Diana Containerships Inc. (NASDAQ:DCIX), (the “Company”), a global
shipping company specializing in the ownership of containerships,
today 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. Net
income for the second quarter of 2017 included a gain of $42.2
million, net of related expenses, from a debt write-off, arising
from the settlement agreement with respect to the secured loan
facility with the Royal Bank of Scotland plc (“RBS”), which was
signed on June 30, 2017.
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. The net income for the six months ended June 30, 2017
reflected a gain of $42.2 million, net of related expenses, arising
from the RBS loan write-off. Time charter revenues for the six
months ended June 30, 2018, amounted to $14.3 million, compared to
$9.3 million for the six months ended June 30, 2017.
As of July 25, 2018, the Company had 9,958,935
shares of common stock issued and outstanding.
|
|
Fleet Employment Profile (As of July 26,
2018) |
|
Diana Containerships Inc.’s fleet is employed as
follows: |
|
|
|
|
|
|
|
|
|
Vessel |
Sister Ships* |
Gross Rate (USD Per
Day) |
Com** |
Charterers |
Delivery Date to
Charterers*** |
Redelivery Date to
Owners**** |
Notes |
BUILT TEU |
2 Panamax Container
Vessels |
|
|
|
|
|
|
|
|
SAGITTA |
A |
$8,400 |
1.25% |
Hapag-Lloyd AG |
15-Feb-18 |
27-Apr-18 |
1 |
2010 3,426 |
|
|
|
|
|
|
|
CENTAURUS |
A |
$7,950 |
3.50% |
CMA CGM |
23-Aug-17 |
2-May-18 |
2 |
2010 3,426 |
|
|
|
|
|
|
|
PAMINA |
|
$9,500 |
3.75% |
Orient Overseas Container Line Ltd. |
12-Sep-17 |
31-Jul-18 - 25-Aug-18 |
3 |
(ex Santa Pamina) |
|
|
|
|
|
|
2005 5,042 |
|
|
|
|
|
|
|
DOMINGO |
|
$8,500 |
3.50% |
|
14-Sep-17 |
3-Aug-18 |
|
(ex Cap Domingo) |
|
|
|
CMA CGM |
|
|
|
|
|
$12,800 |
3.50% |
|
3-Aug-18 |
3-Apr-19 - 3-Jul-19 |
|
2001 3,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 Post - Panamax Container
Vessels |
|
|
|
|
|
|
|
|
PUELO |
B |
$10,600/$12,000 |
5.00% |
Maersk Lines A/S |
1-Aug-17 |
29-Jun-18 |
4,5 |
2006 6,541 |
|
|
|
|
|
|
|
PUCON |
B |
$10,750 |
3.75% |
Orient Overseas Container Line Ltd. |
27-Apr-17 |
21-Jun-18 |
|
|
|
$18,000 |
3.75% |
21-Jun-18 |
21-Feb-19 - 21-Jun-19 |
|
2006 6,541 |
|
|
|
|
|
|
|
HAMBURG |
C |
$11,000 |
3.75% |
Wan Hai Lines (Singapore) Pte Ltd. |
1-Dec-17 |
20-Jul-18 |
6,7 |
2009 6,494 |
|
|
|
|
|
|
ROTTERDAM |
C |
$13,150 |
3.75% |
Wan Hai Lines (Singapore) Pte Ltd. |
25-Jan-18 |
19-Jun-18 |
8 |
|
|
$18,200 |
3.75% |
12-Jul-18 |
15-Apr-19 - 15-Jul-19 |
|
2008 6,494 |
|
|
|
|
|
|
|
* Each container vessel is a "sister ship", or
closely similar, to other container vessels that have the same
letter. |
** Total commission paid to third parties. |
*** In case of newly acquired vessel with time
charter attached, this date refers to the expected/actual date of
delivery of the vessel to the Company. |
**** Range of redelivery dates, with the actual
date of redelivery being at the Charterers’ option, but subject to
the terms, conditions, and exceptions of the particular
charterparty. |
1 "Sagitta" sold and delivered to her new owners
on April 27, 2018. |
2 "Centaurus" sold and delivered to her new owners
on May 2, 2018. |
3 Based on the latest information. |
4 The gross charter rate was US$10,600 per day for
the first eight (8) months of the charter period and US$12,000 per
day for the balance period of the time charter. The charterer had
the option to redeliver the vessel any time between April 1, 2018
and February 1, 2019. |
5 "Puelo" sold and delivered to her new owners on
June 29, 2018. |
6 "Hamburg" sold and delivered to her new owners
on July 20, 2018. |
7 Owners and charterers mutually agreed to extend
the maximum redelivery date to July 20, 2018. |
8 Vessel on scheduled drydocking from June 19,
2018 to July 11, 2018. |
|
|
Summary of Selected Financial & Other
Data |
|
|
|
For the three months ended June
30, |
|
For the six months ended June
30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
STATEMENT OF OPERATIONS DATA (in thousands
of US Dollars): |
|
Time charter revenues |
$ |
6,269 |
$ |
5,498 |
$ |
14,260 |
$ |
9,273 |
|
Voyage expenses |
|
256 |
|
550 |
|
635 |
|
1,013 |
|
Vessel operating expenses |
|
4,101 |
|
5,915 |
|
9,727 |
|
11,117 |
|
Net income / (loss) |
|
(42,300) |
|
36,517 |
|
(46,245) |
|
29,124 |
FLEET DATA |
|
Average number of vessels |
|
6.6 |
|
11.8 |
|
8.6 |
|
11.9 |
|
Number of vessels |
|
5.0 |
|
11.0 |
|
5.0 |
|
11.0 |
|
Ownership days |
|
603 |
|
1,074 |
|
1,551 |
|
2,154 |
|
Available days |
|
591 |
|
1,051 |
|
1,539 |
|
2,131 |
|
Operating days |
|
589 |
|
771 |
|
1,443 |
|
1,423 |
|
Fleet utilization |
|
99.7% |
|
73.4% |
|
93.8% |
|
66.8% |
AVERAGE DAILY RESULTS |
|
Time charter equivalent (TCE) rate (1) |
$ |
10,174 |
$ |
4,708 |
$ |
8,853 |
$ |
3,876 |
|
Daily vessel operating expenses (2) |
$ |
6,801 |
$ |
5,507 |
$ |
6,271 |
$ |
5,161 |
_____________________
(1) Time charter equivalent rates, or TCE rates,
are defined as our time charter revenues, net, less voyage expenses
during a period divided by the number of our available days during
the period, which is consistent with industry standards.
Voyage expenses include port charges, bunker (fuel) expenses, canal
charges and commissions. TCE is a non-GAAP measure. TCE
rate is a standard shipping industry performance measure used
primarily to compare daily earnings generated by vessels on time
charters with daily earnings generated by vessels on voyage
charters, because charter hire rates for vessels on voyage charters
are generally not expressed in per day amounts while charter hire
rates for vessels on time charters are generally expressed in such
amounts.
(2) Daily vessel operating expenses, which
include crew wages and related costs, the cost of insurance and
vessel registry, expenses relating to repairs and maintenance, the
costs of spares and consumable stores, lubricant costs, tonnage
taxes, regulatory fees, environmental costs, lay-up expenses and
other miscellaneous expenses, are calculated by dividing vessel
operating expenses by ownership days for the relevant period.
About the Company
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.
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe,"
"anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for containership capacity,
changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
(See financial tables attached)
|
DIANA CONTAINERSHIPS
INC. |
FINANCIAL TABLES |
Expressed in thousands of U.S. Dollars,
except for share and per share data |
|
|
|
|
|
|
|
|
|
|
UNAUDITED INTERIM CONSOLIDATED
STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June
30, |
|
For the six months ended June
30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
REVENUES: |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
Time charter revenues |
$ |
6,269 |
$ |
5,498 |
$ |
14,260 |
$ |
9,273 |
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
256 |
|
550 |
|
635 |
|
1,013 |
|
Vessel operating expenses |
|
4,101 |
|
5,915 |
|
9,727 |
|
11,117 |
|
Depreciation and amortization of deferred charges |
|
1,274 |
|
2,032 |
|
3,100 |
|
4,026 |
|
General and administrative expenses |
|
1,914 |
|
1,650 |
|
3,859 |
|
3,289 |
|
Impairment losses |
|
15,626 |
|
- |
|
15,626 |
|
- |
|
Loss / (Gain) on vessels' sale |
|
18,968 |
|
(945) |
|
16,679 |
|
(945) |
|
Foreign currency (gains) / losses |
|
(41) |
|
1 |
|
(33) |
|
9 |
|
Operating loss |
|
(35,829) |
|
(3,705) |
|
(35,333) |
|
(9,236) |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
Interest and finance costs |
|
(6,482) |
|
(2,001) |
|
(10,939) |
|
(3,878) |
|
Interest income |
|
11 |
|
38 |
|
27 |
|
53 |
|
Gain from bank debt write off |
|
- |
|
42,185 |
|
- |
|
42,185 |
|
Total other income / (expenses), net |
|
(6,471) |
|
40,222 |
|
(10,912) |
|
38,360 |
|
|
|
|
|
|
|
|
|
|
Net income / (loss) |
$ |
(42,300) |
$ |
36,517 |
$ |
(46,245) |
$ |
29,124 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss) per common share, basic
* |
$ |
(5.16) |
$ |
16,441.69 |
$ |
(6.54) |
$ |
15,691.81 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss) per common share,
diluted * |
$ |
(5.16) |
$ |
15,349.73 |
$ |
(6.54) |
$ |
14,996.91 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares,
basic * |
|
8,196,451 |
|
2,221 |
|
7,068,474 |
|
1,856 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares,
diluted * |
|
8,196,451 |
|
2,379 |
|
7,068,474 |
|
1,942 |
|
|
|
|
|
|
|
|
|
|
|
* Figures of June 30, 2017 were adjusted to give
effect to all reverse stock splits that became effective in
2017. |
|
|
|
|
|
|
|
|
|
|
UNAUDITED INTERIM CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June
30, |
|
For the six months ended June
30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Net income / (loss) |
$ |
(42,300) |
$ |
36,517 |
$ |
(46,245) |
$ |
29,124 |
|
|
|
|
|
|
|
|
|
|
Comprehensive income / (loss) |
$ |
(42,300) |
$ |
36,517 |
$ |
(46,245) |
$ |
29,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEET DATA |
|
|
(Expressed in thousands of US Dollars) |
|
|
|
|
|
June 30, 2018 |
|
December 31, 2017** |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted
cash |
$ |
23,364 |
$ |
6,444 |
Vessels held for sale |
|
19,875 |
|
18,378 |
Vessels' net book value |
|
92,489 |
|
201,308 |
Other fixed assets, net |
|
940 |
|
911 |
Other assets |
|
3,218 |
|
5,266 |
|
Total assets |
$ |
139,886 |
$ |
232,307 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
|
|
Unrelated party financing, net of
unamortized deferred financing costs |
$ |
- |
$ |
12,119 |
Related party financing, net of
unamortized deferred financing costs |
|
38,472 |
|
84,832 |
Other liabilities |
|
5,010 |
|
4,584 |
Total stockholders' equity |
|
96,404 |
|
130,772 |
|
Total liabilities and stockholders'
equity |
$ |
139,886 |
$ |
232,307 |
|
|
|
|
|
|
** The balance sheet data as of December 31, 2017
has been derived from the audited consolidated financial statements
at that date. |
|
|
|
|
|
|
OTHER FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June
30, |
|
For the six months ended June
30, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
Net Cash used in Operating
Activities |
$ |
(521) |
$ |
(4,347) |
$ |
(542) |
$ |
(8,028) |
Net Cash provided by Investing
Activities |
|
42,398 |
|
5,884 |
|
73,004 |
|
6,669 |
Net Cash used in Financing Activities
*** |
|
(23,592) |
|
(9,022) |
|
(55,542) |
|
(4,390) |
|
|
|
|
|
|
|
|
|
|
|
*** Figures of June 30, 2017 were adjusted, as the
Company adopted ASU No 2016-18, according to which changes in
restricted cash are not reported anymore as cash flow activities in
the statement of cash flows. |
|
|
Corporate Contact:Ioannis ZafirakisDirector,
Chief Operating Officer and SecretaryTelephone: +
30-216-600-2400Email: izafirakis@dcontainerships.comWebsite:
www.dcontainerships.com
Investor and Media Relations:Edward
NebbComm-Counsellors, LLCTelephone: + 1-203-972-8350Email:
enebb@optonline.net
Performance Shipping (NASDAQ:DCIX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Performance Shipping (NASDAQ:DCIX)
Historical Stock Chart
From Apr 2023 to Apr 2024