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Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and for the Period From January 7, 2010 (Inception Date) Through December 31, 2010

/ Source: GlobeNewswire

ATHENS, Greece, Feb. 22, 2011 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in the transportation of containers, today reported net loss of $15,602 for the fourth quarter of 2010. Time charter revenues were $3.3 million for the fourth quarter of 2010.

Net loss for the period from January 7, 2010 (date of inception) through December 31, 2010 amounted to $2.0 million and time charter revenues were $5.7 million for the period from January 7, 2010 (date of inception) through December 31, 2010.

Announces Change in Board of Directors

The Company also announces the resignation of Mr. Konstantinos Fotiadis from the Company's board of directors and as chairman of the Audit Committee. Mr. Fotiadis submitted his resignation solely for personal reasons, and the Company thanks him for his valuable contributions to the board of directors and the Audit Committee. Effective upon Mr. Fotiadis' resignation, the Company has appointed Mr. Giannakis (John) Evangelou as a Class III director, and has also appointed him to serve on the Audit Committee where he will serve as chairman. Mr. Evangelou brings with him extensive financial and accounting experience as a partner at a major international accounting firm. Mr. Evangelou also has experience as a financial officer of both private and publicly listed shipping companies.

Diana Containerships Inc. is a corporation formed on January 7, 2010 to pursue vessel acquisitions in the container shipping industry. The Company's shares of common stock are currently traded on the NASDAQ.

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.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for containership capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

CONTACT: Corporate Contact: Ioannis Zafirakis Director, Chief Operating Officer and Secretary Telephone: + 30-210-9470000 Email: izafirakis@dcontainerships.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net