And with that, let me turn the call over to Mr. Symeon Palios, Chairman and Chief Executive Officer.Symeon Palios 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.
Now, let me review some of the highlights of the 2012 second quarter which were distinguished by strong performance and profitable growth. Time-charter revenues were $14.9 million, this compares to $4.2 million for the second quarter of 2011. The increase reflects the growth of our fleet including a full quarter of operating the recently purchased vessels, Cap San Marco, Cap San Raphael, APL Sardonyx and APL Spinel and also the three Maersk vessels delivered in June last year.Net income was $2.2 million for the 2012 second quarter. For the same period the year ago, the company reported a net loss of $0.6 million. We have continued to focus on maintaining a strong balance sheet to ensure that we have the financial capacity to support a sound and growing business. At June 30, 2012, Diana Containerships had stockholders equity of $201.9 million. In comparison long-term debt was a manageable $92.7 million at that date. Early in the third quarter on July 19, the company completed the public offering of 8.1 million shares of common stock raising gross proceeds of more than $50 million. We believe the further strengthening on our capital base was a prudent action to position us well for the opportunities we see in our business. Let me conclude by noting that we are delivering on our strategies for profitable growth and we remain dedicated to translating that growth into increasing shareholder value, as we progress through 2012 and beyond. Our strategic direction remains consistent with our original goals. We will seek opportunities to acquire high-quality containerships throughout this inside. We will strategically deploy our vessels in a manner that balances the maturities of our time-charter to mitigate cyclical condition while generating strong visible cash flow. Read the rest of this transcript for free on seekingalpha.com