Certain statements in this conference call may constitute forward-looking statements. Actual results could differ materially from those discussed in the call. Please refer to the complete cautionary statement regarding forward-looking statements in the press release dated August 1, 2012 which can be found on the company’s website. It is the company’s intention to make a presentation on the earnings results and then to open the call to questions.I would now like to turn the call over to Mr. Robert Perri, CFO, of Box Ships. Good Afternoon Robert. Robert Perri Good Afternoon Michael and Good morning everyone. Welcome to the Box Ships’ earnings conference call and joining me today is Mr. Michael Bodouroglou, our Chairman, President and CEO who will be available during the question-and-answer session after we finish our prepared remarks. Today, we shall discuss our financial results for the second quarter and six months ended June 30, 2012. We will also update you on the latest developments since our last conference call, as well as our views on the container ship industry. Then I will go into more detailed analysis of our financial results and then turn the call over for questions. On slide four, let me start by providing a brief overview of Box Ships and our philosophy. Box Ships were created by Paragon Shipping in 2010 to take advantage of opportunities in the container ship sector. Paragon remains our largest shareholder and together with our Chairman and CEO Michael Bodouroglou, own over 26% of the company. Our focus is to maintain moderate leverage and to employ Box Ships existing fleet of nine vessels on period charters with staggered maturities, so that we will be in a position to meet our debt obligations and pay the majority of the remainder of our cash flow to our common shareholders in the form of dividends.
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. Read the rest of this transcript for free on seekingalpha.com