Greek containerships owner Danaos buys remaining 51% stake in Gemini JV

The consolidation of the joint venture will increase Danaos’ contracted revenue by around $160 million as well as its contracted EBITDA by around $117 million in total, the Greek company said in a press release earlier this month.

Gemini operates a fleet of five containerships, with an aggregate capacity of 32,531 twenty-foot equivalent units (TEU).

The joint venture was set up in 2015 and was beneficially owned by Danaos and Virage International Ltd, an entity controlled by Danaos’ largest shareholder DIL. Danaos' initial 49% ownership interest in Gemini was acquired through an investment of $7.35 million.

Under the joint venture agreement, Danaos was granted the right to purchase the remaining equity interest in Gemini at any time after December 31, 2018, or earlier if permitted under its credit facilities.

Danaos has a fleet of 65 containerships aggregating 403,793 TEUs, including the five vessels owned by Gemini. The company is listed on the New York Stock Exchange and has a current market capitalisation of about $1.5 billion.

Its largest stockholder DIL is an entity affiliated with its CEO John Coustas, whose father Dimitris Coustas founded Danaos Shipping Co Ltd in 1972.

($= 1.18 euro)