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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Box Ships Inc (CE) | USOTC:TEUFF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0001 | 0.00 | 01:00:00 |
Box Ships Inc.
|
(Translation of registrant's name into English)
|
15 Karamanli Ave., GR 166 73, Voula, Greece
|
(Address of principal executive office)
|
Box Ships Inc.
|
|||
Dated: May 14, 2014
|
By:
|
/s/ Michael Bodouroglou
|
|
Name:
|
Michael Bodouroglou
|
||
Title:
|
Chief Executive Officer
|
Three Months Ended March 31,
|
||||||||
Financial Highlights
(Expressed in thousands of U.S. Dollars, except per share data)
|
2013
|
2014
|
||||||
Time charter revenues
|
$ | 18,091 | $ | 14,503 | ||||
Amortization of above/below market time charters
|
1,299 | 942 | ||||||
Time charter revenues, adjusted
1
|
$ | 19,390 | $ | 15,445 | ||||
EBITDA
2
|
$ | 9,898 | $ | 4,122 | ||||
Adjusted EBITDA
2
|
$ | 11,945 | $ | 5,944 | ||||
Net Income / (Loss)
|
$ | 4,017 | $ | (1,519 | ) | |||
Adjusted Net Income
2
|
$ | 6,064 | $ | 303 | ||||
Earnings / (Loss) per common share (EPS), basic
|
$ | 0.16 | $ | (0.08 | ) | |||
Earnings / (Loss) per common share (EPS), diluted
|
$ | 0.15 | $ | (0.08 | ) | |||
Adjusted Earnings / (Loss) per common share, basic
2
|
$ | 0.26 | $ | (0.01 | ) | |||
Adjusted Earnings / (Loss) per common share, diluted
2
|
$ | 0.23 | $ | (0.01 | ) |
UNAUDITED CONSOLIDATED CONDENSED CASH FLOW INFORMATION
|
||||||||
(Expressed in thousands of U.S. Dollars)
|
||||||||
Three Months
Ended March 31,
|
||||||||
2013
|
2014
|
|||||||
Net cash from Operating Activities
|
$ | 10,183 | $ | 3,798 | ||||
Net cash from / (used in) Financing Activities
|
7,369 | (6,257 | ) | |||||
Net increase / (decrease) in cash and cash equivalents
|
$ | 17,552 | $ | (2,459 | ) |
Vessel
|
Year Built
|
TEU
|
Charterer
|
Daily Gross
Charter Rate (1)
|
Charter
Expiration (2)
|
Notes
|
||||||||
Box Voyager
|
2010
|
3,426 |
CNC
|
$ | 7,350 |
September 2014
|
3 | |||||||
Box Trader
|
2010
|
3,426 |
Hapag Lloyd
|
$ | 8,000 |
June 2014
|
4 | |||||||
CMA CGM
Kingfish
|
2007
|
5,095 |
CMA CGM
|
$ | 7,000 |
July 2014
|
5 | |||||||
CMA CGM
Marlin
|
2007
|
5,095 |
CMA CGM
|
$ | 7,000 |
July 2014
|
5 | |||||||
Box Queen
(ex Maersk
Diadema
)
|
2006
|
4,546 |
MSC
|
$ | 6,100 |
September 2014
|
6 | |||||||
Maule
|
2010
|
6,589 |
CSAV Valparaiso
|
$ | 38,000 |
April 2016
|
7 | |||||||
MSC
Emma
|
2004
|
5,060 |
MSC
|
$ | 28,500 |
July 2014
|
8 | |||||||
OOCL
Hong Kong
|
1995
|
5,344 |
OOCL
|
$ | 26,800 |
May 2015
|
8 | |||||||
OOCL
China
|
1996
|
5,344 |
OOCL
|
$ | 26,800 |
June 2015
|
8 | |||||||
Total
|
43,925 |
|
1)
|
Daily gross charter rates do not reflect commissions payable by us to third party chartering brokers and our Manager, totaling 5.00% for
Box Queen
, 4.75% for
Box Voyager,
CMA CGM
Kingfish
and
CMA CGM
Marlin
, 1.25% for each of OOCL
Hong Kong
and OOCL
China
,
and 2.50% for each of the other vessels in our fleet, including, in each case, 1.25% to Allseas.
|
|
2)
|
Based on the earliest redelivery date.
|
|
3)
|
The employment is extended for a period of six to eight months and commenced in March 2014.
|
|
4)
|
The employment is extended until earliest June 2014 or latest October 2014 and commenced on May 1, 2014.
|
|
5)
|
The employment is extended for a period of four to seven months and commenced in March 2014.
|
|
6)
|
The employment is for a period of eight to 10 months and commenced in January 2014.
|
|
7)
|
The charterer has the option to increase or decrease the term of the charter by 30 days. The charterer also has the option to purchase the vessel upon expiration of the charter, provided that the option is exercised at least six months prior to the expiration of the term of the charter, for a purchase price of $57.0 million, less a 0.5% purchase commission payable to parties unaffiliated to us.
|
|
8)
|
The charterer has the option to increase or decrease the term of the charter by 30 days.
|
Contacts:
Box Ships Inc.
Robert Perri, CFA
Chief Financial Officer
Tel. +30 (210) 8914600
E-mail:
ir@box-ships.com
|
Investor Relations / Media
Allen & Caron Inc.
Michael Mason (Investors)
Tel. +1 (212) 691-8087
E-mail:
michaelm@allencaron.com
Len Hall (Media)
Tel. +1 (949) 474-4300
E-mail:
len@allencaron.com
|
SUMMARY FLEET INFORMATION
|
Three Months Ended March 31,
|
|
2013
|
2014
|
|
FLEET DATA
|
||
Average number of vessels
(1)
|
9.00
|
9.00
|
Calendar days for fleet
(2)
|
810
|
810
|
Less:
|
||
Scheduled off-hire
|
5
|
42
|
Unscheduled off-hire
|
12
|
15
|
Operating days for fleet
(3)
|
793
|
753
|
Fleet utilization
(4)
|
97.9%
|
93.0%
|
AVERAGE DAILY RESULTS
(Expressed in United States Dollars)
|
||
Time charter equivalent
(5)
|
$21,205
|
$18,184
|
Vessel operating expenses
(6)
|
$5,641
|
$6,067
|
Management fees charged by a related party
(7)
|
$840
|
$881
|
General and administrative expenses
(8)
|
$1,915
|
$1,995
|
Total vessel operating expenses
(9)
|
$8,396
|
$8,943
|
(1)
|
Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of our fleet during the period divided by the number of calendar days in the period.
|
(2)
|
Calendar days are the total days we possessed the vessels in our fleet for the relevant period.
|
(3)
|
Operating days for the fleet are the total calendar days the vessels were in our possession for the relevant period after subtracting off-hire days for scheduled dry-dockings or special or intermediate surveys and unscheduled off-hire days associated with repairs and other operational matters. Any idle days relating to the days a vessel remains unemployed are included in unscheduled off-hire days.
|
(4)
|
Fleet utilization is the percentage of time that our vessels were able to generate revenues and is determined by dividing operating days by fleet calendar days for the relevant period.
|
(5)
|
Time charter equivalent ("TCE"), is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is determined by dividing time charter revenues, net of commissions and voyage expenses by operating days for the relevant time period. Voyage expenses primarily consist of extra war risk insurance, port, canal, fuel costs and other crew costs reimbursable by the charterers that are unique to a particular voyage and bunkers consumed during the periods that vessels are in between employment. TCE is a non-GAAP standard shipping industry performance measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods.
|
(6)
|
Daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, other than extra war risk insurance, maintenance, repairs and amortization of intangibles, is calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period.
|
(7)
|
Daily management fees are calculated by dividing management fees charged by a related party by fleet calendar days for the relevant time period.
|
(8)
|
Daily general and administrative expenses are calculated by dividing general and administrative expense by fleet calendar days for the relevant time period.
|
(9)
|
Total vessel operating expenses ("TVOE") are a measurement of our total expenses, excluding dry-docking expenses, associated with operating our vessels. TVOE is the sum of vessel operating expenses, management fees and general and administrative expenses. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
|
Time Charter Equivalent Reconciliation
(Expressed in thousands of U.S. Dollars, except days and daily results)
|
Three Months Ended March 31,
|
|
2013
|
2014
|
|
Time Charter Revenues
|
$18,091
|
$14,503
|
Commissions
|
(366)
|
(313)
|
Voyage Expenses
|
(909)
|
(498)
|
Total Revenue, net of voyage expenses
|
$16,816
|
$13,692
|
Plus: Amortization of above/below market time charters
|
1,299
|
942
|
Total Revenue, net of voyage expenses, adjusted
|
$18,115
|
$14,634
|
Total operating days
|
793
|
753
|
Time Charter Equivalent
|
$21,205
|
$18,184
|
Time Charter Equivalent, adjusted
(10)
|
$22,843
|
$19,434
|
(10)
|
Time charter equivalent, adjusted ("TCE adjusted"), is a non-GAAP measure and is determined by dividing time charter revenues, net of commissions, voyage expenses and amortization of above/below market time charters attached to the vessels acquired, by operating days for the relevant time period. Voyage expenses primarily consist of extra war risk insurance, port, canal, fuel costs and other crew costs reimbursable by the charterers that are unique to a particular voyage. We believe that the presentation of TCE adjusted is useful to investors because it presents the TCE earned in the relevant period based on the contracted charter rates, excluding the amortization of above/below market time charters attached to the vessels acquired. The Company's definition of TCE adjusted may not be the same as that used by other companies in the shipping or other industries.
|
Earnings / (Loss) per Common Share
(Expressed in thousands of U.S. Dollars, except share and per share data)
|
Three Months Ended March 31,
|
|
2013
|
2014
|
|
Net Income / (Loss)
|
$4,017
|
($1,519)
|
Less: Cash payments to Series B-1 Preferred Shares
|
(468)
|
-
|
Less: Cash payments to Series C Preferred Shares
|
-
|
(515)
|
Less: Net Income / Loss attributable to non-vested share awards
|
(91)
|
49
|
Net Income / (Loss) available to common shareholders
|
$3,458
|
($1,985)
|
Weighted average number of common shares, basic
|
21,016,604
|
24,677,545
|
Earnings / (Loss) per common share, basic
|
$0.16
|
($0.08)
|
Net Income / (Loss)
|
$4,017
|
($1,519)
|
Less: Cash payments to Series B-1 Preferred Shares
|
(468)
|
-
|
Less: Cash payments to Series C Preferred Shares
|
-
|
(515)
|
Less: Net Income / Loss attributable to non-vested share awards
|
(91)
|
49
|
Plus: Cash payments to Series B-1 Preferred Shares, if converted to common shares
|
468
|
-
|
Net Income / (Loss) available to common shareholders
|
$3,926
|
($1,985)
|
Weighted average number of common shares, diluted
|
25,712,716
|
24,677,545
|
Earnings / (Loss) per common share, diluted
|
$0.15
|
($0.08)
|
Adjusted Earnings / (Loss) per Common Share
(1)
(Expressed in thousands of U.S. Dollars, except share and per share data)
|
Three Months Ended March 31,
|
|
2013
|
2014
|
|
Adjusted Net Income
|
$6,064
|
$303
|
Less: Cash payments to Series B-1 Preferred Shares
|
(468)
|
-
|
Less: Cash payments to Series C Preferred Shares
|
-
|
(515)
|
Less: Adjusted Net Income / Loss attributable to non-vested share awards
|
(144)
|
5
|
Adjusted Net Income / (Loss) available to common shareholders
|
$5,452
|
($207)
|
Weighted average number of common shares, basic
|
21,016,604
|
24,677,545
|
Adjusted Earnings / (Loss) per common share, basic
|
$0.26
|
($0.01)
|
Adjusted Net Income
|
$6,064
|
$303
|
Less: Cash payments to Series B-1 Preferred Shares
|
(468)
|
-
|
Less: Cash payments to Series C Preferred Shares
|
-
|
(515)
|
Less: Adjusted Net Income / Loss attributable to non-vested share awards
|
(144)
|
5
|
Plus: Cash payments to Series B-1 Preferred Shares, if converted to common shares
|
468
|
-
|
Adjusted Net Income / (Loss) available to common shareholders
|
$5,920
|
($207)
|
Weighted average number of common shares, diluted
|
25,712,716
|
24,677,545
|
Adjusted Earnings / (Loss) per common share, diluted
|
$0.23
|
($0.01)
|
(1)
|
The Company considers EBITDA to represent net income plus net interest expense and depreciation and amortization. The Company's management uses EBITDA as a performance measure. The Company believes that EBITDA is useful to investors because the shipping industry is capital intensive and may involve significant financing costs. The Company excluded non-cash items in relation to the amortization of intangibles and share-based compensation to derive to Adjusted EBITDA because the Company believes that these adjustments provide additional information on the fleet operational results which may be useful to investors.
|
Three Months Ended
March 31,
|
||||||||
2013
|
2014
|
|||||||
REVENUES:
|
||||||||
Time charter revenues
(1)
|
18,091 | 14,503 | ||||||
Commissions
|
(366 | ) | (313 | ) | ||||
Net Revenues
|
17,725 | 14,190 | ||||||
|
||||||||
EXPENSES / (INCOME):
|
||||||||
Voyage expenses
|
909 | 498 | ||||||
Vessels operating expenses
(2)
|
4,569 | 4,915 | ||||||
Dry-docking expenses
|
141 | 2,314 | ||||||
Management fees charged by a related party
|
681 | 714 | ||||||
Depreciation
|
3,732 | 3,732 | ||||||
General and administrative expenses
(3)
|
1,551 | 1,616 | ||||||
Operating income
|
6,142 | 401 | ||||||
|
||||||||
OTHER INCOME (EXPENSES):
|
||||||||
Interest and finance costs
|
(2,150 | ) | (1,909 | ) | ||||
Interest income
|
1 | - | ||||||
Foreign currency gain / (loss), net
|
24 | (11 | ) | |||||
Total other expenses, net
|
(2,125 | ) | (1,920 | ) | ||||
|
||||||||
NET INCOME / (LOSS)
|
4,017 | (1,519 | ) | |||||
|
||||||||
Other Comprehensive Income
|
||||||||
Unrealized gain on cash flow hedges
|
112 | 55 | ||||||
Total Other Comprehensive Income
|
112 | 55 | ||||||
COMPREHENSIVE INCOME / (LOSS)
|
4,129 | (1,464 | ) | |||||
Earnings / (loss) per common share, basic
|
$ | 0.16 | $ | (0.08 | ) | |||
Earnings / (loss) per common share, diluted
|
$ | 0.15 | $ | (0.08 | ) |
(1)
|
includes amortization of below and above market acquired time charters of $1,299 and $942 for the three months ended March 31, 2013 and 2014, respectively
|
(2)
|
includes amortization of other intangible assets of $260 and $260 for the three months ended March 31, 2013 and 2014, respectively
|
(3)
|
includes share-based compensation of $488 and $620 for the three months ended March 31, 2013 and 2014, respectively
|
December 31, 2013
|
March 31, 2014
|
|||||||
ASSETS
|
||||||||
Cash and restricted cash (current and non-current)
|
24,512 | 22,053 | ||||||
Other current assets
|
7,189 | 9,469 | ||||||
Vessels and other fixed assets, net and other non-current assets
|
397,905 | 392,364 | ||||||
|
||||||||
Total Assets
|
429,606 | 423,886 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Total debt
(1)
|
179,550 | 173,875 | ||||||
Total other liabilities
|
5,337 | 6,652 | ||||||
Total stockholders' equity
|
244,719 | 243,359 | ||||||
Total Liabilities and Stockholders' Equity
|
429,606 | 423,886 |
(1)
|
Refer to Liquidity section, above
|
Page 12 of 12 |
1 Year Box Ships (CE) Chart |
1 Month Box Ships (CE) Chart |
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