Box Ships Issues Financial Report

Tuesday, August 09, 2011

Box Ships Inc., a shipping company specializing in the seaborne transportation of containers, announced its results for the period from its Initial Public Offering on April 14, 2011 (“IPO”) to June 30, 2011 (“second quarter of 2011”).

Company’s Highlights:
- IPO on April 14, 2011. Issued 11,000,000 shares, raising $132.0 million in gross proceeds
- The Company’s initial fleet of six containerships (“Initial Fleet”) delivered ahead of schedule
- Fleet utilization of 100% for the second quarter of 2011
- Dividend declaration of $0.15 per share for the second quarter of 2011
- Acquisition of MSC Emma, the Company’s seventh vessel, which was delivered on August 3, 2011.

Second Quarter 2011 Financial Results:
Second quarter results are based on 296 fleet calendar and available days due to the timing of the delivery of the company’s Initial Fleet following the completion of its IPO, instead of 546 days, had the Initial Fleet been
delivered at the beginning of the quarter.

Box Ships reported time charter revenues for the second quarter of 2011 of $7.2 million and net income of $2.3 million, or $0.16 per basic and diluted share, calculated on 14.1 million weighted average number of basic and diluted shares outstanding for the period. EBITDA for the second quarter of 2011 was $4.6 million. The company operated an average of 3.79 vessels during the second quarter of 2011, earning an average time
charter equivalent rate, or TCE rate, of $23,828 per vessel per day.

Total vessel operating expenses for the second quarter of 2011 were $2.5 million, or approximately $8,333 per vessel per day, including vessel operating expenses, management fees and general and administrative expenses for the period.

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

Finance

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

India May Add Japanese Soryu-Class Submarines to its Fleet

India is reportedly considering a project to incorporate six Japanese Soryu-class diesel-electric submarines into its fleet, says The Japan Times.   The Defense

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1413 sec (7 req/sec)