Global Ship Lease Announces New Time Charter with CMA CGM
October 19 2017 - 4:15PM
Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner,
today announced that it has agreed to a new time charter with CMA
CGM for an 8,063 TEU containership, the 2005-built OOCL Tianjin,
which will be renamed GSL Tianjin. The vessel will be chartered for
a period of three to eight months (at the charterer's option) at a
fixed rate of $13,000 per day, commencing immediately upon
re-delivery from its current charter on or around October 25, 2017.
Ian Webber, Chief Executive Officer of Global Ship Lease,
commented, "We are pleased to have secured continued
employment for the Tianjin on an EBITDA positive basis with one of
the most active charterers in the market, CMA CGM. We also
appreciate the close cooperation of both the current charterer,
OOCL, and CMA CGM in ensuring a seamless transition directly from
one time charter to the next, with no intervening downtime. Coming
off of its initial sale-and-leaseback charter with OOCL, the vessel
will now be fixed at a profitable rate, which is reflective of
market conditions, throughout the weaker winter months without
compromising our ability to re-enter the strengthening market
during a more seasonally advantageous period. By continuing to
focus on maintaining full fleet employment with top-tier
counterparties, we believe that Global Ship Lease is well
positioned to generate sustainable long-term cashflows for our
shareholders and to benefit from the ongoing improvements in the
market for mid-sized and smaller containerships.”
About Global Ship Lease
Global Ship Lease is a containership charter
owner. Incorporated in the Marshall Islands, Global Ship Lease
commenced operations in December 2007 with a business of owning and
chartering out containerships under mainly long-term, fixed-rate
charters to top tier container liner companies.
Global Ship Lease owns 18 vessels with a total
capacity of 82,312 TEU and an average age, weighted by TEU
capacity, at August 31, 2017 of 12.7 years. All 18 vessels are
currently fixed on time charters, 15 of which are with CMA CGM. The
average remaining term of the charters at August 31, 2017 is 3.1
years or 3.4 years on a TEU weighted basis, taking into account the
two charter extensions announced on September 11, 2017 and the new
charter for Tianjin.
Forward-Looking Statements
This press release contains forward-looking
statements. Forward-looking statements provide the Company's
current expectations or forecasts of future events. Forward-looking
statements include statements about the Company's expectations,
beliefs, plans, objectives, intentions, assumptions and other
statements that are not historical facts. Words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect,"
"intend," "may," "ongoing," "plan," "potential," "predict,"
"project," "will" or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. Forward-looking statements are
subject to known and unknown risks and uncertainties and are based
on potentially inaccurate assumptions that could cause actual
results to differ materially from those expected or implied by the
forward-looking statements. Actual results could differ materially
from those expressed or implied by the forward-looking statements
as a result of various factors, including the factors described in
"Risk Factors" in the Company's Annual Report on Form 20-F and the
factors and risks the Company describes in subsequent reports filed
from time to time with the U.S. Securities and Exchange
Commission. New risks can emerge from time to time, and it is
not possible for the Company to predict all such risks, nor can the
Company assess the impact of all such risks on its business or the
extent to which any risks, or combination of risks and other
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Accordingly, you
should not unduly rely on these forward-looking statements, which
speak only as of the date of this press release. The Company
undertakes no obligation to publicly revise any forward-looking
statement to reflect circumstances or events after the date of this
press release or to reflect the occurrence of unanticipated
events.
Investor and Media Contact:The IGB GroupBryan
Degnan646-673-9701orLeon Berman212-477-8438
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