Mar,21 -- MARSHALL Islands-based and New York-listed Box Ships Inc has posted a net income of US$12.96 million from its initial public offering on April 14 to December 31 with pre-tax profit of $25.57 million and the time charter revenues of $39.13 million.
    "2011 was our first year as a public company and we demonstrated excellent vessel performance with a 100 per cent vessel utilisation rate since inception and strong operating results," said Box Ships chairman and CEO Michael Bodouroglou.
    Net income for the fourth quarter of 2011 was $5.58 million, while the EBITDA was $10.87 million and the time charter revenues were $16.58 million, according to the company statement.
    The company operated an average of 5.92 vessels during the period ended December 31, 2011, earning an average time charter equivalent rate (TCE rate) of $24,363, or $25,043 on an adjusted basis per vessel per day. 
    In the fourth quarter, it operated an average of seven vessels during the fourth quarter, earning an average TCE rate of $24,601 or $25,373 on an adjusted basis per vessel per day.
    Looking ahead, Mr Bodouroglou said: "2012 will be a challenging year. We expect our charter coverage and our ongoing cost control measures will continue to fund our quarterly dividends, which as we have previously stated we expect to total $1 per share for the full year 2012."
    Regarding its chartering strategy in 2012, the company said it will focus on containerships with capacities ranging from 1,700 TEU to 7,000 TEU and employ them on short- to medium-term time charters of one to five years.
    The company said this practice "will provide us with the benefit of stable cash flows from a diversified portfolio of charterers, while preserving the flexibility to capitalise on potentially rising rates when the current time charters expire."
    So far, the company has secured 93 per cent of its fleet capacity in 2012 and 71 per cent in 2013 under such contracts.

(Source:Shippingazette)