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Diana Containerships Slashes Q3 Loss

Diana Containerships Slashes Q3 Loss

Greek container shipping company Diana Containerships has managed to trim its USD 126.8 million net loss reported in the third quarter of 2016, reducing it to USD 8.7 million in the third quarter of this year.

The loss for the third quarter of 2016 reflected the result of impairment charges for seven of the company’s vessels.

Time charter revenues stood at USD 6.7 million for the third quarter of 2017, compared to USD 8 million for the same period of 2016, mainly due to the sale of the vessels Angeles in November 2016 and Doukato in June 2017.

This decrease was offset by higher revenues driven by the rise in the company’s fleet utilization and the decrease of off-hire days in the third quarter of 2017.

For the nine-month period ending September, the company managed to return to the black with a net income of USD 20.4 million, compared to a net loss of USD 140.6 million for the same period of 2016.

The net income reflected a gain worth USD 42.2 million from a debt write-off, arising from the settlement agreement with respect to the secured loan facility with the Royal Bank of Scotland plc (RBS), which was signed on June 30, 2017.

Time charter revenues, net of prepaid charter revenue amortization, for the nine months ended September 30, 2017, amounted to USD 16 million, compared to USD 27.7 million for the same period of 2016.

As of October 5, 2017 the company owns and operates eleven container vessels, 6 Post-Panamax and 5 Panamax ships.