Dated: February 27, 2015
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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:
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Ioannis Zafirakis
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Director, Chief Operating Officer and Secretary
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Telephone: + 30-216-600-2400
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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 27, 2015)
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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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|||||||
Panamax Container Vessels
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|||||||
SAGITTA
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A
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$7,400
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1.25%
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A.P. Møller - Maersk A/S
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29-Jan-14
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14-Nov-14
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1,2,3
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$7,825
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1.25%
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14-Nov-14
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14-Sep-15 - 14-Nov-15
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||||
2010 3,426
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|||||||
CENTAURUS
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A
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$8,000
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3.50%
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CMA CGM S.A.
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13-Jun-14
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28-Jan-15
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4,5
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$7,650
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5.00%
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Maersk Line A/S
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22-Feb-15
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22-Jul-15 - 22-Oct-15
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|||
2010 3,426
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|||||||
SANTA PAMINA
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$9,500
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5.00%
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The Shipping Corporation of India Ltd.
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28-Nov-14
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16-Mar-15 - 15-May-15
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2005 5,042
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|||||||
CAP DOMINGO
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B
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$23,250
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0%
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Reederei Santa Containerschiffe GmbH & Co. KG
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6-Feb-14
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23-Dec-14
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6,7,8
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(ex Cap San Marco)
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|||||||
$9,900
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3.75%
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Rudolf A. Oetker KG
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23-Dec-14
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24-Dec-15 - 8-Mar-16
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9,10
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||
2001 3,739
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|||||||
CAP DOUKATO
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B
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$23,250
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0%
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Reederei Santa Containerschiffe GmbH & Co. KG
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6-Feb-14
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23-Dec-14
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6,7,8
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(ex Cap San Raphael)
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|||||||
$9,900
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3.75%
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Rudolf A. Oetker KG
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23-Dec-14
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23-Jan-16 - 23-Apr-16
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9
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2002 3,739
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|||||||
APL GARNET
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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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7
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1995 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.
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15-Mar-13
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30-Mar-16 - 15-May-16
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7
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1993 4,024
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|||||||
Post - Panamax Container Vessels
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|||||||
PUELO
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C
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$27,900
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US$150 per day
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CSAV Valparaiso
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23-Aug-13
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10-Apr-15 - 23-Feb-16
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11,12,13
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2006 6,541
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|||||||
PUCON
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C
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$27,900
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US$150 per day
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CSAV Valparaiso
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20-Sep-13
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20-Mar-15 - 20-Mar-16
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11,14
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2006 6,541
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|||||||
YM MARCH
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D
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$12,000
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0%
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Yang Ming (UK) Ltd.
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12-Sep-14
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15-Mar-15 - 15-May-15
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13,15
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2004 5,576
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|||||||
YM GREAT
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D
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$12,000
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0%
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Yang Ming (UK) Ltd.
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10-Oct-14
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26-Mar-15
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16
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$17,475
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2.50%
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27-Mar-15
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27-Jun-15 - 27-Aug-15
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17
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|||
2004 5,576
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|||||||
* 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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*** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended.
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1 In October 2014, the Company agreed to extend as from November 14, 2014 the previous charter party with A. P. Møller - Maersk A/S for a period of minimum 10 months to maximum 12 months at a gross charter rate of US$7,825 per day.
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2 As per Novation Agreement signed in January 2015, with effect from February 1, 2015, charterers have changed to Maersk Line A/S.
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3 Vessel currently off-hire for drydocking.
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4 In December 2014, the Company signed an addendum, extending the initially agreed maximum redelivery date to January 21, 2015. In January 2015, the Company agreed to further extend the maximum redelivery date till January 29, 2015.
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5 Vessel on scheduled drydocking from January 28, 2015 to February 22, 2015.
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6 For financial reporting purposes, we recognize revenue from time charters that have varying rates on a straight-line basis equal to the average revenue during the term of that time charter. We calculate quarterly dividends based on the available cash from operations during the relevant quarter.
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7 For financial reporting purposes, revenues derived from the time charter agreement will be netted off during the term of the time charter with an amortization charge of the asset that was recognized at the delivery of the vessel, being the difference of the present value of the contractual cash flows to the fair value. However, we calculate quarterly dividends based on the available cash from operations during the relevant quarter.
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8 Vessel chartered for a period of thirty-six (36) months plus or minus forty-five (45) days. The net daily charter hire rate was US$22,750 during the first twelve (12) months, US$22,850 during the second twelve (12) months and US$23,250 for the third twelve (12) months of the charter.
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9 Reederei Santa Containerschiffe GmbH & Co. KG has agreed to novate the time charter contract to Rudolf A. Oetker KG.
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10 During January 2015, the vessel was off-hire for approximately three days.
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11 In case the vessel is redelivered to the Company in any period between the earliest and the maximum redelivery period, then the charterers will pay a lump sum equivalent to US$6,000 per day to the owners for the outstanding period between the redelivery date and up to the 30 months.
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12 Charterers changed to Norasia Container Lines Limited, as per Novation Agreement signed in September 2014 with a retroactive effect from July 1, 2014. As per same Novation Agreement, with effect from February 1, 2015, charterers have changed to Hapag-Lloyd AG.
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13 Based on latest information.
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14 Charterers changed to Norasia Container Lines Limited, as per Novation Agreement signed in September 2014 with a retroactive effect from July 1, 2014.
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15 Charterers have exercised their right to add the off-hire days and therefore the optional period has been extended up to May 15, 2015.
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16 Charterers have exercised their right to add the off-hire days and therefore the optional period has been extended up to March 26, 2015 (24:00 UTC).
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17 In February 2015, the Company agreed to extend as from March 27, 2015 (00:01 UTC) the previous charter party with Yang Ming (UK) Ltd. for a period of minimum 3 months to maximum 5 months at a gross charter rate of US$17,475 per day.
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Summary of Selected Financial & Other Data
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||||||||||||||||
For the three months ended December 31,
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For the years ended December 31,
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|||||||||||||||
2014
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2013
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2014
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2013
|
|||||||||||||
(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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|||||||||||||
INCOME STATEMENT DATA (in thousands of US Dollars):
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||||||||||||||||
Time charter revenues, net of prepaid charter revenue amortization
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$
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15,038
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$
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15,503
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$
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54,068
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$
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54,015
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||||||||
Voyage expenses
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98
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178
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332
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705
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||||||||||||
Vessel operating expenses
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7,768
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7,313
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26,559
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30,870
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||||||||||||
Net income / (loss)
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869
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(19,784
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)
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3,238
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(57,346
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)
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||||||||||
FLEET DATA
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||||||||||||||||
Average number of vessels
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10.3
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9.9
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8.8
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9.6
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||||||||||||
Number of vessels
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11.0
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9.0
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11.0
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9.0
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||||||||||||
Ownership days
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944
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908
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3,198
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3,516
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||||||||||||
Available days
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944
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908
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3,198
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3,516
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||||||||||||
Operating days
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943
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904
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3,189
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3,442
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||||||||||||
Fleet utilization
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99.9
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%
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99.6
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%
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99.7
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%
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97.9
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%
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||||||||
AVERAGE DAILY RESULTS
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||||||||||||||||
Time charter equivalent (TCE) rate (1)
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$
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15,826
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$
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16,878
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$
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16,803
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$
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15,162
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||||||||
Daily vessel operating expenses (2)
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$
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8,229
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$
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8,054
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$
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8,305
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$
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8,780
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(1) | 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. |
(2) | Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage taxes, regulatory fees, environmental costs and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. |
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
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
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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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|||||||||||||||
2014
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2013
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2014
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2013
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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
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$
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17,884
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$
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20,896
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$
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65,678
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$
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74,337
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||||||||
Prepaid charter revenue amortization
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(2,846
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)
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(5,393
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)
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(11,610
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)
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(20,322
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)
|
||||||||
Time charter revenues, net
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15,038
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15,503
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54,068
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54,015
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||||||||||||
EXPENSES:
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||||||||||||||||
Voyage expenses
|
98
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178
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332
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705
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||||||||||||
Vessel operating expenses
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7,768
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7,313
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26,559
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30,870
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||||||||||||
Depreciation
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2,868
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2,952
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10,309
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11,070
|
||||||||||||
Management fees
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-
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-
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-
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305
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||||||||||||
General and administrative expenses
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1,784
|
1,208
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6,306
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5,059
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||||||||||||
Impairment losses
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-
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9,697
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-
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42,323
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||||||||||||
Loss on vessels' sale
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-
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12,210
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695
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16,481
|
||||||||||||
Foreign currency losses / (gains)
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-
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(1
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)
|
17
|
66
|
|||||||||||
Operating income / (loss)
|
2,520
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(18,054
|
)
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9,850
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(52,864
|
)
|
||||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest and finance costs
|
(1,693
|
)
|
(1,741
|
)
|
(6,746
|
)
|
(4,554
|
)
|
||||||||
Interest Income
|
42
|
11
|
134
|
72
|
||||||||||||
Total other expenses, net
|
(1,651
|
)
|
(1,730
|
)
|
(6,612
|
)
|
(4,482
|
)
|
||||||||
Net income / (loss)
|
$
|
869
|
$
|
(19,784
|
)
|
$
|
3,238
|
$
|
(57,346
|
)
|
||||||
Earnings / (loss) per common share, basic and diluted
|
$
|
0.01
|
$
|
(0.58
|
)
|
$
|
0.06
|
$
|
(1.73
|
)
|
||||||
Weighted average number of common shares, basic and diluted
|
72,797,551
|
34,198,357
|
51,645,071
|
33,159,328
|
||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
|
||||||||||||||||
For the three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Net income / (loss)
|
$
|
869
|
$
|
(19,784
|
)
|
$
|
3,238
|
$
|
(57,346
|
)
|
||||||
Other comprehensive loss (Actuarial loss)
|
(68
|
)
|
-
|
(68
|
)
|
-
|
||||||||||
Comprehensive income / (loss)
|
$
|
801
|
$
|
(19,784
|
)
|
$
|
3,170
|
$
|
(57,346
|
)
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(Expressed in thousands of US Dollars)
|
||||||||
2014
|
2013
|
|||||||
ASSETS
|
||||||||
Cash, cash equivalents and restricted cash
|
$
|
91,873
|
$
|
29,555
|
||||
Vessels' net book value
|
306,094
|
265,372
|
||||||
Other fixed assets, net
|
1,089
|
321
|
||||||
Prepaid charter revenue
|
6,364
|
18,166
|
||||||
Other assets
|
3,843
|
3,295
|
||||||
Total assets
|
$
|
409,263
|
$
|
316,709
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Bank debt, net of unamortized deferred financing costs
|
$
|
98,298
|
$
|
98,102
|
||||
Related party financing
|
50,867
|
50,233
|
||||||
Other liabilities
|
3,655
|
3,909
|
||||||
Total stockholders' equity
|
256,443
|
164,465
|
||||||
Total liabilities and stockholders' equity
|
$
|
409,263
|
$
|
316,709
|
OTHER FINANCIAL DATA
|
||||||||||||||||
For the three months ended December 31,
|
For the years ended December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Net Cash provided by Operating Activities
|
$
|
6,658
|
$
|
9,671
|
$
|
25,487
|
$
|
31,740
|
||||||||
Net Cash provided by / (used in) Investing Activities
|
(34,479
|
)
|
8,028
|
(51,636
|
)
|
(81,663
|
)
|
|||||||||
Net Cash provided by / (used in) Financing Activities
|
(183
|
)
|
(1,524
|
)
|
88,467
|
38,082
|