Diana Containerships Inc. Announces The Sale Of A Panamax Container Vessel, The M/v Spinel

ATHENS, Greece, Dec. 16, 2013 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in the ownership of containerships, today announced that on December 12, 2013 it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 1996-built vessel "Spinel" (formerly "APL Spinel") for demolition, with delivery due to the buyers by December 20, 2013, for a sale price of approximately US$9.65 million before commissions.

The previous charterers, NOL Liner (Pte) Ltd., have agreed to compensate the owner in full for the early redelivery of the vessel on December 1, 2013, until the minimum agreed redelivery date, January 15, 2014.

Upon completion of the aforementioned sale Diana Containerships Inc.'s fleet will consist 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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