DIANA Containerships, a Marshall Islands registered corporation founded in 2010 to own and operate box ships, has posted a net profit US$3.6 million for 2011 drawn on revenues of $9.8 million, after suffering a $2 million net loss in 2010.

"The growth in time charter revenues during the fourth quarter was accompanied by an increase in operating expenses, mainly due to the extensive maintenance costs brought forward for the newly acquired Maersk vessels," said Diana Containerships chairman and CEO Simeon Palio.

The Athens-based company, whose parent Diana Shipping, has long provided dry bulk services, attributed the gain to an increase in fleet size, following delivery of the 4,714-TEU Maersk Merlion, 4,281-TEU Maersk Malacca and 4,206-TEU Maersk Madrid last June, as well as the increase in average time charter revenues generating $27 million overall compared to $5.7 million in same period in 2010.

During the fourth quarter the company earned US$1.3 million for the fourth quarter from revenues of $9.8 million, up from a loss in same period 2010.