Box Ships (OTC:TEUFD) is to float a $25 million share offering, issued in the form of common stock in an underwritten public flotation. The company's underwriters are to be granted a 30-day purchase option for an additional $3.75 million worth of common shares to cover overallotments, if any.

The ocean transport company said it plans to use the proceeds of the issue for "general corporate purposes, which may include the repayment of debt and the acquisition of vessels."

Global Hunter Securities is the lead managing underwriter and sole book-runner of the issue. No other underwriters were identified, nor did Box Ships provide timing for the offering.