Greece's Box Ships Report Q1 Profit, Look to Growth
Container ship owners Box Ships Inc. (TEU) release their financial results for the quarter ended March 31, 2013.
Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Box Ships Inc., commented on the report:
"Our sector is expected to remain under pressure through the remainder of 2013, driven primarily by the imbalance between supply and demand in the containership industry. Despite these challenges, we believe that there are also attractive opportunities for growth and accretive acquisitions.
During the quarter we successfully completed a follow-on offering of 4,000,000 common shares, the net proceeds of which we expect to use for vessel acquisitions. Our prudent business strategies enable us to overcome market instability and announce another profitable quarter. Despite the lower re-chartering rates for two of our vessels, we reported Adjusted EBITDA of $11.9 million, an increase of $1.1 million, or 11% compared to the first quarter of 2012."
Mr. Bodouroglou concluded, "Consistent with our policy of returning cash to our shareholders and our previous dividend guidance, our Board of Directors has declared a dividend of $0.12 per share payable on or about May 16, 2013 to shareholders of record on May 9, 2013. Since our IPO in April 2011, and including this dividend declaration, we will have returned approximately $35.5 million in cash to our shareholders."