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Tuesday, June 25, 2019

Maritime Logistics Professional

June 18, 2015

Poseidon to Go Public

Image: New York Stock Exchange

Image: New York Stock Exchange

 Poseidon Containers Holdings, a private equity backed containership operator with an initial fleet of 18 vessels, has filed for an initial public offering. 

It plans to raise $100 million, which is likely only a placeholder as Poseidon has not specified the number of shares to be offered or the price range. 
Greece-based Poseidon said it plans to apply to list its shares on the New York Stock Exchange under the symbol PCON. 
Poseidon's initial fleet of 18 container ships includes five Handymax vessels, two Panamax vessels and 11 Post-Panamax vessels. 
The company said in the filing it has contracted to acquire four vessels from unrelated parties for a total purchase price of $219.2 million. 
"Further, we are currently in advanced discussions with unrelated third-parties to acquire additional high specification or new design, fuel-efficient container ships, with carrying capacities of 8,000 to 11,000 TEU (twenty-foot equivalent unit)," Poseidon said. 
Other PE-backed shipping companies that have recently filed to go public include Gener8 Maritime, and Overseas Shipholding Group  Gener8 and Overseas Shipholding are oil tanker operators.  
Overseas Shipholding Groupcontainership operatorGreece