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General Information
 6 Months Ended
Jun. 30, 2015
General Information [Abstract]  
General Information

1. General Information

 

The accompanying unaudited interim consolidated financial statements include the accounts of Diana Containerships Inc. (“DCI”) and its wholly-owned subsidiaries (collectively, the “Company”). Diana Containerships Inc. was incorporated on January 7, 2010 under the laws of the Republic of Marshall Islands for the purpose of engaging in any lawful act or activity under the Marshall Islands Business Corporations Act.

 

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2014 included in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 23, 2015 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2015. A discussion of the Company's significant accounting policies can be found in the audited consolidated financial statements for the fiscal year ended December 31, 2014, as filed on Form 20-F on March 23, 2015.

 

The consolidated balance sheet as of December 31, 2014 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.

 

The Company is engaged in the seaborne transportation industry through the ownership of containerships and operates its fleet through Unitized Ocean Transport Limited, a wholly-owned subsidiary. As at June 30, 2015, the Company was the sole owner of all outstanding shares of the following subsidiaries:

 

a/aCompanyPlace of IncorporationVesselFlagTEUDate builtDate acquiredDate sold
Vessel Owning Subsidiaries - Panamax Vessels
1Likiep Shipping Company Inc.Marshall IslandsSagittaMarshall Islands 3,426Jun-10Jun-10-
2Orangina Inc.Marshall IslandsCentaurusMarshall Islands 3,426Jul-10Jul-10-
3Lemongina Inc.Marshall IslandsApl GarnetMarshall Islands 4,729Aug-95Nov-12-
4Rongerik Shipping Company Inc.Marshall IslandsCap DomingoMarshall Islands 3,739Mar-01Feb-12-
5Utirik Shipping Company Inc.Marshall IslandsCap DoukatoMarshall Islands 3,739Feb-02Feb-12-
6Nauru Shipping Company Inc.Marshall IslandsHanjin MaltaMarshall Islands 4,024Jan-93Mar-13-
7Dud Shipping Company Inc.Marshall IslandsPamina (ex Santa Pamina)Marshall Islands 5,042May-05Nov-14-
8Kapa Shipping Company Inc.Marshall IslandsYM Los AngelesMarshall Islands 4,923Dec-06Apr-15-
9Mago Shipping Company Inc. Marshall IslandsYM New JerseyMarshall Islands 4,923Nov-06Apr-15-
a/aCompanyPlace of IncorporationVesselFlagTEUDate builtDate acquiredDate sold
Vessel Owning Subsidiaries - Post-Panamax Vessels
10Eluk Shipping Company Inc.Marshall IslandsPueloMarshall Islands 6,541Nov-06Aug-13-
11Oruk Shipping Company Inc.Marshall IslandsPuconMarshall Islands 6,541Aug-06Sep-13-
12Delap Shipping Company Inc.Marshall IslandsYM MarchMarshall Islands 5,576May-04Sep-14-
13Jabor Shipping Company Inc.Marshall IslandsYM GreatMarshall Islands 5,576Apr-04Oct-14-
Vessel Owning Subsidiaries - Sold Vessels
14Ralik Shipping Company Inc.Marshall IslandsMadridMarshall Islands 4,206Oct-89Jun-11Apr-13
15Mili Shipping Company Inc.Marshall IslandsMalaccaMarshall Islands 4,714Nov-90Jun-11May-13
16Ebon Shipping Company Inc.Marshall IslandsMerlionMarshall Islands 4,714Mar-90Jun-11May-13
17Micronesia Shipping Company Inc.Marshall IslandsSpinelMarshall Islands 4,729Jan-96Mar-12Dec-13
18Mejit Shipping Company Inc.Marshall IslandsSardonyxMarshall Islands 4,729Jun-95Feb-12Feb-14
Other Subsidiaries
19Unitized Ocean Transport LimitedMarshall IslandsManagement company----
20Container Carriers (USA) LLCDelaware - USACompany's US representative----

Unitized Ocean Transport Limited (the “Manager” or “UOT”), was established for the purpose of providing the Company and its vessels with management and administrative services, effective March 1, 2013. Pursuant to the management agreements, UOT receives a fixed commission of 2% on the gross charter hire and freight earned by each vessel plus a technical management fee of $15 per vessel per month for employed vessels and $8 per vessel per month for laid-up vessels, if any. In addition, pursuant to the administrative agreement, UOT receives a fixed monthly fee of $10. The management and administrative fees payable to UOT are eliminated in consolidation as intercompany transactions.

 

During the six months ended June 30, 2015 and 2014, charterers that accounted for more than 10% of the Company's hire revenues were as follows:

Charterer 2015 2014
A 23%  -
B 10% 26%
C 28% 32%
D 14% 19%
E 13% 15%