Global Ship Lease Announces Two New Long-Term Charter Agreements
April 30 2019 - 8:30AM
Global Ship Lease, Inc. (NYSE:GSL) (“GSL” or the “Company”), a
containership charter owner, has agreed minimum 21-month / maximum
24-month charters with Zim for the 2000-built, 5,936 TEU
containerships Dimitris Y and Ian H. The new charters are expected
to commence in June and July 2019, in direct continuation of their
current charters, and to generate approximately $4.4 million of
adjusted EBITDA per vessel for the median firm period.
George Youroukos, Executive Chairman of Global Ship
Lease, commented, “Amid strong demand for our high-specification
post-panamax containerships, we are making important progress in
securing long-term employment across our fleet, locking in
multi-year cash flows in our structurally undersupplied vessel
classes. Our leading commercial capabilities enable us to capture
attractive charters, ensuring that GSL is in position to reap the
full benefits of the ongoing charter market recovery.”
Ian Webber, Chief Executive Officer of Global Ship
Lease, added, “Following the recent re-chartering of the Tasman, we
are pleased to announce these new charters to which the Dimitris Y
and Ian H will transition seamlessly, incurring no downtime. Our
success in consistently concluding attractive charters provides us
with additional forward visibility on strong, multi-year
cashflows.”
About Global Ship Lease
Global Ship Lease is a leading independent
owner of containerships with a diversified fleet of mid-sized and
smaller containerships. 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. On November 15, 2018, it
completed a strategic combination with Poseidon
Containers.
Global Ship Lease owns 38 containerships
ranging in size from 2,207 to 11,040 TEU, nine of which are fuel
efficient new-design wide beam vessels, with a total capacity of
200,615 TEU. The fleet’s average age, weighted by TEU capacity, was
11.3 years as at March 31, 2019.
The average remaining term of the charters
at March 31, 2019, including subsequent
announcements, was 2.6 years on a TEU-weighted basis.
Investor and Media Contact:The IGB GroupBryan
Degnan646-673-9701orLeon Berman212-477-8438
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