NYSE-listed Box Ships said that it will commence a twelve-month share repurchase program for up to 10% of the company’s common shares.
Under the program the company will look to repurchase its common shares in the open market at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases will be determined by management based upon market conditions.
Additionally company chairman, president and ceo, Michael Bodouroglou, may purchase up to an additional 5% of shares under the program in the open market.
Bodouroglou commented: “In an effort to enhance shareholders’ value, the Board of Directors has authorized a share repurchase program over the next twelve months. In addition, I intend to purchase up to 5% of common shares outstanding, expressing my belief and confidence in our Company’s long-term prospects and fundamentals.”
Box Ship currently has a fleet of nine containerships with a total carrying capacity of 43,925 teu.