SOURCE: Box Ships Inc.

May 31, 2011 09:31 ET

Box Ships Inc. Takes Delivery of Its Sixth Containership

ATHENS, GREECE--(Marketwire - May 31, 2011) - Box Ships Inc., (NYSE: TEU), or the Company, a global shipping company specializing in the transportation of containers, announced today that it has taken delivery of the CMA CGM Marlin, a 5,095 TEU container vessel built in 2007, from a company owned by its Chairman, President and CEO, Mr. Michael Bodouroglou. The CMA CGM Marlin has a fixed rate period time charter term expiring in three years (with the charterer option of plus/minus 45 days) with CMA CGM at a gross daily charter rate of $23,000.

Commenting on the recent events, Michael Bodouroglou, Chairman, President and CEO of the Company, stated, "With the addition of the CMA CGM Marlin, our total initial fleet, comprising six containerships, has been delivered earlier than expected, placing us on course to pay our first quarterly dividend this August prorated for the second quarter of 2011. We remain alert to identify the proper expansion opportunities in order to take advantage of asset values which remain attractive while the freight market is improving."

About Box Ships Inc.

Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of six containerships with a total carrying capacity of 28,177 TEU's and a weighted-average age of 2.7 years. The Company's shares trade on the New York Stock Exchange under the symbol "TEU."

Cautionary Statement Regarding Forward-Looking Statement

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other 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 world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for drybulk shipping capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Contact Information

  • Contacts:
    Investor Relations / Media
    Capital Link, Inc.
    Paul Lampoutis
    230 Park Avenue
    Suite 1536
    New York, NY 10169
    Tel. (212) 661-7566
    E-mail: boxships@capitallink.com