Bruce Barnard, Special Correspondent | Aug 02, 2012 10:04AM EDT
Greek container shipowner Box Ships Inc. more than doubled second quarter charter revenue to $15.44 million from $7.22 million a year ago as it continued to expand its fleet.
Net income dipped to $1.99 million from $2.26 million, but adjusted net income rose to $2.8 million from $2.49 million.
The Athens-based company, listed on the NYSE since April 2011, increased its fleet to nine vessels during the quarter with the $62.3 million acquisition of two 5,344 20-foot-equivalent unit ships from Orient Overseas Container Line.
The two vessels have been chartered back to the Hong Kong carrier for three years at a net daily rate of $26,465, but two 3,246-TEU ships are idle after the expiration of their charters to Chilean carrier CSAV during the second quarter.
“The container ship market has remained challenging, and the brief rebound we witnessed last quarter quickly disappeared,” Box Ships CEO Michael Bodouroglou said.
But “we expect to see some improvement in the charter market” as ocean freight rates continue to rise year on year, he said.
Contact Bruce Barnard at brucebarnard47@hotmail.com.