Greece's Box Ships Stays the Course in FY 2013 Despite ...

MarineLink.com
Wednesday, March 12, 2014
Container ship file image CCL3

Container ship owners Box Ships announce its financial results for the fourth quarter and year ended December 31, 2013, showing an increased EBITDA in the past year. Excerpts as follows:

Adjusted EBITDA was $42.087-million in year 2012 which rose to $47.209-million in 2013.

Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Box Ships Inc., commented:
"The fourth quarter of 2013 was a challenging one, despite being our eleventh consecutive profitable quarter as a public company. The containership market continues to be pressured by the extended weakness in Europe and the United States, and charter rates have continued to decline during the fourth quarter.

The Box Queen, formerly known as the Maersk Diadema, was redelivered to us upon expiration of its time charter with Maersk and was subsequently rechartered to MSC at a rate that was $21,900 per day less than its previous employment.

The CMA CGM Kingfish and CMA CGM Marlin have both extended their charters with CMA CGM for a period of four to seven months at a rate which is $16,000 per day less than their previous employment.

This continued decline in rates, coupled with the fact that we have another vessel employed at a charter rate well above the current market levels expiring in 2014, has caused the Board of Directors to refrain from paying a common stock dividend with respect to the fourth quarter of 2013 in an effort to maintain our liquidity and ensure the sustainability of the Company going forward.

The Board of Directors will continue to evaluate the market conditions at regular intervals to consider a potential reinstatement of the common stock dividend when the market recovers, as we remain committed to our policy of paying out excess free cash flow in the form of dividends."

http://www.box-ships.com

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Harkand North America Salvaged by MBO

Ethos Offshore Completes Harkand North America Management Buy Out   A team led by AJ Jain, Harkand North America Managing Director, has agreed to a management

US Aims to Recover El Faro VDR in Next Few Months

The U.S. National Transportation Safety Board hopes to recover the voyage data recorder from the cargo ship El Faro, which sank during a hurricane killing all 33 crew on board,

Asia-N.Europe Box Rates Dive 13 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 13.1 percent to $636 per 20-foot container (TEU) in the week ended on Friday,

Contracts

Ships Idled as Greeks Strike Again

Policy reforms required to meet bailout terms; parliament expected to measures on May 8. Greeks started a 48-hour nationwide strike on Friday in anger at tax

Evergreen Holding Group May Miss Bond Payment

Evergreen Holding Group, an unlisted company that specialises in building boats, issued a warning on Friday that it may have trouble making coupon and interest payments on a bond maturing on May 15.

Norwegian Cruise Line, EMC Ink Internet Deal

EMC has entered a long-term strategic agreement with Norwegian Cruise Line Holdings to deliver a faster Internet experience and premium entertainment over satellite

Finance

US Aims to Recover El Faro VDR in Next Few Months

The U.S. National Transportation Safety Board hopes to recover the voyage data recorder from the cargo ship El Faro, which sank during a hurricane killing all 33 crew on board,

Ships Idled as Greeks Strike Again

Policy reforms required to meet bailout terms; parliament expected to measures on May 8. Greeks started a 48-hour nationwide strike on Friday in anger at tax

Asia-N.Europe Box Rates Dive 13 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 13.1 percent to $636 per 20-foot container (TEU) in the week ended on Friday,

Container Ships

Ships Idled as Greeks Strike Again

Policy reforms required to meet bailout terms; parliament expected to measures on May 8. Greeks started a 48-hour nationwide strike on Friday in anger at tax

Asia-N.Europe Box Rates Dive 13 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 13.1 percent to $636 per 20-foot container (TEU) in the week ended on Friday,

GPA Will Continue Weighing Containers at No Cost to Shippers

The U.S. Coast Guard announced last week that state-calibrated scales already in use at the Port of Savannah meet a new requirement of the international Safety of Life at Sea (SOLAS) Convention.

 
 
Maritime Careers / Shipboard Positions Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1239 sec (8 req/sec)