Box Ships Inc. Q1 2014 Profit Slip

Posted by George Backwell
Tuesday, May 13, 2014
Image courtesy of Box Ships

Containershilp owners & charters, Greece-based Box Ships, reported that during the first quarter of 2013 it operated an average of 9 vessels. Net Loss and Adjusted Net Income during the first quarter of 2014 was ($1.5) million and $0.3 million, respectively, resulting in basic loss per share of ($0.08) and basic adjusted loss per share of ($0.01). Excerpts from the financial report follow:

Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Box Ships Inc., commented:

"During the first quarter of 2014, the containership market continued to be under pressure with charter rates remaining at historically low levels. During the first quarter of 2014, we had two scheduled drydockings, which coupled with the lower charter rates that were contracted for three of our vessels, caused our adjusted revenues to decrease by 20% year over year, and our adjusted EBITDA to decline by 50% year over year.

Despite the challenging times, the Company successfully raised net proceeds of approximately $10.4 million in an offering in April, which enhances its financial flexibility. In addition, the Board of Directors has authorized an amount of up to $5 million to be used to buy back common shares in the open market over the next twelve months due to the ongoing weakness in our common share price."

Chartering Update and Strategy:

In April 2014, the Box Trader extended its time charter with Hapag Lloyd AG ("Hapag Lloyd"), until earliest June 2014 and latest October 2014, commencing on May 1, 2014.

Pursuant to Box Ship's chartering strategy, its focus is on containerships with carrying capacities ranging from 1,700 TEU to 7,000 TEU employed on short- to medium-term time charters of one to five years with staggered maturities

About the Company
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 9.3 years.

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

People & Company News

US Shipowner Creates Fund for Families of Missing El Faro Crew

The owners of the cargo ship El Faro that sank after it was trapped in the path of Hurricane Joaquin off the Bahamas last week announced the creation of a family

Coast Guard Foundation Raises $250,000 for Scholarships

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Newport News Shipbuilding Converts to Natural Gas

Huntington Ingalls Industries (HII) announced today that its Newport News Shipbuilding division has converted its steam-generation plant from heavy fuel oil, also known as Bunker C,


Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in

Commodities See Biggest Price Jump in 3 Years

Commodities jumped on Friday, headed for their largest weekly gain in more than three years as base metals roared higher after Glencore pledged to slash zinc output

Asia-N.Europe Box Rates Plunge 17 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 17.3 percent to $259 per 20-foot container (TEU) in the week ended on Friday,

Container Ships

US Shipowner Creates Fund for Families of Missing El Faro Crew

The owners of the cargo ship El Faro that sank after it was trapped in the path of Hurricane Joaquin off the Bahamas last week announced the creation of a family

Retailers Well Stocked as Holidays Approach

Import cargo volume at the nation’s major retail container ports is expected to increase 3.3 percent this month over the same time last year as retailers make final

French President Inaugurates CMA CGM’s New Mega Ship

The CMA CGM Bougainville, the largest containership sailing under French flag, was inaugurated Tuesday by French President François Hollande in Le Havre.   Other

Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.1712 sec (6 req/sec)