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Poseidon Containers seeks US$100 million in IPO to buy box ships

ATHENS-based containership charterer Poseidon Container Holdings Corp has filed a preliminary prospectus for an initial public offering of up to US$100 million in stock. 

The proceeds of the IPO will be used to help fund the acquisition of four 8,063-TEU ships for $219.2 million, reported American Shipper.



"We believe that now is an opportune time to acquire modern, high-specification, containerships with carrying capacities of between 1,000 and 11,000 TEU," the company said in its S-1 filing with the US Securities and Exchange Commission.



"According to Drewry, liner companies are exhibiting a preference for fuel-efficient, wide-beam containerships because they achieve lower fuel consumption, provide benefits of fuel savings, have the capability to carry more containers than vessels of narrower beam and have the flexibility to serve a wide range of ports worldwide, offering economies of scale and greater employment opportunities."



Poseidon said it plans to "increase the size of our fleet through timely and selective acquisitions of additional containerships with similar specifications, in a manner that we believe will create long-term shareholder value".



Its current fleet of 18 ships are all on charter. They were built between 1996 and 2013 and range in size from 2,506 TEU to 6,927 TEU.
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