Dated: July 25, 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 July 21, 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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||||||||||
5 Panamax Container Vessels
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||||||||||
SAGITTA
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$5,775
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3.50%
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CMA CGM
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24-Jan-17
|
21-Apr-17
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1
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||||
A
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||||||||||
2010 3,426
|
$9,500
|
1.25%
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Hapag-Lloyd AG
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11-May-17
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1-Aug-17 - 15-Aug-17
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2
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||||
CENTAURUS
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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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23-Aug-17
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3
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||||
A
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||||||||||
2010 3,426
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$7,950
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3.50%
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23-Aug-17
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23-Apr-18 - 23-Aug-18
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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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Nile Dutch Africa Line B.V.
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|||||||||
(ex Cap Domingo)
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B
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$6,000
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5.00%
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28-Feb-17
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31-Jul-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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VASI Shipping Pte. Ltd.
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|||||||||
(ex Cap Doukato)
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B
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-
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-
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17-Feb-17
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17-Apr-17
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7,8
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||||
2002 3,739
|
||||||||||
6 Post - Panamax Container Vessels
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||||||||||
PUELO
|
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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1-Jun-17
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||||
$14,600
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1.25%
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Mitsui O.S.K. Lines, Ltd.
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12-Jun-17
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2-Aug-17
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9
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|||||
2006 6,541
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$10,600/$12,000
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5.00%
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Maersk Lines S/A
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2-Aug-17
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2-Apr-18 - 2-Feb-19
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10,11
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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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12
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|||
2006 6,541
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||||||||||
MARCH
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||||||||||
(ex YM March)
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D
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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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13
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|||
2004 5,576
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||||||||||
GREAT
|
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
|
||||
(ex YM Great)
|
||||||||||
2004 5,576
|
||||||||||
HAMBURG
|
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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1-Aug-17 - 9-Dec-17
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2
|
|||
2009 6,494
|
||||||||||
ROTTERDAM
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E
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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
|
||||
2008 6,494
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Summary of Selected Financial & Other Data
|
||||||||||||||||
For the three months ended June 30,
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For the six months ended June 30,
|
|||||||||||||||
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
|
$
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5,498
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$
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7,999
|
$
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9,273
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$
|
19,764
|
||||||||
Voyage expenses
|
550
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926
|
1,013
|
1,951
|
||||||||||||
Vessel operating expenses
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5,915
|
7,888
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11,117
|
16,778
|
||||||||||||
Net income / (loss)
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36,517
|
(8,011
|
)
|
29,124
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(13,777
|
)
|
||||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
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11.8
|
13.0
|
11.9
|
13.4
|
||||||||||||
Number of vessels
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11.0
|
13.0
|
11.0
|
13.0
|
||||||||||||
Ownership days
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1,074
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1,183
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2,154
|
2,434
|
||||||||||||
Available days
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1,051
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1,183
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2,131
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2,389
|
||||||||||||
Operating days
|
771
|
797
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1,423
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1,751
|
||||||||||||
Fleet utilization
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73.4
|
%
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67.4
|
%
|
66.8
|
%
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73.3
|
%
|
||||||||
AVERAGE DAILY RESULTS
|
||||||||||||||||
Time charter equivalent (TCE) rate (1)
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$
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4,708
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$
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5,979
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$
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3,876
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$
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7,456
|
||||||||
Daily vessel operating expenses (2)
|
$
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5,507
|
$
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6,668
|
$
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5,161
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$
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6,893
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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
|
||||||||||||||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
For the three months ended June 30,
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For the six months ended June 30,
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|||||||||||||||
2017
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2016
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2017
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2016
|
|||||||||||||
REVENUES:
|
(unaudited)
|
(unaudited)
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(unaudited)
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(unaudited)
|
||||||||||||
Time charter revenues
|
$
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5,498
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$
|
9,010
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$
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9,273
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$
|
22,473
|
||||||||
Prepaid charter revenue amortization
|
-
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(1,011
|
)
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-
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(2,709
|
)
|
||||||||||
Time charter revenues, net
|
5,498
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7,999
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9,273
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19,764
|
||||||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
550
|
926
|
1,013
|
1,951
|
||||||||||||
Vessel operating expenses
|
5,915
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7,888
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11,117
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16,778
|
||||||||||||
Depreciation and amortization of deferred charges
|
2,032
|
3,559
|
4,026
|
7,107
|
||||||||||||
General and administrative expenses
|
1,650
|
1,883
|
3,289
|
3,721
|
||||||||||||
(Gain) / Loss on vessels' sale
|
(945
|
)
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-
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(945
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)
|
497
|
||||||||||
Foreign currency losses
|
1
|
55
|
9
|
85
|
||||||||||||
Operating loss
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(3,705
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)
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(6,312
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)
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(9,236
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)
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(10,375
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)
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||||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest and finance costs
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(2,001
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)
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(1,731
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)
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(3,878
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)
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(3,466
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)
|
||||||||
Interest income
|
38
|
32
|
53
|
64
|
||||||||||||
Gain from bank debt write off
|
42,185
|
-
|
42,185
|
-
|
||||||||||||
Total other income / (expenses), net
|
40,222
|
(1,699
|
)
|
38,360
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(3,402
|
)
|
||||||||||
Net income / (loss)
|
$
|
36,517
|
$
|
(8,011
|
)
|
$
|
29,124
|
$
|
(13,777
|
)
|
||||||
Earnings / (Loss) per common share, basic *
|
$
|
18.39
|
$
|
(6.13
|
)
|
$
|
17.53
|
$
|
(10.55
|
)
|
||||||
Earnings/ (Loss) per common share, diluted *
|
$
|
17.27
|
$
|
(6.13
|
)
|
$
|
16.84
|
$
|
(10.55
|
)
|
||||||
Weighted average number of common shares, basic *
|
1,969,781
|
1,307,744
|
1,645,467
|
1,305,802
|
||||||||||||
Weighted average number of common shares, diluted *
|
2,098,297
|
1,307,744
|
1,713,630
|
1,305,802
|
||||||||||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
|
||||||||||||||||
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net income / (loss)
|
$
|
36,517
|
$
|
(8,011
|
)
|
$
|
29,124
|
$
|
(13,777
|
)
|
||||||
Comprehensive income / (loss)
|
$
|
36,517
|
$
|
(8,011
|
)
|
$
|
29,124
|
$
|
(13,777
|
)
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(Expressed in thousands of US Dollars)
|
||||||||
June 30, 2017
|
December 31, 2016**
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash, cash equivalents and restricted cash
|
$
|
11,567
|
$
|
17,316
|
||||
Vessels' net book value
|
231,756
|
240,352
|
||||||
Other fixed assets, net
|
931
|
946
|
||||||
Other assets
|
6,566
|
7,917
|
||||||
Total assets
|
$
|
250,820
|
$
|
266,531
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Bank and other debt, net of unamortized deferred financing costs
|
$
|
34,763
|
$
|
127,129
|
||||
Related party financing, net of unamortized deferred financing costs
|
82,453
|
45,617
|
||||||
Other liabilities
|
4,498
|
2,905
|
||||||
Total stockholders' equity
|
129,106
|
90,880
|
||||||
Total liabilities and stockholders' equity
|
$
|
250,820
|
$
|
266,531
|
||||
OTHER FINANCIAL DATA
|
||||||||||||||||
For the three months ended June 30,
|
For the six months ended June 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net Cash used in Operating Activities
|
$
|
(4,347
|
)
|
$
|
(3,508
|
)
|
$
|
(8,028
|
)
|
$
|
(4,343
|
)
|
||||
Net Cash provided by / (used in) Investing Activities
|
5,884
|
(18
|
)
|
6,669
|
4,307
|
|||||||||||
Net Cash provided by / (used in) Financing Activities
|
(22
|
)
|
(5,281
|
)
|
4,610
|
(10,562
|
)
|