Diana Containerships Post Q4 2013 Loss But Pays Dividend

MarineLink.com
Monday, February 17, 2014
Image courtesy of Diana Containerships

Greece-based container ship owners, Diana Containerships Inc. in financial results for the Fourth Quarter and Year Ended December 31, 2013 report a net loss of $19.8 million for the fourth quarter of 2013, compared to net income of $0.3 million for the respective period of 2012.

The Company explains that the loss for the fourth quarter was mainly the result of $9.7 million of impairment charges for the vessel Sardonyx, and direct sale and other charges associated with the disposal of the vessel Spinel amounting to $12.2 million, without which the result for the fourth quarter of 2013 would have been net income of $2.1 million, while the earnings per share, basic and diluted, would have been $0.06 for that quarter.

Time charter revenues, net of prepaid charter revenue amortization, were $15.5 million for the fourth quarter of 2013, compared to $14.6 million for the same period of 2012.

Year ended December 31, 2013 results

Net loss for the year ended December 31, 2013 amounted to $57.3 million, compared to net income of $6.0 million for the same period of 2012. The loss for the year ended December 31, 2013, was mainly the result of impairment charges and direct sale and other charges totalling $58.8 million for the vessels Madrid, Malacca, Merlion, Spinel and Sardonyx, without which the result for the year would have been net income of $1.5 million, while the earnings per share, basic and diluted, would have been $0.04 for the year.
 
Time charter revenues, net of prepaid charter revenue amortization, were $54.0 million for the year ended December 31, 2013, compared to $56.6 million for the respective period in 2012.
 
Dividend Declaration
The Company has declared a cash dividend on its common stock of $0.15 per share with respect to the fourth quarter of 2013. The cash dividend will be payable on or around March 19, 2014 to all shareholders of record as at March 4, 2014. The Company adds that it has 35,335,050 shares of common stock outstanding...
 
For details of the reports go to: www.dcontainerships.com//UserFiles/File/DCI/PressReleases/2014/145752_DCIX_earnings_release_31_12_2013_final.doc

 

 

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