Box Ships Takes Delivery Of Its Sixth Containership

Press Release
Tuesday, 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.”

Source: Box Ships

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