Diana Containerships Is No Sinking Ship: Kalani Should Be Redeemed Now [Seeking Alpha]
DIANA CONTAINERSHIPS (DCIX)
Last diana containerships earnings: 7/25 07:30 am
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US:NASDAQ Investor Relations:
dcontainerships.com/investors
Company Research
Source: Seeking Alpha
Summary Diana Containerships Inc. (NASDAQ: DCIX ) is an Athens, Greece based container shipping company that currently owns 4 ships: 2 Panamax and 2 Post-Panamax. Following the sale of the containership m/v Hamburg in late July, the company has an unlevered balance sheet with net cash. With the ships worth around $60 million and net cash of $5 million, at face value, DCIX could be worth over $6 per share given current shares outstanding of around 10 million. However, this is most certainly not possible given a dilutive convertible preferred equity financing that DCIX management executed in March 2017 with a group called Kalani Investments Limited (“Kalani”). The motivation for the transaction was to enable the repayment of loans: First to The Royal Bank of Scotland plc (“RBS”); second to DCIX’s sister company Diana Shipping Inc. (NYSE: DSX ) (also referred to as “DSI”) and an independent third party called Addiewell Ltd (Addiewell also happens to be the site of a prison in
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