Poseidon Containers Holdings Files to Go Public

NEW YORK ( TheDeal) -- Kelso & Co.-backed Poseidon Containers Holdings on Monday, June 15, filed for an initial public offering.

The shipping company said 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.

In its F-1 filing, Athens, Greece-based Poseidon said it plans to apply to list its shares on the New York Stock Exchange under the symbol PCON.

Other PE-backed shipping companies that have recently filed to go public include Gener8 Maritime, which filed on May 22, and Overseas Shipholding Group, which filed on May 4. Gener8 and Overseas Shipholding are oil tanker operators. Poseidon, for its part, owns and operates container ships.

Poseidon's initial fleet of 18 container ships include 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.

"In addition, at or prior to the closing of this offering, we will receive the option to purchase, at any time on or before October 31, 2015, all of the ownership interests in Odyssia Containers Holdings," Poseidon said. Odyssia is one of Poseidon's common control entities.

Poseidon Containers is led by CEO George Giouroukos.

The company started business operations in December 2010 through its predecessor companies, Poseidon Containers Group, which were vessel-owning and non-vessel owning subsidiaries of Poseidon Containers Holdings. PCH was founded by Giouroukos, Kelso and Maas Capital Investments.

In the first three months of 2015, Poseidon had operating revenue of $22 million, a net loss of $1.8 million and an adjusted Ebitda of $9.6 million, compared to operating revenue of $29.9 million, net income of $5.8 million and adjusted Ebitda of $16.2 million in the same period a year ago.

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