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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Finance

U.S. Awards $61.8 Mln for Port Projects

U.S. Transportation Secretary Anthony Fox today announced 40 awards totaling nearly $500 million in funding for the  FY 2016 Transportation Investment Generating Economic Recovery (TIGER) grants.

Moody's: Challenges Ahead for Asian Port Operators

Moody's Investors Service says lackluster global growth, weak commodity prices, high capital expenditure commitments and a liner industry struggling with overcapacity

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0940 sec (11 req/sec)