Global Ship Lease Secures Additional Charter Coverage and Adds Maersk Line to Charterer Portfolio
September 20 2018 - 4:15PM
Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership
charter owner, today announced a new time charter with Maersk Line
for the 2004-built, 8,063 TEU containership OOCL Ningbo, which has
been renamed GSL Ningbo, following her redelivery by OOCL on
September 17, 2018. The vessel will be chartered, commencing on or
around September 21, 2018, for a period of between two and 12
months, with a subsequent option for an additional 12-month
extension (at charterer’s option). During the first three months,
the charter is at a rate of $11,500 per day; during months four to
six, at $12,100 per day; during months seven to 12, at $12,400 per
day; and during the subsequent 12-month option period, at $18,000
per day.
The Company also announced that it has agreed to an
extension of its charter with CMA CGM for the 2002-built, 2,207 TEU
containership Julie Delmas, which has been renamed GSL Julie. The
extension will commence in direct continuation of the existing
charter with effect from October 26, 2018, maintaining the current
rate of $7,800 per day. The extended term runs through January 20,
2019 to March 20, 2019 (at charterer’s option).
Ian Webber, Chief Executive Officer of Global Ship
Lease, stated, “While ongoing trade tensions continue to impact
sentiment in the sector, we are pleased to have secured full
charter coverage for our fleet while incurring minimal vessel
downtime. We are also delighted to have further diversified our
counterparty portfolio with the addition of Maersk, the world’s
largest container liner company.”
Mr. Webber continued, “We remain confident in the
strong long-term fundamentals for mid-sized and smaller
containerships, driven by a limited orderbook and the continuing
expansion of the non-mainlane trades that are heavily reliant upon
these workhorse vessels. With the support of our substantial
contracted cashflows, our strong balance sheet, and our recently
announced $65 million growth facility, GSL is well positioned to
seize attractive growth opportunities currently available in the
market.”
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.
As of July 1, 2018, Global Ship Lease owned 19
vessels with a total capacity of 85,136 TEU and an average age,
weighted by TEU capacity, of 13.5 years. All 19 vessels are fixed
on time charters, 17 of which are with CMA CGM. The average
remaining term of the charters at July 1, 2018 was 2.4 years or 2.7
years on a weighted basis.
Safe Harbor Statement
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. These forward-looking statements
are based on assumptions that may be incorrect, and the Company
cannot assure you that the events or expectations included in these
forward-looking statements will come to pass. 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. 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
Global Ship Lease (NYSE:GSL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Global Ship Lease (NYSE:GSL)
Historical Stock Chart
From Apr 2023 to Apr 2024