ONE buys additional stake in Poseidon Corp.

Container line Ocean Network Express Pte. Ltd. (ONE) said it had struck a deal to buy an additional stake in Poseidon Corp. (Poseidon) from certain existing shareholders.

Poseidon is the ultimate holding company of Seaspan Corporation (Seaspan), a large non-operating owner of containerships.

Upon the successful closing of these transactions, ONE’s total ownership stake in Poseidon will increase to 48.9%.

Jeremy Nixon, chief executive officer of ONE, commented: “Since our initial investment in 2023, Seaspan has achieved remarkable growth as the world’s leading tonnage platform. We are pleased to acquire this additional stake in Poseidon, which fully aligns with our ONE 2030 strategic growth plan.”

The completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals.

Meanwhile, Canadian holding company Fairfax Financial Holdings Limited said on Tuesday it had agreed to sell a portion of its interest in Poseidon Corp.

The shares are being sold by Fairfax by way of separate agreements to an existing shareholder of Poseidon that has determined to increase its ownership interest in Poseidon and two new strategic investors.

“Poseidon has done incredibly well under the outstanding management of David Sokol and Bing Chen, and we are happy to retain a significant equity stake in the company as it brings on new strategic partners, joining Ocean Network Express, to help continue to grow Poseidon as a world-leading independent maritime asset owner and operator,” said Prem Watsa, chairman and chief executive officer of Fairfax Financial Holdings Limited.

Headquartered in Singapore, ONE operates a fleet of over 260 vessels with a capacity exceeding 2 million TEUs. Through its extensive global network, ONE provides container shipping services to over 120 countries.