Revenue for the fourth quarter of 2011 was $61.8 million, compared to $57.7 million in the final quarter of 2010.
For the full-year 2011, net income was $31.5 million, compared to $15.3 million for the year prior. Revenue for the full year was $263 million, compared to $290 million in 2010.
In addition to the non-recurring charges, full-year 2011 results included a non-monetary gain of $18.8 million associated with the purchase of the remaining 50 percent interest in Drybulk Capeholding Inc., while 2010 results included an impairment charge of $25.4 million on the Rail Ferry Service.
Niels M. Johnsen, chairman and chief executive officer, said “in 2011 we continued our strategy of operating a majority of our fleet on medium to long-term charters, enabling us to generate significant revenue during a challenging time for the shipping industry. During the year we acquired a 2000-built multi-purpose ice strengthened vessel to service a recently awarded MSC (Military Sealift Command) contract.
“We also completed transactions to increase the ownership interest of our fleet by acquiring 100 percent interests in two pure car truck carriers, one capesize vessel and one newbuilding handymax vessel,” he said. “In addition, we strengthened our potential earnings power during the year with the delivery of three handysize bulk carriers and five mini bulkers.”
