| To:       | Aral Sea Shipping S.A.80 Broad StreetMonroviaLiberia                                               |
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|      | - and -                                                                                            |
|      |                                                                                               |
|      | Box Ships Inc.Trust Company ComplexAjeltake RoadAjeltake IslandMajuroMH 96960 The Marshall Islands |
|      |                                                                                               |
| From:     | UniCredit BankAG 7 HeraklitouStreet 106 73Athens Greece                                            |
|      |                                                                                               |
| Dear Sirs | 8 February 2013                                                                                    |

| (A) | Pursuant to discussions between us in which you have requested our consent to amend the Event of Default set out in Clause 18.1(1) of the Loan Agreement by allowing a grace period of 30 days to remedy such Event of Default, we hereby confirm our consent and agree that the Loan Agreement and the Guarantee shall be amended as follows: |
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|   | (i) | by adding in Clause 1.1 thereof the following definition: |
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|   | (a) | by construing all references throughout the Loan Agreement to "this Agreement" and all references in the Finance Documents (other than the Loan Agreement) to the "Loan Agreement" as references to the Loan Agreement as amended and supplemented by this Letter; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | by construing all references to the "Finance Documents" in the Loan Agreement and each of the other Finance Documents as references to the Finance Documents as amended and supplemented by this Letter; and |
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|   | (c) | the definition of, and references throughout each of the Finance Documents to, the Accounts Pledge and any of the other Finance Documents shall be construed as if the same referred to the Accounts Pledge and those Finance Documents as amended or supplemented by the Accounts Pledge Amendment. |
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| Yours faithfully         |             |
|--------------------------|------------------|
|                     |             |
|                     |             |
| /s/ Vassilis Mantzavinos | /s/ Maria Politi |   |
| Vassilis Mantzavinos     | Maria Politi     |   |
| for and on behalf of     |             |
| UNICREDIT BANK AG        |             |
|                     |             |
|                     |             |
|                     |             |

|                   |   |
|------------------------|--------|
| /s/ Maria Stefanou     |   |
| Maria Stefanou         |   |
| for and on behalf of   |   |
| ARAL SEA SHIPPING S.A. |   |
|                   |   |
| Date: 8 February 2013  |   |
|                   |   |

| /s/ Maria Stefanou   | /s/ Robert Perri |   |
|----------------------|------------------|--------|
| Maria Stefanou       | Robert Perri     |   |
| for and on behalf of |             |
| BOX SHIPS INC.       |             |
|                 |             |