Box Ships Posts $5.6 Million Profit

Container ship owner-charterer Box Ships reported fourth quarter net income of $5.6 million, bringing the Athens-based company’s profit to $13 million since its spinoff from Paragon Shipping in April.

Revenue totaled $17.1 million for the quarter and $40.2 million for the year. Box Ships has seven vessels totaling 33,237 twenty-foot-equivalent units on charter to CSAV, CMA CGM.  Box Ships’ fleet has been fully chartered since it was established and expects only two of its vessels, a pair of 3,426-TEU ships on charter to CSAV, to require rechartering this year.

The company said it plans to focus on ships of 1,700- to 7,000-TEU capacity, chartered for one to five years with staggered maturities.

-- Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter @josephbonney.