EARNINGS CONFERENCE CALL Fourth Quarter Ended

December 31, 2012

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 dry-dockings, 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.

3

4Q & Full Year 2012 Financial Highlights

Company Update

Industry Overview

Financial Update

Investment Summary

Agenda

4

Three Months Ended Year EndedDecember 31, 2012 December 31, 2012

Average No. of Vessels 9.0 8.0

No. of Vessels at the end of the period 9 9

Average Daily TCE Rate, adjusted1 $ 22,933 $ 24,512

Time Charter Revenues, adjusted1 $ 18,369,567 $ 67,014,517

EBITDA, adjusted 1 $ 11,227,915 $ 42,086,869

Net Income, adjusted 1 $ 4,851,820 $ 18,586,301

Basic EPS to common shareholders, adjusted 1 $ 0.21 $ 0.95

Diluted EPS to common shareholders, adjusted 1 $ 0.19 $ 0.89

DPS $ 0.22 $ 1.00

Financial Highlights

Notes: 1 Adjusted for non-cash items

5

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), with four consecutive one –year options 3 Charterer has option to purchase the vessel upon expiration of the charter for $57mm (less 0.5% purchase commission) 4 Formerly the MSC Siena 5 Based on the earliest redelivery dates

Apr-14

May-14

Jan-14

May-16

Jan-18

Aug-14 Aug-15

Fixed Box Trader and Box Voyager on short-term charters

2013 2014 2015

Fixed Revenue Days5 85% 44% 20%

A Young Fleet With A Diversified Portfolio of Charterers

Jun-15

Jul-15

Base Charter Period Option Period Year to Date

Apr-13

Jul-13

6

Our dividend payments are after scheduled debt repayments

Actively fixing our interest rate risk; 36% fixed at 0.85% rate for 4 years.

Will pay an additional $1 million to Paragon, reducing the facility to $13 million.

Leverage Ratio 1 (USD Million) Scheduled Loan Repayments (USD Million)

Notes: 1 As of February 18, 2013

Moderate Leverage

Cash $16Book Equity (as of Dec. 31, 2012) $221 Box Trader/Box Voyager/Maule Facility $87 CMA CGM Kingfish/Marlin Facility $38 MSC Emma Facility $25 Maersk Diadema Facility $26

OOCL Hong Kong/China Facility $22 Paragon Facility $14

Total Debt $212Net Debt $196Total Capitalization $417Net Debt/Total Capitalization 47%

$216.3

$212.3

$179.6

$156.9

$1.7

$5.7 $5.7 $5.7 $5.7 $5.7 $5.7 $5.7 $4.0 $1.0

$13.0

$140

$160

$180

$200

$220

$240

$0

$5

$10

$15

$20

$25

Q412 Currently Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414

Debt Outstanding Scheduled Loan Repayments

Paid Installments PRGN Loan Repayment

7

0

10,000

20,000

30,000

40,000

50,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Shanghai Containerized Freight Index 1 Year Time Charter Rate – 3,500 TEU

Source: Clarkson’s Shipping Intelligence – January 2013

USD

Mill

ion

Charter rates and asset values remain at historical lows

Secondhand Vessel Prices – 3,500 TEU (5 yr) Idle Capacity

TEUs

% o

f Tot

al F

leet

$ /

Day

10-year Historical Average: $22,356

10-year Historical Average: $43.1m

0

10

20

30

40

50

60

70

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

0%

1%

2%

3%

4%

5%

6%

7%

0100,000200,000300,000400,000500,000600,000700,000800,000900,000

1,000,000

Nov

-10

Dec-

10Fe

b-11

Mar

-11

May

-11

Jun-

11Au

g-11

Sep-

11N

ov-1

1De

c-11

Feb-

12M

ar-1

2M

ay-1

2Ju

n-12

Jul-1

2Se

p-12

Oct

-12

Dec-

12

700800900

1,0001,1001,2001,3001,4001,5001,6001,700

Jan-

09M

ar-0

9M

ay-0

9Ju

l-09

Sep-

09N

ov-0

9Ja

n-10

Mar

-10

May

-10

Jul-1

0Se

p-10

Nov

-10

Jan-

11M

ar-1

1M

ay-1

1Ju

l-11

Sep-

11N

ov-1

1Ja

n-12

Mar

-12

May

-12

Jul-1

2Se

p-12

Nov

-12

Jan-

13

8

The Containership Orderbook stands at 21% of the current fleet, a historically low level

Expected fleet growth of 7%-8% against demand growth of 5%-8% in 2013

Vessel Deliveries Current Fleet vs Orderbook

Source: Clarkson’s Shipping Intelligence – January 2013

Supply Side – Orderbook is at Low Levels

Actual Deliveries

21% Slippage

0

200

400

600

800

1000

1200

1400

1600

1800

2000

Actual 2012 2013E 2014E 2015E 2016E

'000

TEU

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

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

,0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

'000

TEU

Total Container Fleet Development Container Orderbook % of Fleet

9

4Q11 4Q12 Δ% 2011 2012 Δ%

Average number of vessels 7.0 9.0 28.6% 5.9 8.0 35.3%Average Time Charter Equivalent rate, adjusted 25,373 22,933 -9.6% 25,043 24,512 -2.1%

Time Charter Revenues, adjusted 1,2 17,080 19,382 13.5% 40,189 70,966 76.6%EBITDA, adjusted 1,2 11,522 11,228 -2.6% 26,951 42,087 56.2%Net Income, adjusted 1,2 6,224 4,852 -22.1% 14,333 18,586 29.7%

Basic EPS to common shareholders, adjusted 1 $0.38 $0.21 -44.7% $0.92 $0.95 3.3%

Diluted EPS to common shareholders, adjusted 1 $0.38 $0.19 -50.0% $0.92 $0.89 -3.3%

DPS $0.30 $0.22 -26.7% $0.75 $1.00 33.3%

Weighted avg. common shares outstanding, basic 3 16,000 20,323 15,434 17,981

Weighted avg, common shares outstanding, diluted 3 16,000 25,649 15,434 20,397

Non Cash Adjus tments

Amortization of intangibles 2 497 1,594 1,055 4,185

Share based compensation 2 150 385 322 1,225

Financial Review

Notes: 1 Adjusted for non-cash items 2 Amounts in thousands of U.S. Dollars 3 Amounts in thousands

10

Operating Performance Year Ended

Dec. 31, 2012Fleet Data

Average number of vessels 8.0Operating days for f leet 2,734Calendar days for f leet 2,932Fleet util ization 93%

Avg DailyResults

Time Charter Equivalent, Adjusted $ 67,014,517 $ 24,512

Cash vessel operating expenses 15,751,282 5,372Management fees 2,370,144 808Cash G&A expenses 4,695,560 1,601

Total Vessel Operating Expenses (TVOE) $ 22,816,986 $ 7,782

Other expenses 2,110,662 720

EBITDA $ 42,086,869 $ 16,010

Net interest expense 8,473,288 2,890Loan repayments 19,950,000 6,804

Free Cash F low for distribution $ 13,663,581 $ 6,315

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Significant Growth: Increased fleet from six to nine vessels since IPO

Well-positioned in the mid-size segment of the containership market

Solid quarterly results despite weak charter market

Visible revenues with 85% fixed days for remainder of 2013 and 44% for 2014, and an average remaining charter term of 22 months

High-quality fleet with an average age of 8.1 years and solid operating performance

Paid a total of $1.75 in dividends since IPO in 2011

Key Take-Aways

Free cash flows after debt repayments support attractive dividends

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Appendix

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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

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Dry-dock and non-cash items schedule

Dry-docking Schedule for 2013 & 2014

Notes: 1. As of December 31, 2012

Non-cash items needed to derive Adjusted Net Income from US GAAP Net Income:

in millions Q113 Q213 Q313 Q413 2014Amortization of non-cash items related to vessels acquisitions $1.6 $1.6 $1.6 $1.6 $5.9

Share-based compensation 1 $0.5 $0.5 $0.5 $0.5 $1.6

$2.1 $2.1 $2.1 $2.1 $7.5

TEU Next DD Quarter Estimated Offhire Days

OOCL Hong Kong 5,344 End Q1 2013 18

MSC Emma 5,060 Q1 2014 18OOCL China 5,344 Q1 2014 18MAERSK Diadema 4,546 Q1 2014 18

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

December 31, 2012Revenues

Time charter revenues $18,055Commisssions (367)

Net Revenues 17,688

ExpensesVoyage expenses 645Vessels operating expenses 4,864Dry-dock ing expenses 56Management fees 681Depreciation 4,165General & administrative expenses 2,161

Total Operating Expenses 12,572

Operating Income 5,116

Other Income / (Expenses)Interest and finance costs (2,213)Interest income 2Foreign currency loss, net (31)

Total Other Expenses, net (2,242)

$2,874

$0.12Earnings per Common Share, basic

Net Income

Income Statement

16

(US$ 000's) December 312012

Cash and restricted cash (current and non-current) 17,141Other current assets 6,697Vessels and other f ixed assets, net and other non-current assets 421,226

TOTAL ASSETS 445,064

Current portion of long-term debt 36,700Other current l iabil it ies 5,960Long-term debt, net of current portion 179,550Other non-current l iabil it ies 2,075TOTAL LIABILITIES 224,285

Stockholders'equity 220,779

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY 445,064

Balance Sheet