Box Ships Inc (TEUFF)

[Blizzld]

Might be possible the note bought some time

Until the two ships were sold (if that story turns out to be true). It seems like a pretty material item deserving a press release.

The article stated

"The 5,344-teu Box China (built 1996) and Box Hong Kong (built 1995), which are coming off charters to Mediterranean Shipping Co (MSC), have reportedly been sold “as is” in Singapore for $285 per ldt, or $6.75m each.

Box Ships is listed with nine units, with the remaining seven built after 2000."

If they are coming off charters they are finishing up to get in for scrapping.

With everything seeming negative any unexpected positive news could totally reverse this whole slide (if the background of better shipping industry news continues)
While I have never seen it done, and it might be highly unlikely.... they could pay the note (or part of it) off they can freeze the dilution in place.

This issue remains high risk as always but it would be nice to catch a break. Going to write IR with some thoughts on this matter, I am sure they considered them already but cannot hurt.

They should ride this puppy the other way. Show shareholders they have their backs by buying back that note. Then using a small amount of money from the boats sale to buy back stock get this thing moving the other way then do a rights offering to raise money.