Box Ships acquires, leases back two OOCL ships

   Box Ships said it has agreed to acquire two 5,344-TEU ships from OOCL for $31,155,000 each.
   The ships, the 1995-built OOCL Hong Kong and the 1996-built OOCL China, will then be chartered back to OOCL for three years at a net daily rate of $26,465.
   To finance this acquisition, the company issued $40 million of 9.75 percent Series B cumulative redeemable perpetual preferred shares to Michael Bodouroglou, the company’s chariman, CEO, and president.
   “My investment in the Series B preferred shares was necessitated by the very challenging capital markets conditions and the need to consummate the acquisition within a certain period of time,” said Bodouroglou. “It is also a testament of my belief in this acquisition, the prospects of Box Ships and the containership sector in general.”