ATHENS, Greece, Sept. 29, 2015 /PRNewswire/ -- Box Ships Inc., (NYSE: TEU), or the Company, a global shipping company specializing in the transportation of containers, today announced that its Board of Directors has approved a share repurchase program for up to 10% of the Company's common shares outstanding during the twelve-month period ending September 29, 2016.
The Company has been advised that Mr. Michael Bodouroglou, the Company's Chairman, President, Chief Executive Officer and Interim Chief Financial Officer, may purchase up to an additional 5% of the Company's common shares outstanding under the share repurchase program in open market transactions at prevailing market prices.
Mr. Michael Bodouroglou, Chairman, President, Chief Executive Officer and Interim Chief Financial Officer of the Company, commented: "In an effort to enhance shareholders' value, the Board of Directors has authorized a share repurchase program over the next twelve months. In addition, I intend to purchase up to 5% of common shares outstanding, expressing my belief and confidence in our Company's long-term prospects and fundamentals."
Under the repurchase program, the Company may, but is not obligated to, repurchase its common shares from time to time in the open market at prevailing market prices or in privately negotiated transactions from time to time. Any repurchases under the program will comply with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing and amount of purchases under the program, if any, will be determined by management based upon market conditions and other factors.
Neither the Company nor Mr. Bodouroglou is required to purchase any specific number or amount of shares and repurchases by the Company or Mr. Bodouroglou may be suspended or reinstated at any time without notice. Purchases will be subject, among other things, to the Company's insider trading policies.
For additional up to date information on the Company, please go to our website at www.box-ships.com.
About Box Ships Inc.
Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of nine containerships with a total carrying capacity of 43,925 TEU and a TEU weighted average age of 10.7 years. The Company's common shares and Series C Preferred Shares trade on the New York Stock Exchange under the symbols "TEU" and "TEUPRC", respectively.
Contacts
Box Ships Inc.
+30 210-891-4600
ir@box-ships.com
DresnerAllenCaron
Michael Mason (Investors)
michaelm@allencaron.com
(212) 691-8087
Len Hall (Media)
len@allencaron.com
(949) 474-4300
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SOURCE Box Ships Inc.