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

People & Company News

Apply Now for the MN 100

The August 2015 edition of Marine News, the leading voice in the North American workboat market, will feature 100 leaders and innovators, including workboat owners and operators,

SKF to Showcase Marine Portfolio at Nor-Shipping

SKF and SKF Blohm + Voss Industries will showcase its combined range of solutions for the marine industry at the Nor-Shipping trade fair June 2-5, 2015 in Lillestrøm, near Oslo, Norway.

Silverstream Technologies Expands Technical Team

New naval architect appointed following first commercial installation, and pipeline of orders   Dominic Tasker has been hired as a new naval architect at Silverstream Technologies,

Finance

China Breaks Ground on South China Sea Lighthouse Project

China hosted a groundbreaking ceremony for the building of two lighthouses in the disputed South China Sea, state media said on Tuesday, a move that is likely to

Port Kembla Tariff hiked

NSW Ports have advised that from 1 July, there will be 2.38% increase to the Navigation Service Charge (Port Tonnage) and 3% increase to other charges (site occupancy,

Hyundai Heavy Delivers 2,000th Ship

Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
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: 0.2460 sec (4 req/sec)