Shares of Diana Containerships were slumping Wednesday after the operator of containerships reported Q2 results that missed expectations compiled by Capital IQ and said it would suspend its quarterly dividend.
For Q2, the company swung to a loss of $0.88 per share from a profit of $0.10 per share a year earlier, missing the consensus for a loss of $0.62 per share. Revenues fell to $8.0 million from $17.3 million and fell short of the $10.8 million mean estimate.
The company said it decided to suspend its quarterly cash dividend due to the current container vessel charter market. The board believes it is in the best interests of the company and stockholders to “aggressively preserve liquidity to manage current market conditions,” so that the company could “benefit from an eventual sector recovery.”
