Joseph Bonney | May 06, 2011 9:59AM EDT
Diana Containerships, a majority-owned subsidiary of the Greek dry bulk shipowner Diana Shipping, posted first quarter profit of $256,829, reversing a loss of $236,682 in the first quarter of 2010.
Operating income was $498,576, compared with a loss of $236,682 between Jan. 7, 2010, when the company was established, and the end of March 2010.
Diana Containerships owns five container ships with capacities ranging from 3,426 to 4,714 twenty-foot-equivalent units; four are chartered to Maersk and one to CSAV. Charter revenue during this year’s first quarter totaled $3.2 million. Time-charter equivalent rates, or charter revenues less voyage expenses, averaged $17,355 a day.
-- Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter @josephbonney.