Greece-based Box Ships Inc. says it has repayed in full the outstanding amount under its loan agreement with Commerzbank AG dated July 29, 2011.
The outstanding amount of the loan, as of July 21, 2014, amounted to $21.5 million and the parties agreed to the payment of $15.0 million plus accrued interest, in full and final settlement of the loan.
The gain from this transaction is expected to be approximately $6.4 million and will be reflected in the third quarter of 2014.
Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of the Company, commented: "We are pleased to announce the repayment in full of our loan with Commerzbank, which allows the Company to consider several financing alternatives that will further strengthen our balance sheet and contribute to our free cash flow."
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 nine containerships with a total carrying capacity of 43,925 TEU and a TEU weighted-average age of 9.5 years.
The Company's common shares and Series C Preferred Shares trade on the New York Stock Exchange under the symbols "TEU" and "TEUPRC," respectively.