Diana Containerships Posts 2015 Net Loss

Maritime Activity Reports, Inc.

March 1, 2016

Hanjin Malta (Photo: Diana Containerships)

Hanjin Malta (Photo: Diana Containerships)

Diana Containerships Inc. reported a net loss of $8.8 million for the fourth quarter of 2015, compared to net income of $0.9 million for the respective period of 2014. According to the shipping company, the loss was mainly the result of $6.6 million of impairment charges of the vessel Hanjin Malta, without which the result for the fourth quarter of 2015 would have been a net loss of $2.2 million.
 
Time charter revenues, net of prepaid charter revenue amortization, were $14.9 million for the fourth quarter of 2015, compared to $15 million for the same period of 2014, mainly due to reduced time charter rates and increased off-hire days, partly offset by revenues derived from the increase in ownership days resulting from the enlargement of the Diana Containerships fleet.
 
Net loss for the year ended December 31, 2015 amounted to $17.5 million, compared to net income of $3.2 million for the same period of 2014. The loss for the year was mainly the result of $8.3 million of direct sale and other charges associated with the disposal of the vessel Garnet and $6.6 million of impairment charges of the vessel Hanjin Malta, without which the result for the period would have been a net loss of $2.6 million, the company said.

Time charter revenues, net of prepaid charter revenue amortization, for the year ended December 31, 2015, amounted to $62.2 million, compared to $54.1 million for 2014.
 
The company has declared a cash dividend on its common stock of $0.0025 per share with respect to the fourth quarter of 2015. The cash dividend will be payable on or around March 30, 2016 to all shareholders of record as at March 15, 2016. As of December 31, 2015, the company had 73,890,581 shares of common stock issued and outstanding.
 
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