Box Ships Inc (TEUFF)

[Hummingbird2]

They still have revenue from the ship management portion of the business. So, that 2.7 mil receivables they filed in the last 20f ending Dec 31, 2016 back in March could have increased significantly and/or they may have received some or all of it. They are only filing 20f once a year and it is already end of July.

I believe they will rebuild as that is the only viable option. You're right they can't file bk since they have no debt. They can't shut down either as the preferred holders will not get their owed dividends. So, they will rebuild as the shipping industry has improved over the last 2 years. Pls see below the options munhoi has outlined in post# 24517.

the options are as follows:

1) As improved shipping market conditions occur - increase in bank finance lending will return eventually to smaller shippers

2) The lower your debt levels the higher your finance lending chances - fortunately Box is little real debt & only dividends unpaid

3) Private Equity as last resort

4) Ship Owner's Pocket - question will Mike B. get the message with 2 trips to get BOD re-elected & failed RS proprosal that he himself needs to show up at the table vs raping his own shareholders

5) Leasing especially working with the China Ship Leasing - China is the only country increasing both bank financing & leasing to shippers - they are IMHO the key here

here is the dismal stats from lending ending 2016 - it I am sure is slowly improving now towards 2nd half of 2017.

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