Global Ship Lease Announces Extension of Charter with CMA CGM
January 16 2018 - 8:30AM
Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner,
today announced that it has agreed to an extension of its charter
with CMA CGM for the GSL Tianjin, a 2005-built, 8,063 TEU
containership. The vessel will be chartered for a period of eight
to twelve months (at the charterer's option) at a fixed rate of
$11,900 per day, commencing in direct continuation from its current
charter on January 26, 2018.
Ian Webber, Chief Executive Officer of Global Ship Lease,
commented, "We are pleased to have secured this extension with CMA
CGM for the continued employment of the GSL Tianjin. We look
forward to maintaining our strong relationship with CMA CGM, our
largest shareholder and the third largest liner company in the
world, and to benefitting over time from the improving long-term
fundamentals 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 December 31, 2017 of 13.0 years. All 18 vessels are
currently fixed on time charters, 16 of which are with CMA CGM. The
average remaining term of the charters, including extension options
in our favor, at December 31, 2017 is 2.8 years or 3.1 years on a
weighted basis, taking into account the charter extension agreed
for GSL 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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