Even though the Malacca and Madrid are scrapped now (and possibly the Merlion next), and even though the Centaurus and Sagitta are currently operating on charters that are not generating profits, the company's next dividend will be based on results from Jan 1 to Mar 31. During that period, DCIX still had nine ships operating under their original inflated charters.
Management could either take the view of "let's give the shareholders one more fat dividend before the cash flow starts getting hit", or they could take the view, "let's tighten our belts now to help conserve cash and boost the balance sheet in anticipation of harder times."
Looking at the 2nd quarter, the Malacca, Madrid and Merlion will each have contributed about a month and half of profitability to the fleet, and the Hanjin Malta is added on an inflated charter. The Centaurus will have contributed only a couple of weeks of profitable charter. Effectively, count about 7 1/2 ships-worth operating under the profitable charters.
For the third quarter (if no more ships are purchased), we go to an effective profitable 6-ship fleet (8 or 9 ships still owned but the Merlion either scrapped or operating under a new unprofitable charter, and the Sagitta and Centaurus not contributing to profitability under their recharters)
After that, the next recharters are the Sardonyx and Spinel in January, 2014. Assuming their recharters are either barely breakeven or at an operating loss, that would mean a fleet of 4 ships operating at a profit in 2014. They could perhaps add one more ship with cash on hand, more than one with another offering.