Exhibit 4.32


 


FOURTH SUPPLEMENTAL LETTER


 


		To:	POLYARISTI NAVIGATION CO.



EFPLOIAS SHIPPING CO.
and


AMORITA DEVELOPMENT
INC.


each of 80 Broad Street


Monrovia


Republic of Liberia


 


		From:	ABN AMRO BANK N.V.



93 Coolsingel


3012 AE Rotterdam


Netherlands


 


HSH NORDBANK AG


Gerhart Hauptmann Platz
50


D-20095 Hamburg


Germany


 


ITF INTERNATIONAL TRANSPORT
FINANCE SUISSE AG


Wasserwerkstrasse 12


CH-8006 Zurich


Switzerland


24 June 2016


 


Dear Sirs


 


We refer to a loan agreement dated 6 May
2011 (as amended and restated by two amending and restating agreements dated 9 August 2012 and 9 August 2013, respectively and
as further amended and supplemented by a supplemental agreement dated 25 November 2014, a supplemental and release agreement dated
25 June 2015 and three supplemental letters dated 6 May 2016, 20 May 2016 and 13 June 2016 respectively, the “Loan Agreement”)
and made between (i) Polyaristi Navigation Co., Efploias Shipping Co. and Amorita Development Inc. as joint and several borrowers
(the "Borrowers"), (ii) the banks and financial institutions listed in schedule 1 therein as lenders (the "Lenders"),
(iii) ABN AMRO Bank N.V. as agent (in such capacity, the "Agent"), first swap bank, underwriter and security trustee
and (iv) HSH Nordbank AG as second swap bank, to in respect of a loan facility in an amount of (originally) up to US$100,000,000.


 


Words and expressions defined in the Loan
Agreement shall have the same meaning when used in this Letter unless the context may otherwise require and for the purposes of
this Letter:


 


"Amendment Documentation"
means the amending and supplementing documentation in respect of the restructuring of the Loan in accordance with the terms of
the Indicative Term Sheet dated 27 May 2016 in the Agreed Form.


 


"Deferred Date" means
the date falling on the earlier of (i) 1 July 2016 and (ii) the date on which the Amendment Documentation is signed by all parties
thereto.


 


"Deferred Repayment Instalments"
mean the repayment instalments in respect of the Tranches used to finance "MAULE", "BOX VOYAGER" and "BOX
TRADER" in the aggregate amount of $1,925,000 due and payable on the Effective Date.


 


"Effective Date" means
the date of this Letter.


 






     


     


    

 


We also refer
to the recent discussions between us in which you have requested that the Creditor Parties consent to the deferral of the Deferred
Repayment Instalments until the Deferred Date (the "Deferral") with effect from the Effective Date.


 


		1	Agreement



 


		1.1	In consideration of the sum of US$1 and other good and valuable consideration (the receipt and
adequacy of which is hereby acknowledged), the Creditor Parties hereby agree to the Deferral from the Effective Date subject to:



 


		(a)	receipt of a copy of this Letter duly executed by the parties to it; and



 


		(b)	the Security Parties executing the acknowledgement to this Letter confirming their agreement to
the terms and conditions of the same.



 


		1.2	The failure of the Borrowers to pay the Deferred Repayment Instalments on or prior to the Deferred
Date shall constitute an immediate Event of Default pursuant to clause 18.1(a) of the Loan Agreement.



 


		2	Representations and Warranties



 


		2.1	The Borrowers hereby represent and warrant to the Agent that (a) the representations and warranties
contained in clause 10 of the Loan Agreement are true and correct on the date of this Letter as if all references therein to "this
Agreement" were references to the Loan Agreement as supplemented by this Letter; and (b) this Letter comprises the legal,
valid and binding obligations of the Borrowers enforceable in accordance with its terms.



 


		3	COUNTERPARTS



 


		3.1	This Letter may be executed in any number of counterparts, each of which shall be an original and
all of which, when taken together, shall constitute one Letter.



 


		4	LOAN AGREEMENT



 


		4.1	The Borrowers hereby agree with the Agent that, notwithstanding our consent to the Deferral, all
other provisions of the Loan Agreement and the other Finance Documents remain in full force and effect.



 


		4.2	This Letter shall constitute a Finance Document for all purposes under the Loan Agreement and the
other Finance Documents.



 


		5	notices



 


		5.1	Clause 28 (notices) of the Loan Agreement shall extend and apply to this Letter as if the same
were (mutatis mutandis) herein expressly set forth.



 


		6	Governing law



 


		6.1	This Letter shall be governed by and construed in accordance with English law and clause 31 (law
and jurisdiction) of the Loan Agreement shall extend and apply to this Letter as if the same were (mutatis mutandis) herein expressly
set forth.



 


Please confirm your acceptance to the foregoing
terms and conditions by signing the acceptance at the foot of this Letter.


 




    	 	2	 



     


    

 


	Yours faithfully	 
	 	 
	 	 
	for and on behalf of	 
	ABN AMRO BANK N.V.	 
	 	 
	 	 
	for and on behalf of	 
	ITF INTERNATIONAL TRANSPORT FINANCE SUISSE AG	 
	 	 
	 	 
	for and on behalf of	 
	HSH NORDBANK AG	 


 




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	Accepted and agreed	 
	 	 
	BORROWERS	 
	 	 
	 	 
	for and on behalf of	 
	POLYARISTI NAVIGATION CO.	 
	 	 
	 	 
	for and on behalf of	 
	EFPLOIAS SHIPPING CO.	 
	 	 
	 	 
	for and on behalf of	 
	AMORITA DEVELOPMENT INC.	 
	 	 
	COLLATERAL OWNERS	 
	 	 
	 	 
	for and on behalf of	 
	ROSETTA NAVIGATION CORP. LIMITED	 
	 	 
	 	 
	for and on behalf of	 
	TRITON SHIPPING LIMITED	 
	 	 
	Dated  24 June 2016	 


 




    	 	4	 



     


    

 


COUNTERSIGNED this 24th
day of June 2016 for and on behalf of each Security Party which, by its execution hereof, confirms and acknowledges that it has
read and understood the terms and conditions of the above letter (the "Supplemental Letter"), that it agrees in
all respects to the same and that the Finance Documents to which it is a party shall remain in full force and effect and shall
continue to stand as security for the obligations of the Borrowers under the Loan Agreement and the Master Agreements (each as
amended and supplemented by the Supplemental Letter).


  


	 	 
	for and on behalf of	 
	BOX SHIPS INC.	 
	 	 
	 	 
	for and on behalf of	 
	ALLSEAS MARINE S.A.	 


 




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