Box Ships secures MSC charter deal and loan extension

Box Ships secures MSC charter deal and loan extension

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.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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