GREECE's Diana Containership has posted a net loss of US$57.3 million for 2013, the result of a weak shipping market and impairment, direct sale and other vessel charges.

The Athens-based company attributed the loss to charges totalling $58.8 million for the vessels Madrid, Malacca, Merlion, Spinel and Sardonyx.

Excluding these charges, the company would have posted a profit of $1.5 million for the year, albeit, less than the profit of $6 million recorded in 2012.

Time charter revenues decreased last year to $54 million compared with $56.6 million in 2012.

For the fourth quarter 2013, the global shipping company posted a net loss of $19.8 million, compared with a net income of $300,000 in the fourth quarter in 2012.

It said in a statement that the loss was mainly the result of $9.7 million in impairment charges for the vessel Sardonyx, and direct sale and other charges associated with the disposal of the vessel Spinel amounting to $12.2 million, without which the fourth quarter would have recorded a net income of $2.1 million.

Lloyd's List reported that Diana Containerships announced earlier this month it would sell the panamax Sardonyx for scrapping, with delivery to the buyers due before the end of February.

Following the disposal, its fleet will comprise eight vessels, including two post-panamax and six panamax ships.