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Box Ships' CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: TEU

At the same time, we are constantly looking for acquisitions that will allow us to grow the company, expand our portfolio charters, while at the same time increasing our cash flow. We understand that the macroeconomic environment in containership markets today remain challenging and that is why we fixed 78% of our revenue days for the remainder of 2012 and for 2013.

However, we remain confident that the demand for containerships will continue to grow in the years ahead and that charter rates will improve. We have invested in the mid-sized segment which has sound fundamentals with staggered charter maturities we have positioned our company to take advantage of any upturn in the containership industry while at the same time securing our cash flows.

Please turn to slide number five. We are pleased to announce our second quarter result, 2012 results which represent our fifth profitable quarter as a public company. During this quarter, we operated on average 7.07 vessels and we ended the quarter with eight vessels after completing the acquisition of the OOCL Hong Kong in June. In addition, we took delivery of the OOCL China in July bringing our fleet to nine vessels.

Our adjusted time charter revenue during the second quarter of 2012 was $16 million, while our adjusted EBITDA was $8.1 million. We reported adjusted net income of $2.8 million or $0.16 per share which was down sequentially as expected due to the two drydocks we had during the quarter and we will go into details regarding our adjustments later in this presentation.

More importantly, we announced that our Board of Directors approved a quarterly dividend of $0.26 per common share based on our second quarter results payable on August 22nd, to shareholders of record on August 15th, which is in line with our previously stated guidance.

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