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.
Contacts
Box Ships Inc.
+30 210-891-4600
ir@box-ships.com
DresnerAllenCaron
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.
