Box Ships Inc. Issue Q2 & !H 2012 Financial Report

Press Release
Thursday, August 02, 2012

Box Ships Inc, container ship owners & charterers, issues dividend on its first anniversary as a public listed company.

Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Box Ships Inc., commented:
“This quarter marks our one-year anniversary as a public company. During the second quarter of 2012, our earnings per share and adjusted earnings per share were $0.11 and $0.16 per share, respectively, and more importantly I am pleased to announce that the Board of Directors has declared a dividend of $0.26 per share payable on or about August 22, 2012 to shareholders of record on August 15, 2012.

He added: "The containership market has remained challenging, and the brief rebound we witnessed last quarter quickly disappeared. The encouraging news is that freight rates charged by liner companies for the carriage of containers at sea continue to improve year over year, and we expect to see some improvement in the charter market for containerships as we continue to seek suitable employment for the Box Trader and the Box Voyager, most probably for a term of six to nine months.”

Mr. Bodouroglou concluded, “In addition, during the second quarter we agreed to acquire two vessels, the OOCL Hong Kong and the OOCL China, and chartered these vessels back to OOCL at a gross daily rate of $26,800 per vessel for three years, which increased our fleet to nine vessels, and improves our free cash flow and dividend coverage significantly. This transaction also strengthens our balance sheet, expands our chartering base to include OOCL, one of the premier Global liner operators, improves our fixed revenue coverage days significantly, and further staggers the term of our charter contracts.

 


 

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

People & Company News

AEGIR-Marine Partners with On Site Alignment

AEGIR-Marine and On Site Alignment (OSA) signed a contract at SMM in Hamburg confirming the companies’ strategic alliance concerning stern seal and propulsion service

BSH Certifies SeaCURE for Wide Range of Flow Rates

The Federal Maritime and Hydrographic Agency of Germany (Bundesamt für Seeschifffahrt und Hydrographie- BSH), which previously granted the Evoqua SeaCURE Ballast

SSI Webinar: ShipConstructor MarineDrafting

As part of its Technical Webinar Series, SSI will host a ShipConstructor MarineDrafting Product webinar on Wednesday, September 24, 2014 from 8-9 a.m. (PDT).  The

Finance

Oil Edges Below $99 but Supply Risks in Focus

Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

Sound Oil Announce 2014 Interim Results

Sound Oil, the European / Mediterranean focused upstream oil and gas company, announced its unaudited interim results for the six months ended 30 June 2014.   Highlights   *

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage 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: 0.1400 sec (7 req/sec)