Global Ship Lease Announces Extension of Charter with OOCL
February 20 2018 - 4:15PM
Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner,
today announced that it has agreed to an extension of its charter
with OOCL for the OOCL Qingdao, a 2004-built, 8,063 TEU
containership. The extension commences in direct continuation of
the current charter with effect from March 11, 2018, at a fixed
rate of $14,000 per day. Earliest redelivery is now January 1,
2019, with latest redelivery March 15, 2019 (at charterer's
option).
Ian Webber, Chief Executive Officer of Global Ship Lease,
commented, “We are pleased to have secured a charter extension for
the OOCL Qingdao that demonstrates both our strong relationship
with OOCL and an improving market for our fleet of mid-sized and
smaller containerships. With a robust balance sheet, predictable
cash flows, and a reputation as an owner and operator of
high-quality containerships, we believe Global Ship Lease is
well-positioned to create additional value for shareholders.”
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 at December 31, 2017 is 2.8
years or 3.2 years on a weighted basis, taking into account the
charter extensions recently agreed for GSL Tianjin and OOCL
Qingdao.
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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