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.

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