Diana Containerships Inc. Reports Financial Results for the Fourth Quarter and Year 2011
Friday, 24 February 2012 | 00:00
Diana Containerships Inc., a global shipping company specializing in owning and operating containerships, yesterday reported net income of $1.3 million for the fourth quarter of 2011, compared to a net loss of $15.6 thousand for the same period of 2010.
Time charter revenues were $9.8 million for the fourth quarter of 2011, compared to $3.3 million for the same period of 2010, mainly due to the increase in the number of vessels in the fleet following the delivery of the Maersk Merlion, Maersk Malacca and Maersk Madrid in June 2011, as well as the increase in average time charter revenues.
Net income to Diana Containerships Inc., for the year ended December 31, 2011 amounted to $3.6 million, compared to a net loss of $2.0 million for the period from January 7, 2010 (inception date) to December 31, 2010. Time charter revenues were $27.0 million for the year ended December 31, 2011, compared to $5.7 million for the same period in 2010.
The Company has declared a cash dividend on its common stock of $0.15 per share. The cash dividend will be payable on March 22, 2012 to all shareholders of record as at March 8, 2012. The Company has 23,076,161 shares of common stock outstanding.
Chairman and Chief Executive Officer's Comments
"The performance of Diana Containerships in 2011 reflects the implementation of our strategies to build a quality fleet with the ability to deliver strong and consistent revenues. The growth in time charter revenues during the fourth quarter was accompanied by an increase in operating expenses, mainly due to the extensive maintenance costs brought forward for the newly acquired Maersk vessels. Soon all our vessels will have been upgraded to our Company's technical standards and operating expenses will in effect stabilize. Our results going forward will also benefit from the addition of four vessels to our fleet since the start of 2012. In the current market conditions, we are confident that our growing fleet and relationships with leading charterers, together with our strong balance sheet, offers the right formula to deliver value and substantial dividends to our shareholders," said Simeon Palios, Chairman and Chief Executive Officer of Diana Containerships Inc.
Source: Diana Containerships Inc.