Diana Containerships: Net Loss of $126.8 million in Q3

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Diana Containerships reported a net loss of $126.8 million for the third quarter of 2016, compared to a net loss of $9.1 million for the respective period of 2015.

The loss for the third quarter of 2016 was mainly the result of $118.9 million of impairment charges for seven of the Company’s vessels, without which the result for the quarter would have been a net loss of $7.9 million.

Time charter revenues, net of prepaid charter revenue amortization, were $8.0 million for the third quarter of 2016, compared to $16.1 million for the same period of 2015, mainly due to reduced employment opportunities and time charter rates.

Net loss for the nine months ended September 30, 2016 amounted to $140.6 million, compared to a net loss of $8.7 million for the same period of 2015.

The loss for the nine month period ended September 30, 2016, was mainly the result of $118.9 million of impairment charges for seven of the Company’s vessels, without which the result for the period would have been a net loss of $21.7 million.

Time charter revenues, net of prepaid charter revenue amortization, for the nine months ended September 30, 2016, amounted to $27.7 million, compared to $47.3 million for the same period of 2015.

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