ATHENS, Greece, Jan. 10, 2012 /PRNewswire/ -- Box Ships Inc., (NYSE: TEU), or the Company, a global shipping company specializing in the transportation of containers, today announced dividend guidance for the Company's fourth quarter ended December 31, 2011 and fiscal year ending December 31, 2012.
Consistent with the Company's policy of paying quarterly dividends in amounts equal to substantially all of its operating cash flow less any amounts required to pay cash expenses and capital expenditures, service its debt and maintain reserves for drydocking, surveys and other purposes as its board of directors may from time to time determine, the Company currently anticipates paying dividends with respect to the fourth quarter of 2011 and the first quarter of 2012 in line with the $0.30 per share dividend paid with respect to the third quarter of 2011. The Company currently anticipates paying aggregate dividends with respect to the four calendar quarters of 2012 equal to approximately $1.00 per share, assuming (i) drydockings of two of the Company's vessels during the second quarter of 2012 for the anticipated period of time and resulting off-hire days and expense; (ii) the continued performance of the Company's current time charters and no unexpected off-hire periods; (iii) that the Company does not incur any unanticipated extraordinary cash expenses such as vessel repairs, mandated upgrades or modifications or other liabilities not covered by cash reserves established from time to time by the board of directors, (iv) no material changes in vessel operating or financing expenses; and (v) the renewal of two of the Company's existing time charters upon their expiration in 2012 at rates consistent with the Company's current expectations for the charter market at such time.
The declaration and payment of any dividend will be determined at the sole discretion of the Company's board of directors. We cannot assure you that we will pay quarterly dividends in the amount stated above or at all during 2012, and our ability to pay dividends will be subject to the restrictions in our loan agreements, the provisions of
Marshall Islands law and other factors to be considered by our board of directors.
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