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

People & Company News

New CEO for Evergas

Evergas has appointed Steffen Jacobsen as CEO of the company as of 8 May 2015 Mr. Jacobsen joined Evergas 1 February 2015 as Vice President, Fleet after almost 35 years in Maersk.

NCSP Group Cargo Traffic Up 6% in Q1 2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) reports that Group’s consolidated cargo turnover in Q1 2015 increased by 2 million tonnes or 6.

Naming Ceremony of Evergreen's EVER LYRIC

Evergreen Group today held the naming ceremony for EVER LYRIC, the eighth of its L-type vessels built by CSBC Corporation in Taiwan. The ceremony took place

Finance

Seaspan Takes Delivery of New Containership

Seaspan Corporation (SSW) has accepted delivery of a 14000 TEU containership, the YM Wellhead.    The new containership, which was constructed at Hyundai Heavy Industries Co.

'Make in India’ - the Newbuzzword in Indian Shipping Sector

The Prime Minister Narendra Modi's  'Make in India’ initiative offers a plethora of opportunities in the maritime sector, particularly in shipbuilding, with the

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

Container Ships

NCSP Group Cargo Traffic Up 6% in Q1 2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) reports that Group’s consolidated cargo turnover in Q1 2015 increased by 2 million tonnes or 6.

Naming Ceremony of Evergreen's EVER LYRIC

Evergreen Group today held the naming ceremony for EVER LYRIC, the eighth of its L-type vessels built by CSBC Corporation in Taiwan. The ceremony took place

Liner Service Reliability Jumps to 64%

According to Drewry Supply Chain Advisors, liner shipping service reliability on the three East-West trades showed an aggregate on-time performance of 64% in March - a five-month high.

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1923 sec (5 req/sec)