Reports Q2 (Jun) earnings of $0.21 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.19; revenues fell 10.3% year/year to $58.2 mln vs the $55.44 mln consensus. Time charter revenues were $57.6 million for Q2 of 2012, compared to $64.6 million for the same period of 2011, mainly due to reduced time charter rates. Separately, the Co also announced that it has entered into time charter contracts with Ultrabulk A/S, Copenhagen, Denmark, through separate wholly-owned subsidiaries, for two of its Panamax dry bulk carriers, the m/v "Naias" and the m/v "Oceanis". The gross charter rate for each vessel is US$9,250/day, minus a 5% commission paid to third parties, for a period of minimum seventeen months to maximum twenty-three months.
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