Diana Containerships announces the sale of m/v Puelo

Corporate Contact:

 Ioannis Zafirakis Director,

 Chief Operating Officer and Secretary Telephone: +30-216-600-2400 

Email: izafirakis@dcontainerships.com 

Website: www.dcontainerships.com 

Investor and Media Relations: Edward Nebb Comm-Counsellors, 

LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net 

DIANA CONTAINERSHIPS INC. 

ANNOUNCES THE SALE OF ANOTHER POST-PANAMAX CONTAINER VESSEL, THE M/V PUELO 

ATHENS, GREECE,

 May 21, 2018 

–Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2006-built vessel “Puelo”, with delivery to the buyer by latest June 30, 2018, for a sale price of US$20.5 million before commissions.

 The Company expects to use the whole or part of the net proceeds from the sale of the vessel to prepay existing indebtedness based on the outstanding amount of such indebtedness upon completion of the transaction.

 Upon completion of the aforementioned sale and the previously announced sale of a PostPanamax container vessel, the m/v Hamburg, Diana Containerships Inc.’s fleet will consist of 4 container vessels (2 Post-Panamax and 2 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 global provider of shipping transportation services through its ownership of containerships.

 The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes.

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, vessel 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.