Box Ships Inc (NYSE:TEU) is a shipping company that was formed by Paragon Shipping (PRGN), which is a shipping company which specializes in the transportation of drybulk cargo. The company plans to use the proceeds from its IPO to create its initial fleet. This initial fleet will be formed through purchase 6 ships, 2 of which will be purchased from Paragon Shipping and one which will be purchased from a company owned by Box Ships' Chairman and CEO, Mr. Bodouroglou. Because Box Ships had not purchased any ships prior to its IPO, the company its pre-revenue.
Box Ships plans to acquire ships in the 1,700 Twenty-foot Equivalent Units (TEU) to 7,000 TEU range that are priced relatively low. The asset value of ships in the container ship industry are below their 10-year historical average. As a result, Box Ships believes that it can lend ships on 1-5 year charters and make significant returns from the ships purchased at relatively low prices.
Shipping is the most cost effective way of transporting items between countries. Container throughput, the amount of goods pushed through sea ports, has increased by at leat 10% every year since 2001 with the exception of 2008 and 2009. As the economic conditions continue to improve, container throughput, and so the demand for shipping vessels, is expected to continue to grow. 
The company's initial public offering of stock on the NYSE occurred on April 13, 2011. The company offered 11M shares each for $12. This was below the $15-$17 initial price range. This offering raised a total of $132. The lead underwriter of the IPO were UBS AG (UBS) and Morgan Stanley (MS).