The Michael Nowacki-led fund has built up 1,830,781shares in the shipowner, an SEC filing showed.

Its 5.9\% stake is worth $1.52m based on the last trade of Box Ships shares on Friday.

Box Ships has a fleet of nine vessels on the water, eight of which are on charters that come up for renewal this year.

The owner finished 2104 by securing relief on a loan headache, curing a covenants breach and agreeing a repayment holiday after making payments upfront.

In a statement Bodouroglou said Box Ships would have enough “liquidity and optionality” to keep its head above water for at least two more years even if the downturn continues.

source:www.tradewindsnews.com