ATHENS, Greece, July 1, 2015 /PRNewswire/ -- Box Ships Inc. (NYSE: TEU), or the Company, a global shipping company specializing in the transportation of containers, today announced that it has agreed with ABN AMRO Bank N.V. to extend for a period of two years the secured loan facility dated June 27, 2012, which was originally scheduled to mature in July 2015. Following this extension, the balloon amount of $10 million is repayable in 8 equal quarterly installments of $250,000 plus a balloon payment of $8.0 million payable together with the final installment in July 2017. Pursuant to this agreement, certain financial covenants and undertakings were amended or waived for the period commencing on June 30, 2015 and ending on June 29, 2016.
Also, the Company agreed with the lenders of the syndicated facility with ABN AMRO Bank N.V. dated May 6, 2011, to amend or waive certain financial covenants, undertakings and the security cover ratio of this facility for the period commencing on June 30, 2015 and ending on June 29, 2016.
Finally, the Company announced that it has entered into time charter contracts for the vessels BOX CHINA and BOX HONG KONG with Mediterranean Shipping Company S.A. for a period of minimum twelve (12) months to maximum sixteen (16) months. Both charters are expected to commence the latest by mid-July 2015.
Mr. Michael Bodouroglou, Chairman, President, Chief Executive Officer and Interim Chief Financial Officer of the Company, commented: "We are very pleased to have agreed with ABN AMRO Bank the extension of the facility that is secured by the vessels BOX CHINA and BOX HONG KONG, as this agreement is another illustration of the ongoing support of our lenders and enabled us to charter the vessels at rates that further improve our cash flow generation."
For additional up to date information on the Company, please go to our website at www.box-ships.com and download our latest investor presentation, updated with latest developments.
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 10.4 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.
Box Ships Inc.
Michael Mason (Investors)
Len Hall (Media)
SOURCE Box Ships Inc.