updated 2/22/2011 7:46:03 AM ET 2011-02-22T12:46:03

ATHENS, Greece, Feb. 22, 2011 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (Nasdaq:DCIX), a global shipping company specializing in the transportation of containers, today reported net loss of $15,602 for the fourth quarter of 2010. Time charter revenues were $3.3 million for the fourth quarter of 2010.

Net loss for the period from January 7, 2010 (date of inception) through December 31, 2010 amounted to $2.0 million and time charter revenues were $5.7 million for the period from January 7, 2010 (date of inception) through December 31, 2010.

Announces Change in Board of Directors

The Company also announces the resignation of Mr. Konstantinos Fotiadis from the Company's board of directors and as chairman of the Audit Committee. Mr. Fotiadis submitted his resignation solely for personal reasons, and the Company thanks him for his valuable contributions to the board of directors and the Audit Committee. Effective upon Mr. Fotiadis' resignation, the Company has appointed Mr. Giannakis (John) Evangelou as a Class III director, and has also appointed him to serve on the Audit Committee where he will serve as chairman. Mr. Evangelou brings with him extensive financial and accounting experience as a partner at a major international accounting firm. Mr. Evangelou also has experience as a financial officer of both private and publicly listed shipping companies.

Diana Containerships Inc. is a corporation formed on January 7, 2010 to pursue vessel acquisitions in the container shipping industry. The Company's shares of common stock are currently traded on the NASDAQ.

 
Fleet Employment Profile (As of February 22, 2011)
Currently Diana Containerships' fleet is employed as follows:
           
Vessel



BUILT TEU
Gross Rate

(USD Per Day)
Com*

Charterer

Delivery

Date to

Charterer
Redelivery Date to

Owners**
           
Gearless Cellular Container Vessels
           
SAGITTA $16,000 5.25% A.P. Moller - Maersk 30-Jun-10 30-Mar-11 - 30-Jun-11
2010 3,426          
           
CENTAURUS $20,000 2.25% CSAV Valparaiso 4-Sep-10 21-Jul-12 - 19-Oct-12
2010 3,426          
           
* Total commission percentage paid to third parties and Diana Shipping Services S.A.
** Charterers' optional period to redeliver the vessel to owners. Charterers have the right to add the off hire days, if any, and therefore the optional period may be extended.
 
 
Summary of Selected Financial & Other Data
  Three Months Ended For the period from

January 7 (inception

date) to
  December 31, 2010
  (unaudited)  
INCOME STATEMENT DATA:    
Time charter revenues  $ 3,312,000    $ 5,734,716  
Voyage expenses 118,680  266,967 
Vessel operating expenses 1,196,680  2,884,610 
Net loss 15,602  2,001,361 
FLEET DATA     
Average number of vessels 2.0  1.0 
Number of vessels 2.0  2.0 
Weighted average age of fleet (in years) 0.6  0.6 
Ownership days 184  361 
Available days 184  361 
Operating days 184  352 
Fleet utilization 100.0% 97.5%
AVERAGE DAILY RESULTS     
Time charter equivalent (TCE) rate (1) $ 17,355  $ 15,146 
Daily vessel operating expenses (2) $ 6,504  $ 7,991 
     
(1)  Time charter equivalent rates, or TCE rates, are defined as our time charter revenues 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, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

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, vessels 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 U.S. Dollars, except for share data
     
CONSOLIDATED STATEMENTS OF INCOME 
     
  For the three months

ended



For the period from January 7,

2010 (inception

date) to
  December 31, 2010
REVENUES:    
Time charter revenues $ 3,312,000  $ 5,734,716 
     
EXPENSES:    
Voyage expenses  118,680   266,967 
Vessel operating expenses  1,196,680   2,884,610 
Depreciation  739,358   1,453,877 
Management fees  90,000   203,000 
General and administrative expenses  946,828   3,523,986 
Foreign currency losses / (gains)  1,903  (1,043,563)
Operating income / (loss)  218,551  (1,554,161)
     
OTHER INCOME / (EXPENSES):    
Interest and finance costs (245,438) (511,291)
Interest Income  11,285   64,091 
Other loss (234,153) (447,200)
     
Net Loss  $ (15,602)  $(2,001,361)
     
Loss per common share, basic and diluted $ (0.00)  $ (0.45)
     
Weighted average number of common shares, basic and diluted 5,946,165   4,449,431 
   
   
CONDENSED CONSOLIDATED BALANCE SHEET DATA  
(Expressed in US Dollars)  
  December 31,

2010
ASSETS  
   
 Cash and cash equivalents  $ 11,098,284 
 Other current assets 1,277,730 
 Vessels' net book value  92,077,309 
 Other non-current assets 895,846 
Total assets  $ 105,349,169 
   
LIABILITIES AND STOCKHOLDERS' EQUITY  
   
 Current liabilities, including current portion of long-term debt $ 2,387,138 
 Long-term debt, net of current portion 18,169,633 
 Other non-current liabilities 181,684 
 Total stockholders' equity 84,610,714 
Total liabilities and stockholders' equity  $ 105,349,169 
     
OTHER FINANCIAL DATA    
  Three Months

Ended
For the period

from January 7

(inception date)

to
  December 31, 2010
  (unaudited)  
 Net Cash used in Operating Activities   $ (316,655)  $ (186,525)
 Net Cash used in Investing Activities   --  (93,531,186)
 Net Cash from / (used in) Financing Activities  (1,116,800)  103,764,596 
CONTACT: Corporate Contact:
         Ioannis Zafirakis
         Director, Chief Operating Officer and Secretary
         Telephone: + 30-210-9470000
         Email: izafirakis@dcontainerships.com
         
         Investor and Media Relations:
         Edward Nebb
         Comm-Counsellors, LLC
         Telephone: + 1-203-972-8350
         Email: enebb@optonline.net

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