BOX SHIPS INC. TAKES DELIVERY OF FIRST TWO CONTAINERSHIPS

News Release Box Ships Inc. April 29, 2011

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ATHENS, Greece, April 29, 2011
– Box Ships Inc., (NYSE: TEU), or the Company, a
global shipping
company specializing in the transportation of containers,
announced today that it has taken delivery from
Paragon Shipping Inc., of the
Box Trader
and the Box
Voyager, two 3,426 TEU high specification
vessels
built in 2010. Both vessels have a remaining fixed rate
period time charter term of 16 months (with
charter option of plus / minus 45 days) with CSAV
Valparaiso Chile at a gross daily charter rate of
$20,000.
The Box Voyager
and Box Trader
are the first two of the six vessels
comprising the Company’s initial
fleet to be delivered. The remaining four vessels include
two 5,095 TEU 2007 built containerships, the
CMA CGM Kingfish and the
CMA CGM Marlin, one 4,546 TEU
2006 built containership, the MSC
Siena, and one 6,589 TEU
2010 built containership, the Maule.
Following the delivery of these
remaining
four vessels, Box Ships’
fleet will be comprised of six containerships
with a TEU weighted-average age
of 2.5 years, a total capacity of 28,177 TEUs and a
weighted-average remaining charter duration of 35.3
months.
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 two
containership vessels with a
total carrying capacity of 6,852
TEU’s with agreements to acquire an additional four
containerships that
will increase the total capacity to 28,177
TEU’s with a weighted-average age of 2.5 years. The
company's
shares trade on the New York Stock Exchange under the
symbol "TEU."
Cautionary Statement Regarding Forward-Looking
Statement
Matters discussed in this press release may constitute
forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe
harbor protections for forward-looking
statements in order to encourage companies to provide
prospective information about their
business. Forward-looking statements include statements
concerning plans, objectives, goals,
strategies, future events or performance, and underlying
assumptions and other statements, which
are other than statements of historical
facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities
Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this
safe harbor legislation. The words "believe,"
"anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "may," "should," "expect,"
"pending" and similar expressions
identify forward-looking statements.
The forward-looking statements in this press release are
based upon various assumptions, many
of which are based, in turn, upon further assumptions,
including without limitation, our
management's examination of historical operating trends,
data contained in our records and other
data available from third parties. Although we believe
that these assumptions were reasonable
when made, because these assumptions are inherently
subject to significant uncertainties and
contingencies which are difficult or impossible to predict
and are beyond our control, we cannot
assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other important
factors that, in our view, could cause
actual results to differ materially from those discussed
in the forward-looking statements include
the strength of world economies and currencies, general
market conditions, including
fluctuations in charter rates and vessel values, changes
in demand for drybulk shipping capacity,
changes in our operating expenses, including bunker
prices, drydocking and insurance costs, the
market for our vessels, availability of financing and
refinancing, charter counterparty
performance, ability to obtain financing and comply with
covenants in such financing
arrangements, changes in governmental rules and
regulations or actions taken by regulatory
authorities, potential liability from pending or future
litigation, general domestic and
international political conditions, potential disruption
of shipping routes due to accidents or
political events, vessels breakdowns and instances of
off-hires and other factors. Please see our
filings with the Securities and Exchange Commission for a
more complete discussion of these
and other risks and
uncertainties.
Contacts:
Investor Relations / Media
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue
Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail:
boxships@capitallink.com</DIV></BODY></HTML>