Press Releases

17/11/2017

Diana Containerships Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2017

ATHENS, GREECE, November 17, 2017 – Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today reported a net loss of $8.7 million for the third quarter of 2017, compared to a net loss of $126.8 million for the same period of 2016. The loss for the third quarter of 2016 reflected the result of impairment charges for seven of the Company’s vessels.

Time charter revenues, net of prepaid charter revenue amortization, were $6.7 million for the third quarter of 2017, compared to $8.0 million for the same period of 2016, mainly due to the sale of the vessels Angeles in November 2016 and Doukato in June 2017. This decrease was counterbalanced by the increase of revenues generated by the improvement of the Company’s fleet utilization and the decrease of off-hire days in the third quarter of 2017 compared to the same period of 2016.

Net income for the nine months ended September 30, 2017 amounted to $20.4 million, compared to a net loss of $140.6 million for the same period of 2016. The net income for the nine months ended September 30, 2017 reflected a gain from a debt write-off, arising from the settlement agreement with respect to the secured loan facility with the Royal Bank of Scotland plc (“RBS”), which was signed on June 30, 2017. The specific gain, net of related expenses, amounted to $42.2 million. The loss for the nine months ended September 30, 2016 reflected the result of impairment charges for seven of the Company’s vessels. Time charter revenues, net of prepaid charter revenue amortization, for the nine months ended September 30, 2017, amounted to $16.0 million, compared to $27.7 million for the same period of 2016...

 

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