Norton Rose Fulbright Advises on Significant Shipping Merger

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Highlights

  • Norton Rose Fulbright takes on the role of an advisor for a major transaction
  • The client has been identified as Global Ship Lease, US-listed containership charter owner
  • Creation of charter-adjusted fleet value of US$1.3 billion
  • Concentration on mid-sized and smaller containership segments
  • Global Ship Lease aims to expand its operations, enhance capacity and strengthen its market value

Introduction

The Global law firm Norton Rose Fulbright has taken on the role of an advisor for a major transaction for Global Ship Lease, a US-listed containership charter owner with administrative offices in London, in relation to its stock-for-stock merger with Poseidon Containers and K&T Marine LLC.

Increase in fleet capacity

The combination, which closed on November 15, 2018, will create a leading containership charter owner with a charter-adjusted fleet value of US$1.3 billion, principally in the mid-sized and smaller containership segments and a combined fleet of 38 containerships. The fleet will have a total capacity of 198,793 TEU, an average fleet age weighted by TEU of 10.7 years, and contracted revenue of approximately $720 million.

Significant milestone

Giles Brand, a partner in the London office of Norton Rose Fulbright, comments: “This is a significant transaction for Global Ship Lease, which allows the client to expand its operations, enhance capacity and strengthen its market position. It enables the client to double the size of its fleet, diversify and enlarge its portfolio of customers, improve its fleet age profile, reduce leverage, and significantly strengthens their ability to capitalize on compelling growth opportunities. Norton Rose Fulbright’s global capabilities were deployed very effectively to enable our client to conclude this transaction successfully”.

Partners involved

The Norton Rose Fulbright team was led by partner Giles Brand (London), with assistance from partners Victoria Birch, Milana Chamberlain, Ian Giles, Richard Howley, Philip Roche (London); Brian P Devine (New York); Jonathan Silver (Hong Kong), counsel Kassandra Savicki (New York), senior associate Emma Humphries (London), and associates Olivia Cullen, Caitlin Forsyth, Constantine Markides, Alexandra Mikelis, Nicholas Papadopoulos, and Sam Tappenden (London).

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Source: Norton Rose Fulbright

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