ATHENS, Greece, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (NASDAQ:DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, today reported a net loss of $16.6 million for the fourth quarter of 2017, compared to a net loss of $8.5 million for the same period of 2016. The loss for the fourth quarter of 2017 includes impairment losses of $8.4 million for two vessels, without which the result for the quarter would have been a net loss of $8.2 million. The loss for the fourth quarter of 2016 includes a loss of $2.4 million on sale of one vessel, without which the result for the quarter would have been a net loss of $6.1 million.

Time charter revenues, net of prepaid charter revenue amortization, were $7.8 million for the fourth quarter of 2017, compared to $5.4 million for the same period of 2016. This increase was mainly the result of increased revenues generated by the improvement of the Company’s fleet utilization and increased realized time charter rates.

As of December 31, 2017, the Company’s total debt outstanding, including the entire discount premiums under the two existing loan agreements, amounted to $106.1 million, while as of December 31, 2016, the Company’s total debt outstanding amounted to $174.7 million.

Net income for the year ended December 31, 2017 amounted to $3.8 million, compared to a net loss of $149.0 million for the year ended December 31, 2016. The net income for 2017 reflected a gain from a debt write-off, arising from the refinancing of the secured loan facility with the Royal Bank of Scotland plc (“RBS”), which was agreed to on June 30, 2017. The specific gain, net of related expenses, amounted to $42.2 million. The loss for 2016 includes $118.9 million of impairment charges for seven of the Company’s vessels and $2.9 million of loss on sale of two vessels. Time charter revenues, net of prepaid charter revenue amortization, for the year ended December 31, 2017, amounted to $23.8 million, compared to $33.2 million for the year ended December 31, 2016.

Fleet Employment Profile (As of February 16, 2018)
Diana Containerships Inc.’s fleet is employed as follows:
Vessel	Sister Ships*	Gross Rate (USD Per Day)		Com**		Charterers	Delivery Date to Charterers***	Redelivery Date to Owners****	Notes
BUILT  TEU
5 Panamax Container Vessels
SAGITTA	A	$8,400		1.25%		Hapag-Lloyd AG	15-Aug-17	15-Feb-18
		$8,400		1.25%			15-Feb-18	15-May-18 - 15-Jul-18
2010   3,426
CENTAURUS	A	$7,950		3.50%		CMA CGM	23-Aug-17	23-Apr-18 - 23-Aug-18
2010  3,426
NEW JERSEY			-	-		-	-	- - -	1,2
(ex YM New Jersey)
2006  4,923
PAMINA		$9,500		3.75%		Orient Overseas Container Line Ltd.	12-Sep-17	12-Apr-18 - 12-Sep-18
(ex Santa Pamina)
2005  5,042
DOMINGO		$8,500		3.50%		CMA CGM	14-Sep-17	14-May-18 - 14-Aug-18
(ex Cap Domingo)
2001  3,739
6 Post - Panamax Container Vessels
PUELO	B	$10,600/$12,000		5.00%		Maersk Lines A/S	1-Aug-17	1-Apr-18 - 1-Feb-19	3
2006  6,541
PUCON	B	$10,750		3.75%		Orient Overseas Container Line Ltd.	27-Apr-17	27-Apr-18 - 26-Jun-18
2006  6,541
MARCH	C	$6,850		1.25%		Hapag-Lloyd AG	15-Feb-17	22-Feb-18 - 30-Mar-18	4,5,6
(ex YM March)
2004  5,576
GREAT	C	$7,300		3.75%		Orient Overseas Container Line Ltd.	8-Apr-17	23-Feb-18 - 30-Mar-18	4,6
(ex YM Great)
2004  5,576
HAMBURG	D	$6,700		3.50%		CMA CGM	9-Jan-17	19-Nov-17
		$11,000		3.75%		Wan Hai Lines (Singapore) Pte Ltd.	1-Dec-17	31-Mar-18 - 9-Jul-18
2009  6,494
ROTTERDAM	D	$6,890		3.50%		CMA CGM	7-Mar-17	7-Jan-18
		$13,150		3.75%		Wan Hai Lines (Singapore) Pte Ltd.	25-Jan-18	25-May-18 - 14-Jul-18
2008  6,494
* Each container vessel is a "sister ship", or closely similar, to other container vessels that have the same letter.
** Total commission paid to third parties.
*** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of delivery of the vessel to the Company.
**** 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.
1 As of October 11, 2016, vessel has been placed into lay-up, in Malaysia.
2 Vessel sold and expected to be delivered to her new owners by mid-March 2018.
3 The gross charter rate is US$10,600 per day for the first eight (8) months of the charter period and US$12,000 per day for the balance period of the time charter. The charterer has the option to redeliver the vessel any time between April 1, 2018 and February 1, 2019.
4 Based on latest information.
5 Charterers will pay US$1 per day for the first 15 days of the charter period.
6 Vessel sold and expected to be delivered to her new owners at the latest by March 30, 2018.

Summary of Selected Financial & Other Data
			For the three months ended December 31,						For the years ended December 31,
			2017			2016			2017			2016
			(unaudited)			(unaudited)			(unaudited)			(unaudited)
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
	Time charter revenues, net of prepaid charter revenue amortization	$	7,805		$	5,446		$	23,806		$	33,194
	Voyage expenses		338			384			1,702			3,169
	Vessel operating expenses		5,532			5,517			22,732			30,213
	Net  income / (loss)		(16,583	)		(8,459	)		3,819			(149,014	)
FLEET DATA
	Average number of vessels		11.0			12.5			11.4			13.1
	Number of vessels		11.0			12.0			11.0			12.0
	Ownership days		1,012			1,150			4,178			4,780
	Available days		1,012			1,150			4,155			4,735
	Operating days		908			654			3,152			3,304
	Fleet utilization		89.7	%		56.9	%		75.9	%		69.8	%
AVERAGE DAILY RESULTS
	Time charter equivalent (TCE) rate (1)	$	7,378		$	4,402		$	5,320		$	6,341
	Daily vessel operating expenses (2)	$	5,466		$	4,797		$	5,441		$	6,321

_____________________

(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, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

About the Company

Diana Containerships Inc. is a global provider of shipping transportation services through its ownership of containerships. The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes. 

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for containership capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

DIANA CONTAINERSHIPS INC.
FINANCIAL TABLES
Expressed in thousands of U.S. Dollars, except for share and per share data
CONSOLIDATED STATEMENTS OF OPERATIONS
			For the three months ended December 31,						For the years ended December 31,
			2017			2016			2017			2016
REVENUES:			(unaudited)			(unaudited)			(unaudited)
	Time charter revenues	$	7,805		$	5,548		$	23,806		$	36,992
	Prepaid charter revenue amortization		-			(102	)		-			(3,798	)
	Time charter revenues, net		7,805			5,446			23,806			33,194
EXPENSES:
	Voyage expenses		338			384			1,702			3,169
	Vessel operating expenses		5,532			5,517			22,732			30,213
	Depreciation and amortization of deferred charges		2,061			2,037			8,147			12,740
	General and administrative expenses		3,206			1,786			8,366			7,241
	Impairment losses		8,363			-			8,363			118,861
	(Gain) / Loss on vessels' sale		-			2,402			(945	)		2,899
	Foreign currency losses / (gains)		20			(32	)		51			111
	Operating loss		(11,715	)		(6,648	)		(24,610	)		(142,040	)
OTHER INCOME / (EXPENSES):
	Interest and finance costs		(4,885	)		(1,835	)		(13,843	)		(7,094	)
	Interest income		17			24			87			120
	Gain from bank debt write off		-			-			42,185			-
	Total other income / (expenses), net		(4,868	)		(1,811	)		28,429			(6,974	)
Net income / (loss)		$	(16,583	)	$	(8,459	)	$	3,819		$	(149,014	)
Earnings / (Loss) per common share, basic *		$	(10.21	)	$	(5,715.54	)	$	8.94		$	(100,821.38	)
Earnings/ (Loss)  per common share, diluted *		$	(10.21	)	$	(5,715.54	)	$	8.94		$	(100,821.38	)
Weighted average number of common shares, basic *			1,623,961			1,480			427,333			1,478
Weighted average number of common shares, diluted *			1,623,961			1,480			427,361			1,478
	* Adjusted to give effect to the reverse stock splits that became effective in 2017.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
			For the three months ended December 31,						For the years ended December 31,
			2017			2016			2017			2016
			(unaudited)			(unaudited)			(unaudited)
Net income / (loss)		$	(16,583	)	$	(8,459	)	$	3,819		$	(149,014	)
Other comprehensive income / (loss) (Actuarial gain / (loss))			26			(25	)		26			(25	)
Comprehensive income / (loss)		$	(16,557	)	$	(8,484	)	$	3,845		$	(149,039	)

CONDENSED CONSOLIDATED BALANCE SHEET DATA
(Expressed in thousands of US Dollars)
			2017		2016**
ASSETS			(unaudited)
Cash, cash equivalents and restricted cash		$	6,444	$	17,316
Vessels held for sale			18,378		-
Vessels' net book value			201,308		240,352
Other fixed assets, net			911		946
Other assets			5,266		7,917
	Total assets	$	232,307	$	266,531
LIABILITIES AND STOCKHOLDERS' EQUITY
Bank and other debt, net of unamortized deferred financing costs		$	12,119	$	127,129
Related party financing, net of unamortized deferred financing costs			84,832		45,617
Other liabilities			4,584		2,905
Total stockholders' equity			130,772		90,880
	Total liabilities and stockholders' equity	$	232,307	$	266,531
** The balance sheet data as of December 31, 2016 has been derived from the audited consolidated financial statements at that date.

OTHER FINANCIAL DATA
			For the three months ended December 31,						For the years ended December 31,
			2017			2016			2017			2016
			(unaudited)			(unaudited)			(unaudited)
Net Cash used in Operating Activities		$	(1,592	)	$	(5,571	)	$	(12,653	)	$	(11,963	)
Net Cash provided by / (used in) Investing Activities			(1	)		6,273			6,665			10,574
Net Cash provided by / (used in) Financing Activities			(144	)		-			4,116			(19,683	)

Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: + 30-216-600-2400
Email: izafirakis@dcontainerships.com
Website: www.dcontainerships.com

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net