Global Ship Lease Announces New Charter at Increased Rate and Exercise of Extension Options
November 13 2018 - 4:16PM
Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership
charter owner, today announced a new time charter with ANL, a
wholly owned subsidiary of CMA CGM, for the 2003-built, 2,207 TEU
containership GSL Keta (formerly Delmas Keta). The new charter,
commencing on or around November 20, 2018, is for a period of
between seven and 10 months (at charterer’s option) at a rate of
$8,450 per day, up from $7,800 per day under the preceding charter.
The Company has also exercised options to extend the existing
charters of the 2002-built, 2,207 TEU Marie Delmas and Kumasi to
CMA CGM through December 31, 2019, at a rate of $9,800 per day. The
Company retains additional options, in its favor, to further extend
both charters through 2020.
Ian Webber, Chief Executive Officer of Global Ship Lease,
stated, “Our success entering into this new charter at a higher
rate highlights the firming fundamentals for mid-size and smaller
containerships. Furthermore, through both this new charter and the
exercise of two options at attractive rates, we are pleased to have
further expanded our contracted revenue backlog and consolidated
our relationship with the CMA CGM group.”
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 September 30, 2018, Global Ship Lease owned 19 vessels
with a total capacity of 85,136 TEU and an average age, weighted by
TEU capacity, of 13.7 years. All 19 vessels are fixed on time
charters, 17 of which are with CMA CGM. The average remaining term
of the charters at September 30, 2018 was 2.1 years or 2.4 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
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