Box Ships Acquires MSC Emma

Box Ships Inc., a shipping company specializing in the transportation of containers, announced today that it has entered into an agreement with an unaffiliated third party to purchase the MSC Emma, a 5,060 TEU Panamax containership built in 2004 at the Hanjin Heavy Industries shipyard in Korea. The $55 million for the acquisition will be financed without issuing any additional equity. The company also announced that it has entered the vessel into a period time charter agreement with Mediterranean Shipping Co. S.A. for three years at a gross daily rate of $28,500 with the charterer’s having an option to extend the time charter at the same rate for an additional one-year term starting upon the vessel’s delivery to Box Ships on or before August 29th, 2011.