Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2014; Declares Cash Dividend of $0.0025 per Share for the Fourth Quarter

Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today reported net income of $0.9 million for the fourth quarter of 2014, compared to a net loss of $19.8 million for the respective period of 2013. The loss for the fourth quarter of 2013 was mainly the result of impairment charges and direct sale and other charges totalling $21.9 million for two vessels.

Time charter revenues, net of prepaid charter revenue amortization, were $15.0 million for the fourth quarter of 2014, compared to $15.5 million for the same period of 2013, mainly due to decreased average time charter rates, despite an increase in ownership days resulting from the addition to the Company’s fleet of three vessels in 2014, partly offset by the disposal of two vessels in December 2013 and February 2014.

Net income for the year ended December 31, 2014 amounted to $3.2 million, compared to a net loss of $57.3 million for the year ended December 31, 2013. The loss for the year ended December 31, 2013 was mainly the result of impairment charges and direct sale and other charges totalling $58.8 million for five vessels. Time charter revenues, net of prepaid charter revenue amortization, for the year ended December 31, 2014 amounted to $54.1 million, compared to $54.0 million for the year ended December 31, 2013.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.0025 per share with respect to the fourth quarter of 2014. The cash dividend will be payable on or around March 26, 2015 to all shareholders of record as at March 11, 2015. As of December 31, 2014 the Company had 73,158,991 shares of common stock outstanding..