And with that, let me turn the call over to Mr. Symeon Palios, Chairman and Chief Executive Officer.
Thank you, Ed. Good morning and thank you for joining us. It is my pleasure to report to you on the performance of Diana Containerships Inc. for the second quarter ended June 30, 2012. Our results during the recent quarter reflect the increasing earning capacity of Diana Containerships, as we have delivered on our fleet expansion strategy. At the same time, we have demonstrated our commitment to translate the company’s growing earnings power into shareholder value in the form of an attractive cost dividend.
With respect to our fleet expansion this quarter at June 30, 2012 was the first period increase we have operated with a full complement 9 vessels. This includes the four vessels that joined our fleet during the first quarter of this year. Considering that we operated only two vessels for most of the second quarter of 2011, we are clearly making great stretch in our efforts to be in the fleet of quality container vessels, we’ve looked at the time-charter in a revenue style.
Our ships have been charted to some of the industry’s leading container lines such as A.P. Moller-Maersk, CSAV, Valparaiso, APL, and Reederei Santa, Containerschiffe. Overall the fleet is time-chartered for 100% of the days in 2012 and approximately 61% of the days in 2013 providing a stable revenue stream. The contracted revenue of the fleet including the first half of 2012 is approximately $127.4 million net of commissions. As I have often noted, the Board of Directors is committed to providing shareholder value in the form of an attractive dividend and consequently our Board of Directors amended the company’s dividend policy to give us greater flexibility. We have today declared a cash dividend on our common stock of $0.30 per share. The cash dividend will be payable on or around September 5, 2012 to all shareholders of record as at August 16, 2012.