Diana Containerships Inc.

11/23/2018 | Press release | Distributed by Public on 11/23/2018 08:33

Diana Containerships Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2018

ATHENS, GREECE, November 23, 2018 - Diana Containerships Inc. (NASDAQ: DCIX), (the 'Company'), a global shipping company specializing in the ownership of containerships, today reported a net loss of $6.3 million for the third quarter of 2018, compared to a net loss of $8.7 million for the same period of 2017. The loss for the third quarter of 2018 mainly includes $4.8 million of impairment charges for one vessel.

Time charter revenues were $5.2 million for the third quarter of 2018, compared to $6.7 million for the same period of 2017. This decrease was primarily due to the shrinkage of the Company's fleet, and was partially offset by the increased time charter rates achieved as a result of improved market conditions.

Net loss for the nine months ended September 30, 2018 amounted to $52.5 million, compared to net income of $20.4 million for the nine months ended September 30, 2017. The loss for the nine months ended September 30, 2018 includes $20.4 million of impairment charges for two vessels and $16.7 million of aggregate loss on sale of seven vessels. Net income for the nine months ended September 30, 2017 included a gain of $42.2 million, net of related expenses, 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. Time charter revenues for the nine months ended September 30, 2018, amounted to $19.5 million, compared to $16.0 million for the nine months ended September 30, 2017.

As of November 21, 2018, the Company had 14,463,231 shares of common stock issued and outstanding...