EMEA News
Diana Containerships Boosts Fleet Capacity, Net Income
Diana Containerships Inc. (DCIX) has agreed to purchase two Post-Panamax container vessels for a combined $76 million, the global shipping company reports.
Both the MV Rotterdam and the MV Hamburg have a 6,500 twenty-foot equivalent unit (TEU) capacity and will be delivered between November and December of this year.
These vessels will boost Diana's fleet to a total of 14 container vessels (6 Post-Panamax and 8 Panamax); a Panamax container vessel, the MV Cap Domingo, is presumed sold and will be delivered to Diana by March of next year.
Concurrent to the vessel purchase announcement, Diana reported an improved net income of $0.9 million for the second quarter of 2015, compared to $0.6 million for Q2 2014.
Fleet enlargement was cited as a reason for time charter revenues, net of prepaid charter revenue amortization, rising to $17.3 million for Q2 2015, compared to $12.5 million for Q2 2014.
Meanwhile, Zacks Equity Research said Diana's solid earnings estimate revision activity (current year estimates have risen from 2 cents per share to 3 cents per share) has helped the company earn a Zank Rank #1 Strong Buy position.
The news is presumably welcome for Diana, which saw losses for Q1 2015 of $502,000 - albeit less severe than Wall Street expectations.
