Diana Containerships Inc. Announces Direct Continuation of Time Charter Agreement for m/v Sagitta With A.P. Moller-Maersk A/S

Diana Containerships Inc. Announces Direct Continuation of Time Charter
Agreement for m/v Sagitta With A.P. Moller-Maersk A/S

ATHENS, Greece, March 4, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc.
(Nasdaq:DCIX), a global shipping company specializing in owning and operating
containerships, today announced that it has extended the present time charter
contract with A.P. Møller-Maersk A/S, for its Panamax container vessel, the
m/v Sagitta. The gross charter rate is US$7,250 per day, minus a 1.25%
commission paid to third parties, for a period of minimum seven (7) months to
maximum eleven (11) months. This charter is a direct continuation of the
present agreement and will commence on March 15, 2013.

This employment is anticipated to generate approximately US$1.5 million of
gross revenue for the minimum scheduled period of the charter.

The m/v Sagitta is a 3,426 TEU container vessel built in 2010.

Diana Containerships Inc.'s fleet currently consists of 11 Panamax container
vessels, including the recently announced acquisition of a second hand Panamax
container vessel not yet delivered to the Company. 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.

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.

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