Diana Containerships (DCIX) reported Q2-13 results earlier this morning, posting revenue of $12.2M (down 19% q/q), and a net loss of $5M. I have previously been bearish on DCIX, calling for an imminent dividend cut (March 6) and warning about the deteriorating business model (May 21). Including the 30c dividend, DCIX has dropped 19% since my last article and 27% since my first sell recommendation on February 1st (includes 60c in dividends).
The previous issues I have flagged with DCIX - time charter uncertainty, pending dilution, and upcoming dividend drop - have all materialized. During Q2-13, DCIX scrapped three vessels and issued 1.57M shares (5% dilution). Today DCIX announced a quarterly dividend cut of 50%...
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