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  • edgetrader2001 edgetrader2001 Jul 26, 2012 5:47 PM Flag

    Recharter press release - 8 months

    Now that the 8-K is filed with the charter renewal agreements, a few things have become clearer.
    http://www.sec.gov/Archives/edgar/data/1430725/000119312512314362/d385470d6k.htm

    First, the charters were renewed under an "owner's option" whereby the owner (GSL) could exercise the option to renew the charter at CONTEX index (for 4200 TEU vessel, 12 month charter) at the index less 15%. Another analyst pointed out that the discount was due to the age of the vessels and the amount of reefer plugs. The "price" of the option, was the redemption of the preferreds. Second, as this other analyst also pointed, the redeemed preferreds will save us a nominal amount in dividends annually.

 
GSL
5.17-0.53(-9.30%)2:15 PMEDT