Exhibit 4.38



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Translation of the Lease Agreement

In Voula this 1st day of June, 2011, it has been agreed between:



| | a) | GRANITIS GLYFADA REAL ESTATE COMPANY LIMITED, a company limited by shares, domiciled in Voula at 102-104 Vas. Pavlou Street, with VAT No. 998482632, represented by
Maria Stefanou (hereinafter called the Landlord)
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and



| | b) | Box Ships Inc. a Marshall Islands Corporation with domicile in Majuro, Marshall Islands, who has established a branch office in Greece, under law 378/68, 27/75, 614/78
and 2234/94 with address at 15 Karamanli Ave. Voula, represented by George Skrimizeas, resident of Glyfada, 35-37 Daskaroli Street, 16675, holder of the ID No. AE 08356 with VAT No. 035237250 of Glyfada Tax Office (hereinafter called the
Tenant) has ben mutually agreed the following:
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Whereas the Landlord is the owner of a building
situated in Voula, Attica at 15 Karamanli Ave. ex Alcyonidon Streety, ex Vas. Georgiou B and Dodekanisou Street, constituted of various premises, amongst which are the following:

An open space A-1 on the first floor of 192,51 (hereinafter called the premises)

Now therefore the Landlord lets and the Tenant takes on lease part of the premises of 50sq under the following terms and conditions:

1) The term is agreed for 1(one) year starting as of the 1stJune 2011 and terminating on the 31stMay 2012.

2) The monthly rent agreed is  500 and is payable in advance by the first week of each month. In the event this lease agreement is renewed upon
expiry, the current rent will be increased commensurate with inflation by reference to the Greek Official Inflation rate for the previous year, as published by the Greek national Statistical Office.

The Tenant shall also pay stamp duty at 3,6% of the rent per month.

The Tenant will also bear all operational expenses, utilities, sewage, use of the telephone, electricity, water supply and any taxes and stamp duties imposed on them.

3 - the tenant shall use the premises solely as their office and for hosting the administration services and the services of its subsidiaries and
associates only.

4 - the Tenant has today deposited with the Landlord the amount of  1.000 (i.e. an amount representing two
months rent) as guarantee for the correct fulfillment of the terms of this contract. This amount shall remain with the Landlord until the termination of this contract. The Tenant is not allowed to settle this deposit guarantee against payment
of any outstanding rent. It will be reimbursed to the Tenant after the termination of this contract interest free and only upon the fulfillment of all the obligations of the latter under the contract.



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5 - Any renewal or extension of this lease agreement will be made only in writing

otherwise it will be considered null and void.

6. .- Any amendment to this contract will be made only in writing.

7.- Any term
or agreement not provided herein it will be regulated by the provisions of the law in force about the lease of premises for business use.



| | 8. | The parties shall refer any dispute to the competent courts of Athens
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This agreement has been made in 3 originals, one for each party and the third for registration purposes with the competent tax office and is signed as follows:



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|THE PARTIES                      |  |                  
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|THE LANDLORD                     |  | THE TENANT       
|GRANITIS GLYFADA REAL ESTATE LTD |  | BOX SHIPS INC.   
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|SIGNATURES :                     |  |                  
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|MARIA STEFANOU                   |  | GEORGE SKRIMIZEAS