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 and Completion of Sale
of a Panamax Container Vessel With Delivery to Her New Owners

ATHENS, Greece, Dec. 20, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc.
(Nasdaq:DCIX), (the "Company"), a global shipping company specializing in the
ownership of containerships, today announced that it has agreed to extend the
present time charter contract with A.P. Møller-Maersk A/S, for its Panamax
container vessel, the m/v Sagitta for a period of up to minimum September 15,
2014 to maximum November 30, 2014 at a gross charter rate of US$7,400 per day,
minus a 1.25% commission paid to third parties. The new charter period will
commence on January 29, 2014.

This employment is anticipated to generate approximately US$1.6 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.

Separatelly, the Company also announced that it completed yesterday the
previously announced sale for demolition of one of its Panamax container
vessels, the m/v Spinel with the delivery of the vessel to her new owners.

Diana Containerships Inc.'s fleet currently consists of 9 container vessels (2
Post-Panamax and 7 Panamax). 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 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: +30-216-600-2400
         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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