Diana Containerships Inc. Announces Direct Continuation Of Time Charter Agreement For M/v Sagitta With A.P. Moller-Maersk A/S

ATHENS, Greece, March 4, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in owning and operating containerships, today announced that it has extended the present time charter contract with A.P. Møller-Maersk A/S, for its Panamax container vessel, the m/v Sagitta. The gross charter rate is US$7,250 per day, minus a 1.25% commission paid to third parties, for a period of minimum seven (7) months to maximum eleven (11) months. This charter is a direct continuation of the present agreement and will commence on March 15, 2013.

This employment is anticipated to generate approximately US$1.5 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.

Diana Containerships Inc.'s fleet currently consists of 11 Panamax container vessels, including the recently announced acquisition of a second hand Panamax container vessel not yet delivered to the Company. 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 and operate 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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