BOX Ships Receives 9th Vessel; Advises Financing Terms

press release
Friday, July 06, 2012

Box Ships Inc. Announces The Delivery Of Its Ninth Vessel And Its Entry Into $25 Million Credit Facility.

 

Box Ships Inc., (NYSE: TEU), or the Company, a global shipping company specializing in the transportation of containers, announced that it took delivery of its ninth vessel, the OOCL China , a 5,344 TEU Post-Panamax containership built in 1996 at the Samsung shipyard in Korea. The vessel is chartered to Orient Overseas Container Lines Ltd. ("OOCL") for a period of thirty-six (36) months plus or minus thirty days (30) at a net daily rate of US$26,465.

 

The Company also announced today that on June 27, 2012, it entered into definitive documentation for a $25.0 million credit facility with ABN AMRO to partially finance the acquisition of the OOCL Hong Kong and the OOCL China. The borrowers under the credit facility are Triton Shipping Limited and Rosetta Navigation Corp., the vessel-owning subsidiaries that own the OOCL Hong Kong and the OOCL China, respectively, and Box Ships Inc. is the corporate guarantor. The credit facility is available for drawdown in two tranches and each tranche is repayable in 12 equal, quarterly installments of $625,000, plus a balloon payment of $5,000,000, payable together with the final installment. The credit facility has a maturity date of July 2015. Borrowings under the credit facility bear interest at LIBOR plus 3.75% per annum.  In connection with the delivery of the OOCL China, the Company drew $25 million from the credit facility.

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