Diana Containerships in Red, Suspends Dividend

Maritime Activity Reports, Inc.

July 28, 2016

File Photo: Diana Containerships

File Photo: Diana Containerships

 Greece-based Diana Containerships Inc. has reported a second-quarter loss of $8 million, after reporting a profit in the same period a year earlier.

 
The shipping company posted revenue of $8 million in the period.
 
Net loss for the six months ended June 30, 2016 amounted to $13.8 million, compared to net income of $0.4 million for the same period of 2015. 
 
Time charter revenues, net of prepaid charter revenue amortization, for the six months ended June 30, 2016, amounted to $19.8 million, compared to $31.2 million for the same period of 2015.
 
The company made a decision to suspend the quarterly cash dividend on its common shares effective with the quarter ended June 30, 2016. 
 
“The decision to suspend the dividend reflects the board’s determination that it is in the best long term interest of the company and its shareholders to aggressively preserve liquidity to manage current market conditions and be in a position to benefit from an eventual sector recovery,” Diana Containerships said.
 
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