Tuesday, May 1, 2012

Diana Containerships Inc. - Earnings Estimate For 2012 Q1

For the quarter ended March 31st, 2012, we estimate that Diana Containerships Inc. (NASDAQ: DCIX) generated net income of $2,500,000 or $0.11 basic earnings per common share. We also estimate that TCE Revenues for the quarter were $13,700,000 and the net average TCE rate was $21,500.

As of March 31st, 2012, we estimate that the company had a total book capitalization of $298 million, including debt outstanding of $92.7 million. The debt to capitalization ratio on this basis stood at 31.1%. We also estimate that DCIX had $17 million cash on hand as of the end of the quarter.

DCIX intends to declare a variable quarterly dividend equal to 70% of its operating cash flow. According to our estimates for the quarter, the company generated cash from operations of $5,800,000. On this basis, we forecast that DCIX will declare a quarterly dividend of $0.17 per share.

Diana Containerships owns & operates a fleet of nine panamax containerships, with an aggregate capacity of 37,422 TEU, and an average age of 13.7 years as of March 31st, 2012. Diana Shipping Inc. (NYSE: DSX) maintains a 14.5% ownership share in the company.