Diana Containerships Inc. Announces the Reactivation and the Time Charter Contract for m/v Pamina with OOCL

Athens, Greece - August 21, 2017

Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that it plans to reactivate one of its Panamax container vessels, the m/v Pamina. The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Orient Overseas Container Line Ltd., Hong Kong, for the m/v Pamina. The gross charter rate is US$9,500 per day, minus a 3.75% commission paid to third parties, for a period of minimum seven (7) months to maximum twelve (12) months. The charter will commence on September 13, 2017.

The “Pamina” is a 5,042 TEU container vessel built in 2005.

This employment is anticipated to generate approximately US$2.0 million of gross revenue for the minimum scheduled period of the time charter.

Diana Containerships Inc.’s fleet currently consists of 11 container vessels (6 Post-Panamax and 5 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.

Diana Containerships Inc. press release