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Basis of Presentation and General Information
 12 Months Ended
Dec. 31, 2015
Basis of Presentation and General Information [Abstract]  
Basis of Presentation and General Information
 

1.            Basis of Presentation and General Information
 
Box Ships Inc. ("Box Ships") was incorporated on May 19, 2010, under the laws of the Republic of the Marshall Islands, as a wholly owned subsidiary of Paragon Shipping Inc. (NASDAQ: PRGN) ("Paragon"). Box Ships has a fiscal year end of December 31, and was formed to own and employ containerships. On April 19, 2011, Box Ships completed its initial public offering ("IPO") of its common stock on the New York Stock Exchange ("NYSE"). Since November 2015, its common and preferred stock stopped trading on NYSE and commenced trading on the OTCQX and Other OTC Markets under the symbols "TEUFF" and "TEUCF", respectively.
 
As of December 31, 2015, Mr. Michael Bodouroglou, the Company's Chairman, President, Chief Executive Officer and Interim Chief Financial Officer, beneficially owned approximately 13.1% of the Company's outstanding common stock and has the ability to exercise influence over the operations of Box Ships Inc. and its wholly-owned subsidiaries (collectively the "Company").
 
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and present the consolidated financial statements of Box Ships Inc. and its wholly-owned subsidiaries listed below.
 
i)      Vessel owning subsidiaries:
 
 
Vessel Owning Company
 
Vessel Acquisition Date
 
Vessel's Name
 
Built
 
TEU4
Polyaristi Navigation Co.1
April 29, 2011
Box Voyager
2010
3,426
Efploias Shipping Co. 1
April 29, 2011
Box Trader
2010
3,426
Tacita Oceanway Carrier Co. 1
May 19, 2011
CMA CGM Kingfish
2007
5,095
Alaqua Marine Ltd. 1
May 31, 2011
Box Marlin
2007
5,095
Aral Sea Shipping S.A. 1
May 19, 2011
Box Queen
2006
4,546
Amorita Development Inc.1
May 9, 2011
Maule
2010
6,589
Lawry Shipping Ltd2
August 3, 2011
Box Emma
2004
5,060
Triton Shipping Limited3
June 25, 2012
Box Hong Kong
1995
5,344
Rosetta Navigation Corp. Limited3
July 5, 2012
Box China
1996
5,344
 
ii)      Non-vessel owning subsidiary:
 
Ardal International Co.2
 
1 Incorporated in Liberia.
2 Incorporated in Marshall Islands.
3 Incorporated in Hong Kong.
4 TEU: A 20-foot equivalent unit, the international standard measure for containers and containership capacity.
 
The Company is engaged in the transportation of containers worldwide through the ownership and operation of containership vessels. The Company outsources the technical and commercial management of its vessels to Allseas Marine S.A. ("Allseas"), a related party wholly owned by Mr. Michael Bodouroglou, the Company's Chairman, President, Chief Executive Officer and Interim Chief Financial Officer.
 
The following charterers individually accounted for more than 10% of the Company's time charter revenue for the years ended December 31, 2013, 2014 and 2015:
 
% of time charter revenue
Charterer
2013
 
2014
 
2015
Compania Sud Americana De Vapores S.A.
19%
 
25%
 
-
CMA CGM
22%
 
14%
 
29%
A.P. Moller - Maersk A/S
12%
 
-
 
-
Mediterranean Shipping Co. S.A.
14%
 
16%
 
11%
Orient Overseas Container Line Limited
26%
 
35%
 
17%
Hapag Lloyd
-
 
-
 
25%