Box Ships booked a profit of $5.1 million in the first full quarter since the Greek container ship owner’s initial public offering on the NYSE.
The Athens-based company reported time charter revenue of $15.3 million in the three months to end-September, with an average of 6.64 vessels each earning $24,371 per day.
Box Ships, which raised $132 million in its April 14 IPO, didn’t provide year-earlier figures. It posted net income of $2.3 million on time charter revenues of $7.2 million in the truncated second quarter.
“Moving towards the end of 2011, the economic projections for a moderate global growth and the ongoing euro zone debt crisis place downside risks to the charter market,” said chief executive Michael Bodouroglou. “Our charter coverage provides stable cash flows regardless of these economic developments.”
The company, an offspring of Paragon Shipping, a NYSE-listed dry bulk owner, purchased a 5,060 20-foot equivalent units vessel for $55 million during the quarter. That brought its fleet to seven ships with a combined capacity of 33,237 TEUs on charter to CSAV, MSC and Maersk.
Box Ships said it plans to focus on ships of 1,700-7,000 TEUs employed on short to medium time charters of one to five years with staggered maturities.
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