Diana Containerships Reports Q1 Results

Posted by Eric Haun
Tuesday, May 13, 2014
Photo: Diana Containerships

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, today reported net income of $0.3 million for the first quarter of 2014, compared to a net loss of $31.8 million for the respective period of 2013. During the first quarter of 2014, the company incurred losses arising from the disposal of the vessel Sardonyx, amounting to $0.7 million, without which the net income for the first quarter of 2014 would have been $1 million and the earnings per share, basic and diluted, would have been $0.03 for that quarter.
Time charter revenues, net of prepaid charter revenue amortization, were $13.5 million for the first quarter of 2014, compared to $15.1 million for the same period of 2013.

Dividend Declaration
The company has declared a cash dividend on its common stock of $0.05 per share with respect to the first quarter of 2014. The cash dividend will be payable on or around June 11, 2014 to all shareholders of record as at May 28, 2014. The company has 36,505,605 shares of common stock outstanding.

At-the-Market Offering Proceeds
The company reports that during the three months ended March 31, 2014 and up to the date hereof, the company sold in an at-the-market offering through Deutsche Bank Securities, as sales agent, an aggregate of 1,092,596 common shares at a weighted average sales price of $4.03, in connection with which the company paid a total of $88,000 of commissions to the sales agent corresponding to total net proceeds of $4.3 million.

Symeon Palios, Chairman and CEO of Diana Containerships, commented, “After carefully considering the current containership charter market and vessel acquisition opportunities, management believes the board's decision to reduce the cash dividend payable with respect to the first quarter is in the best interests of the company and its shareholders and is consistent with the long-term strategy of maintaining a strong balance sheet and pursuing attractive vessel purchase opportunities as they arise. In taking this action, the company expects to deploy its available cash to purchase additional containership vessels at currently attractive prices that will further enhance the company's position to capitalize on the eventual recovery in the container market. The company believes this action enhances long-term shareholder value and will evaluate future dividend decisions in light of then prevailing market conditions.”

dcontainerships.com
 


People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Finance

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

Container Ships

Maersk Line's Innovative Smart Reefers

Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Hapag-Lloyd: UASC Merger Benefits to show in 2017

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year,

News

Coast Guard Foundation Awarded 128 Scholarships

The Coast Guard Foundation, a non-profit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Keppel to Deliver First North Sea FPSO

Keppel Offshore & Marine (Keppel O&M)'s wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading

NASA May Send Submarine to Titan

NASA has unveiled plans to send a submarine into the depths of the largest ocean of Saturn's biggest moon, Titan in a bid to explore the depths of its largest ocean.

Logistics

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

How Rapid is the Fleet Growth?

During July 2016, the containership fleet reached a landmark 20 million TEU in terms of aggregate capacity, says Clarksons Research.   To many it only seems

Maersk Line's Innovative Smart Reefers

Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1212 sec (8 req/sec)