Dated: November 17, 2017
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By:
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/s/ Andreas Michalopoulos
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Andreas Michalopoulos
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||
Chief Financial Officer
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Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: + 30-216-600-2400
Email: izafirakis@dcontainerships.com
Website: www.dcontainerships.com
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|
For Immediate Release
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Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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Fleet Employment Profile (As of November 15, 2017)
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||||||||||||||||||||||||||||||
Diana Containerships Inc.'s fleet is employed as follows:
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||||||||||||||||||||||||||||||
Vessel
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Sister Ships*
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Gross Rate (USD Per Day)
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Com**
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Charterers
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Delivery Date to Charterers***
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Redelivery Date to Owners****
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Notes
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|||||||||||||||||||||||
BUILT TEU
|
||||||||||||||||||||||||||||||
5 Panamax Container Vessels
|
||||||||||||||||||||||||||||||
SAGITTA
|
$
|
9,500
|
1.25
|
%
|
Hapag-Lloyd AG
|
11-May-17
|
15-Aug-17
|
|||||||||||||||||||||||
2010 3,426
|
A
|
$
|
8,400
|
1.25
|
%
|
15-Aug-17
|
26-Nov-17 - 15-Mar-18
|
1
|
||||||||||||||||||||||
CENTAURUS
|
$
|
5,500
|
3.50
|
%
|
CMA CGM
|
22-Nov-16
|
23-Aug-17
|
|||||||||||||||||||||||
2010 3,426
|
A
|
$
|
7,950
|
3.50
|
%
|
23-Aug-17
|
23-Apr-18 - 23-Aug-18
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|||||||||||||||||||||||
NEW JERSEY
|
2
|
|||||||||||||||||||||||||||||
(ex YM New Jersey)
|
-
|
-
|
-
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-
|
- - -
|
|||||||||||||||||||||||||
2006 4,923
|
||||||||||||||||||||||||||||||
PAMINA
|
Orient Overseas Container Line Ltd.
|
|||||||||||||||||||||||||||||
(ex Santa Pamina)
|
$
|
9,500
|
3.75
|
%
|
12-Sep-17
|
12-Apr-18 - 12-Sep-18
|
3
|
|||||||||||||||||||||||
2005 5,042
|
||||||||||||||||||||||||||||||
DOMINGO
|
$
|
6,000
|
5.00
|
%
|
Nile Dutch Africa Line B.V.
|
28-Feb-17
|
19-Aug-17
|
4
|
||||||||||||||||||||||
(ex Cap Domingo)
|
||||||||||||||||||||||||||||||
2001 3,739
|
$
|
8,500
|
3.50
|
%
|
CMA CGM
|
14-Sep-17
|
14-May-18 - 14-Aug-18
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|||||||||||||||||||||||
6 Post - Panamax Container Vessels
|
||||||||||||||||||||||||||||||
PUELO
|
$
|
14,600
|
1.25
|
%
|
Mitsui O.S.K. Lines, Ltd.
|
12-Jun-17
|
1-Aug-17
|
|||||||||||||||||||||||
B
|
||||||||||||||||||||||||||||||
2006 6,541
|
$
|
10,600/$12,000
|
5.00
|
%
|
Maersk Lines A/S
|
1-Aug-17
|
1-Apr-18 - 1-Feb-19
|
5
|
||||||||||||||||||||||
PUCON
|
Orient Overseas Container Line Ltd.
|
|||||||||||||||||||||||||||||
2006 6,541
|
B
|
$
|
10,750
|
3.75
|
%
|
27-Apr-17
|
27-Apr-18 - 26-Jun-18
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|||||||||||||||||||||||
MARCH
|
||||||||||||||||||||||||||||||
(ex YM March)
|
C
|
$
|
6,850
|
1.25
|
%
|
Hapag-Lloyd AG
|
15-Feb-17
|
25-Nov-17 - 25-Apr-18
|
6
|
|||||||||||||||||||||
2004 5,576
|
||||||||||||||||||||||||||||||
GREAT
|
Orient Overseas Container Line Ltd.
|
|||||||||||||||||||||||||||||
(ex YM Great)
|
C
|
$
|
7,300
|
3.75
|
%
|
8-Apr-17
|
8-Jan-18 - 8-Apr-18
|
|||||||||||||||||||||||
2004 5,576
|
||||||||||||||||||||||||||||||
HAMBURG
|
||||||||||||||||||||||||||||||
2009 6,494
|
D
|
$
|
6,700
|
3.50
|
%
|
CMA CGM
|
9-Jan-17
|
18-Nov-17
|
1
|
|||||||||||||||||||||
ROTTERDAM
|
||||||||||||||||||||||||||||||
2008 6,494
|
D
|
$
|
6,890
|
3.50
|
%
|
CMA CGM
|
7-Mar-17
|
26-Nov-17 - 7-Feb-18
|
1
|
* Each container vessel is a "sister ship", or closely similar, to other container vessels that have the same letter.
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** Total commission paid to third parties.
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*** 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.
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**** 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.
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1 Based on latest information.
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2 As of October 11, 2016, vessel has been placed into lay-up, in Malaysia.
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3 Vessel was in lay-up in Malaysia from October 10, 2016 to August 30, 2017.
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4 The Company had the option to withdraw the vessel any time after the completion of the first 6 months charter period against a 60 day Notice of Withdrawal from service to be tendered from Owners earliest 4 months after delivery.
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5 The gross charter rate is 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 has the option to redeliver the vessel any time between April 2, 2018 to February 2, 2019.
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6 Charterers will pay US$1 per day for the first 15 days of the charter period.
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Summary of Selected Financial & Other Data
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||||||||||||||||
For the three months ended September 30,
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For the nine months ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
|
||||||||||||||||
Time charter revenues, net of prepaid charter revenue amortization
|
$
|
6,728
|
$
|
7,983
|
$
|
16,001
|
$
|
27,747
|
||||||||
Voyage expenses
|
350
|
834
|
1,364
|
2,785
|
||||||||||||
Vessel operating expenses
|
6,084
|
7,918
|
17,201
|
24,696
|
||||||||||||
Net income / (loss)
|
(8,722
|
)
|
(126,778
|
)
|
20,403
|
(140,556
|
)
|
|||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
|
11.0
|
13.0
|
11.6
|
13.2
|
||||||||||||
Number of vessels
|
11.0
|
13.0
|
11.0
|
13.0
|
||||||||||||
Ownership days
|
1,012
|
1,196
|
3,166
|
3,630
|
||||||||||||
Available days
|
1,012
|
1,196
|
3,143
|
3,585
|
||||||||||||
Operating days
|
820
|
899
|
2,244
|
2,650
|
||||||||||||
Fleet utilization
|
81.0
|
%
|
75.2
|
%
|
71.4
|
%
|
73.9
|
%
|
||||||||
AVERAGE DAILY RESULTS
|
||||||||||||||||
Time charter equivalent (TCE) rate (1)
|
$
|
6,302
|
$
|
5,977
|
$
|
4,657
|
$
|
6,963
|
||||||||
Daily vessel operating expenses (2)
|
$
|
6,012
|
$
|
6,620
|
$
|
5,433
|
$
|
6,803
|
(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.
|
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 September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
REVENUES:
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||
Time charter revenues
|
$
|
6,728
|
$
|
8,970
|
$
|
16,001
|
$
|
31,443
|
||||||||
Prepaid charter revenue amortization
|
-
|
(987
|
)
|
-
|
(3,696
|
)
|
||||||||||
Time charter revenues, net
|
6,728
|
7,983
|
16,001
|
27,747
|
||||||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
350
|
834
|
1,364
|
2,785
|
||||||||||||
Vessel operating expenses
|
6,084
|
7,918
|
17,201
|
24,696
|
||||||||||||
Depreciation and amortization of deferred charges
|
2,061
|
3,597
|
6,086
|
10,704
|
||||||||||||
General and administrative expenses
|
1,870
|
1,732
|
5,159
|
5,454
|
||||||||||||
Impairment losses
|
-
|
118,861
|
-
|
118,861
|
||||||||||||
(Gain) / Loss on vessels' sale
|
-
|
-
|
(945
|
)
|
497
|
|||||||||||
Foreign currency losses
|
22
|
58
|
31
|
143
|
||||||||||||
Operating loss
|
(3,659
|
)
|
(125,017
|
)
|
(12,895
|
)
|
(135,393
|
)
|
||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest and finance costs
|
(5,080
|
)
|
(1,792
|
)
|
(8,958
|
)
|
(5,259
|
)
|
||||||||
Interest income
|
17
|
31
|
71
|
96
|
||||||||||||
Gain from bank debt write off
|
-
|
-
|
42,185
|
-
|
||||||||||||
Total other income / (expenses), net
|
(5,063
|
)
|
(1,761
|
)
|
33,298
|
(5,163
|
)
|
|||||||||
Net income / (loss)
|
$
|
(8,722
|
)
|
$
|
(126,778
|
)
|
$
|
20,403
|
$
|
(140,556
|
)
|
|||||
Earnings / (Loss) per common share, basic *
|
$
|
(128.67
|
)
|
$
|
(85,660.81
|
)
|
$
|
847.05
|
$
|
(95,098.78
|
)
|
|||||
Earnings/ (Loss) per common share, diluted *
|
$
|
(128.67
|
)
|
$
|
(85,660.81
|
)
|
$
|
845.02
|
$
|
(95,098.78
|
)
|
|||||
Weighted average number of common shares, basic *
|
67,784
|
1,480
|
24,074
|
1,478
|
||||||||||||
Weighted average number of common shares, diluted *
|
67,784
|
1,480
|
24,132
|
1,478
|
||||||||||||
* Adjusted to give effect to the reverse stock splits that became effective on July 5, July 27, August 24, September 25 and November 2, 2017.
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
|
||||||||||||||||
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net income / (loss)
|
$
|
(8,722
|
)
|
$
|
(126,778
|
)
|
$
|
20,403
|
$
|
(140,556
|
)
|
|||||
Comprehensive income / (loss)
|
$
|
(8,722
|
)
|
$
|
(126,778
|
)
|
$
|
20,403
|
$
|
(140,556
|
)
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(Expressed in thousands of US Dollars)
|
||||||||
September 30, 2017
|
December 31, 2016**
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash, cash equivalents and restricted cash
|
$
|
8,181
|
$
|
17,316
|
||||
Vessels' net book value
|
229,903
|
240,352
|
||||||
Other fixed assets, net
|
922
|
946
|
||||||
Other assets
|
5,712
|
7,917
|
||||||
Total assets
|
$
|
244,718
|
$
|
266,531
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Bank and other debt, net of unamortized deferred financing costs
|
$
|
28,219
|
$
|
127,129
|
||||
Related party financing, net of unamortized deferred financing costs
|
83,651
|
45,617
|
||||||
Other liabilities
|
3,841
|
2,905
|
||||||
Total stockholders' equity
|
129,007
|
90,880
|
||||||
Total liabilities and stockholders' equity
|
$
|
244,718
|
$
|
266,531
|
||||
** The balance sheet data as of December 31, 2016 has been derived from the audited consolidated financial statements at that date.
|
OTHER FINANCIAL DATA
|
||||||||||||||||
For the three months ended September 30,
|
For the nine months ended September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net Cash used in Operating Activities
|
$
|
(3,033
|
)
|
$
|
(2,049
|
)
|
$
|
(11,061
|
)
|
$
|
(6,392
|
)
|
||||
Net Cash provided by / (used in) Investing Activities
|
(3
|
)
|
(6
|
)
|
6,666
|
4,301
|
||||||||||
Net Cash provided by / (used in) Financing Activities
|
(350
|
)
|
(9,121
|
)
|
4,260
|
(19,683
|
)
|