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
ir@box-ships.com
Allen & Caron Inc.
Michael
Mason (Investors)
michaelm@allencaron.com
(212) 691-8087
Len Hall (Media)
len@allencaron.com
(949) 474-4300
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SOURCE Box Ships Inc.