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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.

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