Diana Containerships Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2013

Diana Containerships Inc. Reports Financial Results for the Second Quarter and
Six Months Ended June 30, 2013

Declares Cash Dividend of $0.15 Per Share for the Second Quarter

ATHENS, Greece, July 29, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc.
(Nasdaq:DCIX), a global shipping company specializing in owning and operating
containerships, today reported a net loss of $5.0 million for the second
quarter of 2013, compared to net income of $2.2 million for the respective
period of 2012. The loss for the second quarter was mainly the result of $4.3
million of direct sale and other charges associated with the disposal of the
vessels Madrid, Malacca and Merlion, without which the result for the second
quarter of 2013 would have been a loss of $0.7 million, while the loss per
share, basic and diluted, would have been $(0.02) for that quarter.

Time charter revenues were $12.2 million for the second quarter of 2013,
compared to $14.9 million for the same period of 2012, mainly due to the
decrease of the average time charter rates achieved in 2013 compared to 2012
and the disposal of the vessels Madrid, Malacca and Merlion in the second
quarter of 2013, which was partly offset by the contribution of revenues of
the vessels Apl Garnet, delivered in November 2012, and Hanjin Malta,
delivered in March 2013.

Net loss to Diana Containerships Inc. for the six months ended June 30, 2013
amounted to $36.8 million, compared to net income of $4.1 million for the same
period of 2012. Time charter revenues were $27.4 for the six months ended June
30, 2013, essentially unchanged from the revenues of the respective period in
2012.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.15 per
share with respect to the second quarter of 2013. The cash dividend will be
payable on or around September 3, 2013 to all shareholders of record as at
August 14, 2013. The Company has 33,757,688 shares of common stock
outstanding.

                                                                          
Fleet Employment Profile (As of July 29, 2013)                             
Currently Diana Containerships Inc.'s fleet is employed as follows:        
                                                                            
                  Gross
Vessel     Sister Rate                           Delivery  Redelivery
BUILT TEU  Ships* (USD    Com** Charterer        Date to   Date to    Notes 
                  Per                            Charterer Owners***
                  Day)
Container Vessels                                                           
SAGITTA    A      $22,000 1.25% A.P. Moller -    15-May-11 15-Mar-13       
                                Maersk A/S
                                                           15-Oct-13
                $7,250                       15-Mar-13 -               
                                                           15-Feb-14
20103,426                                                           
                                                           13-Feb-14
CENTAURUS  A      $7,500  3.50% CMA CGM S.A.     13-Aug-12 -          1     
                                                           13-Jun-14
20103,426                                                           
MALACCA    B      $21,450 1.25% A.P. Moller -    24-Jun-11 9-May-13   2     
                                Maersk A/S
(ex Maersk                                                           
Malacca)
19904,714                                                           
MERLION    B      $21,450 1.25% A.P. Moller -    19-Jun-11 14-May-13  3     
                                Maersk A/S
(ex Maersk                                                           
Merlion)
19904,714                                                           
MADRID           $21,450 1.25% A.P. Moller -    15-Jun-11 29-Apr-13  4,5   
                                Maersk A/S
(ex Maersk                                                           
Madrid)
19894,206                                                           
CAP                             Reederei Santa
DOMINGO    C      $22,750 0%    Containerschiffe 6-Feb-12  6-Feb-13   6,7   
                                GmbH & Co. KG
(ex Cap          $22,850                      6-Feb-13  6-Feb-14        
San Marco)
                                                           23-Dec-14
20013,739       $23,250                      6-Feb-14  -               
                                                           23-Mar-15
CAP                             Reederei Santa
DOUKATO    C      $22,750 0%    Containerschiffe 6-Feb-12  6-Feb-13   6,7   
                                GmbH & Co. KG
(ex Cap
San              $22,850                      6-Feb-13  6-Feb-14        
Raphael)
                                                           23-Dec-14
20023,739       $23,250                      6-Feb-14  -               
                                                           23-Mar-15
APL        D      $24,750 1.00% APL (Bermuda)    17-Feb-12 3-Jan-14 - 7,8,9 
SARDONYX                        Ltd.                       3-Apr-14
19954,729                                                           
                                NOL Liner (Pte)            20-Aug-15
APL GARNET D      $27,000 0%    Ltd.             19-Nov-12 -          7     
                                                           19-Oct-15
19954,729                                                           
                                APL (Bermuda)              15-Jan-14
APL SPINEL D      $24,750 1.00% Ltd.             1-Mar-12  -          7,8,9 
                                                           15-Apr-14
19964,729                                                           
                          US                               30-Mar-16
HANJIN           $25,550 $150  Hanjin Shipping  15-Mar-13 -          7     
MALTA                     per   Co. Ltd.                   15-May-16
                          day
19934,024                                                           
* 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 On June 7, 2013, the Company agreed to extend as from August 13, 2013 the
initially signed charter party with CMA CGM S.A., dated August 2, 2012 for  
a period of minimum 6 months to maximum 10 months.
2 Vessel sold and delivered to its new owners on June 11, 2013.             
3 Vessel sold and delivered to its new owners on June 07, 2013.             
4 Vessel sold and delivered to its new owners on May 10, 2013.              
5 A.P. Moller - Maersk A/S has agreed to compensate the owners for the      
early redelivery of the vessel by paying US$210,000.
6 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.
7 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.
8 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.
9 Since December 28, 2012 charterers have changed to NOL Liner (Pte) Ltd.   



Summary of Selected Financial & Other Data
                  For the three months ended   For the six months ended June
                   June 30,                     30,
                  2013           2012          2013            2012
                  (unaudited)    (unaudited)   (unaudited)     (unaudited)
INCOME STATEMENT
DATA (in thousands                                           
of US Dollars):
Time charter
revenues, net of
prepaid charter    $ 12,245       $ 14,939      $ 27,381        $ 27,387
revenue
amortization
Voyage expenses    122           379          417            663
Vessel operating   8,428         7,048        16,660         12,749
expenses
Net income /       (5,045)       2,239        (36,844)       4,107
(loss)
FLEET DATA                                                  
Average number of  10.0          9.0          10.1           8.0
vessels
Number of vessels  8.0           9.0          8.0            9.0
Ownership days     906           819          1,822          1,457
Available days     906           819          1,822          1,457
Operating days     838           815          1,754          1,453
Fleet utilization  92.5%          99.5%         96.3%           99.7%
AVERAGE DAILY                                                
RESULTS
Time charter
equivalent (TCE)   $ 13,381       $ 17,778      $ 14,799        $ 18,342
rate (1)
Daily vessel
operating expenses $ 9,302        $ 8,606       $ 9,144         $ 8,750
(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 and vessel registry, expenses relating to repairs
and maintenance, the costs of spares and consumable stores, lubricant costs,
tonnage taxes, regulatory fees 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, July 29, 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 417254.

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.

                       (See financial tables attached)



DIANA CONTAINERSHIPS INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except for share and per share data
                                                               
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
                                                               
                         For the three months ended  For the six months ended
                          June 30,                    June 30,
                         2013           2012         2013         2012
REVENUES:                                                       
Time charter revenues,
net of prepaid charter    $ 12,245       $ 14,939     $ 27,381     $ 27,387
revenue amortization
                                                               
EXPENSES:                                                       
Voyage expenses           122           379         417         663
Vessel operating expenses 8,428         7,048       16,660      12,749
Depreciation              2,287         3,207       5,706       5,896
Management fees           --            405         305         721
General and               1,397         897         2,669       1,835
administrative expenses
Impairment losses         --            --          32,626      --
Loss on vessels' sale     4,271         --          4,271       --
Foreign currency losses / 16            (32)        61          (65)
(gains)
Operating income / (loss) (4,276)       3,035       (35,334)    5,588
                                                               
OTHER INCOME /                                                  
(EXPENSES):
Interest and finance      (789)         (804)       (1,543)     (1,515)
costs
Interest Income           20            8           33          34
Total other expenses, net (769)         (796)       (1,510)     (1,481)
                                                               
Net income / (loss)       $ (5,045)      $ 2,239      $ (36,844)   $ 4,107
                                                               
Earnings/ (loss) per
common share, basic and   $ (0.16)       $ 0.10       $ (1.14)     $ 0.18
diluted
                                                               
Weighted average number
of common shares, basic   32,432,806     22,964,664   32,273,274   22,947,082
and diluted
                                                               
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
                                                               
                         For the three months ended  For the six months ended
                          June 30,                    June 30,
                         2013           2012         2013         2012
                                                               
Net income / (loss)       $ (5,045)      $ 2,239      $ (36,844)   $ 4,107
                                                               
Comprehensive income /    $ (5,045)      $ 2,239      $ (36,844)   $ 4,107
(loss)
                                                               



UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Expressed in thousands of US Dollars)
                                              June 30, 2013 December 31, 2012
ASSETS                                                      
                                                           
Cash and cash equivalents                      $ 37,962      $ 31,526
Other current assets                           4,243         5,386
Vessels' net book value                        206,350       260,945
Other fixed assets, net                        359           --
Other non-current assets                       38,017        39,188
Total assets                                   $ 286,931     $ 337,045
                                                           
LIABILITIES AND STOCKHOLDERS' EQUITY                        
                                                           
Current liabilities                            $ 5,314       $ 6,110
Long-term debt, net of unamortized deferred    92,003        91,906
financing costs
Other non-current liabilities                  291           271
Total stockholders' equity                     189,323       238,758
Total liabilities and stockholders' equity     $ 286,931     $ 337,045



OTHER FINANCIAL DATA
                     For the three months ended For the six months ended June
                      June 30,                   30,
                     2013          2012         2013           2012
                     (unaudited)   (unaudited)  (unaudited)    (unaudited)
Net Cash provided by  $ 7,754       $ 8,162      $ 15,595       $ 15,315
Operating Activities
Net Cash provided by
/(used in) Investing  26,226       (65)        3,754         (119,873)
Activities
Net Cash provided by
/ (used in) Financing (3,255)      (5,770)     (12,913)      74,199
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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