Nasdaq Warns Diana Containerships

Image Courtesy: Diana Containerships

Greece-based containership owner Diana Containerships has breached the minimum bid price requirement of USD 1 per common share on the Nasdaq Global Market. 

The company received a letter from Nasdaq, dated May 22, 2017, indicating that the minimum bid price for its common stock was below the requirement for a period of 30 consecutive business days, from April 6 to May 19, 2017.

Diana Containerships now has 180 days to regain compliance, with the applicable grace period until November 20, 2017.

“The company intends to monitor the closing bid price of its common stock between now and November 20, 2017, and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Global Market minimum bid price requirement,” Diana Containerships said in a statement.

Compliance would be regained if the closing bid price of common stock is USD 1 per share or higher for at least ten consecutive business days during the grace period.

Diana Containerships said that its common stock will continue to be listed and trade on the Nasdaq Global Market, adding that the company’s business operations are not affected by the receipt of the notification.

In a separate announcement, Diana Containerships revealed it has entered into a time charter contract with Japanese shipping company Mitsui O.S.K. Lines (MOL) for one of its Post-Panamax container vessels, M/V Puelo.

The gross charter rate is USD 14,600 per day for a period of about 50 days. The charter is expected to start on June 13, 2017.

The 6,541 TEU boxship is currently chartered to Switzerland-based Mediterranean Shipping Company (MSC) at a gross charter rate of USD 6,500 per day.

The employment of the 2006-built vessel is anticipated to generate approximately USD 730,000 of gross revenue for the scheduled period of the time charter, according to the company.

Earlier this week, Diana Containerships released quarterly financial results which show that the company widened its net loss in the first quarter of this year, reaching USD 7.4 million, compared to a net loss of USD 5.8 million seen in the respective period last year.

Currently, Diana Containerships’ fleet comprises twelve container vessels – six Post-Panamaxes and six Panamaxes.

Share this article

Follow World Maritime News

In Depth>


<< May 2018 >>
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >


The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >