Box Ships Inc · OTC:TEUFF
Box Ships — Investor Presentation (November 2013)
14 slides from Box Ships's investor presentation, November 2013
Slide 1: Investor Presentation
Investor Presentation November 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: Agenda
Agenda Company Overview and Highlights Industry Overview Financial Update Investment Summary 3
Slide 4: Company Overview
Company Overview Box Ships Inc. – NYSE: TEU Formed by Paragon Shipping Inc. (NASDAQ: PRGN) to invest in the containership industry. Paragon Shipping and CEO own approximately 13.8% and 15.7%1 of the Company, respectively. Strong Management Team with over 79 years collective experience Michael Bodour
Slide 5: Quarterly Highlights & Recent Developments
Quarterly Highlights & Recent Developments Strong third quarter results: Adjusted1 Revenues of $19.7m up 3% year over year. Adjusted1 EBITDA of $12.9m up 8% year over year. Paid the first cash dividend on Series C Preferred Shares of $0.2 million on October 1, 2013. Raised $8.2m on a follow-on offer
Slide 6: Solid Business Model
Solid Business Model A 5 year old 3,500 TEU containership acquired at avg. historical value1 and earning the avg. charter rate2, over a 5 year period generates solid returns. IRR based on sale as 10 year old 3,500 TEU at average historical value: 9.7%. Two-fold value creation to equity investors: Di
Slide 7: 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 Dec-13 Mar-14 Apr-14 Apr-14 May-14 Aug-14 Aug-15 Jun-15 Jul-15 May-16 Base Charter Period Latest Redelivery Option Period 2013 2014 2015 Fixed Revenue Days5 94% 48% 20% N
Slide 8: Moderate Leverage
Moderate Leverage Our dividend payments are after scheduled debt repayments Repaid in full the outstanding balance of $6.0m to Paragon Issued 340,000 9.00% Series C Preferred Shares on a follow-on offering Leverage Ratio 1 (USD Million) Scheduled Loan Repayments (USD Million) $25 $240 Cash $21 Book
Slide 9: Market fundamentals
Market fundamentals 6-12 Months Timecharter Rates Shanghai Containerized Freight Index 60,000 1,700 50,000 1,500 40,000 1,300 30,000 1,100 20,000 10,000 900 0 700 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Oct-09 Oct-1
Slide 10: Financial Review
Financial Review 3 Q1 2 3 Q1 3 Δ% 9M12 9M13 Δ% Average number of vessels 8.96 9.00 0.4% 7.68 9.00 17.2% Average Time Charter Equivalent rate, adjusted 25,220 22,613 -10.3% 25,166 22,653 -10.0% Time Charter Revenues, adjusted 1,2 19,043 19,682 3.4% 51,584 58,091 12.6% EBITDA, adjusted 1,2 11,933 12,9
Slide 11: Operating Performance
Operating Performance Thre e M o nths Ende d Se pte m be r 3 0 , 2 0 1 3 F le e t Data Ave rage num be r o f ve sse ls 9 .0 Ope rating days fo r fle e t 828 C ale ndar days fo r fle e t 828 F le e t utiliz atio n 100% Avg Daily Re sults Tim e C harte r Equivale nt, Adjuste d $ 1 8 ,7 2 3 ,9 4 1 $ 2
Slide 12: Key Take-Aways
Key Take-Aways Positioned in the mid-size segment of the containership market Solid quarterly results despite weak charter market Visible revenues with a minimum of 94% fixed days for remainder of 2013 and 48% for 2014, and an avg. charter duration of 13 months High-quality fleet with an average age
Slide 13: Appendix
Appendix Investor Relations /Media: Company: Allen & Caron Inc. Box Ships Inc. Michael Mason (Investors) Robert Perri, CFA Tel: (212) 691-8087 Chief Financial Officer Email: michaelm@allencaron.com 15 Karamanli Ave. Len Hall (Media) GR 166 73, Voula, Greece Tel: (949) 474-4300 Tel: +30 (210) 8914 60
Slide 14: Dry-dock and non-cash items schedule
Dry-dock and non-cash items schedule Dry-docking Schedule for 2014 & 2015 TEU Next DD Quarter Estimated Offhire Days MSC Emma 5,060 Q1 2014 18 OOCL China 5,344 Q1 2014 18 Maule 6,589 Q2 2015 18 Box Voyager 3,426 Q3 2015 18 Box Trader 3,426 Q3 2015 18 OOCL Hong Kong 5,344 Q4 2015 18 Non-cash items ne