$PSHG

Diana Containerships Inc.

CIK:0001481241|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUE:
Revenue (Note 3)	$ 84,172	$ 87,445	$ 108,938
EXPENSES:
Voyage expenses	5,181	4,237	4,358
Vessel operating expenses	21,605	19,758	21,866
Depreciation and amortization of deferred charges (Note 6)	15,077	13,336	14,793
General and administrative expenses (Notes 4, 8 and 9)	9,702	8,306	8,042
Gain on vessel's sale (Note 6)	(19,456)	0	(15,683)
Provision for / (Reversal of) credit losses (Note 3)	27	(7)	(37)
Foreign currency losses	100	1	64
Operating income	51,936	41,814	75,535
OTHER INCOME / (EXPENSES)
Interest and finance costs (Notes 5, 7 and 10)	(6,793)	(1,345)	(9,598)
Loss from debt extinguishment	0	0	(387)
Interest income	4,834	3,255	3,302
Changes in fair value of warrants' liability (Note 9)	(4)	6	561
Total other income / (expenses), net	(1,963)	1,916	(6,122)
Net income	49,973	43,730	69,413
Income allocated to participating securities (Note 11)	0	0	(2)
Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature (Notes 9 and 11)	0	0	(9,809)
Deemed dividend to the July and August 2022 warrants' holders due to triggering of a down-round feature (Notes 9 and 11)	0	0	(789)
Dividends on preferred stock (Note 11)	(1,831)	(1,833)	(1,889)
Net income attributable to common stockholders	$ 48,142	$ 41,897	$ 56,924
Earnings per common share, basic (Note 11) (in dollars per share)	$ 3.87	$ 3.39	$ 5.43
Earnings per common share, diluted (Note 11) (in dollars per share)	$ 1.28	$ 1.11	$ 1.91
Weighted average number of common shares, basic (Note 11) (in shares)	12,432,158	12,365,418	10,491,316
Weighted average number of common shares, diluted (Note 11) (in shares)	38,925,391	39,201,865	35,539,671

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Flows provided by Operating Activities:
Net income	$ 49,973	$ 43,730	$ 69,413
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of deferred charges (Note 6)	15,077	13,336	14,793
Amortization of deferred financing costs and bonds discounts (Note 10)	809	107	244
Financing costs	0	0	340
Changes in fair value of warrants' liability	4	(6)	(561)
Amortization of prepaid charter revenue	0	0	54
Gain on vessel's sale (Note 6)	(19,456)	0	(15,683)
Compensation cost on restricted stock and stock option awards (Note 9)	0	0	52
Loss from debt extinguishment	0	0	387
Actuarial gain / (loss)	49	4	(17)
(Increase) / Decrease in:
Accounts receivable	(293)	3,232	830
Deferred voyage expenses	0	0	20
Inventories	(400)	1,654	834
EU allowances	(86)	0	0
Prepaid expenses and other assets	(419)	413	406
Right of use asset under operating leases	(17)	49	64
Other non-current assets	0	(226)	72
Increase / (Decrease) in:
Accounts payable, trade and other	934	(2,667)	16
Due to related parties	(598)	370	(90)
Accrued liabilities	6,284	(244)	87
Deferred revenue	(930)	930	(1,378)
Other liabilities, non-current	16	32	58
Lease liabilities under operating leases	17	(49)	(64)
Drydock costs	(888)	(769)	(1,922)
Net Cash provided by Operating Activities	50,076	59,896	67,955
Cash Flows (used in) / provided by Investing Activities:
Advances for vessels under construction and other vessel costs (Note 5)	(26,917)	(47,167)	(11,303)
Vessel acquisitions and other vessels' costs (Note 6)	(254,566)	0	(64)
Proceeds from sale of vessels, net of expenses (Note 6)	36,948	0	37,636
Payments for vessels' improvements (Note 6)	0	(231)	(510)
Property and equipment additions	(54)	(17)	(38)
Net Cash (used in) / provided by Investing Activities	(244,589)	(47,415)	25,721
Cash Flows provided by / (used in) Financing Activities:
Proceeds from long-term debt (Note 7)	119,392	0	2,141
Proceeds from bonds, net of discounts (Note 7)	97,000	0	0
Repayments / Prepayments of long-term debt (Note 7)	(38,391)	(7,533)	(75,421)
Issuance of common stock and warrants, net of issuance costs (Note 9)	0	0	11,438
Proceeds from exercise of Series A and B warrants (Note 9)	0	158	330
Issuance of preferred stock, net of expenses (Note 9)	0	0	482
Common shares re-purchase and retirement, including expenses (Note 9)	0	0	(2,749)
Issuance of common stock under ATM program, net of issuance costs (Note 9)	0	0	673
Payments of financing costs (Note 7)	(3,710)	(226)	(140)
Cash dividends (Note 11)	(1,831)	(1,833)	(1,889)
Net Cash provided by / (used in) Financing Activities	172,460	(9,434)	(65,135)
Net (decrease) / increase in cash, cash equivalents and restricted cash	(22,053)	3,047	28,541
Cash, cash equivalents and restricted cash at beginning of the year	71,314	68,267	39,726
Cash, cash equivalents and restricted cash at the end of the year	49,261	71,314	68,267
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at the end of the year	48,172	70,314	67,267
Restricted cash at the end of the year	1,089	1,000	1,000
Cash, cash equivalents and restricted cash at the end of the year	49,261	71,314	68,267
SUPPLEMENTAL CASH FLOW INFORMATION
Alternative cashless exercise of Series A warrants	0	0	3,415
Non-cash investing activities	368	0	0
Interest payments, net of capitalized amounts	$ 4,225	$ 3,528	$ 9,135

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 48,172	$ 70,314
Accounts receivable, net (Note 3)	6,293	5,810
Inventories	949	549
EU allowances (Note 3)	198	0
Prepaid expenses and other assets	2,398	1,979
Total current assets	58,010	78,652
FIXED ASSETS:
Advances for vessels under construction and other vessels' costs (Note 5)	48,725	58,468
Vessels, net (Note 6)	449,689	189,577
Property and equipment, net	58	34
Total fixed assets	498,472	248,079
NON-CURRENT ASSETS:
Restricted cash, non-current (Note 7)	1,089	1,000
Right of use asset under operating leases	67	50
Deferred charges, net	2,215	2,386
Other non-current assets	0	226
Total non-current assets	3,371	3,662
Total assets	559,853	330,393
CURRENT LIABILITIES:
Current portion of long-term debt, net of unamortized deferred financing costs (Note 7)	12,391	7,443
Accounts payable, trade and other	3,408	2,214
Due to related parties (Note 4)	$ 17	$ 615
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accrued liabilities (Note 7)	$ 9,226	$ 2,820
Deferred revenue (Note 3)	0	930
Lease liabilities, current	67	50
EU allowances liability (Note 3)	1,077	789
Total current liabilities	26,186	14,861
LONG-TERM LIABILITIES:
Long-term debt, net of unamortized deferred financing costs (Note 7)	114,799	40,016
Bonds, net of unamortized discounts and deferred financing costs (Note 7)	95,142	0
Other liabilities, non-current	262	246
Commitments and contingencies (Note 8)
Fair value of warrants' liability (Note 9)	30	27
Total long-term liabilities	210,233	40,289
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 25,000,000 shares authorized, 50,726 and 50,726 Series B, and 1,423,912 and 1,423,912 Series C issued and outstanding as at December 31, 2025 and 2024, respectively (Note 9)	15	15
Common stock, $0.01 par value; 500,000,000 shares authorized; 12,432,158 and 12,432,158 issued and outstanding as at December 31, 2025 and 2024, respectively (Note 9)	124	124
Additional paid-in capital (Note 9)	534,269	534,269
Other comprehensive income	102	53
Accumulated deficit	(211,076)	(259,218)
Total stockholders' equity	323,434	275,243
Total liabilities and stockholders' equity	$ 559,853	$ 330,393