Diana Containerships Inc.’s third quarter net income dipped to $1.6 million from $2.7 million a year ago. Time charter revenue surged to $14.6 million from $9.7 million as the Greek ship-owner continued to expand its fleet.
The Nasdaq-listed company acquired four ships during the quarter, boosting its fleet to 10 Panamax container vessels — including a 4,750 20-foot equivalent units ship it took delivery of today — compared with just two at the end of 2010.
“Our performance during the quarter reflects our successful efforts to build a solid business, with the capacity to pursue opportunities in the containership sector and to deliver strong financial performance relative to the current market environment,” said Chief Executive Officer Symeon Palios.
Net income in the nine months through the end of September totaled $5.7 million, compared with $2.3 million in the same period in 2011, and time charter revenue climbed to $42 million from $17.2 million.