Box Ships Inc (TEUFF)

[ivfk]

The sale of Box Voyager, Box Trader and Maule eliminated $65,350,000 in ABN AMRO Bank N.V.debt. The sale of Box Queen eliminated 16,500,000 in Unicredit Bank AG debt. The sale of Hong Kong and China eliminated 9,750,000 in ABN AMRO Bank N.V.debt but generated surplus of 3,250,000. Box Emma was sold for 6.5 Million and had no debt. This leaves the company with at least 31M in current assets. They do owe 2 Million in missed dividend payments to the preferred shareholders for 2016. I am sure they will pay this and then have 29 Million left. There will be plenty of great purchase opportunities for new ships at pennies on the dollar. Every company that has a large fleet runs about 4K per ship per day negative at these rates. Not so with Box Ship.