Diana Containerships raised its dividend Wednesday following a profitable first quarter despite falling short of Wall Street estimates.

CEO, Simeon Palios.
CEO Simeon Palios says the $0.25 payout, which is ten cents higher than the distribution declared in the previous period, may increase even further as the US-listed operator “receives the full benefit” of earnings generated by the most recent additions to its fleet.

The commentary followed a period in which the Athens-based owner of nine boxships reported net income of $1.9m and time charter revenues of $12.4m, well above a profit of $0.3m and the $3.2m generated in the first quarter of 2011.

The result amounted to $0.08 in earnings per share, which was $0.04 below the Wall Street consensus estimate as a result of lower-than-expected revenue but was partially offset by an unanticipated decrease in operating expenses, according to Wells Fargo Securities analyst Michael Webber.