Dated: July 31, 2015
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By:
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/s/ Andreas Michalopoulos
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Andreas Michalopoulos
|
||
Chief Financial Officer
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Fleet Employment Profile (As of July 30, 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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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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|||||||
9 Panamax Container Vessels
|
|||||||
SAGITTA
|
A
|
$7,825
|
1.25%
|
A.P. Møller - Maersk A/S
|
14-Nov-14
|
14-Sep-15 - 14-Nov-15
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1,2
|
2010 3,426
|
|||||||
CENTAURUS
|
A
|
$7,650
|
5.00%
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Maersk Line A/S
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22-Feb-15
|
20-Aug-15 - 22-Oct-15
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3
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2010 3,426
|
|||||||
YM LOS ANGELES
|
B
|
$21,000
|
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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4,5
|
2006 4,923
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|||||||
YM NEW JERSEY
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B
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$21,000
|
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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4,6
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2006 4,923
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|||||||
PAMINA
|
$9,500
|
5.00%
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The Shipping Corporation of India Ltd.
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28-Nov-14
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11-Apr-15
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7
|
|
(ex Santa Pamina)
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|||||||
$15,325
|
4.00%
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Zim Integrated Shipping Services Ltd
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21-May-15
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21-Mar-16 - 21-May-16
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|||
2005 5,042
|
|||||||
CAP DOMINGO
|
C
|
$9,900
|
3.75%
|
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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8,9
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(ex Cap San Marco)
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|||||||
2001 3,739
|
|||||||
CAP DOUKATO
|
C
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$9,900
|
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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8
|
(ex Cap San Raphael)
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|||||||
2002 3,739
|
|||||||
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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4
|
|
1995 4,729
|
|||||||
HANJIN MALTA
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$25,550
|
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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4
|
|
1993 4,024
|
|||||||
6 Post - Panamax Container Vessels
|
|||||||
PUELO
|
D
|
$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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1-Aug-15 - 5-Aug-15
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3,10,11
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2006 6,541
|
|||||||
PUCON
|
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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20-Sep-13
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19-Aug-15
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12,13,14
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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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10-May-16 - 20-Jul-16
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|||
2006 6,541
|
|||||||
YM MARCH
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E
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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-May-15
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15
|
$17,200
|
3.75%
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16-May-15
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15-Aug-15 - 15-Oct-15
|
16
|
|||
2004 5,576
|
|||||||
GREAT
|
E
|
$17,475
|
2.50%
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Yang Ming (UK) Ltd.
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27-Mar-15
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14-Jul-15
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17,18
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(ex YM Great)
|
|||||||
2004 5,576
|
|||||||
HAMBURG
|
F
|
$14,000
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3.75%
|
MSC-Mediterranean Shipping Co. S.A., Geneva
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15-Nov-15
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13-Jan-16 - 13-Mar-16
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19
|
2009 6,494
|
|||||||
ROTTERDAM
|
F
|
-
|
-
|
-
|
-
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- - -
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20
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2008 6,494
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*
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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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**
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Total commission paid to third parties.
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***
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Range of redelivery dates, with the actual date of redelivery being at the Charterers' option, but subject to the terms, conditions, and exceptions of the particular charterparty.
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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
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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
|
Based on latest information
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4
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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.
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5
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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.
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6
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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.
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7
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Vessel on scheduled drydocking from April 11, 2015 to May 5, 2015.
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8
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Reederei Santa Containerschiffe GmbH & Co. KG has agreed to novate the time charter contract to Rudolf A. Oetker KG.
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9
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Vessel presumed sold to be delivered to its new owners by mid-March 2016. However, the closing of this sale is subject to buyer's Board of Directors approval not later than September 4, 2015.
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10
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In case the vessel is redelivered to the Company in any date between the initially agreed earliest redelivery date, February 23, 2015, and the maximum redelivery date, February 23, 2016 then the charterers will pay a lump sum equivalent to US$6,000 per day to the owners for the outstanding period between the actual redelivery date and up to February 23, 2016.
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11
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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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12
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The charterers will pay the owners a compensation for the early redelivery of the vessel equal to the amount of US$6,000 per day for the outstanding period between August 20, 2015 and up to March 20, 2016.
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13
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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.
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14
|
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.
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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 (24:00).
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16
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In April 2015, the Company agreed to extend as from May 16, 2015 (00:01) the previous charter party with Yang Ming (UK) Ltd. for a period of up to minimum August 15, 2015 to maximum October 15, 2015 at a gross charter rate of US$17,200 per day.
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17
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In February 2015, the Company agreed to extend as from March 27, 2015 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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18
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Currently without an active charterparty.
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19
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Expected date of delivery to the Company.
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20
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Expected date of delivery to the Company by mid-September 2015.
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Summary of Selected Financial & Other Data
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For the three months ended June 30,
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For the six months ended June 30,
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|||||||||||||||
2015
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2014
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2015
|
2014
|
|||||||||||||
(unaudited)
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(unaudited)
|
(unaudited)
|
(unaudited)
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|||||||||||||
INCOME STATEMENT DATA (in thousands of US Dollars):
|
||||||||||||||||
Time charter revenues, net of prepaid charter revenue amortization
|
$
|
17,337
|
$
|
12,531
|
$
|
31,218
|
$
|
25,987
|
||||||||
Voyage expenses
|
411
|
72
|
616
|
160
|
||||||||||||
Vessel operating expenses
|
9,663
|
6,203
|
17,994
|
12,833
|
||||||||||||
Net income
|
891
|
633
|
388
|
935
|
||||||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
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12.7
|
8.0
|
11.8
|
8.3
|
||||||||||||
Number of vessels
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13.0
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8.0
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13.0
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8.0
|
||||||||||||
Ownership days
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1,153
|
728
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2,143
|
1,499
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||||||||||||
Available days
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1,129
|
728
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2,078
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1,499
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||||||||||||
Operating days
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1,114
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728
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2,059
|
1,491
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||||||||||||
Fleet utilization
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98.7
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%
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100.0
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%
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99.1
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%
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99.5
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%
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||||||||
AVERAGE DAILY RESULTS
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||||||||||||||||
Time charter equivalent (TCE) rate (1)
|
$
|
14,992
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$
|
17,114
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$
|
14,727
|
$
|
17,229
|
||||||||
Daily vessel operating expenses (2)
|
$
|
8,381
|
$
|
8,521
|
$
|
8,397
|
$
|
8,561
|
(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.
|
FINANCIAL TABLES
|
Expressed in thousands of U.S. Dollars, except for share and per share data
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME
|
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
REVENUES:
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||
Time charter revenues
|
$
|
20,012
|
$
|
15,440
|
$
|
35,700
|
$
|
31,812
|
||||||||
Prepaid charter revenue amortization
|
(2,675
|
)
|
(2,909
|
)
|
(4,482
|
)
|
(5,825
|
)
|
||||||||
Time charter revenues, net
|
17,337
|
12,531
|
31,218
|
25,987
|
||||||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
411
|
72
|
616
|
160
|
||||||||||||
Vessel operating expenses
|
9,663
|
6,203
|
17,994
|
12,833
|
||||||||||||
Depreciation and amortization of deferred charges
|
3,232
|
2,462
|
6,145
|
4,915
|
||||||||||||
General and administrative expenses
|
1,447
|
1,478
|
2,851
|
3,128
|
||||||||||||
Loss on vessels' sale
|
-
|
-
|
-
|
695
|
||||||||||||
Foreign currency losses / (gains)
|
29
|
19
|
(55
|
)
|
5
|
|||||||||||
Operating income
|
2,555
|
2,297
|
3,667
|
4,251
|
||||||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest and finance costs
|
(1,684
|
)
|
(1,690
|
)
|
(3,346
|
)
|
(3,358
|
)
|
||||||||
Interest income
|
20
|
26
|
67
|
42
|
||||||||||||
Total other expenses, net
|
(1,664
|
)
|
(1,664
|
)
|
(3,279
|
)
|
(3,316
|
)
|
||||||||
Net income
|
$
|
891
|
$
|
633
|
$
|
388
|
$
|
935
|
||||||||
Earnings per common share, basic and diluted
|
$
|
0.01
|
$
|
0.02
|
$
|
0.01
|
$
|
0.03
|
||||||||
Weighted average number of common shares, basic
|
72,870,369
|
36,132,530
|
72,834,161
|
35,812,135
|
||||||||||||
Weighted average number of common shares, diluted
|
72,974,322
|
36,132,530
|
72,928,083
|
35,812,135
|
||||||||||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net income
|
$
|
891
|
$
|
633
|
$
|
388
|
$
|
935
|
||||||||
Comprehensive income
|
$
|
891
|
$
|
633
|
$
|
388
|
$
|
935
|
||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||
(Expressed in thousands of US Dollars)
|
June 30, 2015
|
December 31, 2014
|
|||||||
ASSETS
|
||||||||
Cash, cash equivalents and restricted cash
|
$
|
57,588
|
$
|
91,873
|
||||
Vessels' net book value
|
337,359
|
306,094
|
||||||
Other fixed assets, net
|
1,044
|
1,089
|
||||||
Prepaid charter revenue
|
7,882
|
6,364
|
||||||
Other assets
|
7,537
|
3,843
|
||||||
Total assets
|
$
|
411,410
|
$
|
409,263
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Bank debt, net of unamortized deferred financing costs
|
$
|
98,395
|
$
|
98,298
|
||||
Related party financing
|
51,181
|
50,867
|
||||||
Other liabilities
|
4,950
|
3,655
|
||||||
Total stockholders' equity
|
256,884
|
256,443
|
||||||
Total liabilities and stockholders' equity
|
$
|
411,410
|
$
|
409,263
|
OTHER FINANCIAL DATA
|
For the three months ended
June 30,
|
For the six months ended
June 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net Cash provided by Operating Activities
|
$
|
5,428
|
$
|
6,000
|
$
|
9,063
|
$
|
11,540
|
||||||||
Net Cash provided by / (used in) Investing Activities
|
(34,284
|
)
|
568
|
(42,979
|
)
|
9,352
|
||||||||||
Net Cash used in Financing Activities
|
(184
|
)
|
(1,516
|
)
|
(369
|
)
|
(2,516
|
)
|