ATHENS-BASED New York-listed Box Ships Inc posted a 483 per cent year-on-year decline in profit to US$2.2 million in 2014, drawn on revenues of $51 million, which fell 39.3 per cent.
The company declared a $2.18 million net loss in the fourth quarter drawn on year-on-year revenue of $12.03 million, down 43.3 per cent.
"During the fourth quarter of 2014, we successfully completed the exercise of amending our loan agreements, improving our liquidity profile over the next two years, even in weak market conditions," said Box Ships chairman, president and CEO Michael Bodouroglou.
"We entered into agreements with lenders to reduce debt amortisation over two years by $16.5 million and also removed restrictive covenants and reduced minimum liquidity requirements," he said.
"During the second quarter of 2015, the charters of our two OOCL vessels expire and their loan matures. Currently, we are exploring every possible scenario and, depending on the prevailing market conditions later this year, we may extend the charters and re-finance the loan accordingly," said Mr Bodouroglou.
Box Ships Inc is an international shipping company specialising in the transportation of containers. The company was formed by Paragon Shipping Inc, a global provider of shipping transportation services specialising in dry bulk.
PORTS
06 March 2015 - 21:13
Box Ship Inc suffers 483pc profit loss to US$2 million as revenues fall 39pc
ATHENS-BASED New York-listed Box Ships Inc posted a 483 per cent year-on-year decline in profit to US$2.2 million in 2014, drawn on revenues of $51 million, which fell 39.3 per cent.
PORTS
06 March 2015 - 21:13
Box Ship Inc suffers 483pc profit loss to US$2 million as revenues fall 39pc
This news 5778 hits received.
These news may also interest you