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

People & Company News

TMR Unit MarCom Integrates with MCP

Telenor Maritime Radio’s (TMR) business unit for the commercial maritime communications market, MarCom, integrates with Maritime Communications Partner (MCP).   The internal transfer in Telenor,

Petronas to Deliver LNG from FLNG in Q1 2016

The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior

IRS on Talent Acquisition Spree

IRClass, the Leading Ship Classification Society has hired 17 of the brightest and best Naval Architecture students from the elite technical institutes of India.

Finance

Petronas to Deliver LNG from FLNG in Q1 2016

The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior

UN: EU Should Do More in Med Migrant Crisis

UN refugee agency calls for intra-European solidarity. The U.N. refugee agency on Tuesday urged European leaders to do more to help Greece and Italy cope with

U.S. Ports Account for 26% of Nation’s Economy

From 2007 to 2014, the total economic value that U.S. coastal ports provide in terms of revenue to businesses, personal income and economic output by exporters and importers rose 43 percent to $4.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.2099 sec (5 req/sec)