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Box Ships acquires, leases back two OOCL ships

Wednesday, June 13, 2012

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 ...

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