Thursday, May 5, 2011

Diana Containerships Inc. - Earnings Estimate For 2011 Q1

For the quarter ended March 31st, 2011, we forecast that Diana Containerships Inc. (NASDAQ: DCIX) generated net income of $160,000 or $0.03 basic earnings per common share. We also forecast that TCE Revenues for the quarter were $3,125,000 and the net average TCE rate was $17,355.

As of March 31st, 2011, we estimate that the company had a capitalization of $104.3 million, including long-term debt of $19.3 million. We also estimate that its debt to capitalization ratio stood at 18.5%.

Diana Containerships owns a fleet of two new building vessels with an aggregate capacity of 6,852 TEU. The company has also agreed to purchase three additional vessels with an aggregate capacity of 13,634 TEU, scheduled for delivery during the second quarter of 2011.

Until recently DCIX was a privately held majority subsidiary of Diana Shipping Inc. (NYSE: DSX). Following a partial spin-off of the company to DSX’s shareholders in January 2011, Diana Containerships is now publicly traded on NASDAQ, with DSX maintaining an approximately 11% ownership in the company.