Greek Diana Containerships Becomes Performance Shipping

Greece-based containership owner Diana Containerships is changing its name to Performance Shipping Inc.

At the company’s annual meeting of shareholders held on February 19, 2019, shareholders decided to change Diana’s name to Performance Shipping which is expected to be effective as of the date hereof.

As informed, the company’s common shares will continue to trade on the Nasdaq Global Select Market under the ticker “DCIX”.

The name change was announced as part of the company’s financial report for the fourth quarter and the full year ended December 31, 2018.

During the fourth quarter of 2018, Diana Containerships managed to narrow its net loss to USD 0.4 million from a net loss of USD 16.6 million seen in the same period of 2017.

Time charter revenues were USD 6.1 million for the fourth quarter of 2018, compared to USD 7.8 million for the same period of 2017. This decrease was primarily due to the decrease in size of the company’s fleet and was partially offset by the increased time charter rates achieved as a result of improved market conditions, Diana Containerships explained.

In addition, full-year net loss for 2018 amounted to USD 52.9 million, compared to a net income of USD 3.8 million posted in 2017. The loss for 2018 includes impairment charges of two vessels and aggregate loss on sale of seven vessels.

Time charter revenues for 2018 amounted to USD 25.6 million, compared to USD 23.8 million recorded in 2017.

The company currently has a fleet of two Panamax and two Post-Panamax containerships.