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."
 

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