FORM 6-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2014
Commission File Number: 001-35025

DIANA CONTAINERSHIPS INC.
 (Translation of registrant's name into English)
Pendelis 18, 175 64 Palaio Faliro, Athens, Greece
 (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a press release dated November 24, 2014 of Diana Containerships Inc. (the "Company") announcing its financial results for the third quarter and nine months ended September 30, 2014 and declaring a cash dividend on its common stock of $0.0025 per share.

The information contained in this Report on Form 6-K is hereby incorporated by reference into the Company's registration statement on Form F-3 (File no. 333-197740), filed with the U.S. Securities and Exchange Commission with an effective date of August 13, 2014.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DIANA CONTAINERSHIPS INC.
(registrant)


Dated: November 24, 2014
By:
/s/ Andreas Michalopoulos
   
Andreas Michalopoulos
   
Chief Financial Officer

Exhibit 99.1
 
 
 
Corporate Contact:
 
Ioannis Zafirakis
 
Director, Chief Operating Officer and Secretary
 
Telephone: + 30-216-600-2400
 
Email: izafirakis@dcontainerships.com
 
Website: www.dcontainerships.com

For Immediate Release

 
Investor and Media Relations:
 
Edward Nebb
 
Comm-Counsellors, LLC
 
Telephone: + 1-203-972-8350
 
Email: enebb@optonline.net

DIANA CONTAINERSHIPS INC. REPORTS FINANCIAL RESULTS
FOR THE THIRD QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2014

DECLARES CASH DIVIDEND OF $0.0025 PER SHARE
FOR THE THIRD QUARTER


ATHENS, GREECE, November 24, 2014 – Diana Containerships Inc. (NASDAQ: DCIX), (the "Company"), a global shipping company specializing in the ownership of containerships, today reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013.
Time charter revenues, net of prepaid charter revenue amortization, were $13.0 million for the third quarter of 2014, compared to $11.1 million for the same period of 2013, mainly due to increased average time charter rates achieved, despite the decrease in ownership days in the third quarter of 2014 compared to the same period of 2013, resulting from the disposal of two vessels in December 2013 and February 2014, which was partly offset by the addition to the Company's fleet of three vessels from August 2013 to September 2014.
Net income for the nine months ended September 30, 2014 amounted to $2.4 million, compared to a net loss of $37.6 million for the same period of 2013.  The loss for the nine months ended September 30, 2013 was mainly the result of an impairment loss and actual losses arising from the disposal of three vessels, together totalling $36.9 million. Time charter revenues, net of prepaid charter revenue amortization, for the nine months ended September 30, 2014 amounted to $39.0 million, compared to $38.5 million for the same period of 2013.
Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.0025 per share with respect to the third quarter of 2014. The cash dividend will be payable on or around December 18, 2014 to all shareholders of record as at December 4, 2014. The Company has 73,158,991 shares of common stock outstanding.

Fleet Employment Profile (As of November 21, 2014)
  
Currently Diana Containerships Inc.'s fleet is employed as follows:
  
               
 
Vessel
Sister Ships*
Gross Rate (USD Per Day)
Com**
Charterer
Delivery Date to Charterer
Redelivery Date to Owners***
Notes
BUILT    TEU
Panamax Container Vessels
 
 
              
 
SAGITTA
A
$7,400
1.25%
A.P. Møller - Maersk A/S
29-Jan-14
14-Nov-14
1 
   
$7,825
1.25%
14-Nov-14
14-Sep-15 - 14-Nov-15
2010    3,426
              
 
CENTAURUS
A
$8,000
3.50%
CMA CGM S.A.
13-Jun-14
15-Dec-14 - 13-Jan-15
2 
2010   3,426
              
SANTA PAMINA
  
$9,500
5.00%
The Shipping Corporation of India Ltd.
25-Nov-14
16-Mar-15 - 15-May-15
3 
             
2005   5,042
            
 
CAP DOMINGO
B
$23,250
0%
Reederei Santa Containerschiffe GmbH & Co. KG
6-Feb-14
23-Dec-14 - 15-Jan-15
2,4,5,6
(ex Cap San Marco)
            
2001   3,739
            
 
CAP DOUKATO
B
$23,250
0%
Reederei Santa Containerschiffe GmbH & Co. KG
6-Feb-14
23-Dec-14 - 15-Jan-15
2,4,5,6
(ex Cap San Raphael)
            
2002   3,739
            
 
APL GARNET
  
$27,000
0%
NOL Liner (Pte) Ltd.
19-Nov-12
20-Aug-15 - 19-Oct-15
5 
1995   4,729
            
 
HANJIN MALTA
  
$25,550
US$150 per day
Hanjin Shipping Co. Ltd.
15-Mar-13
30-Mar-16 - 15-May-16
5 
1993   4,024
          
 
 
              
Post - Panamax Container Vessels
 
 
              
 
PUELO
C
$27,900
US$150 per day
CSAV Valparaiso
23-Aug-13
23-Feb-15 - 23-Feb-16
7,8
2006   6,541
            
 
PUCON
C
$27,900
US$150 per day
CSAV Valparaiso
20-Sep-13
20-Mar-15 - 20-Mar-16
7,8
2006   6,541
            
 
YM MARCH
D
$12,000
0%
Yang Ming (UK) Ltd.
12-Sep-14
27-Dec-14 - 6-Apr-15
2 
2004   5,576
            
YM GREAT
D
$12,000
0%
Yang Ming (UK) Ltd.
10-Oct-14
27-Dec-14 - 7-Mar-15
2 
2004   5,576
            
* Each container vessel is a "sister ship", or closely similar, to other container vessels that have the same letter.
** Total commission paid to third parties.
*** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended.
1 On October 24, 2014, the Company agreed to extend as from November 14, 2014 the previous charter party with A. P. Møller - Maersk A/S for a period of minimum 10 months to maximum 12 months at a gross charter rate of US$7,825 per day.
2 Based on latest information.
3 Expected date of delivery to the Company.
4 For financial reporting purposes, we recognize revenue from time charters that have varying rates on a straight-line basis equal to the average revenue during the term of that time charter. We calculate quarterly dividends based on the available cash from operations during the relevant quarter.
5 For financial reporting purposes, revenues derived from the time charter agreement will be netted off during the term of the time charter with an amortization charge of the asset that was recognized at the delivery of the vessel, being the difference of the present value of the contractual cash flows to the fair value. However, we calculate quarterly dividends based on the available cash from operations during the relevant quarter.
6 Vessel chartered for a period of thirty-six (36) months plus or minus forty-five (45) days. The net daily charter hire rate was US$22,750 during the first twelve (12) months, US$22,850 during the second twelve (12) months and is US$23,250 for the third twelve (12) months of the charter.
7 In case the vessel is redelivered to the Company in any period between the earliest and the maximum redelivery period, then the charterers will pay a lump sum equivalent to US$6,000 per day to the owners for the outstanding period between the redelivery date and up to the 30 months.
8 Charterers changed to Norasia Container Lines Limited, as per Novation Agreement signed on September 17, 2014 with a retroactive effect from July 1, 2014.
 
 
 
 

 

Summary of Selected Financial & Other Data
     
For the three months ended September 30,
  
For the nine months ended September 30,
     
2014
  
2013 
  
2014
  
2013 
     
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
INCOME STATEMENT DATA (in thousands of US Dollars):
 
Time charter revenues, net of prepaid charter revenue amortization
$
 13,043 
$
 11,131 
$
 39,030 
$
 38,513 
 
Voyage expenses
  
 74 
  
 110 
  
 235 
  
 527 
 
Vessel operating expenses
  
 5,958 
  
 6,897 
  
 18,791 
  
 23,557 
 
Net income / (loss)
  
 1,434 
  
 (718)
  
 2,369 
  
 (37,562)
FLEET DATA
 
Average number of vessels
  
 8.2 
  
 8.5 
  
 8.3 
  
 9.6 
 
Number of vessels
  
 9.0 
  
 10.0 
  
 9.0 
  
 10.0 
 
Ownership days
  
 755 
  
 786 
  
 2,254 
  
 2,608 
 
Available days
  
 755 
  
 786 
  
 2,254 
  
 2,608 
 
Operating days
  
 755 
  
 784 
  
 2,246 
  
 2,538 
 
Fleet utilization
  
100.0%
  
99.7%
  
99.6%
  
97.3%
AVERAGE DAILY RESULTS
 
Time charter equivalent (TCE) rate (1)
$
17,177 
$
14,022 
$
17,212 
$
14,565 
 
Daily vessel operating expenses (2)
$
7,891 
$
8,775 
$
8,337 
$
9,033 

                                        
(1) Time charter equivalent rates, or TCE rates, are defined as our time charter revenues less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards.  Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions.  TCE is a non-GAAP measure.  TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.

(2) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage taxes, regulatory fees, environmental compliance costs and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Conference Call and Webcast Information

The Company's management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Monday, November 24, 2014.

Investors may access the webcast by visiting the Company's website at www.dcontainerships.com, and clicking on the webcast link. The conference call also may be accessed by telephone by dialing 1-877-407-8029 (for U.S.-based callers) or 1-201-689-8029 (for international callers), and asking the operator for the Diana Containerships Inc. conference call.

A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dcontainerships.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13593165.


About the Company
Diana Containerships Inc. is a leading 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.

(See financial tables attached)


DIANA CONTAINERSHIPS INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except for share and per share data
                   
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
                   
     
For the three months ended September 30,
  
For the nine months ended September 30,
     
2014
  
2013 
  
2014
  
2013 
REVENUES:
  
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 
Time charter revenues
$
 15,984 
$
 16,350 
$
 47,795 
$
 53,441 
 
Prepaid charter revenue amortization
  
 (2,941)
  
 (5,219)
  
 (8,765)
  
 (14,928)
 
Time charter revenues, net
  
 13,043 
  
 11,131 
  
 39,030 
  
 38,513 
                   
EXPENSES:
                
 
Voyage expenses
  
 74 
  
 110 
  
 235 
  
 527 
 
Vessel operating expenses
  
 5,958 
  
 6,897 
  
 18,791 
  
 23,557 
 
Depreciation
  
 2,526 
  
 2,412 
  
 7,441 
  
 8,118 
 
Management fees
  
 - 
  
 -   
  
 - 
  
 305 
 
General and administrative expenses
  
 1,393 
  
 1,182 
  
 4,521 
  
 3,851 
 
Impairment losses
  
 - 
  
 - 
  
 - 
  
 32,626 
 
Loss on vessels' sale
  
 - 
  
 - 
  
 695 
  
 4,271 
 
Foreign currency losses
  
 13 
  
 7 
  
 17 
  
 68 
 
Operating income / (loss)
  
 3,079 
  
 523 
  
 7,330 
  
 (34,810)
                   
OTHER INCOME / (EXPENSES):
                
 
Interest and finance costs
  
 (1,696)
  
 (1,268)
  
 (5,054)
  
 (2,812)
 
Interest Income
  
 51 
  
 27 
  
 93 
  
 60 
 
Total other expenses, net
  
 (1,645)
  
 (1,241)
  
 (4,961)
  
 (2,752)
                   
Net income / (loss)
$
 1,434 
$
 (718)
$
 2,369 
$
 (37,562)
                   
Earnings  / (loss) per common share, basic and diluted
$
 0.02 
$
 (0.02)
$
 0.05 
$
 (1.14)
                 
Weighted average number of common shares, basic and diluted
  
61,642,173 
  
33,863,517 
  
44,516,763 
  
32,809,180 
                   
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
                   
     
For the three months ended September 30,
  
For the nine months ended September 30,
     
2014
  
2013 
  
2014 
  
2013 
     
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
Net income / (loss)
$
1,434 
$
(718)
$
2,369 
$
(37,562)
                   
Comprehensive income / (loss)
$
1,434 
$
(718)
$
2,369 
$
(37,562)
                   
 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET DATA
    
(Expressed in thousands of US Dollars)
    
     
September 30, 2014
  
December 31, 2013
ASSETS
        
           
 Cash and cash equivalents
$
110,007 
$
19,685 
 Restricted cash, current
  
600 
  
- 
 Other current assets
  
3,284 
  
3,295 
 Advances for vessel acquisitions and other vessel costs
  
4,467 
  
- 
 Vessels' net book value
  
270,853 
  
265,372 
 Other fixed assets, net
  
252 
  
321 
 Restricted cash, non-current
  
9,270 
  
9,870 
 Prepaid charter revenue
  
9,262 
  
18,166 
 
Total assets
$
407,995 
$
316,709 
           
LIABILITIES AND STOCKHOLDERS' EQUITY
        
           
 Current liabilities, including current portion of long-term bank debt
$
9,233 
$
3,779 
 Long-term bank debt, net of current portion and unamortized deferred financing costs
  
92,249 
  
98,102 
 Related party financing, non-current
  
50,707 
  
50,233 
 Other non-current liabilities
  
93 
  
130 
 Total stockholders' equity
  
255,713 
  
164,465 
 
Total liabilities and stockholders' equity
$
407,995 
$
316,709 

OTHER FINANCIAL DATA
        
                   
     
For the three months ended September 30,
  
For the nine months ended September 30,
     
2014 
  
2013 
  
2014 
  
2013 
     
(unaudited)
  
(unaudited)
  
(unaudited)
  
(unaudited)
 Net Cash provided by Operating Activities
$
 7,289 
$
 6,474 
$
 18,829 
$
 22,069 
 Net Cash used in Investing Activities
  
 (26,509)
  
 (93,445)
  
 (17,157)
  
 (89,691)
 Net Cash provided by Financing Activities
  
 91,166 
  
 52,519 
  
 88,650 
  
 39,606