Box Ships Inc. Reports Third Quarter Ended September 30, 2011 Results and Declares Quarterly Dividend of $0.30 per Share
(firmenpresse) - ATHENS, GREECE -- (Marketwire) -- 11/11/11 -- Box Ships Inc. (NYSE: TEU), or the Company, a global shipping company specializing in the seaborne transportation of containers, announced today its results for the third quarter of 2011 and for the period from its Initial Public Offering on April 14, 2011 ("IPO") to September 30, 2011 ("period ended September 30, 2011").
Reported Net Income of $5.1 million or $0.32 per basic and diluted share
EBITDA of $10.1 million
Earned an average time charter equivalent rate of $24,371 per vessel per day
Fleet utilization of 100% for the second consecutive reporting period in 2011
Dividend declaration of $0.30 per share payable on or about November 29, 2011
The Company reported time charter revenues for the third quarter of 2011 of $15.3 million, net of the amortization of above/below market time charters, which had a negative effect of $0.4 million or $0.02 per share, and net income of $5.1 million, or $0.32 per basic and diluted share, calculated on 16.0 million weighted average number of basic and diluted shares outstanding for the period. Please refer to the table at the back of this release for the calculation of earnings per share. EBITDA for the third quarter of 2011 was $10.1 million. Please refer to the table at the back of this release for a reconciliation of EBITDA to net income, the most directly comparable financial measure in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP").
The Company operated an average of 6.64 vessels during the third quarter of 2011, earning an average time charter equivalent rate, or TCE rate, of $24,371 per vessel per day. Please see the table at the back of this announcement for a reconciliation of TCE rates to time charter revenues.
Total vessel operating expenses for the third quarter of 2011 were $4.8 million, or approximately $7,882 per vessel per day, including vessel operating expenses, management fees and general and administrative expenses for the period.
The Company reported time charter revenues for the period ended September 30, 2011 of $22.6 million, net of the amortization of above/below market time charters, which had a negative effect of $0.6 million or $0.04 per share, and net income of $7.4 million, or $0.48 per basic and diluted share, calculated on 15.1 million weighted average number of basic and diluted shares outstanding for the period. Please refer to the table at the back of this release for the calculation of earnings per share. EBITDA for the period ended September 30, 2011 was $14.7 million. Please refer to the table at the back of this release for a reconciliation of EBITDA to net income, the most directly comparable financial measure in accordance with U.S GAAP.
The Company operated an average of 5.34 vessels during the period ended September 30, 2011, earning an average time charter equivalent rate, or TCE rate, of $24,194 per vessel per day. Please see the table at the back of this announcement for a reconciliation of TCE rates to time charter revenues.
Total vessel operating expenses for the period ended September 30, 2011 were $7.3 million, or approximately $8,029 per vessel per day, including vessel operating expenses, management fees and general and administrative expenses for the period.
Commenting on the results, Michael Bodouroglou, Chairman, President and Chief Executive Officer of the Company, stated, "We are pleased to report our second profitable quarter. For a second consecutive reporting period we had 100% fleet utilization enabling us to declare a dividend of $0.30 per share, twice the amount of our dividend that was declared and paid for the last quarter's results. During the third quarter we took delivery of our seventh containership, the 2004-built MSC Emma, and today the weighted average age of our fleet is 3.9 years, the youngest among our peers. In addition, following the latest acquisition, our fixed revenue days under time charter contracts have increased from 91% to 93% and from 67% to 71% of our fleet capacity in 2012 and 2013, respectively."
Mr. Bodouroglou concluded, "Moving towards the end of 2011, the economic projections for a moderate global growth and the ongoing Eurozone debt crisis place downside risks to the charter market. Our charter coverage provides stable cash flows regardless of these economic developments."
The Company's Board of Directors declared a quarterly dividend of $0.30 per share, with respect to the third quarter of 2011, payable on or about November 29, 2011 to shareholders of record as of the close of business on November 21, 2011. This is the second consecutive quarterly dividend since the Company went public in April 2011.
The declaration of a dividend will always be subject to the discretion of the Board of Directors of the Company, and will depend on, among other things, the Company's earnings, financial condition and cash requirements and availability, the covenants in the Company's existing and future debt instruments and global economic conditions.
Pursuant to our chartering strategy, we intend to focus 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, which will provide us with the benefit of stable cash flows from a diversified portfolio of charterers, while preserving the flexibility to capitalize on potentially rising rates when the current time charters expire. Based on the latest redelivery dates, the Company has secured under such contracts 93% and 71% of its fleet capacity in 2012 and 2013, respectively.
The following table provides additional information about our fleet as of November 11, 2011.
The Company's management will host a conference call to discuss its third quarter and period ended September 30, 2011 results on November 14, 2011 at 8:00 am EST.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1(866) 819-7111 (from the USA), 0(800) 953-0329 (from the UK) or +44 (0) 1452 542 301 (from outside the US) or 0080 044 131 378 (from Greece). Please quote "Box Ships."
A replay of the conference call will be available until November 21, 2011. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is +44 (0) 1452 550 000 and the access code required for the replay is: 2548316#.
There will also be a simultaneous live webcast over the Internet, through the Company's website (). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of seven containerships with a total carrying capacity of 33,237 TEU and a weighted average age of 3.9 years. The Company's shares trade on the New York Stock Exchange under the symbol "TEU."
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for container shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
- Tables Follow -
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue
Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail:
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 11.11.2011 - 15:05 Uhr
Sprache: Deutsch
News-ID 1056397
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
ATHENS, GREECE
Phone:
Kategorie:
Maritime
Anmerkungen:
Diese Pressemitteilung wurde bisher 126 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Box Ships Inc. Reports Third Quarter Ended September 30, 2011 Results and Declares Quarterly Dividend of $0.30 per Share
"
steht unter der journalistisch-redaktionellen Verantwortung von
Box Ships Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
