Box Ships Recieves First Two Containerships

Friday, April 29, 2011

Box Ships Inc., (NYSE: TEU), a global shipping  company specializing in the transportation of containers, announced that it has taken delivery from Paragon Shipping Inc., of the Box Trader and the Box Voyager, two 3,426 TEU high specification vessels built in 2010.  Both vessels have a remaining fixed rate period time charter term of 16 months  (with charter option of  plus / minus 45 days) with CSAV Valparaiso Chile at a gross daily charter rate of $20,000.

The Box Voyager and Box Trader are the first two of the  six vessels comprising the Company’s initial fleet to be delivered. The remaining four vessels include two 5,095 TEU 2007 built containerships, the CMA CGM Kingfish and the  CMA CGM Marlin,  one 4,546 TEU 2006  built containership, the  MSC Siena, and one 6,589 TEU 2010 built containership, the Maule. Following the delivery of these remaining four vessels, Box Ships’ fleet will be comprised of six containerships with a TEU weighted-average age of 2.5 years, a total capacity of 28,177 TEUs and a weighted-average remaining charter duration of 35.3 months.

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