Document:

Exhibit 4.28

 

SECOND 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

 

20 May 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 a supplemental letter dated 6 May 2016, 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 meanings when used in 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 repayment instalments in respect
of the Tranches used to finance "MAULE", "BOX VOYAGER" and "BOX TRADER" payable on 20 May 2016 in
the aggregate amount of $1,925,000 in accordance with clauses 8.1 and 8.2 of the Loan Agreement to 10 June 2016 (the "Request").

 

		1	Agreement

 

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 Request subject to:

 

     

     

    

 

		(a)	the conditions set out in paragraph 3 below; and

 

		(b)	the Borrowers executing the acknowledgement to this letter confirming their agreement to the terms
and conditions of the same.

 

		2	Amendments to the Loan Agreement and the other Finance Documents

 

In consideration of the agreement
of the Creditor Parties referred to in paragraph 1 of this letter and upon and with effect on and from the date on which the Agent
notifies the Borrowers in writing of the satisfaction of the conditions referred to in paragraph 3.1 below (the "Effective
Date") and subject to paragraph 3.2 below, the Loan Agreement and the other Finance Documents shall be, and shall be deemed
by this letter to be, amended as follows:

 

		(a)	by construing all references in the Loan Agreement to "this Agreement", "hereunder"
and the like and in the other Finance Documents to the "Loan Agreement" as references to the Loan Agreement as amended
and supplemented by this letter;

 

		(b)	by construing references in the Loan Agreement to each of the other Finance Documents as being
references to each such document as the same is amended and supplemented by this letter; and

 

		(c)	by construing references throughout each of the Finance Documents (other than the Loan Agreement)
to "this Agreement", "this Deed", "hereunder" and other like expressions as if the same referred
to such Finance Documents as amended and supplemented by this letter.

 

		3	Conditions

 

		3.1	Conditions precedent

 

Subject to paragraph 3.2 below,
our agreement contained in paragraph 1 of this letter shall be expressly subject to the condition that the Agent shall have received
in form and substance as may be approved or required by it on or before the Effective Date:

 

		(a)	an original of this letter duly executed by the parties to it; and

 

		(b)	if the Agent so requires, in respect of any of the documents referred to above, a certified English
translation prepared by a translator approved by the Agent.

 

		3.2	Conditions subsequent

 

Our agreement
contained in paragraph 1 of this letter shall also be expressly subject to the condition that the Agent shall have received in
form and substance as may be approved or required by it, within 5 Business Days from the date of this letter, a copy of the restructuring
term sheet duly signed by the parties to it by setting out the main terms agreed in respect of the restructuring of the Loan.

 

Failure by
the Borrowers to satisfy the condition set out in this paragraph 3.2 shall render the Effective Date, and the amendments to the
Loan Agreement and the other Finance Documents set out in paragraph 2 of this letter, null and void as from the date of this letter,
and the provisions of the Loan Agreement and the other Finance Documents shall remain in full force and effect as if the same had
not been amended or supplemented by this letter.

 

		4	Representations and Warranties

 

		(a)	Each Borrower hereby represents and warrants 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.

 

    	 	2	 

     

    

 

		(b)	The Corporate Guarantor hereby represents and warrants to the Agent that (a) the representations
and warranties contained in clause 10 of the Corporate Guarantee 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 Corporate Guarantor enforceable in accordance with its terms.

 

		5	Loan Agreement and other Finance Documents

 

Subject to
paragraph 3.2 above, each Borrower hereby agrees with the Agent that the provisions of the Loan Agreement and the other Finance
Documents shall be and are hereby re-affirmed and remain in full force and effect as amended and supplemented by this letter.

 

		6	notices

 

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.

 

		7	Governing law

 

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.

 

	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	 

 

    	 	3	 

     

    

 

	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  20 May 2016	 

 

    	 	4	 

     

    

 

COUNTERSIGNED this 20th
day of May 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.	 

 

    	 	5Exhibit 4.29

 

DEFERRAL LETTER

 

		To:	BOXSHIPS INC.

of Trust Company House

Trust Company Complex

Ajeltake Road, Ajeltake
Island

Majuro MH96960

Marshall Islands

 

		From:	CREDIT SUISSE AG

St. Alban-Graben 1-3

Basel CH-4002

Switzerland

7 June 2016

 

Dear Sirs

 

Loan Agreement dated 11 November 2014
(as amended and supplemented from time to time, the "Loan Agreement") made between (i) Box Ships Inc. as borrower (the
"Borrower") and (ii) ourselves as lender (the "Lender") in respect of a loan facility of (originally) up to
US$31,650,000

 

We refer to:

 

		(a)	the Loan Agreement;

 

		(b)	our letter dated 5 April 2016 where we set out a shortfall of $381,353.15 in the Retention Account;
and

 

		(c)	our letter dated 29 April 2016 where we set out a further shortfall of $381,353.15 in the Retention
Account.

 

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 any amending and restating documentation in respect of any contemplated restructuring of, or amendment to, the terms of the
Loan Agreement in the Agreed Form.

 

"Deferred Date" means
the date falling on the earlier of (i) 15 June 2016 and (ii) the date on which the Amendment Documentation is signed.

 

"Deferred Repayment Instalments"
mean:

 

		(a)	Tranche B Instalment, in the amount of $495,000; and

 

		(b)	Tranche C Instalment, in the amount of $355,000,

 

each due and payable
on the Effective Date.

 

"Effective Date" means
31 May 2016.

 

We also refer
to the recent discussions between us in which you have requested that the Lender consents with retrospective effect on and from
the Effective Date, to the deferral of the Deferred Repayment Instalments until the Deferred Date (the "Deferral").

 

     

     

    

 

		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 Lender hereby agrees to the Deferral on and 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 Borrower 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 unless otherwise provided
in any Amendment Documentation entered into on the Deferred Date, as the case may be.

 

		2	Representations and Warranties

 

		2.1	The Borrower hereby represents and warrants to the Lender that (a) the representations and warranties
contained in clause 9 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 Borrower enforceable in accordance with its terms.

 

		3	reservation of rights

 

		3.1	The Lender’s agreement contained in this Letter is expressly without prejudice to the continuing
rights of the Lender under the Loan Agreement and the other Finance Documents including, without limitation, rights in connection
with any Event of Default which may have occurred or may in the future occur.

 

		4	COUNTERPARTS

 

		4.1	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.

 

		5	LOAN AGREEMENT

 

		5.1	The Borrower hereby agrees with the Lender 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.

 

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

 

		6	notices

 

		6.1	Clause 27 (notices) of the Loan Agreement shall extend and apply to this Letter as if the same
were (mutatis mutandis) herein expressly set forth.

 

		7	Governing law

 

		7.1	This Letter shall be governed by and construed in accordance with English law and clause 29 (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	 
	CREDIT SUISSE AG	 
	(acting as Lender)	 
	 	 
	 	 
	Accepted and agreed	 
	 	 
	 	 
	for and on behalf of	 
	BOXSHIPS INC.	 

 

Dated 7 June 2016

 

    	 	3	 

     

    

 

We hereby confirm and acknowledge
that we have read and understood the terms and conditions of the above Letter and agree in all respects to the same and confirm
that the Finance Documents (as that term is defined in the Loan Agreement as amended and supplemented by the above Letter) to which
we are a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower
under the Loan Agreement and the other Finance Documents (each as amended and supplemented by the above Letter).

 

	 	 
	for and on behalf of	 
	TACITA OCEANWAY CARRIER CO.	 
	 	 
	Dated 7 June 2016	 
	 	 
	 	 
	for and on behalf of	 
	ALAQUA MARINE LIMTIED	 
	 	 
	Dated 7 June 2016	 
	 	 
	 	 
	for and on behalf of	 
	LAWRY SHIPPING LTD	 
	 	 
	Dated 7 June 2016	 

 

    	 	4

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