Diana Containerships Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2013

Diana Containerships Inc. Reports Financial Results for the Third Quarter and
Nine Months Ended September 30, 2013

Declares Cash Dividend of $0.15 per Share for the Third Quarter

ATHENS, GREECE, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc.
(Nasdaq:DCIX), a global shipping company specializing in the ownership of
containerships, today reported a net loss of $0.7 million for the third
quarter of 2013, compared to net income of $1.6 million for the respective
period of 2012.

Time charter revenues, net of prepaid charter revenue amortization, were $11.1
million for the third quarter of 2013, compared to $14.6 million for the same
period of 2012, mainly due to reduced average time charter rates and the
decrease in ownership days in 2013 compared to 2012, resulting from the
disposal of the vessels Madrid, Malacca and Merlion in May and June 2013,
which was partly offset by the addition to the Company's fleet of the vessels
APL Garnet, delivered in November 2012, and Hanjin Malta, Puelo and Pucon,
delivered in March, August and September 2013, respectively.

Net loss for the nine months ended September 30, 2013 amounted to $37.6
million, as a result of an impairment loss and other direct sale charges
totalling $36.9 million for the vessels Madrid, Malacca and Merlion, without
which the result for the nine months ended September 30, 2013 would be a loss
of $0.7 million, compared to net income of $5.7 million for the same period of
2012. Time charter revenues, net of prepaid charter revenue amortization, were
$38.5 million for the nine months ended September 30, 2013, compared to $42.0
million for 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 third quarter of 2013. The cash dividend will be
payable on or around December 18, 2013 to all shareholders of record as at
November 29, 2013. The Company has 33,983,160 shares of common stock
outstanding.


Fleet Employment Profile (As of November 14, 2013)
Currently Diana Containerships Inc.'s fleet is employed as follows:

Vessel             Gross                         Delivery            
                    Rate                           Date
             Sister (USD                            to        Redelivery
BUILTTEU    Ships* Per    Com**  Charterer         Charterer Date to    Notes
                    Day)                                      Owners***
Panamax Container Vessels
                                                                  
SAGITTA      A      $      1.25%  A.P. Moller -    15-Mar-13 1-Jan-14 - 
                    7,250                                     15-Feb-14
20103,426                     Maersk A/S                           
                    $                                         13-Feb-14
CENTAURUS    A      7,500  3.50%  CMA CGM S.A.      13-Aug-12 -          1
                                                              13-Jun-14
20103,426                                                         
CAP DOMINGO  B      $            Reederei Santa   6-Feb-13  6-Feb-14   2,3
                    22,850
(ex Cap San              0%     Containerschiffe                    
Marco)
                    $                                         23-Dec-14
20013,739         23,250       GmbH & Co. KG     6-Feb-14  -          
                                                              23-Mar-15
CAP DOUKATO  B      $            Reederei Santa   6-Feb-13  6-Feb-14   2,3
                    22,850
(ex Cap San              0%     Containerschiffe                    
Raphael)
                    $                                         23-Dec-14
20023,739         23,250       GmbH & Co. KG     6-Feb-14  -          
                                                              23-Mar-15
APL SARDONYX C      $      1.00%  APL (Bermuda)     17-Feb-12 3-Jan-14 - 3,4
                    24,750        Ltd.                        3-Apr-14
19954,729                                                         
                    $             NOL Liner (Pte)             20-Aug-15
APL GARNET   C      27,000 0%     Ltd.              19-Nov-12 -          3
                                                              19-Oct-15
19954,729                                                         
                    $             APL (Bermuda)               15-Jan-14
APL SPINEL   C      24,750 1.00%  Ltd.              1-Mar-12  -          3,4
                                                              15-Apr-14
19964,729                                                         
                    $      US$150 Hanjin Shipping             30-Mar-16
HANJIN MALTA       25,550 per    Co. Ltd.          15-Mar-13 -          3
                           day                                15-May-16
19934,024                                                         

Post - Panamax Container Vessels

                    $      US$150                             23-Feb-15
PUELO        D      27,900 per    CSAV Valparaiso   23-Aug-13 -          5
                           day                                23-Feb-16
20066,541                                                         
                    $      US$150                             20-Mar-15
PUCON        D      27,900 per    CSAV Valparaiso   20-Sep-13 -          5
                           day                                20-Mar-16
20066,541                                                         
                                                                  
* 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 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 Since December 28, 2012 charterers have changed to NOL Liner (Pte) Ltd.
5 In case the vessel is redelivered to the Company in any period between the
earliest and the maximum redelivery period after delivery, then the charterers
will pay a lump sum equivalent to US$6,000 per day to the owners for the
outstanding period between the redelivery date and up to the 30 months.


Summary of Selected Financial & Other Data
                         For the three months ended For the nine months ended
                          September 30,              September 30,
                         2013          2012         2013         2012
                         (unaudited)   (unaudited)  (unaudited)  (unaudited)
INCOME STATEMENT DATA (in                                      
thousands of US Dollars):
Time charter revenues,
net of prepaid charter    $ 11,131      $ 14,606     $ 38,513     $ 41,993
revenue amortization
Voyage expenses           110           366          527          1,029
Vessel operating expenses 6,897         7,410        23,557       20,160
Net income / (loss)       (718)         1,591        (37,562)     5,698
FLEET DATA                                                     
Average number of vessels 8.5           9.0          9.6          8.3
Number of vessels         10.0          9.0          10.0         9.0
Ownership days            786           828          2,608        2,285
Available days            786           828          2,608        2,285
Operating days            784           827          2,538        2,280
Fleet utilization         99.7%         99.9%        97.3%        99.8%
AVERAGE DAILY RESULTS
Time charter equivalent   $ 14,022      $ 17,198     $ 14,565     $ 17,927
(TCE) rate (1)
Daily vessel operating    $ 8,775       $ 8,949      $ 9,033      $ 8,823
expenses (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
Thursday, November 14, 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 422644.

About the Company

Diana Containerships Inc. is a Marshall Islands corporation founded in 2010 to
own 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 nine months ended
                          September 30,              September 30,
                         2013          2012         2013         2012
REVENUES:                                                      
Time charter revenues     $ 16,350      $ 17,977     $ 53,441     $ 50,290
Prepaid charter revenue   (5,219)       (3,371)      (14,928)     (8,297)
amortization
Time charter revenues,    11,131        14,606       38,513       41,993
net
                                                              
EXPENSES:                                                      
Voyage expenses           110           366          527          1,029
Vessel operating expenses 6,897         7,410        23,557       20,160
Depreciation              2,412         3,244        8,118        9,140
Management fees           --            405          305          1,125
General and               1,182         865          3,851        2,700
administrative expenses
Impairment losses         --            --           32,626       --
Loss on vessels' sale     --            --           4,271        --
Foreign currency losses / 7             (37)         68           (102)
(gains)
Operating income / (loss) 523           2,353        (34,810)     7,941
                                                              
OTHER INCOME /                                                 
(EXPENSES):
Interest and finance      (1,268)       (779)        (2,812)      (2,294)
costs
Interest Income           27            17           60           51
Total other expenses, net (1,241)       (762)        (2,752)      (2,243)
                                                              
Net income / (loss)       $ (718)       $ 1,591      $ (37,562)   $ 5,698
                                                              
Earnings/ (loss) per
common share, basic and   $ (0.02)      $ 0.05       $ (1.14)     $ 0.22
diluted
                                                              
Weighted average number
of common shares, basic   33,863,517    29,645,316   32,809,180   25,196,124
and diluted
                                                              
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
                                                              
                         For the three months ended For the nine months ended
                          September 30,              September 30,
                         2013          2012         2013         2012
                                                              
Net income / (loss)       $ (718)       $ 1,591      $ (37,562)   $ 5,698
Comprehensive income /    $ (718)       $ 1,591      $ (37,562)   $ 5,698
(loss)


UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Expressed in thousands of US Dollars)

                                         September 30, 2013 December 31, 2012
ASSETS                                                      
                                                           
Cash and cash equivalents                 $ 3,510            $ 31,526
Other current assets                      3,587              5,386
Vessels' net book value                   298,228            260,945
Other fixed assets, net                   351                --
Restricted cash                           9,870              9,270
Prepaid charter revenue                   23,544             29,918
Total assets                              $ 339,090          $ 337,045
                                                           
LIABILITIES AND STOCKHOLDERS' EQUITY                        
                                                           
Current liabilities                       $ 5,085            $ 6,110
Long-term bank debt, net of unamortized   98,052             91,906
deferred financing costs
Related party financing, non-current      50,073             --
Other non-current liabilities             131                271
Total stockholders' equity                185,749            238,758
Total liabilities and stockholders'       $ 339,090          $ 337,045
equity


OTHER FINANCIAL DATA

                         For the three months ended For the nine months ended
                          September 30,              September 30,
                         2013          2012         2013         2012
                         (unaudited)   (unaudited)  (unaudited)  (unaudited)
Net Cash provided by      $ 6,474       $ 9,134      $ 22,069     $ 24,449
Operating Activities
Net Cash used in          (93,445)      --           (89,691)     (119,873)
Investing Activities
Net Cash provided by      52,519        44,244       39,606       118,443
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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