Diana Containerships Slips Into the Red

Diana Containerships reported a net loss of $42.3 million for the second quarter of 2018, compared to net income of $36.5 million for the same period of 2017.  

The loss for the second quarter of 2018 includes $15.6 million of impairment charges of one vessel and $19.0 million of aggregate loss on sale of three vessels.

Time charter revenues were $6.3 million for the second quarter of 2018, compared to $5.5 million for the same period of 2017. This increase was mainly the result of increased time charter rates achieved as a result of improved market conditions, and was partially off-set by the decrease in the average number of the Company’s vessels.

Net loss for the six months ended June 30, 2018 amounted to $46.2 million, compared to net income of $29.1 million for the six months ended June 30, 2017. The loss for the six months ended June 30, 2018 includes $15.6 million of impairment charges of one vessel and $16.7 million of aggregate loss on sale of six vessels.

Diana Containerships Inc. is a global provider of shipping transportation services through its ownership of containerships. The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes.