Box Ships Takes Delivery of OOCL China, Chartered Back to Original Owner

OOCL China, image: OOCL

Global containership company, Box Ships Inc, (NYSE: TEU), announced today that it took delivery of its ninth vessel, the OOCL China, a 5,344 TEU Post-Panamax containership built in 1996 at the Samsung shipyard in Korea. The vessel was previously owned by Orient Overseas Container Lines Ltd. (OOCL) and has now been chartered back to the original owner for a period of thirty-six months plus or minus thirty days at a net daily rate of USD $26,465.

Box Ships also announced today that on June 27, 2012, it entered into definitive documentation for a $25.0 million credit facility with ABN AMRO to partially finance the acquisition of the OOCL Hong Kong and the OOCL China. The borrowers under the credit facility are Triton Shipping Limited and Rosetta Navigation Corp., the vessel-owning subsidiaries that own the OOCL Hong Kong and the OOCL China, respectively, and Box Ships Inc. is the corporate guarantor.  To read specifics about the credit facility, please click here.

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