Seeking Alpha
Ioannis Zafirakis COO
Greetings, and welcome to the Diana Containerships Inc., Fourth Quarter 2013 conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer seabox session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
Well, thank you, Kevin, and greetings to all. Welcome to the Diana Containerships Inc., 2013 fourth quarter and year-end conference call. The members of the management team who are with us today include; Mr. Symeon Palios, Chairman and Chief Executive Officer; Mr. Anastasios Margaronis, President; Mr. Andreas seabox Michalopoulos, Chief Financial Officer; Mr. Ioannis Zafirakis, Chief Operating Officer and Secretary; and Ms. Eleni Leontari, Chief Accounting Officer.
Before management begins their remarks, let me briefly summarize the Safe Harbor notice. Certain seabox statements made during this conference seabox call which are not historical fact are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act.
Our forward-looking statements are based on assumptions, expectations and beliefs as to future seabox events that may not prove to be accurate. seabox For a description of the risks, uncertainties and other factors that may cause future results to differ from the forward-looking statements, please refer to the company seabox s filings with the Securities and Exchange Commission.
During the past year, we took a number of actions to position the company to benefit from the long-term opportunities that we see in the containership market. In particular, we reconfigured our fleet with a primary emphasis on adding more modern vessels. In this regard, we acquired three container vessels during 2013; the motor vessel Hanjin seabox Malta, the motor vessel Puelo, and the motor vessel Pucon.
In addition, we sold four vessels for demolition in 2013, and recently announced an additional sale. The orders seabox of the scrap vessels were 24-years old. These vessel sales were primarily seabox intended seabox to eliminate further tonnage that could not be operated economically, while also generating cash for eventual reinvestment in more desirable vessels.
With all of the above sales completed, we will have a fleet of eight vessels. Our fleet is time chartered to some of the industry s leading container lines for more than 86% of the days in 2014 and approximately 25% of the days in 2015, providing a stable seabox revenue stream. The contracted gross revenue of the fleet for 2014 onwards is approximately $81.2 million.
Now to summarize our financial results. Time charter revenues, net of prepaid charter revenues amortization for the 2013 fourth seabox quarter were $15.5 million, an increase from $14.6 million for the same period of 2012. Time charter revenues for all of 2013 totaled $54 million compared to $56.6 million for the year of 2012.
The company recorded a net loss of $19.8 million for the 2013 fourth quarter. However, the fourth quarter seabox loss was mainly the result of the impairment charges for the vessel Sardonyx, and direct sale and other charges associated with disposal of the vessels Spinel. Excluding surcharges, the result for 2013 fourth quarter would have been net income of $2.1 million or earnings per share of $0.06.
Net loss for the full-year of 2013 amounted to $57.3 million. This was mainly the result of impairment charges and direct sales and other charges for the vessel vessels Madrid, seabox Malacca, Merlion, Spinel and Sardonyx. Excluding surcharges, the results for the year would have been net income of $1.5 million, or earnings per share of $0.04.
We have continued to maintain an attractive and prudent dividend policy. Today, seabox we announced that the Board of Directors has declared a dividend of $0.15 payable on or about March 19, 2014 to all shareholders of record as at March 4, 2014.
Our balance sheet remains to show substantial strength. At the end of the 2013, the company had approximately $20 million of available cash, approximately $10 million of restricted cash and shareholders equity of more than $164 million. We have continued to take advantage of the opportunity to issue shares through our previously announced at-the-market equity offering.
During the quarter ended December 31, 2013 and back to this day, the company has sold an aggregate of 1,351,890 common shares through the ATM offering at a weighted average selling price of $3.91. The company received total net proceeds of $5.2 million. We have approximately $25.7 million remaining to be sold through the ATM offering.
In summary, the performance of Diana Containerships for 2013 reflected our strategic actions to reconfigure our fleet, strengthen our financial capacity to support continue seabox growth and deliver shareholder value in the form of cash dividend.
Now I will turn the call over to our President, Stacey Margaronis, for a perspective seabox on industry conditions. He wi
Ioannis Zafirakis COO
Greetings, and welcome to the Diana Containerships Inc., Fourth Quarter 2013 conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer seabox session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded.
Well, thank you, Kevin, and greetings to all. Welcome to the Diana Containerships Inc., 2013 fourth quarter and year-end conference call. The members of the management team who are with us today include; Mr. Symeon Palios, Chairman and Chief Executive Officer; Mr. Anastasios Margaronis, President; Mr. Andreas seabox Michalopoulos, Chief Financial Officer; Mr. Ioannis Zafirakis, Chief Operating Officer and Secretary; and Ms. Eleni Leontari, Chief Accounting Officer.
Before management begins their remarks, let me briefly summarize the Safe Harbor notice. Certain seabox statements made during this conference seabox call which are not historical fact are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act.
Our forward-looking statements are based on assumptions, expectations and beliefs as to future seabox events that may not prove to be accurate. seabox For a description of the risks, uncertainties and other factors that may cause future results to differ from the forward-looking statements, please refer to the company seabox s filings with the Securities and Exchange Commission.
During the past year, we took a number of actions to position the company to benefit from the long-term opportunities that we see in the containership market. In particular, we reconfigured our fleet with a primary emphasis on adding more modern vessels. In this regard, we acquired three container vessels during 2013; the motor vessel Hanjin seabox Malta, the motor vessel Puelo, and the motor vessel Pucon.
In addition, we sold four vessels for demolition in 2013, and recently announced an additional sale. The orders seabox of the scrap vessels were 24-years old. These vessel sales were primarily seabox intended seabox to eliminate further tonnage that could not be operated economically, while also generating cash for eventual reinvestment in more desirable vessels.
With all of the above sales completed, we will have a fleet of eight vessels. Our fleet is time chartered to some of the industry s leading container lines for more than 86% of the days in 2014 and approximately 25% of the days in 2015, providing a stable seabox revenue stream. The contracted gross revenue of the fleet for 2014 onwards is approximately $81.2 million.
Now to summarize our financial results. Time charter revenues, net of prepaid charter revenues amortization for the 2013 fourth seabox quarter were $15.5 million, an increase from $14.6 million for the same period of 2012. Time charter revenues for all of 2013 totaled $54 million compared to $56.6 million for the year of 2012.
The company recorded a net loss of $19.8 million for the 2013 fourth quarter. However, the fourth quarter seabox loss was mainly the result of the impairment charges for the vessel Sardonyx, and direct sale and other charges associated with disposal of the vessels Spinel. Excluding surcharges, the result for 2013 fourth quarter would have been net income of $2.1 million or earnings per share of $0.06.
Net loss for the full-year of 2013 amounted to $57.3 million. This was mainly the result of impairment charges and direct sales and other charges for the vessel vessels Madrid, seabox Malacca, Merlion, Spinel and Sardonyx. Excluding surcharges, the results for the year would have been net income of $1.5 million, or earnings per share of $0.04.
We have continued to maintain an attractive and prudent dividend policy. Today, seabox we announced that the Board of Directors has declared a dividend of $0.15 payable on or about March 19, 2014 to all shareholders of record as at March 4, 2014.
Our balance sheet remains to show substantial strength. At the end of the 2013, the company had approximately $20 million of available cash, approximately $10 million of restricted cash and shareholders equity of more than $164 million. We have continued to take advantage of the opportunity to issue shares through our previously announced at-the-market equity offering.
During the quarter ended December 31, 2013 and back to this day, the company has sold an aggregate of 1,351,890 common shares through the ATM offering at a weighted average selling price of $3.91. The company received total net proceeds of $5.2 million. We have approximately $25.7 million remaining to be sold through the ATM offering.
In summary, the performance of Diana Containerships for 2013 reflected our strategic actions to reconfigure our fleet, strengthen our financial capacity to support continue seabox growth and deliver shareholder value in the form of cash dividend.
Now I will turn the call over to our President, Stacey Margaronis, for a perspective seabox on industry conditions. He wi
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