Flemming Jacobs to run GSL - new CMA CGM-invested box ship venture

FORMER AP Moller partner and one-time-NOL boss Flemming Jacobs is expected to become chairman of Global Ship Lease (GSL) while ex-CP Ships CFO Ian Webber becomes its CEO when the company gets under way after listing later this month on the New York Stock Exchange.

GSL is the result of CMA CGM selling part of its fleet. The new company, registered in the Marshall Islands is based in London, according to a filing with the US Securities and Exchange Commission. It is expected to raise US$350 million and have a total of US$1 billion behind when it commences operations.

The new company will own 12 ships, totalling 36,322-TEU, according to a Lloyds List report with another four older vessels and one newbuild added later. Ships will vary in size from 2,207-10,960 TEU, the report said.

All of these are to be leased to CMA CGM, for initial terms of between five and 17 years, but the goal is to broaden the portfolio to cover ships chartered to a number of different lines.

GSL's chief financial officer will be Susan Cook and Thomas Lister is to be chief commercial officer. Ib Fruergaard will be on the board. All senior officers have long experience in shipping.

CMA CGM, the world's third largest liner company will hold 30 per cent of the outstanding common shares in GSL after selling a portion of its fleet to the new venture. The cost of the initial fleet is $573 million, to be financed by a 3.3 million share sale to CMA CGM, plus $335 million from borrowings.