Box Ships Inc. (NYSE:TEU) announces a share repurchase program. Under the program, the company will repurchase up to 10% of its outstanding common shares. 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. Purchases will be subject, among other things, to the company's insider trading policies. 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. 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. The program will run through twelve-month period ending September 29, 2016.

Effective January 31, 2017, the company effectuated a 50-for-1 reverse stock split of issued and outstanding common shares. The reverse stock split was approved by shareholders at a special meeting of shareholders held on February 12, 2016 and by Board of Directors on January 4, 2017.