The Greek containership owner and leasing company benefited from fleet utilization improvements and higher time charter rates.
Diana Containerships Inc.’s net loss for the first quarter of 2018 totaled $3.9 million, a sharp improvement from the net loss of $7.4 million for the first quarter of 2017.
The Greek containership owner and leasing company said its time charter revenues for the quarter totaled $8 million, up from $3.8 million for last year’s first quarter, thanks largely to improvements in fleet utilization and higher time charter rates.
As of Thursday, the company owned and operated six containerships: the 6,541-TEU Pucon, the 6,541-TEU Puelo, the 6,494-TEU Hamburg, the 6,494-TEU Rotterdam, the 5,042-TEU Pamina and the 3,739-TEU Domingo.
Diana Containerships has sold off several vessels in recent months.
In January, the company announced it entered into an agreement to sell the March and the Great for an aggregate price of $22 million to an unaffiliated third party. The vessels were sold and delivered to the buyer on March 19 and March 22, respectively.
In February, Diana Containerships announced it had signed, through a separate wholly owned subsidiary, a memorandum of agreement to sell the New Jersey to an unaffiliated third party for demolition on an “as is where is” basis. That vessel was sold and delivered to the buyer on March 12.
In March, the company announced it had signed, through two separate wholly owned subsidiaries, two memoranda of agreement to sell to an unaffiliated third party the Sagitta and the Centaurus for $12.3 million each. They were sold and delivered to the buyer on April 27 and May 2, respectively.
Diana Containerships softens loss in Q1
