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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 $40 Million 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.

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