Box Ships Inc. Prices Initial Public Offering of Shares

ATHENS, GREECE--(Marketwire - Apr 14, 2011) - Box Ships Inc. (NYSE: TEU), a recently formed Marshall Islands corporation, announced today that it has priced its initial public offering of 11,000,000 shares of its common stock, par value $0.01 per share, at $12.00 per share. The offering is expected to close on April 19, 2011. The underwriters have a 30-day option to purchase up to an additional 1,650,000 shares of common stock to cover over-allotments, if any. Box Ships' common stock is scheduled to begin trading on April 14, 2011 on the New York Stock Exchange under the symbol "TEU."

Box Ships plans to use the net proceeds of the offering to partially fund the acquisition of an initial fleet of six containerships with an aggregate capacity of over 28,177 TEUs.

The joint book-running managers for the offering are UBS Investment Bank and Morgan Stanley & Co. Incorporated. Cantor Fitzgerald & Co., ABN AMRO Bank N.V., Stifel, Nicolaus & Company, Incorporated, Lazard Capital Markets LLC and UniCredit Capital Markets, Inc. are acting as co-managers of the offering.

Copies of the final written prospectus may be obtained from UBS Investment Bank at 299 Park Avenue, New York, New York 10171, Attention: Prospectus Department, telephone (888) 827-7275, or from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone (866) 718-1649, or by e-mailing prospectus@morganstanley.com.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on April 8, 2011. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statement, nor will there be any sale of these securities in any State or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different.