Box Ships Inc. Finalizes Agreements With Lenders

ATHENS, Greece, Dec. 17, 2014 /PRNewswire/ -- Box Ships Inc., (NYSE: TEU), or the Company, a global shipping company specializing in the transportation of containers, today announced that it has entered into an agreement with the last remaining lender in the Company's successful efforts to amend the terms of its loan agreements. The Company agreed with the lender to waive certain covenants and amend the repayment profile of the loan through its maturity. In return for paying the next four installments up front, the bank has agreed to defer the following four installments so that no additional principal payments will be made until 2017. In addition, the bank has agreed to waive or remove certain financial covenants for as long as we have similar agreements in place with our other lenders. With this agreement in place, the Company has now completed the exercise of amending its loans, and has significantly improved its liquidity position during this prolonged downturn.  

Mr. Michael Bodouroglou, Chairman, President and Chief Executive Officer of the Company, commented: "We are pleased to announce the completion of our loan amendments, a process we commenced working on in January of this year. With this final agreement, the Company has enough liquidity and optionality to get through at least the next two years even if the market remains weak.  However, we continue to see signs of improvement in the containership market, as charter rates for our size vessels have remained firm through the seasonally weak end of the year period and the idle fleet remains at historically low levels. This firm footing, coupled with expected demand growth of 6% in 2015 point to an improving market going forward."

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 9.9 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.

Contacts
Box Ships Inc.
Robert Perri
+30 210-891-4600
[email protected]

Allen & Caron Inc.
Michael Mason (Investors)
[email protected]
(212) 691-8087

Len Hall (Media)
[email protected]
(949) 474-4300

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SOURCE Box Ships Inc.

Related Links

http://www.box-ships.com