Diana Containerships Reports Net Loss of USD 0.7 Mil in 3Q 2013

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, yesterday reported a net loss of $0.7 million for the third quarter of 2013, compared to net income of $1.6 million for the respective period of 2012.

Time charter revenues, net of prepaid charter revenue amortization, were $11.1 million for the third quarter of 2013, compared to $14.6 million for the same period of 2012, mainly due to reduced average time charter rates and the decrease in ownership days in 2013 compared to 2012, resulting from the disposal of the vessels Madrid, Malacca and Merlion in May and June 2013, which was partly offset by the addition to the Company’s fleet of the vessels APL Garnet, delivered in November 2012, and Hanjin Malta, Puelo and Pucon, delivered in March, August and September 2013, respectively.

Net loss for the nine months ended September 30, 2013 amounted to $37.6 million, as a result of an impairment loss and other direct sale charges totalling $36.9 million for the vessels Madrid, Malacca and Merlion, without which the result for the nine months ended September 30, 2013 would be a loss of $0.7 million, compared to net income of $5.7 million for the same period of 2012. Time charter revenues, net of prepaid charter revenue amortization, were $38.5 million for the nine months ended September 30, 2013, compared to $42.0 million for the respective period in 2012.

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Diana Containerships, November 15, 2013