Diana Containerships Bounces Back to Profit

Diana Containerships Athens-based shipowner Diana Containerships has managed to return to black during the second quarter of the year as it reported a net income of USD 36.5 million compared to a net loss of USD 8 million seen in the same period of 2016. Net income for the second quarter of 2017 included a gain 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. The specific gain, net of related expenses, amounted to USD 42.2 million. Time charter revenues, net of prepaid charter revenue amortization, were USD 5.5 million for the second quarter of 2017, compared to USD 8 million for the same period in 2016, mainly due to reduced employment opportunities and lower time charter rates. For the six-month period ended June 30, 2017, the company delivered a net income of USD 29.1 million, compared to a net loss of USD 13.8 million reported a year earlier. Time charter revenues, net of prepaid charter revenue amortization, for the six months ended June 30, 2017, amounted to USD 9.3 million, compared to USD 19.8 million for the same period in 2016.