Impairment Charges Hurt Diana Containerships’ Earnings

Athens-based container shipping company Diana Containerships Inc. has recorded a net loss of USD 126.8 million for the third quarter of 2016, as a result of USD 118.9 million of impairment charges for seven of the company’s vessels.

The company said that without the impairment charges the result for the quarter would have been a net loss of USD 7.9 million. Diana Containerships’ net loss for the corresponding three-month period in 2015 amounted to USD 9.1 million.

Time charter revenues, net of prepaid charter revenue amortization, were USD 8 million for the third quarter of 2016, compared to USD 16.1 million for the same period of 2015, mainly due to reduced employment opportunities and time charter rates.

Net loss for the nine months ended September 30, 2016 amounted to USD 140.6 million, compared to a net loss of USD 8.7 million for the same period of 2015. Without the impairment charges, the shipping firm’s net loss for the nine-month period would have stood at USD 21.7 million.

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