POST Online Media Lite Edition



 

Box Ships Q4 net revenues $16.9 million

Staff writer |
Box Ships, Inc. announced its results for the fourth quarter and year ended December 31, 2013. The company reported net revenues for Q4 of $16.9 million, a decrease of 4.5% compared to net revenue for Q4 2012 of $17.7 million, mainly due to 31 idle days of the Box Queen in the fourth quarter of 2013.




Net revenues are also net of the amortization of above/below market time charters, which decreased company's revenues and net income for the fourth quarter of 2013 and 2012 by $1.3 million for both periods, or $0.05 and $0.07 per common share, respectively.

Average time charter equivalent rate, or TCE rate, for the fourth quarter of 2013 was $20,591 per vessel per day, which was 3.2% below TCE rate of $21,276 per vessel per day during Q4 2012, due to the redelivery of the Box Queen on November 30, 2013 from the charterers, which was partially offset by the higher rate achieved on the charter extension of the Box Trader in the fourth quarter of 2013 and the higher voyage expenses incurred during the fourth quarter of 2012.

Adjusted TCE rate was $22,237 per vessel per day in the fourth quarter of 2013, 3.0% lower than our adjusted TCE of $22,933 for Q4 2012, 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 for the fourth quarter of 2013 and 2012 amounted to $0.5 million and $0.6 million, respectively, and mainly relate to war risk insurance costs and bunkers consumed during the periods that vessels were in between employment.

Voyage expenses for the fourth quarter of 2013 include approximately $0.1 million, relating to war risk insurance costs and $0.2 million, relating to bunkers consumed by the Box Queen during the period the vessel was unemployed.

Voyage expenses for the fourth quarter of 2012 include approximately $0.4 million, relating to war risk insurance costs and $0.1 million, relating to bunkers consumed by the Box Trader and the Box Voyager during the periods the vessels were unemployed.


What to read next

CSSC profit up 11.77% in 2014
Paragon Shipping Q1 gross charter down to $10.7 million
Carnival Corporation & plc net income $1.5 billion, new ships ordered