Diana Containerships Inc. (DCIX) Tuesday reported first-quarter loss of $31.80 million or $0.99 per share, compared to profit of $1.87 million or $0.08 per share in the same period last year.
In the first quarter, the company incurred impairment losses amounting to $32.63 million, excluding profit was $0.8 million or $0.03 per share.
On average, seven analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the quarter. Analysts' estimates typically exclude special items.
Time charter revenues, net of prepaid charter revenue amortization, improved to $15.14 million from $12.45 million last year. Analysts expected revenues of $14.90 million.
The company also said it has entered into a loan agreement with Diana Shipping Inc. (DSX), pursuant to which Diana Shipping will loan up to $50 million to fund vessel acquisitions and for general corporate purposes.
The amounts drawn under the loan will bear interest at the rate of LIBOR plus 5.0 percent per annum. The Company will also pay a variable back-end fee in an amount of up to 5.0 percent of the total amount outstanding under the loan.
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