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Diana Containerships soars on smaller 1Q loss as revenue doubled year-earlier levels

Last updated: 13:48 09 May 2018 EDT, First published: 09:12 09 May 2018 EDT

container ship on water
Higher time charter rates also helped revenue rise

Diana Containerships Inc. (NASDAQ: DCIX) shares are soaring on a first-quarter loss that was cut nearly in half from a year earlier and revenue that more than doubled.

Shares of Diana Containerships were up around 62% in early trading, at US$2.62 a share.

Diana Containerships said its net loss in the quarter shrunk to US$3.9mln from US$7.4mln in the first quarter of 2017.

The Athens-based shipping company said time charter revenue climbed to US$8mln from US$3.8mln. Diana Containerships said the big increase was mainly the result of improvement in the company’s fleet utilization and higher time charter rates.

The company did not offer any additional commentary.

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