Global Ship Lease Announces Agreement to Acquire 2,800 TEU Containership
March 01 2018 - 4:15PM
Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner,
today announced that it has agreed to acquire a 2005-built, 2,800
TEU containership for a purchase price of $11.3 million. Following
delivery, which is expected to be during the second quarter of 2018
once the existing charter terminates, the vessel will be renamed
and will commence charter employment with CMA CGM for a period of
12 months at a fixed rate of $9,000 per day. With this addition,
the Company’s fleet will comprise 19 vessels with a total capacity
of 85,112 TEU.
Ian Webber, Chief Executive Officer of Global Ship Lease,
commented, “We are pleased to have expanded our fleet in a
strengthening market with the acquisition of this
high-specification vessel at an attractive price. By utilizing both
our strong balance sheet and our well-established commercial
relationships, we were able to confidently pursue the acquisition,
having already secured the vessel’s subsequent employment with a
top-tier counterparty at an EBITDA positive level. We remain
optimistic for the continued tightening of the supply/demand
balance for mid-sized and smaller vessels, and we will continue to
pursue attractive, immediately accretive acquisition opportunities
for the benefit of 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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