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

People & Company News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

Container Ships

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

Zim Offers Asia-US east coast service via Suez

Israeli liner carrier Zim Integrated Shipping Services is launching a new service between Asia and the U.S. East Coast via the Suez Canal at the end of May.   The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Ship Repair Ship Simulators Sonar Winch
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: 0.2415 sec (4 req/sec)