Diana Containerships (DCIX) is scheduled to report earnings for the fourth quarter of 2012 on Tuesday, Feb. 19. In this article I will provide an overview of the company's current financial position, including a preview of its upcoming earnings results.
Diana Containerships owns and operates a fleet of 10 panamax containerships, with an aggregate carrying capacity of 42,151 TEU and an average age of 14.8 years as of Dec. 31, 2012. The company was initially formed as a subsidiary of Diana Shipping (DSX) and was spun off as an independent entity in January 2011. DSX has retained a 10.4% equity stake in the company, in addition to full managerial control. Since the spin-off, DCIX has tapped the capital markets twice, raising a total of $184 million in gross proceeds.