Dated: February 19, 2013
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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 and Treasurer
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Corporate Contact:
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Ioannis Zafirakis
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Director, Chief Operating Officer and Secretary
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Telephone: + 30-210-947-0000
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Email: izafirakis@dcontainerships.com
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Website: www.dcontainerships.com
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For Immediate Release
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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Fleet Employment Profile (As of February 19, 2013)
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Currently 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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Charterer
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Delivery Date to Charterer
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Redelivery Date to Owners***
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Notes
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BUILT TEU
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Container Vessels
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SAGITTA
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A
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$22,000
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1.25%
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A.P. Moller - Maersk A/S
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15-May-11
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15-Mar-13 - 15-Jun-13
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2010 3,426
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CENTAURUS
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A
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$7,500
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3.50%
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CMA CGM S.A.
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13-Aug-12
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13-Apr-13 - 13-Aug-13
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2010 3,426
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MAERSK MALACCA
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B
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$21,450
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1.25%
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A.P. Moller - Maersk A/S
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24-Jun-11
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10-May-13 - 8-Aug-13
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1
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1990 4,714
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MAERSK MERLION
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B
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$21,450
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1.25%
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A.P. Moller - Maersk A/S
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19-Jun-11
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5-May-13 - 3-Aug-13
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1990 4,714
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MAERSK MADRID
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$21,450
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1.25%
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A.P. Moller - Maersk A/S
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15-Jun-11
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1-May-13 - 30-Jul-13
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1989 4,206
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CAP DOMINGO
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C
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$22,750
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Reederei Santa Containerschiffe GmbH & Co. KG
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6-Feb-12
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6-Feb-13
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2,3
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(ex Cap San Marco)
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$22,850
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0%
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6-Feb-13
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6-Feb-14
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2001 3,739
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$23,250
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6-Feb-14
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23-Dec-14 - 23-Mar-15
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CAP DOUKATO
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C
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$22,750
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Reederei Santa Containerschiffe GmbH & Co. KG
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6-Feb-12
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6-Feb-13
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2,3
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(ex Cap San Raphael)
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$22,850
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0%
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6-Feb-13
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6-Feb-14
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2002 3,739
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$23,250
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6-Feb-14
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23-Dec-14 - 23-Mar-15
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APL SARDONYX
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D
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$24,750
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1.00%
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APL (Bermuda) Ltd.
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17-Feb-12
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3-Jan-14 - 3-Apr-14
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3,4,5
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1995 4,729
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APL GARNET
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D
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$27,000
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0%
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NOL Liner (Pte) Ltd.
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19-Nov-12
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20-Aug-15 - 19-Oct-15
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3
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1995 4,729
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APL SPINEL
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D
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$24,750
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1.00%
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APL (Bermuda) Ltd.
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1-Mar-12
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15-Jan-14 - 15-Apr-14
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3,4,5
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1996 4,729
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HANJIN MALTA
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$25,550
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US$150 per day
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Hanjin Shipping Co. Ltd., Seoul
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15-Mar-13
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30-Mar-16 - 15-May-16
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3,6
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1993 4,024
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Summary of Selected Financial & Other Data
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For the three months ended December 31,
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For the years ended
December 31,
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|||||||||||||||
2012
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2011
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2012
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2011
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(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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INCOME STATEMENT DATA (in thousands of US Dollars):
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Time charter revenues, net of prepaid charter revenue amortization
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$ | 14,637 | $ | 9,776 | $ | 56,631 | $ | 26,992 | ||||||||
Voyage expenses
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375 | 224 | 1,404 | 731 | ||||||||||||
Vessel operating expenses
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8,809 | 4,644 | 28,969 | 11,134 | ||||||||||||
Net income
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271 | 1,307 | 5,969 | 3,630 | ||||||||||||
FLEET DATA
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Average number of vessels
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9.5 | 5.0 | 8.6 | 3.6 | ||||||||||||
Number of vessels
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10.0 | 5.0 | 10.0 | 5.0 | ||||||||||||
Ownership days
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871 | 460 | 3,156 | 1,320 | ||||||||||||
Available days
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871 | 460 | 3,156 | 1,320 | ||||||||||||
Operating days
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870 | 459 | 3,150 | 1,311 | ||||||||||||
Fleet utilization
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99.9 | % | 99.8 | % | 99.8 | % | 99.3 | % | ||||||||
AVERAGE DAILY RESULTS
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Time charter equivalent (TCE) rate (1)
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$ | 16,374 | $ | 20,765 | $ | 17,499 | $ | 19,895 | ||||||||
Daily vessel operating expenses (2)
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$ | 10,114 | $ | 10,095 | $ | 9,179 | $ | 8,435 |
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(1)
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Time charter equivalent rates, or TCE rates, are defined as our time charter revenues 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.
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(2)
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Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.
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DIANA CONTAINERSHIPS INC.
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FINANCIAL TABLES
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Expressed in thousands of U.S. Dollars, except for share and per share data
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CONSOLIDATED STATEMENTS OF INCOME
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For the three months ended December 31,
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For the years ended
December 31,
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2012
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2011
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2012
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2011
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REVENUES:
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(unaudited)
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(unaudited)
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(unaudited)
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Time charter revenues, net of prepaid charter revenue amortization
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$ | 14,637 | $ | 9,776 | $ | 56,631 | $ | 26,992 | ||||||||
EXPENSES:
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Voyage expenses
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375 | 224 | 1,404 | 731 | ||||||||||||
Vessel operating expenses
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8,809 | 4,644 | 28,969 | 11,134 | ||||||||||||
Depreciation
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3,337 | 2,143 | 12,476 | 5,937 | ||||||||||||
Management fees
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425 | 225 | 1,551 | 650 | ||||||||||||
General and administrative expenses
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768 | 974 | 3,468 | 3,442 | ||||||||||||
Foreign currency losses / (gains)
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(92 | ) | 4 | (194 | ) | 18 | ||||||||||
Operating income
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1,015 | 1,562 | 8,957 | 5,080 | ||||||||||||
OTHER INCOME / (EXPENSES):
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Interest and finance costs
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(772 | ) | (304 | ) | (3,066 | ) | (1,604 | ) | ||||||||
Interest Income
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28 | 49 | 78 | 154 | ||||||||||||
Total other expenses, net
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(744 | ) | (255 | ) | (2,988 | ) | (1,450 | ) | ||||||||
Net income
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$ | 271 | $ | 1,307 | $ | 5,969 | $ | 3,630 | ||||||||
Earnings per common share, basic and diluted
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$ | 0.01 | $ | 0.06 | $ | 0.22 | $ | 0.23 | ||||||||
Weighted average number of common shares, basic
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32,111,969 | 22,929,499 | 26,934,533 | 15,536,028 | ||||||||||||
Weighted average number of common shares, diluted
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32,111,969 | 22,937,387 | 26,934,533 | 15,543,916 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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For the three months ended December 31,
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For the years ended
December 31,
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|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(unaudited)
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(unaudited)
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(unaudited)
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Net income
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$ | 271 | $ | 1,307 | $ | 5,969 | $ | 3,630 | ||||||||
Comprehensive income
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$ | 271 | $ | 1,307 | $ | 5,969 | $ | 3,630 |
CONDENSED CONSOLIDATED BALANCE SHEET DATA
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(Expressed in thousands of US Dollars)
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2012
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2011
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ASSETS
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Cash and cash equivalents
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$ | 31,526 | $ | 41,354 | ||||
Other current assets
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5,386 | 2,205 | ||||||
Advances for vessel acquisitions and other vessel costs
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- | 6,634 | ||||||
Vessels' net book value
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260,945 | 158,827 | ||||||
Other non-current assets
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39,188 | 991 | ||||||
Total assets
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$ | 337,045 | $ | 210,011 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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$ | 6,110 | $ | 3,114 | ||||
Long-term debt, net of unamortized deferred financing costs
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91,906 | - | ||||||
Other non-current liabilities
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271 | 364 | ||||||
Total stockholders' equity
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238,758 | 206,533 | ||||||
Total liabilities and stockholders' equity
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$ | 337,045 | $ | 210,011 |
OTHER FINANCIAL DATA
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For the three months ended December 31,
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For the years ended
December 31,
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|||||||||||||||
2012
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2011
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2012
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2011
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(unaudited)
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(unaudited)
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(unaudited)
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Net Cash provided by Operating Activities
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$ | 6,897 | $ | 4,620 | $ | 31,346 | $ | 12,504 | ||||||||
Net Cash used in Investing Activities
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(30,087 | ) | (7,443 | ) | (149,960 | ) | (79,321 | ) | ||||||||
Net Cash provided by / (used in) Financing Activities
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(9,657 | ) | (4,416 | ) | 108,786 | 97,073 |