Box Ships Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. Net loss and adjusted net loss during the third quarter of 2015 were $0.8 million and $0.5 million, respectively, resulting in basic and diluted loss per share of $0.04 and basic and diluted adjusted loss per share of $0.03. EBITDA and Adjusted EBITDA for the third quarter of 2015 were $4.4 million and $4.7 million, respectively. Net income and adjusted net income during the third quarter of 2014 was $5.6 million and $0.7 million, respectively, resulting in basic and diluted earnings per share of $0.17 and basic and diluted adjusted earnings per share of $0.01. EBITDA and Adjusted EBITDA for the third quarter of 2014 were $11.2 million and $6.3 million, respectively. Net revenues for the third quarter of 2015 was $11.4 million were relatively unchanged year over year compared to $11.5 million in the third quarter of 2014. The improved average daily rates and increased revenues for six of its vessels in the third quarter of 2015 were offset by the decreased revenues of Box Hong Kong and Box China due to the termination of their charters with OOCL in May and June 2015, respectively, under which the vessels were earning a gross daily rate of $26,800 while their current charters with MSC are at a gross daily rate of $13,000. Net loss available to common shareholders was $1.284 million against net income of $5.038 million a year ago. Operating income was $0.376 million against $0.489 million a year ago.

For the nine months, the company reported net loss of $2.463 million against net income of $4.805 million a year ago. Adjusted net income was $1.055 million against $3.352 million a year ago. EBITDA was $13.010 million against $21.589 million a year ago. Adjusted EBITDA was $16.528 million against $20.136 million a year ago. Net loss available to common shareholders was $3.934 million or $0.13 per diluted share against net income of $3.192 million or $0.11 per diluted share a year ago. Net cash from operating activities for the nine months ended September 30, 2015 was $12.8 million. Net cash from operating activities for the nine months ended September 30, 2014 was $15.9 million. Operating income was $1.535 million against $2.693 million a year ago.