Diana Containerships reports financial results for Q4 and year ending 31Dec15; declares cash divident…

Accountancy, Containers, Markets, Statistics, Stock Markets — By on March 1, 2016 at 1:17 PM

WP_20150505_078Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2015; Declares Cash Dividend of $0.0025 Per Share for the Fourth Quarter

ATHENS, GREECE, March 1, 2016 – Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today reported a net loss of $8.8 million for the fourth quarter of 2015, compared to net income of $0.9 million for the respective period of 2014. The loss for the fourth quarter was mainly the result of $6.6 million of impairment charges of the vessel Hanjin Malta, without which the result for the fourth quarter of 2015 would have been a net loss of $2.2 million.

Time charter revenues, net of prepaid charter revenue amortization, were $14.9 million for the fourth quarter of 2015, compared to $15.0 million for the same period of 2014, mainly due to reduced time charter rates and increased off-hire days, partly offset by revenues derived from the increase in ownership days resulting from the enlargement of our fleet.

Net loss for the year ended December 31, 2015 amounted to $17.5 million, compared to net income of $3.2 million for the same period of 2014. The loss for the year ended December 31, 2015, was mainly the result of $8.3 million of direct sale and other charges associated with the disposal of the vessel Garnet and $6.6 million of impairment charges of the vessel Hanjin Malta, without which the result for the period would have been a net loss of $2.6 million. Time charter revenues, net of prepaid charter revenue amortization, for the year ended December 31, 2015, amounted to $62.2 million, compared to $54.1 million for 2014.

Dividend Declaration

The Company has declared a cash dividend on its common stock of $0.0025 per share with respect to the fourth quarter of 2015. The cash dividend will be payable on or around March 30, 2016 to all shareholders of record as at March 15, 2016. As of December 31, 2015, the Company had 73, 890, 581 shares of common stock issued and outstanding.

Viwers can read the full report/release: DCIX_Earnings_Release_311215

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