Box Ships Inc · OTC:TEUFF
Box Ships — Investor Presentation (June 2013)
16 slides from Box Ships's investor presentation, June 2013
Slide 1: Investor Presentation
Investor Presentation June 2013
Slide 2: Disclosures and Forward Looking Statements
Disclosures and Forward Looking Statements This presentation contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the Securities Act. All statements, other than statements of historical facts, that address activities, events or developments that the
Slide 3: Company Overview
Company Overview Box Ships Inc. – NYSE: TEU Formed by Paragon Shipping Inc. (NYSE: PRGN) to invest in the containership industry. Paragon Shipping and CEO own approximately 13.8% and 15.7%1 of the Company. CEO currently owns 100% of our outstanding preferred shares ($19.2m). Current Fleet 9 containe
Slide 4: A Young Fleet With A Diversified Portfolio of Charterers
A Young Fleet With A Diversified Portfolio of Charterers Fixed Box Trader and Box Voyager on short-term charters Charter Overview Jul-13 Oct-14 Jul-13 Apr-14 May-14 Aug-14 Aug-15 Jan-14 Jan-18 May-16 Jun-15 Jul-15 Base Charter Period Latest Redelivery Option Period 2013 2014 2015 Fixed Revenue Days6
Slide 5: Debt Profile
Debt Profile Our dividend payments are after scheduled debt repayments Actively fixing our interest rate risk; 36% fixed at 0.85% rate for 4 years. Scheduled Loan Repayments (USD Million) $25 $240 $20 $209.6 $220 $202.9 $15 $189.6 $200 $10 $9.0 $180 $156.9 $5 $160 $6.7 $6.7 $6.7 $6.7 $5.7 $5.7 $5.7
Slide 6: Financial Highlights
Financial Highlights 1 Q1 2 1 Q1 3 Δ% Average number of vessels 7.0 9.0 28.6% Average Time Charter Equivalent rate, adjusted 25,022 22,843 -8.7% 1,2 Time Charter Revenues, adjusted 16,575 19,389 17.0% EBITDA, adjusted 1,2 10,778 11,945 10.8% 1,2 Net Income, adjusted 5,432 6,064 11.6% 1 Basic EPS to
Slide 7: Solid Business Model
Solid Business Model A 5 year old 3,500 TEU containership acquired at average historical value1 and earning the average charter rate2, over a 5 year period generates solid returns for investors. IRR based on sale as 10 year old 3,500 TEU at average historical value: 11.0%. Two-fold value creation to
Slide 8: Charter rates and asset values remain at historical lows
Charter rates and asset values remain at historical lows Shanghai Containerized Freight Index 1 Year Time Charter Rate – 3,500 TEU 1,700 50,000 10-year Historical Average: $21,795 1,500 40,000 30,000 $ / Day 1,300 1,100 20,000 900 10,000 700 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2
Slide 9: Supply Side – Orderbook is at Low Levels
Supply Side – Orderbook is at Low Levels The Containership Orderbook stands at 20% of the current fleet, a historically low level Expected fleet growth of 6%-7% against demand growth of 6.1% in 2013 Orderbook Current Fleet vs Orderbook 1,400 18,000 70% 16,000 1,200 60% 14,000 1,000 50% 12,000 '000 T
Slide 10: Key Take-Aways
Key Take-Aways Significant Growth: Increased fleet from six to nine vessels since IPO Well-positioned in the mid-size segment of the containership market Solid quarterly and annual results despite weak charter market Visible revenues with 80% fixed days for remainder of 2013 and 44% for 2014, and an
Slide 11: Appendix
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Slide 12: Focused on the Work Horses
Focused on the Work Horses Cargo Capacity Total # of % of Fleet by Class Typical Cargo Routes Total TEU (000) (TEU) Vessels TEU Very Large 10,000+ Consumer goods East-West 162 2,057 13 Industrial products Intermediate and finished goods Large 8,000–9,999 Consumer goods East-West 307 2,636 16 Industr
Slide 13: Dry-dock and non-cash items schedule
Dry-dock and non-cash items schedule Dry-docking Schedule for 2013 & 2014 TEU Next DD Quarter Estimated Offhire Days MSC Emma 5,060 Q1 2014 18 OOCL China 5,344 Q1 2014 18 MAERSK Diadema 4,546 Q1 2014 18 Non-cash items needed to derive Adjusted Net Income from US GAAP Net Income: in millions Q113 Q21
Slide 14: Income Statement
Income Statement 0 0 0 's (ex cept fo r per share data) Three M o nths Ended Three M o nths Ended M arch 3 1 , 2 0 1 2 M arch 3 1 , 2 0 1 3 Revenues Tim e charter revenues $ 1 6 ,0 8 3 $ 1 8 ,0 9 1 C o m m isssio ns (3 5 9 ) (3 6 6 ) N et Revenues 1 5 ,7 2 4 1 7 ,7 2 5 Ex penses Vo yage ex penses 30
Slide 15: Income Statement Adjustments
Income Statement Adjustments Three M onths Ended Three M onths Ended M arch 3 1 , 2 0 1 2 M arch 3 1 , 2 0 1 3 Adjusted Net Income Reconciliation (USD thousands except for per share data) N et Incom e $ 4 ,6 6 1 $ 4 ,0 1 7 Non-cash amortization related to vessel acquisitions 492 1,559 Share based co
Slide 16: Balance Sheet
Balance Sheet (US$ 000's) December 31, M arch 31, 2012 2013 C ash and restricted cash (current and non-current) 17,141 34,694 Other current assets 6,697 7,701 Vessels and other fix ed assets, net and other non-current assets 421,226 415,438 TOTAL ASSETS 445,064 457,833 C urrent portion of long-term