Diana Containerships Announces Financial Results for 2017

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(Image Courtesy: Diana Containerships)

Diana Containerships has reported a net loss of USD 16.6 million for the fourth quarter of 2017, compared to a net loss of USD 8.5 million for the same period of 2016. The loss for the fourth quarter of 2017 includes impairment losses of USD 8.4 million for two vessels, without which the result for the quarter would have been a net loss of USD 8.2 million, the company said while announcing its financial results for 2017 on Tuesday.

The loss for the fourth quarter of 2016 includes a loss of USD 2.4 million on sale of one vessel, without which the result for the quarter would have been a net loss of USD 6.1 million.

Diana Containership’s time charter revenues, net of prepaid charter revenue amortization, were USD 7.8 million for the fourth quarter of 2017, compared to USD 5.4 million for the same period of 2016. This increase was mainly the result of increased revenues generated by the improvement of the Company’s fleet utilisation and increased realised time charter rates.

As of December 31, 2017, the company’s total debt outstanding, including the entire discount premiums under the two existing loan agreements, amounted to USD 106.1 million, while as of December 31, 2016, the Company’s total debt outstanding amounted to USD 174.7 million.

Net income for the year ended December 31, 2017 amounted to USD 3.8 million, compared to a net loss of USD 149.0 million for the year ended December 31, 2016. The net income for 2017 reflected a gain from a debt write-off, arising from the refinancing of the secured loan facility with the Royal Bank of Scotland, which was agreed to on June 30, 2017.

The specific gain, net of related expenses, amounted to USD 42.2 million. The loss for 2016 includes USD 118.9 million of impairment charges for seven of the Company’s vessels and USD 2.9 million of loss on sale of two vessels. Time charter revenues, net of prepaid charter revenue amortization, for the year ended December 31, 2017, amounted to USD 23.8 million, compared to USD 33.2 million for the year ended December 31, 2016, the company added.

Sea News, February 21