Box Ships Adds Two Vessels to Initial Fleet

Box Ships Adds Two Vessels to Initial Fleet

Box Ships, a New York Stock Exchange-listed container ship owner based in Greece, said Thursday it took delivery of two more containerships of the six vessels that make up its initial fleet.

The company took delivery of the MSC Siena, which has a capacity of 4,546 20-foot equivalent units and was built in 2006, from an unaffiliated third party, and the CMA CGM Kingfish, a 5,095 TEU container vessel built in 2007 from Paragon Shipping.

The MSC Siena has a fixed rate period time charter term expiring in January 2014 with Maersk Line at a gross daily charter rate of $28,000, (with charterer option for four successive one year periods at the same rate).

The CMA CGM Kingfish has a fixed rate period time charter term expiring in April 2014 (with the charterer option of plus/minus 45 days) with CMA CGM at a gross daily charter rate of $23,000.

The MSC Siena and the CMA CGM Kingfish are the fourth and fifth vessels of the six vessels that comprised the company's initial fleet identified prior to its initial public offering on the NYSE April 14.
http://www.joc.com/maritime/box-ships-ipo-raises-132-million <http://www.joc.com/maritime/box-ships-ipo-raises-132-million>

The remaining vessel is expected to be delivered by May 31, expanding the company's fleet to a total 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.

Box Ships is an offshoot of NYSE-listed dry bulk shipowner Paragon Shipping <http://www.joc.com/maritime/paragon-launch-ipo-subsidiary-box-ships>

--Contact Peter T. Leach at pleach@joc.com. Follow him on Twitter @petertleach.