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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ICC Appoints Ximena Tapias Delporte as Vice-Chair

The International Chamber of Commerce (ICC) is pleased to announce the appointment of Ximena Tapias Delporte as Vice-Chair of the ICC Commission on Marketing and Advertising.

Russian Navy Expansion Gathers Momentum

The Russian Navy celebrates its professional holiday by putting two new submarines into service and expects a new warship in the fall and several additional ships

Search for Flight MH370: Update

Australia's Joint Agency Coordination Centre (JACC) says that a bathymetric survey of the 60,000km2 search area is well underway, with two vessels, the Australian-contracted

Finance

Leighton HY14 net margin Up to 2.7%

Leighton Holdings announced its results for the six months to 30 June 2014.   * Total revenue of $11.9 billion, up on HY13 * EBITDAiii of $843 million. Comparable EBITDAiv of $945 million,

LNG to Acquire Bear Head LNG Project in Canada for US$11 mi

Liquefied Natural Gas Limited today announced that it has significantly expanded its presence in the North American Liquefied NaturalGas (LNG) sector by signing

Three Share in Navy US$96.8-M Twin-Ship Modernization Contract

The U.S. Department of Defense informs that AMSEC LLC; CDI Marine Co. LLC; and Q.E.D. Systems Inc., (all located in Virginia Beach, Virginia) are each being awarded a cost-plus-fixed-fee/cost-only,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1242 sec (8 req/sec)