Exhibit 99.1

Partial Spin-off to

Diana Shipping Inc. Shareholders

January 2011

1

Safe Harbor Statement

This presentation is being provided for information purposes only in connection with partial spin-off of shares of Diana Containerships
Inc, to the shareholders of Diana Shipping Inc., and may not be distributed, published or reproduced, in whole or in part by the recipient.

The information contained in this presentation has been provided by Diana Containerships Inc. (the “Company” or “Diana
Containerships”) and has not been verified independently. No representation or warranty express or implied is made as to and no
reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained herein.
Opinions and forward-looking statements expressed represent those of the Company at the time. Undue reliance should not be placed
on such opinions or statements because by nature they and the assumptions on which they are based are subject to known and
unknown risks and uncertainties and can be affected by other factors that could cause actual results and Company plans and objectives
to differ materially from those expressed or implied in the forward-looking statements.

The statements in this presentation are made as of the date hereof unless it is stated otherwise. Any such statements or information
contained in this presentation are subject to revision without notice and without obligation to notify any recipient of any such revision. The
delivery of this presentation shall not create any implication that the information contained herein or the affairs of the Company have not
changed since the date hereof or that such information is correct as of any time subsequent to its date.

Certain shipping industry information, statistics and charts contained herein have been derived from several sources, including Drewry.
You are hereby advised that such industry data, charts and statistics have not been prepared specifically for inclusion in these materials
and the Company has not undertaken any independent investigation to confirm the accuracy or completeness of such information.

This presentation does not constitute an offer or solicitation of an offer to purchase or subscribe for any securities in any jurisdiction and
no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

Please refer to the Company’s prospectus included in a registration statement on Form F-4 dated October 19, 2010 for additional
discussion of risk factors that could cause actual results to differ materially from our current expectations.

Opportunity Overview

3

Spin Out Summary

Company	Diana Containerships Inc. (“DCI”)
Stock Exchange	NASDAQ
Ticker	DCIXV (from 3rd to 19th of January) DCIX (from 19th of January onwards)
Security	Common Stock
Shares to be Distributed	Approximately 2,667,066 Shares
Current Shares Outstanding	6,106,161 Shares
Dividend Ratio	0.032542 DCI Shares for 1 DSX Share
DSX Beneficial Ownership Pro Forma DSX Beneficial Ownership (Giving Effect to the Partial Spin-off)	3,333,832 Shares (Approximately 55% of DCI Shares Outstanding) Approximately 666,767 Shares (Approximately 11% of DCI Shares Outstanding)
Record Date	January 3, 2011
Distribution Date	January 18, 2011
Ex-Dividend Date	January 19, 2011

4

Management Team

Name Title	Age	Years in Industry	Other Experience / Qualifications
Symeon Palios CEO, Chairman	69	41	§Naval architect and engineer §Founded Diana Shipping Agencies S.A. in 1972 §Director of Diana Shipping Inc. since March 1999 §Board of Directors of the UK Freight Demurrage and Defence Association Ltd.
Anastasios Margaronis President, Director	55	31	§Joined Diana Shipping Agencies S.A. in 1979 §President and a Director of Diana Shipping Inc. since 2005 §Director of the UK Mutual Steamship Assurance Association (Bermuda) Ltd. §Greek Committee of the American Bureau of Shipping Classification Society
Ioannis Zafirakis COO, Secretary, Director	39	14	§Extensive experience in finance and vessel operations §Joined Diana Shipping Agencies S.A. in 1997, finance and accounting duties §Director of Diana Shipping Inc. since 1999, VP & Secretary from 2005 to 2008, and EVP & Secretary since 2008 §Prior to 2005, performed similar executive duties at Diana Shipping Agencies S.A.
Andreas Michalopoulos CFO, Treasurer	39	5	§Joined Diana Shipping Agencies S.A. as a Project Manager in 2005 §CFO and Treasurer of Diana Shipping Inc. since March 2006 §Previous experience: Merrill Lynch, Nestle S.A., McKinsey and Company and a major Greek pharmaceutical group

5

Board of Directors

Name Title	Age	Other Experience / Qualifications
Konstantinos Fotiadis Chairman, Audit Committee	59	§Has served as Chairman of Audit Committee since DCI’s inception §Has served as an Independent Advisor since 1994 §President and Managing Director of Reckitt & Colman (Greece) from 1990 to 1994 §General Manager at Dr. Michalis S.A. from 1981 to 1989 §Holds a degree in Economics from Technische Universitaet Berlin and in Business Administration from Freie Universitaet Berlin
Antonios Karavias Chairman, Compensation Committee	67	§Has served as an independent Advisor to the Management of Société Générale Bank and Trust and Marfin Egnatia Bank since 2007 §Served as Deputy Manager of Private Banking at Alpha Bank from 1999 to 2006 §Served as Vice President with Merrill Lynch from 1980 to 1999 §Holds a bachelor’s degree in Economics from Mississippi State University and a master’s degree in Economics from Pace University
Nikolaos Petmezas	60	§Has served since 2007 as CEO of Maersk-Svitzer-Wijsmuller B.V. and, prior to its acquisition by Maersk, as a Partner and CEO of Wijsmuller Shipping Company B.V. §Served as CEO of N.G. Petmezas Shipping and Trading S.A. since 1989 and C.E.O. of Shipcare Technical Services since 1984 §Served on the BOD of Neorion Shipyards, in Syros, Greece, from 1989-1992 §Holds degrees in Law and in Political Science and Economics from the Aristotle University of Thessaloniki and an L.L.M. in Shipping Law from London University
Reidar Brekke	48	§Served as an advisor and dealmaker in the international energy and transportation sector for 15 years §Founded Energy Capital Services Inc., a shipping and energy industry consulting and advisory services company, in 2008 §Served as Manager of Poten Capital Services LLC, a registered broker-dealer specializing in the maritime sector, from 2003 to 2008 §Served as CFO, then President and COO, of SynchroNet Marine from 2000 to 2003 §From 1994 to 2000 held various senior positions with American Marine Advisors §Graduated from the New Mexico Military Institute in 1986 and in 1990 obtained a MBA from the University of Nevada, Reno

6

Investment Highlights

§Attractive point in cycle to buy containerships

–Downturn has created attractive opportunities from owners, shipyards and banks

–Vessel values at attractive levels

–Ability to earn reasonable average yields and participate in the recovery of vessel values and charter rates

§Management track record of making money for investors

–Success in both container and dry bulk shipping markets

–Strong track record running a U.S.-listed shipping company

–Strong relationships with container lines, shipbuilders and financial institutions

§Strong balance sheet compared to similar publicly traded companies

–8% net debt to net book capitalization versus up to 88% for many peers

–Flexibility to capitalize on attractive acquisition opportunities

–No newbuilding commitments

–Did not acquire expensive vessels at or near the market peak

§Significant growth and return prospects

–Large addressable market (~4,500 vessels valued at ~$150 billion)

–Highly disciplined vessel acquisition and chartering strategy to container lines

–Development of a “best-in-class” containership company

–Substantial leverage to an improving global economy

–Highly correlated to container indexes

7

Diana Containerships Overview

§Raised gross proceeds of $88.4 million in March 2010 through equity private placement

§Purchased two containerships for an aggregate purchase price of $93.5 million

–3,400 TEU German built containerships

–Delivered from the yard in 2010

§Shareholder friendly structure

–In-house executive management team

–Low cost structure

–Technical, commercial and administrative management by Diana Shipping Services S.A.

–Independent board of directors

§Highly respected and reputable executive management team

–Acquisition pipeline / insights

–Broker, lender and shipowner networks

§Relationship with Diana Shipping

–Benefit from experience of management team’s relationship with Diana Shipping Inc.

–Diana Containerships Inc. and Diana Shipping S.A. entered into non-compete agreements for their
respective shipping sectors

8

§Buy “right”

–Identify attractive opportunities

–Purchase at favorable valuations

–Type of vessels: 2,500 - 7,000 TEU

§Profit from economic recovery

–Operate in spot market / on short- or medium-term charters until
economic recovery

–Return to a favorable supply / demand equation

–Benefit from increase in charter rates and asset values

–Ability to grow further through leverage

§Benefits

–Revaluation of containership companies as global economy
improves

–Achieve strong multiple based on strong financial performance
and accretive fleet growth

–Capitalize on short-term volatility in the container space

Value
Proposition:
Target superior
capital returns
starting at the
right time in the
cycle

Diana Containerships’ Value Creation Proposition

Market Opportunity
Overview

10

Containership Overview & Historic Market Growth

Containership Deployment by Size Category

Source: Drewry

World Container Port Throughput (Million TEU)

Source: Drewry

11

Charter Rates Are Recovering From Historic Lows

Inflation Adjusted Time Charter and Operating Cost for 3,500 TEU Containership Vessel

Source: Drewry

12

Asset Values are Rising but Remain Below Historical
Averages

Inflation Adjusted Secondhand Vessel Values for 5 year old 3,500 TEU
Gearless Containerships

Source: Drewry

13

Containership Demand is Highly Correlated to
Global GDP Growth

1. Source: International Monetary Fund

2. Source: Drewry. Note: World Container Cargo Growthrepresents Year-on-Year change in total port handling

Median multiplier of 2.3x GDP growth

1

2

14

Liner Operators in Recovery

EBIT Performance of Liner Majors ($ billions)

Source: Drewry, represents global container liner industry, which includes companies such as AP Moller-Maersk, CMA CGM, Mitsui
O.S.K. Lines, Ltd., and Orient Overseas (International) Limited.

15

Current Market In Recovery

Estimated Supply/Demand Balance

Source: Drewry

1. Assumes no delivery slippage from previous years

§Increases in supply primarily due to delivery of large vessels

~60%1 ofsupply growth
from the larger 8,000+ TEU
vessel classes

16

Orderbook Creates Opportunity

Containership Orderbook by Size (As of Jan 1, 2011)

Source: Drewry

Containership Orderbook Capacity by Scheduled Delivery Year

Source: Drewry

Orderbook in the Post
Panamax, Panamax
and Intermediate
represents 15% of
existing capacity in
those vessel classes

17

§Financial difficulties faced by ship owners and liner operators, and the unwillingness and
inability of the global ship finance banks to lend, is driving cancellations and deferrals to the
orderbook

Delays & Cancellations Impacting Orderbook

Source: Drewry
Note: Scheduled based on Orderbook Delivery Schedule as of 1 January 2008, 2009, 2010, & 2011
Note: 2010 Actual Deliveries will be subject to late reports - i.e. figure may rise

24% cancelled /
postponed

Containership Deliveries - Actual vs. Expectations

53% cancelled /
postponed

28% expected
cancellations
/postponements

Estimated

18

§Slow steaming is the process of adding a vessel to a scheduled liner service route

–Allowing vessels to run at reduced speeds having a material impact on fuel costs

–In addition to the economic benefit, slow steaming reduces carbon emissions

Slow Steaming - Increases Need for Containerships

Average Number of Vessels per String

Source: Drewry

Company Overview

20

Modern, High Quality Fleet

Ship	Year Built	Purchase Price	Capacity (TEU)	Gross Rate (USD Per Day)	Charterer	Commission	Redelivery
							Min	Max
Sagitta	2010	$45.7 million	3,426	$16,000	A.P. Moller - Maersk A/S	4.25%	Mar- 2011	Jun- 2011
Centaurus	2010	$47.2 million	3,426	$20,000	CSAV Valparaiso	1.25%	Jul - 2012	Oct- 2012

§Both vessels built by Germany’s TKMS
Blohm & Voss Nordseewerke, Emden
Germany

§3Q10 Fleet Statistics

§Average number of vessels in
operation: 1.9

§Utilization: 95.5%

§Operating Expenses: $7,457/day
(per vessel)

21

Relationships with Key Charterers

§Diana’s management team has significant experience working with leading charterers in
the global containership market

22

Successful History Investing in Shipping

§Diana Shipping Inc. was formed near a market bottom enabling investors to realize value
through an IPO

Source: Factset Fundamentals

23

Successful Public Company Track Record

Diana Shipping Inc. Total Appreciation

Total Returns Comparison for Dry-Bulk Comps

Note: Analysis a total return for all companies’ returns since the Diana Shipping Inc. IPO on March 17, 2005 to January 11, 2011

Source: Bloomberg, Thomson One , Factset Fundamentals, Company filings

Total Debt / LTM EBITDA
Net Debt / LTM EBITDA 2.0x
0.3x 5.0x
4.3x 8.9x
7.9x 2.5x
2.2x 5.4x
4.5x 2.9x
1.2x

Financial Overview

25

Financial Highlights

§Limited competition for vessel acquisitions

–Traditional container players are capital constrained

§Maintain a conservative capital structure

§Access the capital markets to fund additional vessel acquisitions

§Company will consider, from time to time, whether to implement a dividend at the
appropriate time, although there are currently no plans to do so

§Low cost structure

–Technical, commercial and administrative management by Diana Shipping Services S.A.

§Highly attractive market dynamics

26

Summary Capitalization

($ in millions) Amount Out % of Capital Structure

Source: Company filings

Note: Market capitalization based on 1/10/2011 close of $14.75

27

§Current public containership operators constrained by balance sheets and not able to take
full advantage of trough asset valuations and increasing charter sales

§Large addressable market of acquisition targets (~4,500 vessels - $150 billion of value)

Better Positioned Than Peers

Net Debt / Net Book Capitalization

Net Debt / Enterprise Value

Source: Public filings, Market data as of 1/7/2011

Recent Stock Price Performance of Peers

CapEx Commitments vs. Market Capitalization

Source: Wall Street research and company filings. Market data as of 1/7/2011

Source: FactSet. Market data as of 1/7/2011

Source: Public filings. Market data as of 1/7/2011

28

Investment Highlights

§Attractive point in cycle to buy containerships

–Downturn has created attractive opportunities from owners, shipyards and banks

–Vessel values at attractive levels

–Ability to earn reasonable average yields and participate in the recovery of vessel values and charter rates

§Management track record of making money for investors

–Success in both container and dry bulk shipping markets

–Strong track record running a U.S.-listed shipping company

–Strong relationships with container lines, shipbuilders and financial institutions

§Strong balance sheet compared to similar publicly traded companies

–8% net debt to net book capitalization versus up to 88% for many peers

–Flexibility to capitalize on attractive acquisition opportunities

–No newbuilding commitments

–Did not acquire expensive vessels at or near the market peak

§Significant growth and return prospects

–Large addressable market (~4,500 vessels valued at ~$150 billion)

–Highly disciplined vessel acquisition and chartering strategy to container lines

–Development of a “best-in-class” containership company

–Substantial leverage to an improving global economy

–Highly correlated to container indexes