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Box Ships ends Q1 with $132 million of debt, improved charter fees
By Lisa Kerner
Charlotte, N.C., May 27 – Box Ships Inc. ended its first quarter on March 31 with cash and restricted cash of $15.4 million and total debt of about $132 million.
Of the total debt, $21 million is scheduled to be repaid within the next 12 months.
The Voula, Greece-based international shipping company held its earnings conference call on Wednesday.
Box Ships is in discussions with its financing bank to extend the loan for two vessels that have charters expiring during the second quarter, according to the earnings release.
The company has no borrowing capacity under its existing loan facilities and no capital commitments.
Box Ships’ current resources and cash from operations are expected to be sufficient to fund the operations of its current fleet, including working capital requirements, for the next 12 months, assuming that lenders won’t accelerate the company’s debt.
“During the first quarter of 2015, and despite the lower revenues compared to the first quarter of 2014, we reported adjusted net income of $1.5 million, significantly improved compared to adjusted net income of $300,000 recognized in the same period of 2014,” said chairman, president and chief executive officer Michael Bodouroglou.
The increase was attributed in part to lower total vessel operating expenses.
Bodouroglou, who also serves as interim chief financial officer, said market fundamentals “improved significantly” during the quarter, as evidenced by the re-chartering of two vessels at higher per-day fees.
Net cash from operating activities was $4.5 million for the quarter, compared to $3.8 million for the prior-year period.
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