These were basically chartered at fair market. I don't think it's accurate to net out the preferred redemption in the calculation. If you remember the original registration statement, exercise of the original Marathon Acquisition / GSL warrants were slated to redeem the preferred shares from CMA CGM. Some of those warrants were exercised, and the proceeds were being held in restricted cash. They would have been redeemed in 2016, but essentially the cash was spoken for. What GSL did was basically give them the cash early. What does GSL really forego? Interest earned on the $3M. In today's markets that amounts to very little. Yet, it is clear that CMA could use cash from wherever. GSL basically accelerated an eventuality and it's not like GSL could have used the cash for other purposes. To me it's a "meh" event.
The charter rates were pretty much baked into the equation as have been discussed here and on the conference calls. Not really much that was surprising in the release, IMO.