• 2018 November 16 13:10

    Global Ship Lease completes strategic combination with Poseidon Containers

    Global Ship Lease, Inc. , and Poseidon Containers Holdings LLC and K&T Marine LLC (together “Poseidon Containers”), announced today that they had closed the previously announced stock-for-stock merger between the Company and Poseidon Containers and opportunistically refinanced $228.8 million of Poseidon Containers’ secured bank debt, crystalizing a debt reduction of $48.2 million. The combined company will have a fleet of 38 vessels with a total capacity of 198,793 TEU, and, as of September 30, 2018, an average fleet age weighted by TEU of 10.7 years, and with the recently announced new charters, contracted revenue of approximately $720 million.

    All conditions precedent were met and the Company closed on its stock-for-stock merger with Poseidon Containers. Under the terms of the merger agreement, the Company issued 24.045 million shares of Class A common stock and 0.250 million shares of Series C perpetual preferred stock, which are convertible in limited circumstances into an aggregate of 103.642 million shares of Class A common stock. Affiliates of Kelso & Company L.P. are the sole holder of the convertible preferred stock, which is not entitled to any preferred dividend payments other than any dividend which might be payable to common shareholders and represents approximately 49.2% of the voting power and approximately 56.4% of the economic interest in the Company. In aggregate, the owners of Poseidon Containers own approximately 69.5% of the economic interest of the Company. The Board of Directors of Global Ship Lease was expanded to eight directors, of whom two were nominated by Poseidon, and three, including two independent directors, were nominated by GSL. The remaining three independent directors have been selected jointly.

    The closing of the merger creates a market leader with an asset base of more than $1.3 billion.




2019 June 19

18:14 Port of Southampton signs sister port agreement with PortMiami
18:05 Unique Wärtsilä fresh water production system offers one ton per day fuel savings
17:51 Continued rail investment at the Port of Southampton accelerates air quality improvements
17:28 PGNiG confirms production potential of Poland’s largest gas field
17:03 IMRF announces new Board of Trustees
16:40 Small-size missile ship Orekhovo-Zuyevo, Black Sea Fleet, completes tasks in the Mediterranean Sea
16:02 Hapag-Lloyd announces GRI from Asia to East Coast South America
15:39 Vympel Shipyard launched first Grachonok-class special purpose boat for Federal National Guard Troops Service
15:02 Black Sea Mediterranean Express (BMX Service) Additional Gemlik Call
14:43 Baltic Workboats announces delivery of 100m fully electric ferry
14:21 RS participates in Global Fishery Forum
14:02 MOL and Japanese shipyards design Next Generation Coal carrier 'EeneX'
13:45 Igor Sharkov appointed Director of FESCO Branch Office in Vladivostok
13:26 FESCO opens seasonal transportation to ports of Chukotka
13:02 Van Oord awarded large contract for Mozambique LNG project
12:34 NIBULON Shipbuilding and Repair Yard starts constructing vessels of new project
12:12 ICS meets in Faroe Islands
11:58 Frigate Admiral Gorhskov of RF Navy's Northern Fleet sails through Panama Canal
11:37 Ship inspection platform Idwal urges investors to carry out due diligence on asset condition as standards decline
11:19 WMU signed MOU with Higher Institute of Maritime Studies, Morocco
11:12 Damen signs Phase II contract with International Organization for Migration for nine additional SAR 1906 search and rescue boats
10:55 ABB wins system package with Keppel for dredging contractor Van Oord
10:33 Lavna coal terminal to reach design capacity of 18 million tonnes in 2022
10:00 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia (graph)
09:38 MABUX: Bunker Market this morning, June 19
09:32 Brent Crude futures price is up 0.03% to $62.16, Light Sweet Crude – up 0.22% to $54.23
09:15 Baltic Dry Index is up to 1,135 points

2019 June 18

18:36 Spotlighting IMO's actions on climate change
18:31 Transborders Energy signs joint study agreement with Kyushu Electric Power for FLNG Solution
18:06 Kim Heng Offshore & Marine Holdings signs MoU with HHC and Thaitan
18:03 Container service boost at Bristol Port
17:53 IMO and UN Environment – working together to keep the Mediterranean clean
17:36 ZIM introduces myZIM Personal Notifications
17:21 Incat launches a new 111-metre ferry for Spain
17:06 Hapag-Lloyd announces General Rate increase from Japan to Middle East
16:42 Nor-Shipping 2019 sets new records
16:20 Fincantieri and CNR present the results of six multidisciplinary research projects
16:04 Atlantic Towing buys Havyard 833 WE – build no 126
15:25 Live stream of IWW passenger transportation meeting, part of SmartTRANSPORT, starts on IAA PortNews website at 10:00, June 21
15:04 Port of Oakland approves Seaport Air Quality 2020 and Beyond Plan
14:33 Carnival Mardi Gras cruise ship hull assembly begins at Meyer Turku shipyard
14:02 Hapag-Lloyd announces FAK from East Asia to Europe and Mediterranean
13:30 Port of Singapore bags “Best Seaport in Asia” for 31st time and also “Best Green Seaport”
13:02 Major shipping banks to launch the Poseidon Principles in line with IMO’s Greenhouse Gas strategy
12:41 Russia's Main Department of State Expertise approves revised project for Phase 1 of dry bulk terminal in Taman
12:28 Bunker prices show slight changes at the Far East ports of Russia (graph)
12:24 Jan De Nul secures Formosa 2 OWF contract in Taiwan and underlines its expansion in Asian OWFs
12:05 AtoB@C starts to offer port towage and related services in Port of Raahe
11:39 East-Siberian Inland Navigation Company launches bunkering tanker of Project RT37 for Baikal
11:16 Regional Manager Simon Neo set to leave IBIA
10:52 IBIA board member elected President of the Panama Maritime Chamber
10:47 NAVTOR integrates environmental regulations into voyage planning with Total Marine Solutions MOU
10:27 Maritime spatial planning in the Baltic Sea region easier with BASEMAPS
09:53 Brent Crude futures price is down 0.05% to $60.91, Light Sweet Crude – down 0.1% to $51.88
09:35 MABUX: Bunker Market this morning June, 18
09:15 Baltic Dry Index is up to 1,093 points

2019 June 17

18:24 USCG saves six people, tows disabled vessel in Port Etches
17:59 Denis Krylov appointed General Director of Gazpromneft-Sakhalin
17:28 China and South Korea agree on ballast water exchange rules
17:04 Mermaid Maritime borrows a loan of USD 65 mln to extend the financing of two vessels