Box Ships Inc (TEUFF)

[Jester_Vandalay]

United States Shipping Report Q4 2013

Our 2014 growth forecast of 2.7% represents a major bounce from 2013, and we believe that the risks to economic expansion remain predominantly to the upside. Our core view on the US economy is that the recovery is becoming increasingly entrenched, and that by 2014 many of the headwinds to growth, including government spending cuts, will be dissipating. Not only do we expect accelerating growth in 2014, we believe the US economy could be on the cusp of a multi-year period of stronger growth.

Key Industry Data

- At the port of Los Angeles (LA) we forecast a 4.2% year-on-year (y-o-y) contraction in total tonnage in 2013, to reach 64mn tonnes.

- At the East Coast port of New York/New Jersey (NY/NJ), growth is forecast to be 2.1% y-o-y in 2013, to reach 143.3mn tonnes.

- We expect LA to record a contraction of 6.3% in twenty-foot equivalent unit (TEU) throughput in 2013, falling to 7.5mn TEUs.

- We expect NY/NJ to record a contraction of 4% in TEU throughput in 2013, to reach 5.3mn TEUs.

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