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

People & Company News

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

Braemar Hosts Insurance Experts

Braemar (incorporating The Salvage Association) welcomed an invited group of marine insurance professionals onto its specialist port and shipyard familiarization

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Finance

Vale CEO: Coal Deal Soon

Brazilian mining company Vale SA is close to making a "strategic" announcement concerning its coal unit, the company's chief executive Murilio Ferreira said on

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Kirby Corp. Announces Record 3Q Results

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability.

Container Ships

Danaos Corp. 3Q & 9M Results

Danaos Corporation, a leading international owner of containerships, today reported unaudited results for the period ended September 30, 2014. Highlights for

'Environmental' Hull Cleaning Ops OK'd in Oman

Oman’s Ministry of Environment and Climate Affairs has granted GAC EnvironHull permission to conduct underwater hull cleaning operations using the brush-and-diver-free

Liebherr Scores Several RTG Orders

DP World Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further five RTGs at its Manila facility following an order of two units

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Port Authority Salvage Ship Repair 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: 0.2878 sec (3 req/sec)