Diana Containerships Reports Net Loss of UDS 19.8 Mill for 4Q 2013

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported 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 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.

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.

Diana Containerships, February 18, 2014

 

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