Diana Containerships swung to a $2.7 million profit in the third quarter from a $100,000 loss in the same period a year ago, as the chartering of three vessels to Maersk Line helped the vessel owner-charterer more than triple its revenue.
The company, founded in early 2010, saw time charter revenue increase in the third quarter to $9.7 million.
“This quarter represents the first time that we have operated for the entire period with our full fleet of five container vessels — the last three of which were delivered in June 2011,” said Chairman and CEO Simeon Palios. “Therefore, as compared with prior periods, our results for this quarter are more indicative of our potential to generate revenue, cash flow and to provide dividends for shareholders.”
He said the company has “a substantial pool of capital remaining from the June 2011 public offering” that will allow the company to expand its fleet if opportunities are found.
The company’s profit in the first nine months of the year rose to $2.3 million compared to a $2 million loss in the same period in 2010. Revenue in the first nine months of 2011 increased more than sevenfold to $17.2 million within the same period.