Diana Containerships reported its net income was $6.0 million, up 67 percent from $3.6 million in 2011. Annual time charter revenue was $56.6 million, increasing from $27.0 million.
The company’s profit in the fourth quarter of 2012 was $0.3 million, falling from $1.3 million in the fourth quarter of 2011.
Quarterly time charter revenue was $14.6 million, rising 49 percent from $9.8 million in the same quarter in the previous year, driven primarily by an increase in the number of vessels in the fleet.
The company also today signed a memorandum of agreement with Hanjin Shipping for the purchase of a 1993-built Panamax container vessel of about 4,024 20-foot-equivalent unit capacity, the Hanjin Malta, for $22 million. The vessel is scheduled for delivery in mid-March 2013.
Diana has also established a new wholly-owned subsidiary, Unitized Ocean Transport, to provide management services, including vessel commercial and technical management, administrative services and ship brokering services. Diana Containerships and its vessel-owning subsidiaries intend to enter into new agreements with UOT for the provision of these management services after March 1, 2013.