Dated: May 22, 2017
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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 19, 2017)
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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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|||||||
6 Panamax Container Vessels
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|||||||
SAGITTA
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A
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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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24-Jan-17
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$5,775
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3.50%
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24-Jan-17
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21-Apr-17
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1
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$9,500
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1.25%
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Hapag-Lloyd AG
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11-May-17
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7-Jul-17 - 15-Aug-17
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2010 3,426
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|||||||
CENTAURUS
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A
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$5,500
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3.50%
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CMA CGM
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22-Nov-16
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29-May-17 - 22-Aug-17
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2,3
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2010 3,426
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|||||||
NEW JERSEY
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-
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-
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-
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-
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- - -
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4
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(ex YM New Jersey)
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2006 4,923
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|||||||
PAMINA
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-
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-
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-
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-
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- - -
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5
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(ex Santa Pamina)
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2005 5,042
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DOMINGO
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B
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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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18-Jan-17
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(ex Cap Domingo)
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$6,000
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5.00%
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Nile Dutch Africa Line B.V.
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28-Feb-17
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29-May-17 - 28-Dec-17
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2,6
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2001 3,739
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DOUKATO
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B
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$6,250
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3.75%
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Rudolf A. Oetker KG
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23-Jan-16
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16-Feb-17
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7,8
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(ex Cap Doukato)
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-
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-
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VASI Shipping Pte. Ltd.
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17-Feb-17
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17-Apr-17
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9,10
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2002 3,739
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6 Post - Panamax Container Vessels
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PUELO
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C
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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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17-May-16
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26-May-17 - 10-Jun-17
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2
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2006 6,541
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PUCON
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C
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$10,750
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3.75%
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Orient Overseas Container Line Ltd.
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27-Apr-17
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27-Apr-18 - 26-Jun-18
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11,12
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2006 6,541
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MARCH
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D
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$6,075
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5.00%
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SeaGo Line A/S
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3-Jul-16
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7-Feb-17
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13
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(ex YM March)
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$6,850
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1.25%
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Hapag-Lloyd AG
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15-Feb-17
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25-Nov-17 - 25-Apr-18
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14
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2004 5,576
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GREAT
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D
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$7,300
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3.75%
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Orient Overseas Container Line Ltd.
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8-Apr-17
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8-Jan-18 - 8-Apr-18
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15
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(ex YM Great)
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2004 5,576
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HAMBURG
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E
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$6,700
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3.50%
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CMA CGM
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9-Jan-17
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30-May-17 - 9-Dec-17
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2
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2009 6,494
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ROTTERDAM
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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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27-Apr-16
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26-Feb-17
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16
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$6,890
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3.50%
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CMA CGM
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7-Mar-17
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7-Nov-17 - 7-Feb-18
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2008 6,494
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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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*** 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.
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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 January 2017, the Company agreed to extend as from January 24, 2017 the previous charter party with CMA CGM for a period of minimum 2 months to maximum 4 months at a gross charter rate of US$5,775 per day.
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2 Based on latest information.
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3 Vessel on unscheduled maintenance from September 19, 2016 to November 16, 2016.
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4 As of October 11, 2016, vessel has been placed into lay-up, in Malaysia.
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5 As of October 10, 2016, vessel has been placed into lay-up, in Malaysia.
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6 The Company has the option to withdraw the vessel any time after the completion of the first 6 months charter period against a 60 day Notice of Withdrawal from service to be tendered from Owners earliest 4 months after delivery.
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7 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.
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8 As per addendum dated November 14, 2016, owners and charterers mutually agreed to extend the maximum redelivery date from January 23, 2017 to February 25, 2017.
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9 Repositioning trip. Charterers to supply 1600 mts IFO 380 cst and 85 mts MGO for SECA areas fuel at the time of delivery. This will be the maximum required quantity on charterers' account for the trip from UK / Continent up to redelivery China. In case that vessel will burn less quantities than the supplied ones, then Company to refund charterers with the difference between the supplied and the actual consumed quantity. After 54 days, charterers will pay US$5,500 per day until redelivery of the vessel. Total commission paid to third parties US$5,000.
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10 Currently without an active charterparty.
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11 Vessel was in lay-up in Malaysia from July 27, 2016 to March 29, 2017.
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12 Vessel on scheduled drydocking from April 3, 2017 to April 26, 2017.
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13 The charter rate commenced 10 days after the delivery of the vessel to the charterers.
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14 Charterers will pay US$1 per day for the first 15 days of the charter period.
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15 Vessel was in lay-up in Malaysia from September 27, 2016 to March 28, 2017.
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16 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$6,200 per day.
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Summary of Selected Financial & Other Data
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For the three months ended March 31,
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2017
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2016
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(unaudited)
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(unaudited)
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STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
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Time charter revenues, net of prepaid charter revenue amortization
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$
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3,775
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$
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11,766
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Voyage expenses
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463
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1,026
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Vessel operating expenses
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5,201
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8,891
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Net loss
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(7,393
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)
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(5,766
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)
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FLEET DATA
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Average number of vessels
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12.0
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13.7
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Number of vessels
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12.0
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13.0
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Ownership days
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1,080
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1,251
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Available days
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1,080
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1,206
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Operating days
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652
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954
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Fleet utilization
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60.4
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%
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79.1
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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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3,067
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$
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8,905
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Daily vessel operating expenses (2)
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$
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4,816
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$
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7,107
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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.
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(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.
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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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2017
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2016
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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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3,775
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$
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13,464
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Prepaid charter revenue amortization
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-
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(1,698
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)
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Time charter revenues, net
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3,775
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11,766
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EXPENSES:
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Voyage expenses
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463
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1,026
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Vessel operating expenses
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5,201
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8,891
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Depreciation and amortization of deferred charges
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1,994
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3,548
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General and administrative expenses
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1,640
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1,838
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Loss on vessels' sale
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-
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497
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Foreign currency losses
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8
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29
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Operating loss
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(5,531
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)
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(4,063
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)
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OTHER INCOME / (EXPENSES):
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Interest and finance costs
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(1,877
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)
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(1,735
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)
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Interest income
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15
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32
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Total other expenses, net
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(1,862
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)
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(1,703
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)
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Net loss
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$
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(7,393
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)
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$
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(5,766
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)
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Loss per common share, basic and diluted *
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$
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(0.80
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)
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$
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(0.63
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)
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Weighted average number of common shares, basic and diluted*
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9,222,969
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9,127,148
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* Adjusted to give effect to the 1 for 8 reverse stock split that became effective on June 9, 2016.
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UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
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||||||||
For the three months ended March 31,
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||||||||
2017
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2016
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|||||||
(unaudited)
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(unaudited)
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|||||||
Net loss
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$
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(7,393
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)
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$
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(5,766
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)
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Comprehensive loss
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$
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(7,393
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)
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$
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(5,766
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)
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CONDENSED CONSOLIDATED BALANCE SHEET DATA
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||||||||
(Expressed in thousands of US Dollars)
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||||||||
March 31, 2017
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December 31, 2016**
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ASSETS
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(unaudited)
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Cash, cash equivalents and restricted cash
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$
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19,052
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$
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17,316
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||||
Vessels' net book value
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238,538
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240,352
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||||||
Other fixed assets, net
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933
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946
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||||||
Other assets
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6,487
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7,917
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||||||
Total assets
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$
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265,010
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$
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266,531
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Bank debt, net of unamortized deferred financing costs
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$
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127,200
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$
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127,129
|
||||
Related party financing
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45,617
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45,617
|
||||||
Other liabilities
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3,779
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2,905
|
||||||
Total stockholders' equity
|
88,414
|
90,880
|
||||||
Total liabilities and stockholders' equity
|
$
|
265,010
|
$
|
266,531
|
||||
OTHER FINANCIAL DATA
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||||||||
For the three months ended March 31,
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||||||||
2017
|
2016
|
|||||||
(unaudited)
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(unaudited)
|
|||||||
Net Cash used in Operating Activities
|
$
|
(3,681
|
)
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$
|
(835
|
)
|
||
Net Cash provided by Investing Activities
|
785
|
4,325
|
||||||
Net Cash provided by / (used in) Financing Activities
|
4,632
|
(5,281
|
)
|