Poseidon Containers Holdings Corp, led by Greece’s George Giouroukos, has registered for a USD100 million initial public offering (IPO) and New York Stock Exchange listing under the ticker symbol ‘PCON’.
Poseidon currently owns 18 container ships (11 post-Panamaxes, 2 Panamaxes, 5 Handymaxes) with an aggregate capacity of 89,781 teu.
In addition, Poseidon has agreed to acquire four 8,063 teu container ships (two built in 2004, two in 2006) for USD219.2 million. All four have time charters in place ranging in length from 3.2 to 3.3 years.
The company is also in advanced discussions with unrelated third parties to purchase additional container ships in the 8,000-11,000 teu range. Furthermore, Poseidon will have the option to acquire related party Odyssia Containers Holding, which owns one 4,249 teu, 2012-built vessel, a 9,115 teu vessel delivered this year, and two remaining 9,115 teu newbuilds due for deliveries in the third quarter of 2015 (3Q15).
Net proceeds from the IPO would be used to purchase the four confirmed acquisition vessels and additional acquisition opportunities. Poseidon was founded by Giouroukos together with private equity groups Kelso & Company and Maas Capital Investments.