Athens-based shipowner Diana Containerships reported their Q4 earnings today along with news of their acquisition of the M/V Hanjin Malta, a 4,024 TEU Panamax containership from Hanjin Shipping Company.
Net revenues for Q4 were down significantly from Q4 2011, however still remained positive at $300,000 USD. For 2012, time charter revenues increased over 100 percent to $56.6 million, compared to $27.0 million for the same period in 2011. The company notes this increase can be attributed to the increase in the number of vessels in the fleet following the deliveries in February, March and November of the Cap San Marco (renamed Cap Domingo), Cap San Raphael (renamed Cap Doukato), APL Sardonyx, APL Spinel and APL Garnet.
The company declared a cash dividend on its common stock of $0.30 per share payable on or around March 21, 2013.
Acquisition of a Panamax Container Vessel
In addition, Diana Containerships also announced the purchase of a 1993-built Panamax container vessel M/V Hanjin Malta for a price of US$22 million. Delivery is expected mid-March 2013.
The vessel will be chartered back to the original shipowner, Hanjin Shipping Co., for a period of at least 36 months at a gross rate of US$25,550 per day. The time-charter party will commence simultaneously upon delivery of the vessel and is expected to generate approximately US$27.98 million in gross revenues for the minimum agreed period of the charter.
Establishment of New Fleet Manager
Diana Containerships also announced that it has established a new wholly-owned subsidiary, United Ocean Transport Limited (UOT), for the purpose of providing management services similar to those provided currently by Diana Shipping Services S.A., including vessel commercial and technical management, administrative services, and ship brokering services.
The company, and its vessel-owning subsidiaries, intend to enter into new agreements with UOT for the provision of these management services after March 1, 2013. Significant contractual differences with Diana Containerships’ current agreements with Diana Shipping Services S.A. are not anticipated.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
South Korea’s first commercial container trial through the Arctic has attracted just 737 TEUs of cargo, well below the 1,300 TEUs initially targeted for the voyage, highlighting the challenge of generating sufficient demand for a new Northern Sea Route service.
CMA CGM has postponed its $150 per TEU Low Water Surcharge on cargo moving from South America’s west coast through the Panama Canal, where more restrictions on draught and transits are expected.
Global container spot rates rose for a second straight week as tighter capacity and resilient demand pushed Transpacific prices sharply higher, according to Drewry. The Drewry World Container Index increased...
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
