Paragon Shipping announces the HYPO of the new company container Box Ships



Box Ships Inc., society integrally controlled from the shipowning company Greek Paragon Shipping Inc., has deposited near the American SEC (Securities and Commission Exchange) the registration statement, that is the documentation necessary in order to start an initial public offer in order to quote the society to the Stock exchange of New York.

Paragon Shipping has announced that the offer will be relative to 10 million common stocks of Box Ships of the previewed unit price between 15 and 17 dollars. The company previews to collect about 147,8 million dollars (or 170,2 million dollars if the underwriters will exercise their option of overallotment). Such proceeds will be partially (143,4 million dollars) used for the acquisition of the initial fleet of Box Ships, that 2,5-year-old for a total cargo ability will be constituted by six ships of the medium age pairs to beyond 28.000 teu, and in order to satisfy capital requirements.

Concluded the offer Paragon Shipping it will sell to Box Ships the two portacontainer Boxes Stock trader and Box Voyager of the ability to 3.400 teu that they are constructed in 2010 and they are rented Chilean CSAV. Moreover Paragon Shipping and Proplous Navigation, a society of property of the president and managing director of Paragon Shipping, Michael Bodouroglou, will acquire two portacontainer CMA CGM Kingfish and CMA CGM Marlin, of the unitary ability to 5.100 teu, constructed in 2007 and rented to the French CMA CGM, that they will be yielded to Box Ships. At last, after the term of the offer, Box Ships will acquire - through the Allseas, also controlled it by Michael Bodouroglou - portacontainer the MSC Sienna of 4.500 teu, rented the Maersk Danish, and portacontainer the Maule of 6.500 teu, rented Chilean CSAV.

To conclusion of the offer Paragon Shipping and Michael Bodouroglou they will stop respective about 22.7% and 11.0% of the capital stock of Box Ships.

Box Ships has explained that, although the improvement of the market of the transport by sea that it is I keep on the decrease of the world-wide commerce begun with the crisis financial institution of the autumn of 2008, sussistono remarkable opportunities, above all in the field of the container, in order to buy ships to relatively contained prices and in order to employ them so that they supply interesting invested returns on capital. Box Ships has emphasized that, which society of new constitution, is not burdened by the burdens determined from ships that they are acquired to a remarkablly advanced price to the historical averages and from relative contractual engagements to new constructions commissioned to a meaningfully advanced price to the averages of market. Moreover - it has still explained the new company - we intend to preserve a moderate amount of lever financial institution that we consider will supply us the flexibility financial institution necessary in order to obtain in future eventual additional capitals to the aim to pick interesting opportunities in order to acquire ships.

Objective of Box Ships is to focus own business on ships of the ability comprised between 1.700 and 7.000 teu, even if the company has specified of being ready to estimate the acquisition of ships of other classes.