Dated: May 17, 2016
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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 May 17, 2016)
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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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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
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|||||||
7 Panamax Container Vessels 13
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|||||||
SAGITTA
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A
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$6,600
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5.00%
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Maersk Line A/S
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30-Nov-15
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11-Jan-16
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1
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$5,850
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3.50%
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CMA CGM
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27-Jan-16
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27-May-16 - 27-Jan-17
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2010 3,426
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|||||||
CENTAURUS
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A
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$10,875
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5.00%
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Maersk Line A/S
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2-Oct-15
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2-Sep-16 - 2-Apr-17
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2
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2010 3,426
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|||||||
YM LOS ANGELES
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B
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$21,000
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US$350 per day
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Yang Ming (UK) Ltd.
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9-Apr-15
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19-Oct-16 - 19-Feb-17
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3,4
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2006 4,923
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|||||||
YM NEW JERSEY
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B
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$21,000
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US$350 per day
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Yang Ming (UK) Ltd.
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22-Apr-15
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24-Sep-16 - 24-Jan-17
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3,5
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2006 4,923
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|||||||
PAMINA
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$15,325
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4.00%
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Zim Integrated Shipping Services Ltd
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21-May-15
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22-Mar-16
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6
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(ex Santa Pamina)
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2005 5,042
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|||||||
DOMINGO
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C
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$6,750
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3.75%
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Rudolf A. Oetker KG
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24-Dec-15
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12-Feb-16
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7,8,9
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(ex Cap Domingo)
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|||||||
$6,150
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3.50%
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CMA CGM
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11-Apr-16
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26-Sep-16 - 11-Apr-17
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2001 3,739
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|||||||
CAP DOUKATO
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C
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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
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7
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(ex Cap San Raphael)
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|||||||
$6,250
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3.75%
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23-Jan-16
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16-Jun-16 - 23-Jan-17
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10,11
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2002 3,739
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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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19-Feb-16
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3,12,13
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1993 4,024
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6 Post - Panamax Container Vessels
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PUELO
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D
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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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2-Aug-15
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6,14,15
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$6,500
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3.75%
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MSC-Mediterranean Shipping Co. S.A., Geneva
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18-May-16
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18-Apr-17 - 18-Jun-17
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16
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2006 6,541
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|||||||
PUCON
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D
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$17,000
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3.75%
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Hapag-Lloyd AG
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20-Aug-15
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27-May-16 - 6-Jun-16
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11,17,18,19
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2006 6,541
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|||||||
MARCH
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E
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$6,200
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5.00%
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Maersk Line A/S
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21-Dec-15
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6-Jan-16
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20
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(ex YM March)
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$6,200
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5.00%
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6-Jan-16
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26-Mar-16
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6,21
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2004 5,576
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|||||||
GREAT
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E
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$14,750
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5.00%
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Maersk Line A/S
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15-Aug-15
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15-Feb-16
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(ex YM Great)
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$6,000
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5.00%
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15-Feb-16
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17-May-16
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11,22
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2004 5,576
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HAMBURG
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F
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$14,000
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0.00%
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MSC-Mediterranean Shipping Co. S.A., Geneva
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16-Nov-15
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27-Jan-16
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6
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2009 6,494
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|||||||
ROTTERDAM
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F
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$6,000
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5.00%
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Maersk Line A/S
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2-Feb-16
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27-Apr-16
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23
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$6,200
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5.00%
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27-Apr-16
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27-Oct-16 - 11-Jun-17
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24
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2008 6,494
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1 | In November 2015, the Company agreed to extend as from November 30, 2015 the previous charter party with Maersk Line A/S for a period of up to minimum January 8, 2016 to maximum March 1, 2016 at a gross charter rate of US$6,600 per day. |
2 | In September 2015, the Company agreed to extend as from October 2, 2015 the previous charter party with Maersk Line A/S for a period of minimum 11 months to maximum 18 months at a gross charter rate of US$10,875 per day. |
3 | For financial reporting purposes, an asset is recognized upon the delivery of the vessel which represents the difference between the current fair market value of the charter and the net present value of future contractual cash flows. This asset is amortized over the period of the time charter agreement and is set off against the corresponding revenues during the same period. |
4 | The charterer has the option to employ the vessel for a further twenty-two (22) to twenty-six (26) month period at the same daily gross charter rate less US$350 per day commission paid to third parties. The optional period if exercised will start on December 19, 2016 and must be declared six (6) months prior to this date. |
5 | The charterer has the option to employ the vessel for a further twenty-two (22) to twenty-six (26) month period at the same daily gross charter rate less US$350 per day commission paid to third parties. The optional period if exercised will start on November 24, 2016 and must be declared six (6) months prior to this date. |
6 | Currently without an active charterparty. |
7 | Reederei Santa Containerschiffe GmbH & Co. KG has agreed to novate the time charter contract to Rudolf A. Oetker KG. |
8 | In November 2015, the Company agreed to extend as from December 24, 2015 the previous charter party with Rudolf A. Oetker KG for a period of up to minimum February 10, 2016 to maximum March 25, 2016 at a gross charter rate of US$6,750 per day. |
9 | Vessel on scheduled drydocking from February 12, 2016 to March 28, 2016. |
10 | In January 2016, the Company agreed to extend as from January 23, 2016 the previous charter party with Rudolf A. Oetker KG for a period of minimum 3 months to maximum 12 months at a gross charter rate of US$6,250 per day. |
11 | Based on latest information. |
12 | Charterers have agreed to compensate the owners for the early redelivery of the vessel till the minimum agreed redelivery date, March 31, 2016. |
13 | "Hanjin Malta" sold and delivered to her new owners on March 9, 2016. |
14 | The charterers paid the owners a compensation for the early redelivery of the vessel equal to the amount of US$6,000 per day for the period between August 2, 2015 and up to February 23, 2016. |
15 | 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. |
16 | The charterer has the option to further employ the vessel for a twelve (12) month period, at a gross charter rate of US$8,600 per day starting twelve (12) months after delivery of the vessel to the charterer. After that period the charterer has the option to employ the vessel for a further twelve (12) month period, at a gross charter rate of US$20,000 starting twenty-four (24) months after delivery of the vessel to the charterer. Charterer has the option to employ the vessel for plus or minus thirty (30) days on final declaration. All gross charter rates include a 3.75% commission paid to third parties. Options must be declared by the charterer not later than nine (9) months for the first option and twenty (20) months for the second option after the delivery of the vessel to the charterer. |
17 | The charterers paid the owners a compensation for the early redelivery of the vessel equal to the amount of US$6,000 per day for the period between August 20, 2015 and up to March 20, 2016. |
18 | 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 April 28, 2015, charterers have changed to Hapag-Lloyd AG. |
19 | In July 2015, the Company agreed to extend as from August 20, 2015 (00:01) the previous charter party with Hapag-Lloyd AG for a period of up to minimum May 10, 2016 to maximum July 20, 2016 at a gross charter rate of US$17,000 per day. |
20 | Charterers paid US$1 per day for the first 5 days of the charter period. |
21 | In December 2015, the Company agreed to extend as from January 6, 2016 the previous charter party with Maersk Line A/S for a period of minimum 2 months to maximum 10 months at a gross charter rate of US$6,200 per day. |
22 | In January 2016, the Company agreed to extend as from February 15, 2016 the previous charter party with Maersk Line A/S for a period of minimum 2 months to maximum 12 months at a gross charter rate of US$6,000 per day. |
23 | Vessel was off-hire for scheduled maintenance from April 15, 2016 to April 27, 2016. |
24 | In March 2016, the Company agreed to extend as from April 27, 2016 (00:01) the previous charter party with Maersk Line A/S for a period of minimum 6 months to about 13 months at a gross charter rate of US$6,200 per day. |
Summary of Selected Financial & Other Data
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For the three months ended March 31,
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||||||||
2016
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2015
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|||||||
(unaudited)
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(unaudited)
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STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
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Time charter revenues, net of prepaid charter revenue amortization
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$
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11,766
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$
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13,880
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Voyage expenses
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1,026
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205
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Vessel operating expenses
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8,891
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8,331
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Net loss
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(5,766
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)
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(502
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)
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FLEET DATA
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Average number of vessels
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13.7
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11.0
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Number of vessels
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13.0
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11.0
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Ownership days
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1,251
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990
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Available days
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1,206
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949
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Operating days
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954
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945
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Fleet utilization
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79.1
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%
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99.6
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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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8,905
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$
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14,410
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Daily vessel operating expenses (2)
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$
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7,107
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$
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8,415
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(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. |
(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
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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
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For the three months ended March 31,
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2016
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2015
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|||||||
REVENUES:
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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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13,464
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$
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15,688
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Prepaid charter revenue amortization
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(1,698
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)
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(1,808
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)
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Time charter revenues, net
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11,766
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13,880
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EXPENSES:
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Voyage expenses
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1,026
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205
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||||||
Vessel operating expenses
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8,891
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8,331
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Depreciation and amortization of deferred charges
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3,548
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2,913
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||||||
General and administrative expenses
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1,838
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1,404
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||||||
Loss on vessels' sale
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497
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-
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Foreign currency losses / (gains)
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29
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(85
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)
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|||||
Operating income / (loss)
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(4,063
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)
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1,112
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|||||
OTHER INCOME / (EXPENSES):
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||||||||
Interest and finance costs
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(1,735
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)
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(1,662
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)
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Interest income
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32
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48
|
||||||
Total other expenses, net
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(1,703
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)
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(1,614
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)
|
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Net loss
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$
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(5,766
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)
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$
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(502
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)
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Loss per common share, basic and diluted
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$
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(0.08
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)
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$
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(0.01
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)
|
||
Weighted average number of common shares, basic and diluted
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73,017,185
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72,797,551
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||||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
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For the three months ended March 31,
|
||||||||
2016
|
2015
|
|||||||
(unaudited)
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(unaudited)
|
|||||||
Net loss
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$
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(5,766
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)
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$
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(502
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)
|
||
Comprehensive loss
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$
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(5,766
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)
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$
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(502
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)
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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||||||||
(Expressed in thousands of US Dollars)
|
||||||||
March 31, 2016
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December 31, 2015*
|
|||||||
ASSETS
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(unaudited)
|
|||||||
Cash, cash equivalents and restricted cash
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$
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36,597
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$
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38,388
|
||||
Vessels' net book value
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376,349
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384,549
|
||||||
Other fixed assets, net
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962
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987
|
||||||
Prepaid charter revenue
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2,100
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3,798
|
||||||
Other assets
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8,670
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8,001
|
||||||
Total assets
|
$
|
424,678
|
$
|
435,723
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Bank debt, net of unamortized deferred financing costs
|
$
|
138,958
|
$
|
142,678
|
||||
Related party financing
|
47,700
|
48,950
|
||||||
Other liabilities
|
4,528
|
4,921
|
||||||
Total stockholders' equity
|
233,492
|
239,174
|
||||||
Total liabilities and stockholders' equity
|
$
|
424,678
|
$
|
435,723
|
* The balance sheet data as of December 31, 2015 has been derived from the audited consolidated financial statements at that date.
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OTHER FINANCIAL DATA
|
||||||||
For the three months ended March 31,
|
||||||||
2016
|
2015
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Cash provided by/ (used in) Operating Activities
|
$
|
(835
|
)
|
$
|
3,635
|
|||
Net Cash provided by/ (used in) Investing Activities
|
4,325
|
(8,695
|
)
|
|||||
Net Cash used in Financing Activities
|
(5,281
|
)
|
(185
|
)
|