Box Ships posts Q3 & 9M results
Greece-based Box Ships Inc. (NYSE: TEU, the “Company”), a global shipping company specializing in the seaborne transportation of containers, announced on November 7th its results for the third quarter and nine months ended September 30, 2012. Net income for January-September increased to $10,302,601 from $7,379,328 a year earlier. Time charter revenues for the same period rose to $49,262,388 (vs $22,551,885), earnings per common share (EPS) up $0.54 ($0.48), the Company press release said.
Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of Box Ships Inc., commented: “The third quarter of 2012 was marked with uncertainty in the mid-size segment that we operate in, with lower charter rates and increased number of ships that were without employment in the market. Despite this weakness and uncertainty, we were able to report our sixth consecutive profitable quarter. We also were able to secure employment for Box Trader and Box Voyager, and today we are pleased to note that both vessels are employed under short term time charters, bringing our fixed revenue coverage to 94% for the remainder of 2012 and 81% for 2013. More importantly, I am pleased to announce that our Board of Directors has declared a dividend of $0.22 per share payable on or about November 30, 2012 to shareholders of record on November 21, 2012.”
Mr. Bodouroglou concluded, “In addition, the recent fixtures for Box Trader and Box Voyager have given us the flexibility to repay $1 million to Paragon Shipping, which will reduce our outstanding loan from it to $14 million. Going forward, we anticipate that the continued demolition activity coupled with any improvement in the global economy should lead to an improvement in the charter market.”