Box Ships Inc (TEUFF)

[ivfk]

Look what the sister company Paragon Shipping did back in March of 2016. (See press release below). If history is an indicator, than Box Ship sold these 4 ships with agreement of the banks to settle the outstanding loans. If this is the case, than I would consider this really good news. A potential scenario could be that they decide to also sell the remaining 2 ships that were built in 2007 and keep the 3 that were built in 2010 and then they emerge with 7 to 10 Million in annual revenue based on today's rates but with very manageable debt on the 3 remaining vessels.

Paragon Shipping Press Release from 9/3/2016:

..."On March 9, 2016, the Company agreed with the syndicated banks, subject to certain conditions, to sell the mortgaged vessels, namely the M/V Coral Seas, the M/V Golden Seas, the M/V Prosperous Seas, the M/V Precious Seas, the M/V Priceless Seas and the M/V Proud Seas, to unaffiliated third parties in exchange for the full and final settlement of the outstanding amount of the respective facility...."