Global Ship Lease, Inc, Poseidon Containers Holdings LLC and K&T Marine LLC (together "Poseidon Containers") announced that they have entered into a definitive merger agreement for a stock-for-stock transaction representing a total transaction value of over $780 million on an asset value basis to create a leading containership charter owner focused on mid-sized and smaller vessels. The combined company will have a fleet of 38 vessels with a total capacity of 198,793 TEU, an average fleet age weighted by TEU of 10.7 years, and contracted revenue of $528 million as of September 30, 2018. George Youroukos will join the Global Ship Lease, Inc., Global Ship Lease, Inc. and K&T Marine LLC Board of Directors as Executive Chairman, leading the management team where Ian Webber will continue as Chief Executive Officer and Tom Lister as Chief Commercial Officer. Tassos Psaropoulos, currently Chief Financial Officer of Poseidon Containers, will join management as Chief Financial Officer. The transaction, which does not require any approvals from the Company's shareholders, is subject to customary closing conditions and is expected to close in November 2018.