EARNINGS CONFERENCE CALL Third Quarter & Period Ended

September 30, 2011

2

Disclosures and Forward Looking Statements

This presentation contains certain statements that may be deemed to be “forward-looking

statements” within the meaning of the Securities Act. All statements, other than statements of

historical facts, that address activities, events or developments that the Company expects, projects,

believes or anticipates will or may occur in the future, including, without limitation, the outlook for fleet

utilization and shipping rates, general industry conditions including bidding activity, future operating

results of the Company’s vessels, capital expenditures, asset sales, expansion and growth

opportunities, bank borrowings, financing activities and other such matters, are forward-looking

statements. Although the Company believes that its expectations stated in this presentation are based

on reasonable assumptions, actual results may differ from those projected in the forward-looking

statements. Important factors that, in our view, could cause actual results to differ materially from

those discussed in the forward-looking statements include the strength of the world economies and

currencies, general market conditions, including changes in charter hire rates and vessel values,

changes in demand that may affect attitudes of time charterers to scheduled and unscheduled

drydockings, changes in our vessel operating expenses, including drydocking, crewing and insurance

costs, or actions taken by regulatory authorities, ability of our counterparties to perform these

obligations under sales agreements and charter contracts on a timely basis, potential liability from

future litigation, domestic and international political conditions, potential disruption of shipping routes

due to accidents and political events or acts by terrorists. Risks and uncertainties are further

described in reports filed by Box Ships Inc. with the Securities and Exchange Commission.

3

3Q 2011 Financial Highlights

Company Update

Industry Overview

Financial Update

Investment Summary

Agenda

4

Box Ships Inc. – NYSE: TEU - Formed by Paragon Shipping Inc. (NYSE: PRGN) to pursue growth opportunities in the container industry.

- Paragon Shipping and the CEO of TEU and PRGN own approximately 21.3% and 11% of outstanding TEU stock.

- Positioned TEU in the mid-size segment, the “work horses of the industry”.

Initial Fleet - Six containerships with an average age of 2.7 years and total carrying capacity of over 28,000 TEU’s.

- Vessels’ purchase price of $328 million (funded by stock, cash and debt).

Additional Acquisitions - Purchased a 2004 built, 5,060 TEU containership for $55m financed with debt.

Quarterly Dividend - Declared for the third quarter 2011 a $0.30 dividend and expect to pay the same amount in 4Q 2011.

- Supported by the investment in modern containership vessels with fixed employment and high utilization rate.

- Current TEU-weighted time charter average duration is 30 months with 100%, 93% and 71% fixed employment

for 2011, 2012 and 2013, respectively.

Moderate Leverage - Manageable debt repayment schedule supported by high employment coverage.

- 52% Net Debt to Total Capitalization.

Company Overview

5

3 Months Ended Period Ended

September 30, 2011 September 30, 2011

Average No. of Vessels 6.64 5.34

No. of Vessels at the end of the period 7 7

Average Daily TCE Rate $ 24,371 $ 24,194

Time Charter Revenues $ 15,326,056 $ 22,551,885

EBITDA $ 10,113,764 $ 14,698,949

Net Income $ 5,120,358 $ 7,379,328

EPS $ 0.32 $ 0.48

DPS $ 0.30 $ 0.45

Weighted average shares outstanding 16,000,000 15,126,953

Shares outstanding 16,108,000 16,108,000

Financial Highlights

Company Overview

7

Vessel Year BuiltCapacity

(TEU)Charterer

Charter

Rate

($/Day)

Remaining

T/C Term

Box Trader 2010 3,426 20,000 9 months

Box Voyager 2010 3,426 20,000 9 months

CMA CGM Kingfish 2007 5,095 23,000 29 months

CMA CGM Marlin 2007 5,095 23,000 30 months

MSC Emma 2004 5,060 28,500 33 months1

MSC Siena 2006 4,546 28,000 27 months2

Maule 2010 6,589 38,000 54 months3

Fleet Average

age / Capacity 3.9 Years 33,237

2017 20182011 2012 2013 2014 2015 2016

Charter Overview

Notes:

1 Charterer has option to extend term of charter for one additional, one-year term at the same gross daily charter rate ($28,500)

2 Charterer has option to extend term of charter for four additional, one-year terms at the same gross daily charter rate ($28,000)

3 Charterer has option to purchase the vessel upon expiration of the charter for $57mm (less 0.5% purchase commission)

4 Based on the latest redelivery dates

Aug-12

Aug-12

Apr-14

May-14

Jan-14

May-16

Jan-18

Base Charter Period Option Period

Aug-14 Aug-15

Our current TEU-weighted time charter average duration is 30 months

2011 2012 2013

Fixed Revenue Days4 100% 93% 71%

A Young Fleet With A Diversified Portfolio of Charterers

8

215.6

212.9 193.5

1.70

4.42 4.42 4.42 4.42

3.63

2.73

0

1

2

3

4

5

6

7

8

9

10

100

120

140

160

180

200

220

3Q11 4Q11 1Q12 2Q12 3Q12 4Q12

Debt Outstanding Scheduled Loan repayments Paid Installments

$19.4 million of scheduled debt repayments through the end of 2012

Our dividend payments are after debt repayments

Leverage Ratio 1 Scheduled Loan Repayments (USD Million)

Cash $ 17 m

Book Equity (as of Sept. 30, 2011) $ 181 m

Box Trader/Box Voyager/Maule Facility $ 96 m

CMA CGM Kingfish/Marlin Facility $ 43 m

MSC Emma Facility $ 30 m

MSC Siena Facility $ 29 m

Paragon Facility $ 15 m

Total Debt $ 213 m

Net Debt $ 196 m

Total Capitalization $ 377 m

Net Debt/Total Capitalization 52%

Notes:

1 As of November 11, 2011

Moderate Leverage

9

Attractive Yield

Declared second consecutive dividend on November 11th of $0.30 per share

Dividend substantially all of our operating cash flow less debt amortization

TEU has the highest yield among US Listed Container Companies

Source: Companies’ fillings

Notes:

1 Calculation is based on the last reported dividend annualized and share prices as of November 11 th, 2011 (after market close)

11.92%

8.68%

6.38%

2.39%

0.00% 0.00% 0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

TEU CMRE SSW DCIX GSL DAC

PEER GROUP YIELD COMPARISON(1)

Industry Overview

11

0

10

20

30

40

50

60

70 5 Year Old Secondhand Price

Average since 2000

0

10,000

20,000

30,000

40,000

50,000 1 Year T/C Rate

Average since 2000

Secondhand Vessel Prices – 3,500 TEU (5 yr) 1 Year Time Charter Rate – 3,500 TEU

Source: Clarkson’s Shipping Intelligence – October 2011

US

D M

illio

n

US

D

Well positioned to weather the downturn in the industry

Historical Asset Values and Charter Rates

12

Expected Containerships Demand Growth

Source: IMF, Braemar Seascope

Global Container Demand Historically Grows at 2.4x Global GDP

9.5%

9.6% 10.7%

11.3% 11.5%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

World GDP Growth Rate Container Demand Growth Rate 2.4x World GDP Growth Rate

13

The Containership Orderbook stands at 29% of the current fleet, which remains low

70% of the current Orderbook is in sizes above 8,000 TEU

Orderbook Current Fleet vs Orderbook

Source: Clarkson’s Shipping Intelligence – October 2011

Supply Side – Orderbook is at Low Levels

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Remaining

2011

2012 2013 2014 2015

'00

0 T

EU

100-999 teu 1,000-2,999 teu 3,000-7,999 teu 8,000+ teu

0%

10%

20%

30%

40%

50%

60%

70%

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

'00

0 T

EU

Global Fleet Orderbook Orderbook as a % of Global Fleet

14

10.3% 9.6%

10.9%

10.0% 10.4%

8.9% 9.2%

10.3%

7.2% 7.0%

0%

2%

4%

6%

8%

10%

12%

2011 2012 2013 2014 2015

Additional Capacity

Required

Fleet Growth

Tonnage

Demand Growth

Source: Maersk Broker Research

Projections reveal tonnage demand to exceed fleet growth

Fleet Growth vs Projected Demand for Tonnage Y-o

-Y G

row

th

Financial Overview

16

Quarter Ended

September 30, 2011

Fleet Data

Average number of vessels 6.64

Available days for f leet 611

Calendar days for f leet 611

Fleet util ization 100%

Average Daily

Results

Time Charter Equivalent $ 14,890,711 24,371 % of TCE

Vessel operating expenses 3,503,483 5,734 23.53%

Management fees 545,728 893 3.66%

G&A expenses 766,866 1,255 5.15%

Total Vessel Operating Expenses (TVOE) $ 4,816,077 7,882 32.34%

Other expenses ( income) (39,130) (64) -0 .26%

EBITDA $ 10,113,764 $ 16,553 67.92%

Loan interest 1,817,776 2,975 12.21%

Loan repayments 3,625,000 5,933 24.34%

Add back : Non-cash items1

(495,886) (812) -3 .33%

Free Cash F low $ 5,166,874 $ 8,456 34.70%

Operating Performance

1 Non-cash items relate to the amortization of above / below market acquired time charters and share-based compensation

17

7,720 7,538

2,975 2,819

5,933 6,871

8,456 7,742

0

5,000

10,000

15,000

20,000

25,000

30,000

3Q11A 4Q11E

Breakdown of Average Daily Results(1)

TVOE Interest Expense

Debt Repayments Free Cash Flow

4.0

5.0

6.0

3Q11A 4Q11E

Free Cash Flow During The Period(1)

Dividend

With strong charter coverage, we expect little fluctuations in our free cash flow

Declared a dividend of $0.30 per share in the third quarter

$25,084 $24,970

1 Please see appendix for assumptions used in calculations

US

D P

er

Da

y

US

D M

illio

n

Fleet-wide Per Day Projections

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Well-positioned in the mid-size segment, with strong industry

fundamentals

Young, high-quality fleet with an average age of 3.9 years

Visible revenues with 100%, 93% and 71% fixed for 2011, 2012

and 2013, respectively, and an average charter life of 30 months

Moderate leverage of 52%

Free cash flows after debt repayments support attractive

dividend of $0.30 per share

Key Take-Aways

19

Appendix

20

Class Cargo Capacity

(TEU) Typical Cargo Routes

Total # of Vessels

Total TEU (000) % of Fleet by

TEU

Very Large 10,000+ Consumer goods

Industrial products

Intermediate and finished

goods

East-West 68 861 6

Large 8,000–9,999 Consumer goods

Industrial products

Intermediate and finished

goods

East-West 244 2,088 15

Post-Panamax

5,000–7,999 Consumer goods

Industrial products

Intermediate and finished

goods

Deep sea

East-West trade

routes

521 3,113 22

Panamax 3,000 – 4,999 Consumer goods

Industrial products

Intermediate and finished

goods

Deep sea

East-West trade

routes

916 3,734 27

Sub-Panamax 2,000 – 2,999 Consumer goods

Industrial products

Intermediate and finished

goods

Intermediate 714 1,809 13

Handy

1,000 – 1,999 Consumer goods

Industrial products

Intermediate and finished

goods

Intermediate 1,214 1,744 12

Feeder 100 – 999 Consumer goods

Industrial products

Intermediate and finished

goods

Intra-regional 1,079 647 5

Source: Drewry

Focused on the Work Horses

21

000's (except for share and per share data) 3 Months Ended

September 30, 2011

Revenue

Time charter revenue $15,326

Less: Commisssions 338

Net Revenue 14,988

Expenses

Voyage expenses 97

Vessel operating expenses 3,503

Management fees 546

Depreciation 3,176

General & administrative expenses 767

Total Operating Expenses 8,089

Operating Income 6,899

Other Income / (Expense)

Interest and finance costs (1,820)

Interest income 2

Foreign currency gain 39

Total Other Expenses, net (1,779)

$5,120

16,000,000

$0.32

Net Income

Weighted average number of shares

Earnings per Common Share

Income Statement 3Q11

22

000's (except for share and per share data) Period Ended

September 30, 2011

Revenue

Time charter revenue $22,552

Less: Commisssions 500

Net Revenue 22,052

Expenses

Voyage expenses 108

Vessel operating expenses 5,071

Management fees 811

Depreciation 4,672

General & administrative expenses 1,401

Total Operating Expenses 12,063

Operating Income 9,989

Other Income / (Expense)

Interest and finance costs (2,650)

Interest income 2

Foreign currency gain 38

Total Other Expenses, net (2,610)

$7,379

15,126,953

$0.48

Net Income

Weighted average number of shares

Earnings per Common Share

Income Statement Period Ended September 30, 2011

23

(US$ 000's) September 30,

2011

Cash and restricted cash (current and non-current) 17,476

Other current assets 3,736

Vessels and other f ixed assets, net 370,303

Other non-current assets 13,626

TOTAL ASSETS 405,141

Current liabilities, excluding short-term debt 4,506

Current portion of long-term debt 17,700

Long-term debt 197,925

Long-term liabilities 3,537

TOTAL LIABILITIES 223,668

Stockholders'equity 181,473

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 405,141

Balance Sheet

24

Drydockings 2012 & 2013

Next DD Estimated Estimated

Quarter Budget (1)

Offhire Days (1)

CMA CGM Kingfish 5,095 Q2 2012 $ 500,000 15

CMA CGM Marlin 5,095 Q2 2012 $ 500,000 15

Total 2012 $ 1,000,000 30

TEU

1. The costs reflected are estimates based on drydocking our vessels in China. We estimate that each drydock will result in 15 days off-hire.

Actual costs may vary on various factors. We expect to fund these costs with cash from operations.

No scheduled drydockings for 2013

Drydocking Schedule for 2012

25

Non-cash Items

Notes:

1. When vessels are acquired with time charters attached and the charter rate on such charters is above or below the

then current market rates, the Company allocates the purchase price of the vessel and the attached time charter on

a relative fair value basis. The asset or liability recorded is amortized over the remaining period of the time charter

as a reduction or addition, respectively, to time charter revenue.

2. As of September 30, 2011.

000's Q411 Q112 Q212 Q312 Q412

Amortization of above / below market

acquired time charters1 $497 $492 $492 $497 $497

Share-based compensation2 101 99 99 101 101

$598 $591 $591 $598 $598

26

Revenues

Contracted periods run until earliest charter redelivery dates.

99% utilization rate is used in calculations, excluding scheduled off-hire.

Dry-dock off-hire scheduled for 15 days every five years for all vessels, and

assumes a cost of $500,000 per drydocking.

Operating Expenses

Operating expenses as per company’s 2011 budget.

Interest Expenses

Interest expense calculated based on forward US$ LIBOR curve as of September

30, 2011 (4Q11: 0.45%)

Assumptions Used in Our Projections