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Box Ships Inc. Reports Financial Results For The Second Quarter And Six Months Ended June 30, 2015
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PR Newswire
ATHENS, Greece, Aug. 17, 2015
ATHENS, Greece, Aug. 17, 2015 /PRNewswire/ -- Box Ships Inc. (NYSE: TEU) (the "Company"), a global shipping company specializing in the seaborne transportation of containers, announced today its results for the second quarter and six months ended June 30, 2015.
| | Three Months Ended June 30, | Six Months Ended June 30, | ||
| Financial Highlights | 2014 | 2015 | 2014 | 2015 |
| Time charter revenues | $12,878 | $11,600 | $27,381 | $23,169 |
| Amortization of above/below market time charters | 1,501 | 966 | 2,442 | 2,249 |
| Time charter revenues, adjusted1 | $14,379 | $12,566 | $29,823 | $25,418 |
| | | | | |
| Net Income / (Loss) | $675 | ($1,385) | ($844) | ($1,669) |
| Adjusted Net Income2 | $2,334 | $0 | $2,636 | $1,542 |
| | | | | |
| EBITDA2 | $6,228 | $3,761 | $10,350 | $8,639 |
| Adjusted EBITDA2 | $7,887 | $5,146 | $13,830 | $11,850 |
| | | | | |
| Earnings / (Loss) per common share (EPS), basic and diluted | $0.01 | ($0.06) | ($0.07) | ($0.09) |
| Adjusted Earnings / (Loss) per common share, basic and diluted2 | $0.06 | ($0.02) | $0.06 | $0.02 |
| | |
| 1 | Time charter revenues, adjusted, is not a recognized measurement under generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP"). We believe that the presentation of Time charter revenues, adjusted is useful to investors because it presents the charter revenues recognized in the relevant period based on the contracted charter rates, excluding the amortization of above/below market time charters attached to vessels acquired. Please refer to the definition and reconciliation of this measurement to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP at the back of this release. |
| | |
| 2 | EBITDA, Adjusted EBITDA, Adjusted Net Income / (Loss) and Adjusted Earnings / (Loss) per common share ("Adjusted EPS") are not recognized measurements under GAAP. Please refer to the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP at the back of this release. |
Mr. Michael Bodouroglou, Chairman, President, Chief Executive Officer and Interim Chief Financial Officer of Box Ships Inc., commented:
"During the second quarter of 2015, we reported net loss of $1.4 million mainly due to the dry-dockings of Box Hong Kong and Box China. Although these dry-dockings were due later in 2015, we decided to undergo the dry-dockings immediately after the redelivery of the vessels from their previous charter, which has enabled us to successfully re-charter the vessels to MSC for a period of twelve to sixteen months uninterruptedly.
In addition, as previously announced, in June 2015 we extended the loan facility that is secured by the vessels Box Hong Kong and Box China, which reduces the vessels' break-even levels and demonstrates the support of our lenders.
Finally, we fixed the Box Trader at a gross daily rate of $12,400 on a short-term period and extended the CMA CGM Kingfish for a period of five to eight months at a gross daily rate of $15,500, increased by 46% and 63%, respectively, compared to their previous charters, which illustrates the continued market improvement."
Results of Operations
Three months ended June 30, 2015 compared to three months ended June 30, 2014
During the second quarter of 2015, we operated an average of 9 vessels. Our Net Loss during the second quarter of 2015 was $1.4 million, whereas our Adjusted Net Income during the quarter was nil, resulting in basic and diluted loss per share of $0.06 and basic and diluted adjusted loss per share of $0.02. EBITDA and Adjusted EBITDA for the second quarter of 2015 were $3.8 million and $5.1 million, respectively.
During the second quarter of 2014, we operated an average of 9 vessels. Our Net Income and Adjusted Net Income during the second quarter of 2014 was $0.7 million and $2.3 million, respectively, resulting in basic and diluted earnings per share of $0.01 and basic and diluted adjusted earnings per share of $0.06. EBITDA and Adjusted EBITDA for the second quarter of 2014 was $6.2 million and $7.9 million, respectively.
Net revenues
Net revenues represent charter hire earned, net of commissions. During the second quarter of 2015 and 2014, our vessels operated a total of 740 and 819 days, respectively, out of a total of 819 calendar days in both periods. During the second quarter of 2015, we had a total of 20 unscheduled off-hire days, mainly related to 19 idle days of Box Queen, and 59 scheduled off-hire days related to the dry-dockings of Box Hong Kong and Box China. Currently, all vessels in our fleet are employed under fixed rate time charters, having an average weighted remaining charter duration of 6 months (weighted by aggregate contracted charter hire). The Company reported net revenues for the second quarter of 2015 of $11.2 million, a decrease of 10% compared to $12.5 million in the second quarter of 2014. The decrease is mainly due to the re-chartering of Box Emma in March 2015 at a daily rate of $13,500, compared to the daily rate of $28,500 the vessel was earning during the second quarter of 2014, the redelivery of Box Hong Kong and Box China from their charterer on May 26, 2015 and June 6, 2015, respectively, the scheduled off-hire days related to the dry-dockings of Box Hong Kong and Box China and the idle days of Box Queen during the second quarter of 2015. The decrease in revenues resulting from the lower rate and the increase in off-hire days was partially offset by the higher re-chartering rates of other vessels. More specifically, during the second quarter of 2015, the Box Voyager earned a daily rate of $10,600, compared to $7,350 per day that the vessel was earning during the second quarter of 2014; the Box Trader earned a daily rate of $8,500, compared to $8,000 per day that the vessel was earning during the second quarter of 2014; each of the CMA CGM Kingfish and CMA CGM Marlin earned a daily rate of $9,500, compared to $7,000 per day that each of these vessels was earning during the second quarter of 2014; and the Box Queen earned an average daily rate of approximately $13,115, compared to $6,100 per day that the vessel was earning during the second quarter of 2014.
Our net revenues are also net of the amortization of above/below market time charters, which decreased our revenues and net income for the second quarter of 2015 and 2014 by $1.0 million and $1.5 million, respectively, or $0.03 and $0.05 per common share, respectively. Our average time charter equivalent rate, or TCE rate, for the second quarter of 2015 was $14,697 per vessel per day, which was 2% below our average TCE rate of $15,010 per vessel per day during the second quarter of 2014, mainly due to the reasons outlined above. Our adjusted TCE rate was $16,002 per vessel per day in the second quarter of 2015, 5% lower than our adjusted TCE of $16,843 for the second quarter of 2014. 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 second quarter of 2015 and 2014 amounted to $0.3 million and $0.2 million, respectively. Voyage expenses for the second quarter of 2015 primarily relate to bunkers consumed by the Box Hong Kong and Box China travelling to and from the dry-dockings of $0.2 million and war risk insurance costs of $0.1 million, whereas voyage expenses for the second quarter of 2014 related mainly to war risk insurance costs.
Vessels operating expenses
Vessels operating expenses including the amortization of other intangible assets for the second quarter of 2015 and 2014 amounted to $4.0 million and $4.5 million, respectively, or $3.8 million and $4.2 million, respectively, on an adjusted basis to exclude the amortization of other intangible assets. On average, our vessels' operating expenses for the second quarter of 2015 amounted to $4,938 per vessel per day, or $4,683 per vessel per day on an adjusted basis, compared to $5,444 per vessel per day, in the second quarter of 2014, or $5,123 per vessel per day on an adjusted basis. The decrease is a result of continuing cost control efforts. The amortization of other intangible assets for the second quarter of 2015 and 2014 amounted to $0.2 million and $0.3 million, respectively.
Dry-docking expenses
During the second quarter of 2015, two of our vessels, the Box Hong Kong and the Box China, underwent their dry-dockings, which resulted in 59 off-hire days and expenses amounting to $1.3 million. There were no dry-dockings in the second quarter of 2014.
Management fees charged by a related party
Management fees charged by Allseas Marine S.A. (our "Manager" or "Allseas") for the second quarter of 2015 and 2014 were $0.6 million and $0.7 million, or $718 (€648.93) per vessel per day, and $886 (€646.99) 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.
Depreciation
Depreciation for our fleet for each of the second quarters of 2015 and 2014 was $3.8 million.
General and administrative expenses
General and administrative ("G&A") expenses for the second quarter of 2015 and 2014 amounted to $1.1 million and $1.5 million, or $1,353 and $1,870 per vessel per day, respectively. The decrease in G&A expenses is mainly due to the decreased share-based compensation, which amounted to $0.2 million for the second quarter of 2015 compared to $0.5 million in the same period of 2014.
Interest and finance costs
Interest and finance costs amounted to $1.4 million and $1.8 million for the second quarter of 2015 and 2014, respectively. This decrease in interest and finance costs is due to the decrease in our average borrowings outstanding period over period.
| UNAUDITED CONSOLIDATED CONDENSED CASH FLOW INFORMATION | ||||
| (Expressed in thousands of U.S. Dollars) | | | | |
| | | Six Months Ended June 30, | ||
| | | 2014 | | 2015 |
| Net cash from Operating Activities | $ | 9,284 | $ | 7,332 |
| Net cash used in Financing Activities | | (1,884) | | (7,412) |
| Net increase / (decrease) in cash and cash equivalents | $ | 7,400 Werbung Mehr Nachrichten zur Box Ships Aktie kostenlos abonnieren
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