Box Ships’ Profit Dropped 48 Percent in Fourth Quarter

Box Ships today reported its profit in the fourth quarter of 2012 was $2.9 million, down 48 percent from $5.6 million in the fourth quarter of 2011.

Quarterly time charter revenue was $18.1 million, up 9 percent from $16.6 million in the same quarter in the previous year.  

For the full year of 2012, profit was $13.2 million and time charter revenue was $67.3 million.

The quarterly and yearly results were in line with the company’s expectations, despite continued weakness in the container ship sector throughout 2012, said Michael Bodouroglou, chairman, president and CEO of Box Ships, in a written statement.