EARNINGS CONFERENCE CALL First Quarter Ended March 31, 2015

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 dry-docking, 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.

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Agenda 1Q 2015 Highlights & Recent Developments Company Update Industry Overview Investment Summary

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Quarterly Highlights & Recent Developments Adjusted Revenues (Million USD)

Adjusted Net Income (Million USD)

Adjusted EBITDA (Million USD)

6.7 1.5

15.4 12.9

5.9 0.3

Q1-2014

Q1-2015

Q1-2014

Q1-2015

Q1-2014

Q1-2015

Adjusted T/C revenues of $12.9m, decreased by 17% Adjusted Net Income of $1.5m vs. $0.3m in Q1-2014 Adjusted EBITDA of $6.7m, despite lower revenues Fixed Box Voyager at $10,600 and Box Emma at $13,500 per day, both for a period of 12 months, at higher rates than the previous charters Lower Cash Total Vessel Operating Expenses by 16.5% in Q1-2015 vs. Q1-2014 4

Fleet Employment Profile 44% fixed days for remainder of 2015 in an improving market Charter Overview Vessel

Y ear Built

C apacity ( TE U )

C h a rt e re r

C h a rt e r Rate ( $ / Da y)

Rem aining T/ C Te rm 1

2015

2016

OOCL Hong Kong

1995

5,344

OOCL China

1996

5,344

26,800

10 days

Jun-15

Box Trader

2010

3,426

8,500

1 month2

Jun-15

Box Queen

2006

4,546

13,100

1 month3

Jun-15

CMA CGM Kingfish

2007

5,095

9,500

2 months4

Aug-15

CMA CGM Marlin

2007

5,095

9,500

2 months4

Aug-15

Box Emma

2004

5,060

13,500

9 months5

Feb-16

Box Voyager

2010

3,426

10,600

9 months6

Mar-16

Maule

2010

6,589

38,000

10 months7

Apr-16

1 0 .3 Y e a rs

4 3 ,9 2 5

F l e e t A v e ra ge a ge / C apacity

Note 8

Remaining T/C Term

Notes: 1 Based on the earliest redelivery dates 2 Employment was extended until May 2015 or latest August 2015 and commenced in October 2014. As of May 26th, no redelivery notice has been tendered 3 Employment is for a period of 70 to 120 days and commenced in April 2015 4 Employment was extended for a period of twelve months and commenced on September 1, 2014 5 Employment is for a period of 12 months and commenced in March 2015 6 Employment was extended for a period of 12 months and commenced on March 31, 2015 7 Effective April 10, 2015, all rights and obligations under the charter were novated to Hapag Lloyd AG. All other terms remain unchanged. Charterer has option to purchase the vessel upon expiration of the charter for $57mm (less 0.5% purchase commission) 8 The vessel was redelivered from her charterer and is en route to dry-dock

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Re-chartering the 2014 charters at higher levels 15,000 Box Emma 13,500 Box Queen 13,100

12,500

Box Voyager 10,600

Box Emma 9,450

10,000

Box Voyager 8,000

Box Voyager 7,350

Box Voyager 8,500

7,500 Box Queen 6,100

5,000 Jan-14

Apr-14

Jul-14

4,400 teu 6-12 Month - Market Rate

Oct-14

Jan-15

3,500 teu 6-12 Month - Market Rate

Source Market Rates: Clarkson’s Shipping Intelligence

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Free Cash Flow Generation with Low Leverage Leverage Ratio 1 (USD Million)

Key Financials (USD Thousand)

Cash Book Equity (as of Mar. 31, 2015)

$13 $256

Box Trader/Box Voyager/Maule Facility CMA CGM Kingfish/Marlin/Box Emma Facility Box Queen Facility OOCL Hong Kong/OOCL China Facility

$69 $32 $17 $11

Total Debt Net Debt Total Capitalization Net Debt/Total Capitalization

$129 $116 $372 31%

Quarter 1, 2014

Quarter 1, 2015

9.0 753 810 93%

9.0 777 810 96%

Time Charter Equivalent, Adjusted

14,634

11,938

Cash Vessel Operating Expenses Management Fees Cash G&A Expenses Total Vessel Operating Expenses

-4,655 -714 -996 -6,365

-3,770 -603 -944 -5,317

Expressed in thousands of U.S.Dollars Number of Vessels Operating Days Calendar Days Fleet Utilization

Other (Expenses) / Income

-2,325

83

EBITDA, Adjusted

5,944

6,704

Net Interest Expense Loan Repayment

-1,909 -5,675

-1,431 -3,175

-$1,640

$2,098

Free Cash Flow For Distribution

Notes: 1 As of May 26, 2015

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Manageable Cash Flow requirements in an improving market Cash Flow Requirements Q2 2015 – Q4 2016 Cash Requirements: $77m

$11,617

Required Net Daily Charter Hire vs. Panamax 4,400 TEU 6-12 Month Charter

Required Net Charter Hire per Day

14,750

$21 $4 $7 $2

4,185 Open Days

$43

Drydock

11,617

Additonal Revenue Required

Required

$28

Cash Breakeven TVOE

$49

Contracted Revenues

Net Interest Expense

Preferred Dividend

Debt Repayment

Notes / Assumptions: 1 Amounts in million of USD 2 Total Vessel Operating Expenses (TVOE), as per average of actual Q114 to Q115 3 LIBOR of 0.30% 4 The balloon of the OOCL facility is extended 5 Current charters expire on the earliest redelivery date 6 EUR/USD rate of 1.12 7 Preferred dividend is paid, subject to Board of Directors approval 8 Exercise of deferral option with Unicredit for 2016 principal installments

Market Rate

Source Market Rates: Clarkson’s Shipping Intelligence , May 2015 (amounts in USD)

For every $1,000 of rates increase, we have a free cash flow generation of $4.2 million or $0.13 per share

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Market Fundamentals Secondhand Vessel Prices – 3,500 TEU (5 yr)

6-12 Months Timecharter Rates

70

40,000

60

30,000

50

USD Million

50,000

Panamax (4k-5.1k TEU) – Moderate Supply Growth 6.2%

70%

6.5%

60%

'000 TEU

5.9% 2.9%

15,000

50% 40%

10,000

30% 20%

5,000

10%

-2.5% 2012 Panamax

2013

2014

2014

Current Fleet vs Orderbook 20,000

5.4%

2013

2012

2011

2010

2009

4,400 TEU Average T/C Rate

2008

4,400 TEU T/C Rates

0

2007

3,500 TEU Average T/C Rate

20

2006

3,500 TEU T/C Rates

30

10

2014

2013

2012

2011

2010

2009

2008

2007

2006

0

2005

10,000

40

2005

20,000

10-year Historical Average: $36.4m

0

0%

All Containers

Source: Clarkson’s Shipping Intelligence – May 2015, Braemar ACM Shipbroking

Total Container Fleet Development

Container Orderbook

% of Fleet

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Investment Summary Well-positioned in the mid-size segment of the containership market, which appears to be improving 44% fixed days for remainder of 2015 Financial flexibility and improved liquidity High-quality fleet with an average age of 10.3 years and solid operating performance

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Appendix

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Dry-dock and non-cash items schedule Dry-docking Schedule for 2015 Box Queen OOCL China OOCL Hong Kong

TEU

Next DD Quarter

Estimated Offhire Days

4,546 5,344 5,344

Q4 2015 Q2 2015 Q2 2015

18 18 18

Non-cash items needed to derive Adjusted Net Income from US GAAP Net Income 1: in millions Amortization of non-cash items related to vessels acquisitions Share-based compensation

Q115

Q215

Q315

Q415

2016

$1.6

$1.2

$0.3

$0.3

$0.4

$0.2

$0.2

$0.2

$0.2

$0.2

$1.8

$1.4

$0.5

$0.5

$0.6

Notes:

1. As of March 31, 2015

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Income Statement 0 0 0 's ( e x ce pt fo r pe r share data)

Thre e M o nths Ende d M a rch 3 1 , 2 0 1 5

Re v e nue s Tim e cha rte r re v e nue s C o m m isssio ns N e t Re v e nue s

$ 1 1 ,5 6 9 (321) 1 1 ,2 4 8

Ex p e nse s Vo ya ge e x p e nse s Ve sse ls o p e ra ting e x p e nse s M a na ge m e nt f e e s De p re cia tio n Ge ne ra l & a dm inistra tiv e e x p e nse s To ta l Op e ra ting Ex p e nse s Op e ra ting Inco m e

593 4 ,0 8 2 603 3 ,7 3 2 1 ,1 0 6 1 0 ,1 1 6 1 ,1 3 2

Othe r Inco m e / ( Ex p e nse s) Inte re st a nd f ina nce co sts Lo ss o n de riv a tiv e s F o re ign curre ncy ga in, ne t To ta l Othe r Ex p e nse s, ne t

( 1 ,4 3 1 ) (69) 83 ( 1 ,4 1 7 )

N e t Lo ss

($285)

Lo ss p e r C o m m o n Sha re , ba sic a nd dilute d

( $ 0 .0 3 )

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Balance Sheet (US$ 000's)

March 31, 2015

Cash and restricted cash (current and non-current) Other current assets Vessels and other fixed assets, net and other non-current assets

15,362 8,869 370,381

TOTAL ASSETS

394,612

Total debt Total other liabilities TOTAL LIABILITIES

131,775 6,852 138,627

Stockholders' equity

255,985

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

394,612

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