Diana Containerships Inc. Reports Financial Results for the First Quarter Ended March 31, 2013

Diana Containerships Inc. Reports Financial Results for the First Quarter
Ended March 31, 2013

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

  Signs a Loan Agreement With Diana Shipping Inc. and Announces Intention to
            File for a $40Million at the Market Equity Offering

          Agrees to Sell a Panamax Container Vessel, the m/v Merlion

ATHENS, Greece, May 21, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc.
(Nasdaq:DCIX), a global shipping company specializing in owning and operating
containerships, today reported a net loss of $31.8 million for the first
quarter of 2013, compared to net income of $1.9 million for the same period of
2012, as a result of a non-cash impairment loss of $32.6 million recorded
during the quarter for the vessels Maersk Madrid, Maersk Malacca and Maersk
Merlion, without which the result for the first quarter of 2013 would be a
profit of $0.8 million, while the earnings per share, basic and diluted, would
be $0.03 for the quarter.

Time charter revenues were $15.1 million for the first quarter of 2013,
compared to $12.4 million for the same period of 2012, mainly due to the
increase in the number of vessels in the fleet following the delivery of the
Cap Domingo, Cap Doukato, APL Sardonyx, APL Spinel and APL Garnet in February,
March and November 2012 and the delivery of the Hanjin Malta in March 2013.

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 June 12, 2013 to all
shareholders of record as at June 4, 2013. The Company has 32,191,964 shares
of common stock outstanding.

Loan Agreement with Diana Shipping Inc.

Separately, the Company also announced that yesterday, through a wholly-owned
subsidiary, it has entered into a loan agreement with Diana Shipping Inc.
(NYSE:DSX), pursuant to which Diana Shipping has agreed to loan the Company up
to $50 million to fund vessel acquisitions and for general corporate purposes.
The loan matures on the fourth anniversary of the Company's initial draw down
date, and amounts drawn under the loan will bear interest at the rate of LIBOR
plus 5.0% per annum. In addition, the Company will pay Diana Shipping a
variable back-end fee in an amount of up to 5.0%, in the aggregate, of the
total amount outstanding under the loan. The unsecured loan is guaranteed by
the Company. Under the loan agreement Diana Shipping must consent to the
incurrence of further indebtedness by the Company. The loan agreement was
approved by a committee of the independent directors of Diana Shipping Inc.
and by all members of the Board of Directors of the Company.

Diana Containerships is also announcing that it expects to file for an at the
market equity offering in an amount up to US $40 million to be sold within 12
months of commencement of the offering pursuant to its effective shelf
registration statement.

Sale of m/v Merlion

In addition the Company also announced that on May 17, 2013 it signed, through
a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an
unaffiliated third party the 1990-built vessel "Merlion" (ex "Maersk Merlion")
for demolition, with delivery due to the buyers by early June 2013, for a sale
price of approximately US$10 million before commissions.

Upon completion of the aforementioned sale and the previously announced sale
of m/v Malacca, Diana Containerships Inc.'s fleet will consist of 8 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.

Fleet Employment Profile (As of May 21, 2013)                                
Currently Diana Containerships Inc.'s fleet is employed as follows:          
Vessel     Sister  Gross                         Delivery  Redelivery      
                   Rate                            Date      Date
                   (USD                            to        to
BUILTTEU  Ships* Per     Com**  Charterer        Charterer Owners***  Notes 
Container Vessels                                                             
SAGITTA    A       $22,000 1.25%  A.P. Moller -    15-May-11 15-Mar-13       
                 $7,250        Maersk A/S      15-Mar-13 -               
CENTAURUS  A       $7,500  3.50%  CMA CGM S.A.     13-Aug-12 1-Jun-13 - 1     
MALACCA    B       $21,450 1.25%  A.P. Moller -    24-Jun-11 9-May-13   2     
(ex Maersk                     Maersk A/S                         
MERLION    B       $21,450 1.25%  A.P. Moller -    19-Jun-11 14-May-13  2     
(ex Maersk                     Maersk A/S                         
MADRID            $21,450 1.25%  A.P. Moller -    15-Jun-11 29-Apr-13  3,4   
(ex Maersk                     Maersk A/S                         
CAP        C       $22,750 0%     Reederei Santa   6-Feb-12  6-Feb-13   5,6   
(ex Cap           $22,850       Containerschiffe 6-Feb-13  6-Feb-14        
San Marco)
20013,739        $23,250       GmbH & Co. KG    6-Feb-14  -               
CAP        C       $22,750 0%     Reederei Santa   6-Feb-12  6-Feb-13   5,6   
(ex Cap
San               $22,850       Containerschiffe 6-Feb-13  6-Feb-14        
20023,739        $23,250       GmbH & Co. KG    6-Feb-14  -               
APL        D       $24,750 1.00%  APL (Bermuda)    17-Feb-12 3-Jan-14 - 6,7,8 
SARDONYX                                                     3-Apr-14
19954,729                     Ltd.                               
APL GARNET D       $27,000 0%     NOL Liner (Pte)  19-Nov-12 -          6     
19954,729                     Ltd.                               
APL SPINEL D       $24,750 1.00%  APL (Bermuda)    1-Mar-12  -          6,7,8 
19964,729                     Ltd.                               
HANJIN                                                       30-Mar-16
MALTA             $25,550 US$150 Hanjin Shipping  15-Mar-13 -          6     
19934,024               per   Co. Ltd., Seoul                    
* Each container vessel is a "sister ship", or closely similar, to other      
container vessels that have the same letter.
** Total commission paid to third parties.                                    
*** 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 Redelivery date based on latest information received by charterer.          
2 Vessel sold and expected to be delivered to its new owners in early June    
3 Vessel sold and delivered to its new owners on May 10, 2013.                
4 A.P. Moller - Maersk A/S has agreed to compensate the owners for the early  
redelivery of the vessel by paying US$210,000.
5 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.
6 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.
7 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.
8 Since December 28, 2012 charterers have changed to NOL Liner (Pte) Ltd.     

Summary of Selected Financial & Other Data
                                        For the three months ended March 31,
                                        2013               2012
                                        (unaudited)        (unaudited)
INCOME STATEMENT DATA (in thousands of                     
US Dollars):
Time charter revenues, net of prepaid   $15,137           $12,448
charter revenue amortization
Voyage expenses                         295               284
Vessel operating expenses               8,232             5,701
Net income / (loss)                     (31,799)          1,868
FLEET DATA                                                
Average number of vessels               10.2              7.0
Number of vessels                       11.0              9.0
Ownership days                          916               638
Available days                          916               638
Operating days                          916               638
Fleet utilization                       100.0%             100.0%
AVERAGE DAILY RESULTS                                      
Time charter equivalent (TCE) rate (1)   $ 16,203           $ 19,066
Daily vessel operating expenses (2)      $ 8,987            $ 8,936


(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, May 21, 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 412821.

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

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.

                       (See financial tables attached)

Expressed in thousands of U.S. Dollars, except for share and per share data


                                                  For the three months ended
                                                   March 31,
                                                  2013          2012
REVENUES:                                          (unaudited)  (unaudited)
Time charter revenues, net of prepaid charter      $ 15,137      $ 12,448
revenue amortization
Voyage expenses                                    295          284
Vessel operating expenses                          8,232        5,701
Depreciation                                       3,419        2,689
Management fees                                    305          315
General and administrative expenses                1,272        939
Impairment losses                                  32,626       --
Foreign currency losses / (gains)                  45           (33)
Operating income / (loss)                          (31,057)     2,553
OTHER INCOME / (EXPENSES):                                      
Interest and finance costs                         (755)        (711)
Interest Income                                    13           26
Total other expenses, net                          (742)        (685)
Net income / (loss)                                $ (31,799)    $ 1,868
Earnings/ (loss) per common share, basic and      $ (0.99)      $ 0.08
Weighted average number of common shares, basic    32,111,969    22,929,499
Weighted average number of common shares, diluted  32,111,969    22,934,228
                                                  For the three months ended
                                                   March 31,
                                                  2013          2012
                                                  (unaudited)  (unaudited)
Net income / (loss)                                $ (31,799)    $ 1,868
Comprehensive income / (loss)                      $ (31,799)    $ 1,868

(Expressed in thousands of US Dollars)                     
                                        March 31, 2013    December 31, 2012
Cash and cash equivalents                $ 7,237           $ 31,526
Other current assets                     5,581             5,386
Vessels' net book value                  238,515           260,945
Other fixed assets, net                  358               --
Other non-current assets                 43,164            39,188
Total assets                             $ 294,855         $ 337,045
Current liabilities                      $ 5,044           $ 6,110
Long-term debt, net of unamortized       91,954            91,906
deferred financing costs
Other non-current liabilities            334               271
Total stockholders' equity               197,523           238,758
Total liabilities and stockholders'      $ 294,855         $ 337,045
OTHER FINANCIAL DATA                                      
                                        For the three months ended March 31,
                                        2013              2012
                                        (unaudited)       (unaudited)
Net Cash provided by Operating          $ 7,841           $ 7,153
Net Cash used in Investing Activities   (22,472)         (119,808)
Net Cash provided by / (used in)        (9,658)          79,969
Financing Activities

CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Chief Operating Officer and Secretary
         Telephone: + 30-216-600-2400
         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
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