Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2017

Athens, Greece - February 20, 2018

Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today reported a net loss of $16.6 million for the fourth quarter of 2017, compared to a net loss of $8.5 million for the same period of 2016. The loss for the fourth quarter of 2017 includes impairment losses of $8.4 million for two vessels, without which the result for the quarter would have been a net loss of $8.2 million. The loss for the fourth quarter of 2016 includes a loss of $2.4 million on sale of one vessel, without which the result for the quarter would have been a net loss of $6.1 million.

Time charter revenues, net of prepaid charter revenue amortization, were $7.8 million for the fourth quarter of 2017, compared to $5.4 million for the same period of 2016. This increase was mainly the result of increased revenues generated by the improvement of the Company’s fleet utilization and increased realized time charter rates.

As of December 31, 2017, the Company’s total debt outstanding, including the entire discount premiums under the two existing loan agreements, amounted to $106.1 million, while as of December 31, 2016, the Company’s total debt outstanding amounted to $174.7 million.

Net income for the year ended December 31, 2017 amounted to $3.8 million, compared to a net loss of $149.0 million for the year ended December 31, 2016. The net income for 2017 reflected a gain from a debt write-off, arising from the refinancing of the secured loan facility with the Royal Bank of Scotland plc (“RBS”), which was agreed to on June 30, 2017. The specific gain, net of related expenses, amounted to $42.2 million. The loss for 2016 includes $118.9 million of impairment charges for seven of the Company’s vessels and $2.9 million of loss on sale of two vessels. Time charter revenues, net of prepaid charter revenue amortization, for the year ended December 31, 2017, amounted to $23.8 million, compared to $33.2 million for the year ended December 31, 2016

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Diana Containerships Inc. press release