• Airways
  • Railway
  • Roadways
  • Shipping & Port
Transport Advancement
  • Home
  • News
  • Projects
    Highways England unveils plans to widen A12

    Highways England unveils plans to widen A12

    African Development Bank, Africa50 in Landmark Bridge Project Linking Kinshasa and Brazzaville

    Geely Holding to Cooperate with China Aerospace Science and Industry Corporation on Developing Technologies Including Supersonic Trains

    AECOM to provide site supervision services for Malaysia’s East Coast Rail Link project

    Talgo obtains €30 million from the European Investment Bank for Innovation projects

    U.S. Department of Transportation Advances Rail Projects in Florida and Texas

    World premiere of the Mercedes-AMG Project ONE: Mercedes-AMG brings Formula 1 technology to the road

    One of the world’s longest electric car highways will be built in Australia

    CX North America Releases Next-Generation Mobile App for Drivers

  • Articles
  • Press Statements
  • Market Reports
    Austal signs agreement to buy BSE Maritime Solutions

    Austal signs agreement to buy BSE Maritime Solutions

    HPC leads machine learning initiative at Hamburg container terminal

    Chinas busiest port sees growth in sea-rail transport

    IATA health checklist to help airlines implement ICAO Covid-19 guidance

    Air cargo demand helps Korean to Q3 operating profit

    Kuehne + Nagel makes acquisitions in the Netherlands and Belgium to expand its overland network

    Kuehne + Nagel makes acquisitions in the Netherlands and Belgium to expand its overland network

    Transoft acquired Keysoft Solutions

    Transoft Solutions Completes Acquisition of Uk-based Keysoft Solutions

    GRAHAM

    GRAHAM revenue stabilisation sets the platform for sustainable growth

    DP World Acquires Topaz in USD 1.1 Bn Deal

    DP World Acquires Topaz in USD 1.1 Bn Deal

    Siemens sells electric aircraft-propulsion business to Rolls-Royce

    C.H. Robinson Acquires The Space Cargo Group to Expand Global Presence

    C.H. Robinson Acquires The Space Cargo Group to Expand Global Presence

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Projects
    Highways England unveils plans to widen A12

    Highways England unveils plans to widen A12

    African Development Bank, Africa50 in Landmark Bridge Project Linking Kinshasa and Brazzaville

    Geely Holding to Cooperate with China Aerospace Science and Industry Corporation on Developing Technologies Including Supersonic Trains

    AECOM to provide site supervision services for Malaysia’s East Coast Rail Link project

    Talgo obtains €30 million from the European Investment Bank for Innovation projects

    U.S. Department of Transportation Advances Rail Projects in Florida and Texas

    World premiere of the Mercedes-AMG Project ONE: Mercedes-AMG brings Formula 1 technology to the road

    One of the world’s longest electric car highways will be built in Australia

    CX North America Releases Next-Generation Mobile App for Drivers

  • Articles
  • Press Statements
  • Market Reports
    Austal signs agreement to buy BSE Maritime Solutions

    Austal signs agreement to buy BSE Maritime Solutions

    HPC leads machine learning initiative at Hamburg container terminal

    Chinas busiest port sees growth in sea-rail transport

    IATA health checklist to help airlines implement ICAO Covid-19 guidance

    Air cargo demand helps Korean to Q3 operating profit

    Kuehne + Nagel makes acquisitions in the Netherlands and Belgium to expand its overland network

    Kuehne + Nagel makes acquisitions in the Netherlands and Belgium to expand its overland network

    Transoft acquired Keysoft Solutions

    Transoft Solutions Completes Acquisition of Uk-based Keysoft Solutions

    GRAHAM

    GRAHAM revenue stabilisation sets the platform for sustainable growth

    DP World Acquires Topaz in USD 1.1 Bn Deal

    DP World Acquires Topaz in USD 1.1 Bn Deal

    Siemens sells electric aircraft-propulsion business to Rolls-Royce

    C.H. Robinson Acquires The Space Cargo Group to Expand Global Presence

    C.H. Robinson Acquires The Space Cargo Group to Expand Global Presence

  • Events
  • Contact Us
No Result
View All Result
Transport Advancement
No Result
View All Result
Home Market Reports

Box Ships Inc. Reports Financial Results For The Quarter Ended March 31, 2014 And Announces Share Buyback Program

12th May 2014
in Market Reports, Shipping & Port
0
SHARES
14
VIEWS
Share on FacebookShare on Twitter

Box Ships Inc. , a global shipping company specializing in the seaborne transportation of containers, announced today its results for the quarter ended March 31, 2014.

Results of Operations

Three months ended March 31, 2014 compared to three months ended March 31, 2013.

During the first quarter of 2014, we operated an average of 9 vessels. Our 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). EBITDA and Adjusted EBITDA for the first quarter of 2014 was $4.1 million and $5.9 million, respectively.

During the first quarter of 2013, we operated an average of 9 vessels. Our Net Income and Adjusted Net Income during the first quarter of 2013 was $4.0 million and $6.1 million, respectively, resulting in basic earnings per share of $0.16 and basic adjusted earnings per share of $0.26. EBITDA and Adjusted EBITDA for the first quarter of 2013 was $9.9 million and $11.9 million, respectively.

Net revenues

Net revenues represent charter hire earned, net of commissions. During the first quarter of 2014 and 2013, our vessels operated a total of 753 and 793 days, respectively, out of a total of 810 calendar days in both periods. During the first quarter of 2014, we had a total of 15 unscheduled off-hire days, mainly related to 14 idle days of Box Queen, and 42 scheduled off-hire days related to the dry-dockings of MSC Emma and OOCL China. Currently, all vessels in our fleet are employed under fixed rate time charters, having an average weighted remaining charter duration of 11 months (weighted by aggregate contracted charter hire). The Company reported net revenues for the first quarter of 2014 of $14.2 million, decreased by 19.9% compared to $17.7 million in the first quarter of 2013, mainly due to the re-chartering of the Box Queen in January 2014 at a daily rate of $6,100, which is $21,900 per day less than its previous employment and the off-hire days related to the dry-dockings, discussed above. Our net revenues are also net of the amortization of above/below market time charters, which decreased our revenues and net income for the first quarter of 2014 and 2013 by $0.9 million and $1.3 million, respectively, or $0.04 and $0.06 per common share, respectively. Our average time charter equivalent rate, or TCE rate, for the first quarter of 2014 was $18,184 per vessel per day, which was 14.2% below our average TCE rate of $21,205 per vessel per day during the first quarter of 2013, due to the reasons outlined above. Our adjusted TCE rate was $19,434 per vessel per day in the first quarter of 2014, 14.9% lower than our adjusted TCE of $22,843 for the first quarter of 2013, for the same reasons outlined above. TCE rate is not a recognized measurement under GAAP. Please see the table at the back of this release for a reconciliation of TCE rates to time charter revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP.

Voyage expenses

Voyage expenses for the first quarter of 2014 and 2013 amounted to $0.5 million and $0.9 million, respectively, and mainly relate to war risk insurance costs and bunkers consumed by our vessels travelling to and from the drydocks. Voyage expenses for the first quarter of 2014 include approximately $0.2 million, relating to war risk insurance costs and $0.2 million, relating to bunkers consumed by the MSC Emma and OOCL China travelling to and from the drydocks. Voyage expenses for the first quarter of 2013 include approximately $0.4 million, relating to war risk insurance costs and $0.4 million, relating to other crew costs reimbursable by the charterers.

Vessels operating expenses

Vessels operating expenses comprise crew wages and related costs, insurance and vessel registry costs, repairs and maintenance expenses (excluding dry-docking expenses), the cost of spares and consumable stores, regulatory fees, non-cash amortization of other intangible assets and other miscellaneous expenses. The amortization of other intangible assets for each of the first quarters of 2014 and 2013 amounted to $0.3 million. During the first quarter of 2014, vessels operating expenses including the amortization of other intangible assets amounted to $4.9 million, or $4.6 million on an adjusted basis to exclude the amortization of other intangible assets, compared to $4.6 million, or $4.3 million on an adjusted basis, during the first quarter of 2013, an increase mainly due to claimable expenses of approximately $0.4 million, relating to repairs and other costs incurred in connection with the MSC Emma. On average, our vessels’ operating expenses for the first quarter of 2014 increased to $6,067 per vessel per day, or $5,746 per vessel per day on an adjusted basis, compared to $5,641 per vessel per day, or $5,319 per vessel per day on an adjusted basis, in the first quarter of 2013, on a cash basis after adjusting for non-cash items, for the reason outlined above.

Management fees charged by a related party

Management fees charged by Allseas Marine S.A. (our “Manager” or “Allseas”) for each of the first quarters of 2014 and 2013 were $0.7 million, or $881 (€643.77) per vessel per day, and $840 (€634.88) per vessel per day, respectively. Management fees charged by a related party represent fees for management and technical services in accordance with our management agreements and are adjusted annually in accordance with the official Eurozone inflation rate. This fee is charged on a daily basis per vessel and is affected by the number of vessels in our fleet, the number of calendar days during the period, the official Eurozone inflation rate and the U.S. Dollar/Euro exchange rate at the beginning of each month.

About Box Ships Inc.:

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. The Company’s common shares and Series C Preferred Shares trade on the New York Stock Exchange under the symbols “TEU” and “TEUPRC”, respectively.

SOURCE Box Ships Inc.

Previous Post

Ultra Enables Step Change in Baggage Management at Heathrow Airport

Next Post

Federal Jury punishes theft of trade secrets, awarding California rail company $39.6 million

Related Posts

Proman signs agreement for two more methanol-powered MR tankers
News

Six Japanese companies to build country’s 1st methanol-powered coastal tanker

25th March 2023
UWL launches express service from Vietnam to Seattle
News

Port of Cork partners with Innovez One for new AI-powered port system

25th March 2023
Qatar Airways and Qatar Tourism Welcomed MSC World Europa, the Largest LNG Powered Cruise Ship, to Doha
News

Freudenberg forms alliance to develop new fuel cell system for ships

25th March 2023
News

Bhutan To Get Access To Three Bangladesh Ports For Trade

24th March 2023
HPC leads machine learning initiative at Hamburg container terminal
News

UAE’s AD Ports plans $200m investment for Safaga Port in Egypt

23rd March 2023
News

Ouster and LASE collaborate on 3D digital lidar sensor technology

23rd March 2023
Next Post

Federal Jury punishes theft of trade secrets, awarding California rail company $39.6 million

Latest Post

Etihad Airways enhances interline and codeshare with six airlines making travel even easier
Airways

Etihad Airways enhances interline and codeshare with six airlines making travel even easier

23rd March 2023
United Airlines and Archer Announce First Commercial Electric Air Taxi Route in Chicago
Airways

United Airlines and Archer Announce First Commercial Electric Air Taxi Route in Chicago

23rd March 2023
Global Demand For Air Cargo Shrinks Even Further In December
Airways

Inbound Air Shipments To EU To Fall Under New Regulations

10th March 2023
Boeing announces logistics centre for aircraft parts in India
Airways

Boeing announces logistics centre for aircraft parts in India

1st March 2023
Airways

Air India places record $70bn order for 470 Boeing and Airbus jets

1st March 2023
Airport slot suspensions: easing the pressure for ailing airlines amid Covid-19
Airways

Siemens Logistics awarded major service contract at Madrid-Barajas Airport

1st March 2023
Transport Advancement

About Us

Transport Advancement is a leading information centric website for latest updates within the industry. We cover Railway, Road Traffic, Airways, Shipping & Port and run with an objective to provide knowledge driven content to our readers and subscribers in various forms like news, projects, upcoming events.

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack
  • Newsletter Subscription

System

  • Search
  • Site map
  • RSS Feed
  • Airways
  • Railway
  • Roadways
  • Shipping & Port

© 2022 Copyright Value Media Services 2022 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Articles
  • Press Statements
  • Market Reports
  • Events
  • Contact Us

© 2022 Copyright Value Media Services 2022 All rights reserved.