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Diana Containerships Inc. Reports Financial Results For The Fourth Quarter And Year Ended December 31, 2012

Declares Cash Dividend of $0.30 Per Share f or the Fourth Quarter

Announces Agreement to Acquire a Panamax Container Vessel

Announces Establishment of New Management Company

ATHENS, Greece, Feb. 19, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in owning and operating containerships, today reported net income of $0.3 million for the fourth quarter of 2012, compared to net income of $1.3 million for the same period of 2011.

Time charter revenues were $14.6 million for the fourth quarter of 2012, compared to $9.8 million for the same period of 2011, mainly due to the increase in the number of vessels in the fleet following the delivery in February, March and November 2012 of the Cap San Marco (renamed Cap Domingo), Cap San Raphael (renamed Cap Doukato), APL Sardonyx, APL Spinel and APL Garnet.

Net income to Diana Containerships Inc. for the year ended December 31, 2012 amounted to $6.0 million, compared to net income of $3.6 million for the same period of 2011. Time charter revenues were $56.6 million for the year ended December 31, 2012, compared to $27.0 million for the same period in 2011.

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 March 21, 2013 to all shareholders of record as at March 5, 2013. The Company has 32,191,964 shares of common stock outstanding.

Acquisition of a Panamax Container Vessel

In addition, the Company also announced that it has today signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement with Hanjin Shipping Co., Ltd., Seoul, for the purchase of a 1993-built Panamax container vessel of approximately 4,024 TEU capacity, the m/v "Hanjin Malta", for a purchase price of US$22 million. The vessel is expected to be delivered to the Company from the sellers in mid-March 2013.

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