocean Transport Limited, or UOT, for the purpose of
providing management services similar to those provided currently by Diana
Shipping Services S.A., including vessel commercial and technical management,
administrative services, and ship brokering services. The Company, and its
vessel-owning subsidiaries, intend to enter into new agreements with UOT for
the provision of these management services after March 1, 2013. We expect the
material terms of these new management agreements with UOT to be substantially
similar to those of the Company's current agreements with Diana Shipping
Services S.A.

Fleet Employment Profile (As of February 19, 2013)                       
Currently Diana Containerships Inc.'s fleet is employed as follows:      

Vessel             Gross                            Delivery  Redelivery
            Sister Rate     Com**  Charterer        Date      Date to    Notes
BUILTTEU   Ships* (USD Per                         to        Owners***
                   Day)                             Charterer
Container Vessels
                                   A.P. Moller -              15-Mar-13
SAGITTA     A      $22,000  1.25%  Maersk A/S       15-May-11 -          
                                                              15-Jun-13
2010 3,426                                                        
                                                              13-Apr-13
CENTAURUS   A      $7,500   3.50%  CMA CGM S.A.     13-Aug-12 -          
                                                              13-Aug-13
2010 3,426                                                        
MAERSK      B      $21,450  1.25%  A.P. Moller -    24-Jun-11 10-May-13  1
MALACCA                            Maersk A/S                 - 8-Aug-13
1990 4,714                                                        
MAERSK      B      $21,450  1.25%  A.P. Moller -    19-Jun-11 5-May-13 - 
MERLION                            Maersk A/S                 3-Aug-13
1990 4,714                                                        
MAERSK            $21,450  1.25%  A.P. Moller -    15-Jun-11 1-May-13 - 
MADRID                             Maersk A/S                 30-Jul-13
1989 4,206                                                        
CAP         C      $22,750        Reederei Santa  6-Feb-12  6-Feb-13   2,3
DOMINGO
(ex Cap San       $22,850  0%     Containerschiffe 6-Feb-13  6-Feb-14
Marco)
                                                              23-Dec-14
2001 3,739       $23,250        GmbH & Co. KG   6-Feb-14  -          
                                                              23-Mar-15
CAP DOUKATO C      $22,750        Reederei Santa  6-Feb-12  6-Feb-13   2,3
(ex Cap San       $22,850  0%     Containerschiffe 6-Feb-13  6-Feb-14   
Raphael)
                                                              23-Dec-14
2002 3,739       $23,250        GmbH & Co. KG    6-Feb-14  -          
                                                              23-Mar-15
APL         D      $24,750  1.00%  APL (Bermuda)    17-Feb-12 3-Jan-14 - 3,4,5
SARDONYX                           Ltd.                       3-Apr-14
1995 4,729                                                        
                                   NOL Liner (Pte)            20-Aug-15
APL GARNET  D      $27,000  0%     Ltd.             19-Nov-12 -          3
                                                              19-Oct-15
1995 4,729                                                        
                                   APL (Bermuda)              15-Jan-14
APL SPINEL  D      $24,750  1.00%  Ltd.             1-Mar-12  -          3,4,5
                                                              15-Apr-14
1996 4,729                                                        
HANJIN                      US$150 Hanjin Shipping            30-Mar-15
MALTA             $25,550  per    Co.,             15-Mar-13 -          3,6
                           day    Ltd., Seoul               15-May-15  
1993 4,024                                                  
* Each container vessel is a "sister ship", or closely similar, to other
container vessels that have the same letter.
** Commission of charterhire paid to third parties, excluding 1% commission
paid to Diana Shipping Services S.A. as part of management fees.
*** 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 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.
2 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.
3 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.
4 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.
5 Since December 28, 2012 charterers have changed to NOL Liner (Pte) Ltd.
6 Estimated dates based on expected date of delivery from sellers to owners.

                                                                  

Summary of Selected Financial & Other Data
                   For the three months ended      For the years ended
                    December 31,                     December 31,
                   2012             2011            2012         2011
                   (unaudited)      (unaudited)     (unaudited)  (unaudited)
INCOME STATEMENT
DATA (in thousands                                             
of US Dollars):
Time charter
revenues, net of
prepaid charter     $14,637        $9,776        $56,631    $26,992
revenue
amortization
Voyage expenses     375              224             1,404        731
Vessel operating    8,809            4,644           28,969       11,134
expenses
Net income          271              1,307           5,969        3,630
FLEET DATA                                                     
Average number of   9.5              5.0             8.6          3.6
vessels
Number of vessels   10.0             5.0             10.0         5.0
Ownership days      871              460             3,156        1,320
Available days      871              460             3,156        1,320
Operating days      870              459             3,150        1,311
Fleet utilization   99.9%            99.8%           99.8%        99.3%
AVERAGE DAILY                                                  
RESULTS
Time charter
equivalent (TCE)    $16,374        $20,765       $17,499    $19,895
rate (1)
Daily vessel
operating expenses  $10,114        $10,095       $9,179     $8,435
(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
Tuesday, February 19, 2013.

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 408535.

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

CONSOLIDATED STATEMENTS OF INCOME
                                                                
                         For the three months ended For the years ended
                          December 31,               December 31,
                         2012          2011          2012          2011
REVENUES:                (unaudited) (unaudited) (unaudited) 
Time charter revenues,
net of prepaid charter    $14,637     $9,776      $56,631     $26,992
revenue amortization
                                                                
EXPENSES:                                                       
Voyage expenses          375          224          1,404        731
Vessel operating          8,809        4,644        28,969       11,134
expenses
Depreciation             3,337        2,143        12,476       5,937
Management fees          425          225          1,551        650
General and               768          974          3,468        3,442
administrative expenses
Foreign currency losses / (92)         4            (194)        18
(gains)
Operating income         1,015        1,562        8,957        5,080
                                                                
OTHER INCOME /                                                   
(EXPENSES):
Interest and finance      (772)        (304)        (3,066)      (1,604)
costs
Interest Income          28           49           78           154
Total other expenses,     (744)        (255)        (2,988)      (1,450)
net
                                                                
Net income               $ 271         $ 1,307       $ 5,969       $ 3,630
                                                                
Earnings per common       $ 0.01        $ 0.06        $ 0.22        $ 0.23
share, basic and diluted
                                                                
Weighted average number   32,111,969    22,929,499    26,934,533    15,536,028
of common shares, basic
                                                                
Weighted average number
of common shares,         32,111,969    22,937,387    26,934,533    15,543,916
diluted
                                                                
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                         
                         For the three months ended For the years ended
                          December 31,               December 31,
                         2012          2011          2012          2011
                         (unaudited) (unaudited) (unaudited) 
Net income               $271        $1,307      $5,969      $3,630
                                                                
Comprehensive income     $271        $1,307      $5,969      $3,630



CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Expressed in thousands of US Dollars)
                                                        2012       2011
ASSETS                                                             
                                                                  
Cash and cash equivalents                               $31,526  $41,354
Other current assets                                     5,386      2,205
Advances for vessel acquisitions and other vessel costs  --         6,634
Vessels' net book value                                 260,945    158,827
Other non-current assets                                 39,188     991
Total assets                                            $337,045 $210,011
                                                                  
LIABILITIES AND STOCKHOLDERS' EQUITY                               
                                                                  
Current liabilities                                      $6,110   $3,114
Long-term debt, net of unamortized deferred financing    91,906     --
costs
Other non-current liabilities                            271        364
Total stockholders' equity                               238,758    206,533
Total liabilities and stockholders' equity              $337,045 $210,011



OTHER FINANCIAL DATA
                                                                 
                            For the three months ended For the years ended
                             December 31,               December 31,
                            2012          2011          2012        2011
                            (unaudited)   (unaudited)   (unaudited) 
Net Cash provided by         $6,897      $4,620      $31,346   $12,504
Operating Activities
Net Cash used in Investing   (30,087)     (7,443)      (149,960)  (79,321)
Activities
Net Cash provided by / (used (9,657)      (4,416)      108,786    97,073
in) Financing 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