Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2012; Declares Cash Dividend of $0.30 per Share for the Fourth Quarter; Announces Agreement to Acquire a Panamax Container Vessel; Announces Establishment of New Management Company

ATHENS, GREECE, February 19, 2013 – 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.
The vessel is to be chartered to Hanjin Shipping Co. Ltd., Seoul (or a nominee to be fully guaranteed by Hanjin Shipping Co. Ltd., Seoul), for a period of minimum thirty-six and a half (36.5) months to maximum thirty-eight (38) months at a gross rate of US$25,550 per day. The time-charter party is to commence simultaneously upon delivery of the vessel to the Company, and is expected to generate approximately US$27.98 million of gross revenues for the minimum agreed period of the charter.
The vessel is anticipated to be purchased using the Company’s existing cash.
Establishment of New Fleet Manager
The Company also today announced that it has established a new wholly-owned subsidiary, Unitized Ocean Transport Limited, or UOT, for the purpose of providing management services similar to those provided currently by Diana Shipping Services S.A., including vessel commercial and technical management, administrative services, and ship brokering services. The Company, and its vessel-owning subsidiaries, intend to enter into new agreements with UOT for the provision of these management services after March 1, 2013. We expect the material terms of these new management agreements with UOT to be substantially similar to those of the Company’s current agreements with Diana Shipping Services S.A...



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