New York: Box Ships has announced that it has secured a two year extension on a loan facility with ABN Amro, which was scheduled to mature next month.
The new loan is secured by vessels Box China (5,344 teu, built 1995) and Box Hong Kong (5,344 teu, built 1995), and the balloon amount of $10m will be paid in eight quarterly instalments of $250,000 plus an $8m payment at the end of the two years.
The two vessels have been chartered out with Mediterranean Shipping Company (MSC) for a period of 12-16 months, commencing before mid-July.
Michael Bodouroglou, chairman and CEO of Box Ships, commented: “We are very pleased to have agreed with ABN AMRO Bank the extension of the facility that is secured by the vessels Box China and Box Hong Kong, as this agreement is another illustration of the ongoing support of our lenders and enabled us to charter the vessels at rates that further improve our cash flow generation.”
Box Ship currently has a fleet of nine containerships with a total carrying capacity of 43,925 teu.