Agreement of fusion undersigned from Global Ship Lease and Poseidon Containers



The Global American Ship Lease (GSL) has signed a binding agreement and definitive of fusion with the Greek Poseidon Containers, company that a year it makes had signed a not binding letter of attempts with the Euroseas compatriot in order to estimate the possibility to carry out an analogous operation(on 2 October 2017).

Global Ship Lease has been born in May 2007 through an operation of spin-off realized from the French shipowning group CMA CGM, that 44.4% of the share capital are currently the greater shareholder of the GSL stopping some, and is owner of a fleet of 19 portacontainer of the medium age 13,7-year-old for a total cargo ability of 85 thousand teu, of which 17 ships rented to same CMA CGM. Poseidon Containers has begun the activity at the end of 2010 and has a fleet constituted also it from portacontainer of medium the 19 age 8,5-year-old for a cargo ability total of 114 thousand teu, ships all mail rental near other companies.

The operation of fusion, agreed also with the Kelso & Company, society of private newyorkese equities that is shareholder of the Poseidon Containers, will be carried out through a public offer of exchange whose total value is estimated of beyond 780 million dollars. Al term of the operation, than is previewed will be put into effect within the next month, the shareholders of Poseidon Containers will stop 69.5% about of the capital of the new society, while 30.5% will be of property of the shareholders of the GSL. The society will be presided by George Youroukos, founder of the Poseidon Containers. The managing director will be Ian Webber, current CEO of the GSL; commercial director will be Tom Lister, current commercial financial director and of the GSL, and financial director will be Tassos Psaropoulos, than currently he covers the same charge in the Poseidon Containers.

The new society will have a fleet of 38 ships of the medium age 10,7-year-old for an ability total of 199 thousand teu and will have of previewed revenues pairs to 528 million dollars on the base of contracts of chartering in being signed within on 30 September.

While Global Ship Lease, that it is quoted to the Stock exchange of New York, has archived item the third trimester of 2018 with revenues pairs to 35,9 million dollars, with a decrease of the -13,0% on the same period last year. The operating profit is piled to 15,3 million dollars (- 23.3%) and the profit clearly to 4,6 million dollars (- 52.0%). In the first nine months of this year GSL it has totaled revenues pairs to 107,0 million dollars, with a decrease of the -11,7% on the correspondent period of 2017, has recorded an operating profit of 45,9 million dollars (- 19.2%) and a profit clearly of 14,4 million dollars (- 42.0%).