Box Ships Inc. Prices Public Offering of its Common Shares

Jul 13, 2012, 09:10 ET from Box Ships Inc.

ATHENS, Greece, July 13, 2012 /PRNewswire/ -- Box Ships Inc. (NYSE: TEU) today announced that it has priced its previously announced public offering of $30,000,005 of its common shares at $7.00 per share.  The offering is expected to close on July 18, 2012.  The Company has granted the underwriters a 30-day option to purchase an additional $4,500,000 of its common shares to cover over-allotments, if any.  Neige International Inc., a company controlled by our Chairman, President and Chief Executive Officer, Mr. Michael Bodouroglou, has agreed to purchase 2.6% of the common shares sold in the offering at the public offering price.

The Company intends to use a portion of the net proceeds of the offering to redeem 692,641 of the 1,333,333 9.75% Series B Cumulative Redeemable Perpetual Preferred Shares issued to Neige International Inc. in a previously announced private transaction, the proceeds of which were used to partially finance the acquisition price of the vessels OOCL Hong Kong and OOCL China delivered to us on June 25, 2012 and July 5, 2012, respectively, at a price equal to the liquidation preference of $30.00 per share, plus accrued and unpaid dividends, and for general corporate purposes, which may include the repayment of debt.

Barclays, Credit Suisse and Deutsche Bank Securities are acting as joint book runners of the offering. Dahlman Rose & Company is acting as co-manager for the offering.

This offering is being made only by means of a prospectus supplement and accompanying base prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by telephone at 1-888-603-5847 or by email to Barclaysprospectus@broadridge.com), Credit Suisse at Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010 (or by telephone at 1-800-221-1037 or by e-mail to newyork.prospectus@credit-suisse.com) or Deutsche Bank Securities Inc., Attention: Prospectus Department, 60 Wall Street, New York, New York 10005-2836 (or by telephone at 1-800-503-4611 or by e-mail to prospectus.cpdg@db.com).

A shelf registration statement relating to the shares was filed with the SEC and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

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 7.5 years.  The Company's shares trade on the New York Stock Exchange under the symbol "TEU."

Forward-Looking Statements

Certain of the statements made in this press release are forward looking, such as those, among others relating to the Company's expectations regarding the completion of the proposed public offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to market conditions and the satisfaction of customary closing conditions related to the proposed public offering.

Contacts Box Ships Inc. ir@box-ships.com

Allen & Caron Inc. Michael Mason (Investors) michaelm@allencaron.com (212) 691-8087

SOURCE Box Ships Inc.