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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Evergreen Enhances UK and Ireland Services

Global container carrier Evergreen Line announced enhancements to its services to/from Dublin (Ireland) and Liverpool (Northwest England). From its hub in Rotterdam,

SCI Publishes Shore Leave Survey

With Maritime Labor Convention (MLC), 2006 in force, one might expect to see a reduction in the number of seafarers without visas; yet, recent data collected by

Cummins Reports Revenue Jump in Q2 2014

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013.

Finance

Cummins Reports Revenue Jump in Q2 2014

Cummins Inc. reported its results for the second quarter of 2014. According to the report, second quarter revenue of $4.8 billion increased 7 percent from the same quarter in 2013.

GPA Sets Tonnage Record

The Georgia Ports Authority moved more than 29 million tons of cargo, 3 million twenty-foot equivalent container units (TEUs) and more than 700,000 auto and machinery units in Fiscal Year 2014.

Diana Shipping Invests in Diana Containerships

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into an agreement to purchase

Container Ships

Evergreen Enhances UK and Ireland Services

Global container carrier Evergreen Line announced enhancements to its services to/from Dublin (Ireland) and Liverpool (Northwest England). From its hub in Rotterdam,

GPA Sets Tonnage Record

The Georgia Ports Authority moved more than 29 million tons of cargo, 3 million twenty-foot equivalent container units (TEUs) and more than 700,000 auto and machinery units in Fiscal Year 2014.

Diana Shipping Invests in Diana Containerships

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into an agreement to purchase

 
 
Maritime Contracts Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.3834 sec (3 req/sec)