The transaction values GSL and its 17 vessels at approximately US$1 billion.
Global Ship Lease (“GSL”), currently a subsidiary of the CMA CGM group, and Marathon
Acquisition Corp. (“Marathon”) announced that Marathon’s stockholders approved the transaction
to merge GSL with Marathon. The resulting company will have the name “Global Ship Lease” and
will be listed on the NYSE. Following the merger, CMA CGM will own approximately 23% of GSL.
Marathon anticipates that the merger will close on August 13, 2008 or August 14, 2008, subject to
the satisfaction of customary closing conditions.
The transaction values GSL and its 17 vessels, with a total capacity of 66,297 TEU* and an
average age of 5.5 years, at US$ 1 billion. The vessels sold will remain chartered for an average
term of approximately 11 years at a very competitive rate and will continue to be operated by
CMA CGM on its routes.
“This 1 billion dollar transaction is a first in the container shipping industry. The sale of these
vessels generates new financing capacities for CMA CGM, enabling the group to improve its
ratios. In addition, this transaction will enable the creation of a new charter company in the
container shipping industry”, said Jean-Yves Schapiro, Deputy Managing Director of CMA CGM,
in charge of finance.
What is GSL?
Global Ship Lease will be a newly public company in the vessel chartering business. GSL will
purchase container ships, both new and secondhand, in order to set up vessel charter
agreements with container shipping companies like CMA CGM.
Which vessels has CMA CGM sold to GSL?
Eight 2,200-TEU vessels on the Europe-West Africa and Europe-Australia lines
Two 4,100-TEU vessels on the Transpacific line
Three 4,000-4,300-TEU vessels on the Asia-US East Coast and Europe-India lines
Two 5,100-TEU on the Asia-Mediterranean line
One 6,600-TEU vessel on the Asia-Europe line
One 11,000-TEU vessel order for the Asia-Europe line
On which stock exchange will GSL be listed?
Global Ship Lease will be listed on the New York Stock Exchange (NYSE) under the symbol
“GSL”.
* TEU: twenty-About CMA CGM foot equivalent unit
About CMA CGM
Led by its founder Jacques R. Saadé, CMA CGM is currently the world’s third largest container shipping Group and is ranked number one in France. Operating a fleet of 377 vessels, including 101 company-owned, the Group serves 400 ports around the world. In 2007, it carried more than seven million TEUs (twenty-foot equivalent units). With a presence on all continents and in 150 countries through its network of 600 agencies, the Group employs 16,000 people worldwide, including 4,200 in France.Press Contact: media@cma-cgm.com