Box Ships reported net income in the first quarter of 2013 of $4.0 million, down 15 percent from $4.7 million in the first quarter of 2012.
Quarterly net revenue, however, was $17.7 million, increasing 12.7 percent from $15.7 million in the same period last year, driven by increased fleet size and vessel operating days period-to-period, which were partially offset by the lower re-chartering rates year-over-year for Box Trader and Box Voyager vessels and the idle days of Box Voyager in the first quarter, the Greek company said in a written statement.
Net revenue was also net of the amortization of above and below market time charters, which decreased revenue and net income for the first quarters of 2013 and 2012 by $1.3 million and $0.5 million, respectively.
“Our sector is expected to remain under pressure through the remainder of 2013, driven primarily by the imbalance between supply and demand in the container ship industry,” said Michael Bodouroglou, chairman, president and CEO, in a written statement. “Despite these challenges, we believe that there are also attractive opportunities for growth and accretive acquisitions.”