Greece's Box Ships Inc. Ride Crest of the Wave in Q2 2013

MarineLink.com
Tuesday, August 06, 2013

Box Ships Inc. announce financial  results for the second quarter and six months ended June 30, 2013.

Highlights:

  • Revenues up 15% year over year in the second quarter of 2013
  • Net Income up 73% year over year in the second quarter of 2013
  • EBITDA up 27% year over year in the second quarter of 2013

Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Box Ships Inc., commented:
"We are pleased to announce our ninth consecutive profitable quarter as a public company. We reported Adjusted EBITDA of $11.4 million for the second quarter of 2013, an increase of $3.3 million, or 40%, compared to the second quarter of 2012, and increased our Adjusted Net Income by 97% year over year to $5.5 million in the second quarter of 2013 from $2.8 million in the second quarter of 2012, despite the continued weakness in the mid-size segment of the containership market."

Mr. Bodouroglou concluded, "Since the end of the quarter, we have streamlined and strengthened our balance sheet, by completing a preferred share offering, retiring all the remaining Series B-1 Preferred Shares, and repaying $5.0 million of our loan to Paragon Shipping, which improves our free cash flow per common share. Despite the challenging containership market, we continue to execute on our business strategy."

Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of nine containerships with a total carrying capacity of 43,925 TEU and a TEU weighted average age of 8.5 years. The Company's shares trade on the New York Stock Exchange under the symbol "TEU."
 

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

People & Company News

Obangame Express 2015 Concludes in the Gulf of Guinea

Maritime forces from Gulf of Guinea nations, Europe, South America, and the United States and several regional and international organizations concluded the multinational maritime exercise,

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

Finance

Scandlines Ferry Back in Service by End June

The damaged Scandlines ferry M/V Prinsesse Benedikte is being repaired at the Polish shipyard Remontowa and is expected to be ready before the end of June 2015.

Greece Will Sell Piraeus Port Stake in Weeks

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country's deputy prime minister told China's official Xinhua news agency,

India May Add Japanese Soryu-Class Submarines to its Fleet

India is reportedly considering a project to incorporate six Japanese Soryu-class diesel-electric submarines into its fleet, says The Japan Times.   The Defense

Container Ships

Gulf Bridge Express Service to End

The Gulf Bridge Express Service will shortly be terminated with the last roundtrip voyage being MV Saint Nikolaos voyage 00008S, ETA New Orleans on April 22, 2015.

Container Ship breaks Down off Essex Coast

Lifeboats from Walton and Frinton, and the Harwich have been called out to a container ship ANL Warringa off the coast of Essex which had been reported to be drifting in a major shipping lane.

Mediterranean Rescue Operations Strain Shipping

The Wall Street Journal ran a story yesterday describing how the increasing number of seaborne migrants making the journey from Africa to Europe has not only

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar 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: 0.1598 sec (6 req/sec)