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Danaos buys 3 containerships via new joint venture Gemini Shipholdings
NEW YORK-listed and Athens-based Danaos Corp has acquired three second-hand container ships, through Gemini Shipholdings, a newly-formed joint venture, Gemini Shipholdings, between the company and its founder, John Coustas.
The new company is 49 per cent owned by Danaos, which paid US$7.4 million for its stake, and Dr Coustas, who owns 51 per cent, according to IHS Maritime 360.
The three containerships were acquired at "attractive discounts to market values", said Danaos, and the three vessels are the 6,422-TEU, 2001-built NYK Lodestar; the 5,610-TEU, 2002-built Suez Canal; and the 5,544-TEU, 2002-built Genoa.
The NYK Lodestar was acquired from NYK and has been chartered back to the Japanese carrier for two years "at an above-market rate", the company said. Both the Suez Canal and Genoa were taken by Gemini on seven-year bareboat charters with a purchase obligation at the end of the employment period.
Danaos has the right to purchase the remaining 51 per cent interest in Gemini at fair market value after 31 December 2018, or earlier if its credit agreements permit.
According to Mr Coustas, the Gemini joint-venture structure "will allow Danaos to resume its growth strategy as weakness in the containership market presents compelling value". He emphasised that the Gemini platform allows for acquisitions "without diluting our shareholders".
The new company is 49 per cent owned by Danaos, which paid US$7.4 million for its stake, and Dr Coustas, who owns 51 per cent, according to IHS Maritime 360.
The three containerships were acquired at "attractive discounts to market values", said Danaos, and the three vessels are the 6,422-TEU, 2001-built NYK Lodestar; the 5,610-TEU, 2002-built Suez Canal; and the 5,544-TEU, 2002-built Genoa.
The NYK Lodestar was acquired from NYK and has been chartered back to the Japanese carrier for two years "at an above-market rate", the company said. Both the Suez Canal and Genoa were taken by Gemini on seven-year bareboat charters with a purchase obligation at the end of the employment period.
Danaos has the right to purchase the remaining 51 per cent interest in Gemini at fair market value after 31 December 2018, or earlier if its credit agreements permit.
According to Mr Coustas, the Gemini joint-venture structure "will allow Danaos to resume its growth strategy as weakness in the containership market presents compelling value". He emphasised that the Gemini platform allows for acquisitions "without diluting our shareholders".
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