Investor Presentation December 2014
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1 Investor Presentation December 2014
2 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 Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, the outlook for fleet utilization and shipping rates, general industry conditions including bidding activity, future operating results of the Company s vessels, capital expenditures, asset sales, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of the world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in our vessel operating expenses, including dry-docking, crewing and insurance costs, or actions taken by regulatory authorities, ability of our counterparties to perform these obligations under sales agreements and charter contracts on a timely basis, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by Box Ships Inc. with the Securities and Exchange Commission. 2
3 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 11.0% and 16.6% 1 of the Company, respectively. Strong Management Team with over 79 years collective experience Michael Bodouroglou, our Chairman, President and CEO has over 35 years experience in shipping. George Skrimizeas, our Chief Operating Officer, has 25 years experience in shipping. Robert Perri, our Chief Financial Officer, has over 19 years experience in shipping and finance. Current Fleet 9 containerships, average age of 9.9 years compared to industry average of 10.9 years. Focus on mid-size segment. Fleet consists of vessels between 3,400 and 6,600 TEUs with total capacity of 43,925 TEU. 41% fixed employment for includes 1,533,333 shares of common stock issuable upon the exercise of warrants 3
4 Container Shipping - Fastest Growing Sector of International Shipping Overview of Container Shipping Provides economical transportation of broad range of goods (from electronics to vehicles) Key benefits include: less cargo handling, efficient port turnaround, reduced transit time and enhanced security Consumer demand and vessel supply are primary drivers Container volumes have historically grown at a 2.0x 2.4x multiple of GDP growth, although today it is closer to 1.5x Growth of World Seaborne Trade Container: 607mm tons 7.4% CAGR 1,532mm tons Container Gas Gas 10% 3% Container 3% 16% Oil/ Chemicals 43% Dry Cargo 44% Oil/ Chemicals 38% Seaborne:6,542mm tons 4.2% CAGR 9,862mm tons Dry Cargo 43% Container Trade Routes (% of Total) 1 Transpacific 13% Transatlantic 4% North South 18% Asia Europe 13% Intra Asia 28% Note: 1. Excludes other West / East routes (13% of total) and other intra-regional routes (11% of total) Source: Clarkson s Shipping Intelligence October 2014 and Drewrys 4
5 Quarterly Highlights & Recent Developments Adjusted 1 T/C revenues of $12.9m Adjusted 1 TCE of $14,748 per day Adjusted 1 EBITDA of $6.3m Adjusted 1 Net Income of $0.7m Agreed with last remaining lender to waive certain covenants and amend the loan repayment profile through its maturity Completed the exercise of amending our loans, for a net gain of $6.4 million and reduced debt amortization by $16.5 million over the next two years 1 Adjusted for non-cash items, which include the amortization of time charter revenues and other non-cash items. 5
6 A Young Fleet With A Diversified Portfolio of Charterers 41% fixed days for 2015 and an average remaining charter term of 8 months Charter Overview Jan-15 Mar-15 Mar-15 May-15 May-15 Jun-15 Aug-15 Aug-15 Apr-16 Remaining T/C Term Notes: 1 Based on the earliest redelivery dates 2 Employment is extended for a period of 45 to 60 days and commenced in November Employment is extended until March 2015 and commenced in December Employment is extended for a period of nine months and commenced in July Employment is extended until May 2015 or latest August 2015 and commenced on October 1, Employment is extended for a period of twelve months and commenced on September 1, Charterer has option to purchase the vessel upon expiration of the charter for $57mm (less 0.5% purchase commission) 6
7 Debt Amendment $6.4m gain from debt extinguishment $10.0m and $6.5m cash savings for 2015 and 2016, respectively, from reduced debt amortization Cash Flow Break-Even improved significantly through 2016, giving the Company enough liquidity for at least the next two years Before Debt Amendment (USD Million) After Debt Amendment (USD Million) $60 $50 $40 $30 $20 $10 $0 $179.6 $156.9 $125.4 $107.7 $10.0 $22.7 $21.5 $ $200 $150 $100 $50 $0 $60 $50 $40 $30 $20 $10 $0 $179.6 $135.0 $113.5 $102.3 $18.0 $10.0 $20.2 $11.5 $ $200 $150 $100 $50 $0 Debt Outstanding Scheduled Loan Repayments Balloon Payments Debt Outstanding Balloon Payments Scheduled Loan Repayments Prepayments 7
8 Moderate Leverage and Trading Below NAV Net Asset Value and Leverage Ratio 1 $ m $ per share Cash (incl. Restricted Cash) $11.2 $0.36 Charter Free Fleet Valuation $201.6 $6.48 Other Current Assets $7.9 $0.25 Non-current Assets (excl. intangibles) $1.0 $0.03 Total Debt ($135.0) ($4.3) Other Liabilities ($6.4) ($0.2) Preferred Shares (liq. Preference) ($22.9) ($0.7) Net Asset Value of Common (NAV) $57.4 $1.84 +/- Charter Value $15.0 $0.48 NAV (Charter Adjusted) $72.4 $2.33 Net Debt/MV Adj. Asset Value 61% Common Shares Outstanding (millions) 31.1 Notes: 1 As of September 30, 2014, taking into account debt repayments and prepayments during the fourth quarter of
9 Market fundamentals Shanghai Containerized Freight Index 1,700 1,500 1,300 1, Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Secondhand Vessel Prices 3,500 TEU (5 yr) 6-12 Months Timecharter Rates USD Million year Historical Average: $38.8m 60,000 50,000 40,000 30,000 20,000 10, ,500 TEU T/C Rates 3,500 TEU Average T/C Rate Source: Clarkson s Shipping Intelligence November ,400 TEU T/C Rates 4,400 TEU Average T/C Rate 9
10 Lowest Idle Fleet In Two Years 5% 4% 3% Idle Fleet as % of Global Container Fleet 2% 1% 1.3% 0% Vessel Deliveries Current Fleet vs Orderbook 2,000 20,000 70% '000 TEU 1,600 1, '000 TEU 15,000 10,000 5,000 60% 50% 40% 30% 20% 10% E 2015E 2016E 2017E 2018E 0 0% teu 1,000-2,999 teu 3,000-7,999 teu 8,000+ teu Source: Clarkson s Shipping Intelligence November 2014, Lloyds List Intelligence Total Container Fleet Development Container Orderbook % of Fleet 10
11 Financial Review 3Q13 3Q14 Δ% 9M13 9M14 Δ% Average number of vessels % % Average Time Charter Equivalent rate, adjusted 22,613 14, % 22,653 16, % Time Charter Revenues, adjusted 1,2 19,682 12, % 58,091 42, % EBITDA, adjusted 1,2 12,910 6, % 36,257 20, % Net Income, adjusted 1,2 7, % 18,617 3, % Basic EPS to common shareholders, adjusted 1 $0.27 $ % $0.73 $ % Diluted EPS to common shareholders, adjusted 1 $0.26 $ % $0.65 $ % Weighted avg. common shares outstanding, basic 3 24,430 30,214 23,303 28,104 Weighted avg, common shares outstanding, diluted 3 26,039 30,214 27,492 28,104 Non Cash Adjustments 2 Amortization of intangibles 1,690 1,421 4,825 4,387 Share based compensation ,501 1,700 Gain from debt extinguishment - (6,435) - (6,435) Fair value change of warrants - (452) - (1,105) Notes: 1 Adjusted for non-cash items 2 Amounts in thousands of U.S. Dollars 3 Amounts in thousands 11
12 Operating Performance (Expressed in thousands of U.S. Dollars, except fleet data and daily results) Fleet Data Q3_2013 Q3_2014 9M_2013 9M_2014 Average number of vessels Operating days for fleet ,425 2,399 Calendar days for fleet ,457 2,457 Fleet utilization 100% 99.9% 98.7% 97.6% Avg Daily Avg Daily Avg Daily Avg Daily Results Results Results Results Time Charter Equivalent, Adjusted $ 18,724 $ 22,613 $ 12,197 $ 14,748 $ 54,933 $ 22,653 $ 40,624 $ 16,934 Cash vessel operating expenses 4,037 4,876 4,060 4,903 12,551 5,108 12,909 5,254 Management fees , , Cash G&A expenses 1,022 1, ,167 3,040 1,236 2,947 1,199 Total Vessel Operating Expenses (TVOE) $ 5,760 $ 6,957 $ 5,744 $ 6,937 $ 17,653 $ 7,185 $ 18,014 $ 7,332 Other expenses / (income ) , ,474 1,007 EBITDA, Adjusted $ 12,910 $ 15,591 $ 6,306 $ 7,634 $ 36,257 $ 15,051 $ 20,136 $ 8,595 Net interest expense 2,053 2,479 1,775 2,144 6,319 2,572 5,463 2,223 Scheduled loan repayments 6,675 8,062 4,875 5,888 20,025 8,150 16,225 6,604 Free Cash Flow for distribution $ 4,182 $ 5,050 -$ 344 -$ 398 $ 9,913 $ 4,329 -$ 1,552 -$
13 Key Take-Aways Well-positioned in the mid-size segment of the containership market 41% fixed days for 2015 and an average remaining charter term of 8 months High-quality fleet with an average age of 9.9 years and solid operating performance Successfully amended all loan facilities and managed to reduce cash flow break even and improve financial flexibility with enough liquidity for at least the next two years Continue to trade significantly below our intrinsic value, creating a unique investment opportunity 13
14 Appendix Investor Relations /Media: Allen & Caron Inc. Michael Mason (Investors) Tel: (212) Len Hall (Media) Tel: (949) Company: Box Ships Inc. Robert Perri, CFA Chief Financial Officer 15 Karamanli Ave. GR , Voula, Greece Tel: +30 (210)
15 Dry-dock and non-cash items schedule Dry-docking Schedule for 2015 TEU Next DD Quarter Estimated Offhire Days Maule 6,589 Q Box Voyager 3,426 Q Box Trader 3,426 Q OOCL Hong Kong 5,344 Q Non-cash items needed to derive Adjusted Net Income from US GAAP Net Income 1 : in millions Q114 Q214 Q314 Q Amortization of non-cash items related to vessels acquisitions $1.2 $1.8 $1.4 $1.4 $3.4 Share-based compensation $0.6 $0.5 $0.5 $0.5 $0.5 $1.8 $2.3 $1.9 $1.9 $3.9 Notes: 1. As of September 30, 2014 and excluding gain from debt extinguishment and fair value change of warrants 15
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