Profile: Box Ships Inc (TEU.N)

Box Ships Inc., incorporated on May 19, 2010, is an international shipping company, specializing in the transportation of containers. The Company was formed by Paragon Shipping Inc., a global provider of shipping transportation services specializing in transporting dry bulk cargoes. As of May 31, 2011, the Company’s fleet consisted of six containerships with a total carrying capacity of 28,177 twenty-foot equivalent unit’s (TEU’s) and a weighted-average age of 2.7 years. The Company focuses to employ its initial Fleet, and any additional vessels it acquires, on short- to medium-term time charters of one to five years.

On May 31, 2011, the Company took delivery of the CMA CGM Marlin, a 5,095 TEU container vessel. On May 19, 2011, the Company took delivery of the MSC Siena, a 4,546 TEU container vessel 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. On May 9, 2011, the Company took delivery of the Maule, a 6,589 TEU container vessel built in 2010, from an unaffiliated third party. On April 29, 2011, the Company took delivery from Paragon Shipping Inc., of the Box Trader and the Box Voyager, two 3,426 TEU high specification vessels built in 2010.