Rates Increase Boosts Diana Containerships Q3 Income

Diana Containerships Inc. reported net income of $1.4 million for the third quarter of 2014, compared to a net loss of $0.7 million for the respective period of 2013. 

Time charter revenues, net of prepaid charter revenue amortization, were $13 million for the third quarter of 2014, compared to $11.1 million for the same period of 2013, mainly due to increased average time charter rates achieved, despite the decrease in ownership days in the third quarter of 2014 compared to the same period of 2013, resulting from the disposal of two vessels in December 2013 and February 2014, which was partly offset by the addition to the company’s fleet of three vessels from August 2013 to September 2014.

Net income for the nine months ended September 30, 2014 amounted to $2.4 million, compared to a net loss of $37.6 million for the same period of 2013. The loss for the nine months ended September 30, 2013 was mainly the result of an impairment loss and actual losses arising from the disposal of three vessels, together totaling $36.9 million. Time charter revenues, net of prepaid charter revenue amortization, for the nine months ended September 30, 2014 amounted to $39 million, compared to $38.5 million for the same period of 2013.

The company has declared a cash dividend on its common stock of $0.0025 per share with respect to the third quarter of 2014. The cash dividend will be payable on or around December 18, 2014 to all shareholders of record as at December 4, 2014. The company has 73,158,991 shares of common stock outstanding.