Global Ship Lease Announces Additional Two New Long-Term Charter Agreements
May 06 2019 - 8:30AM
Global Ship Lease, Inc. (NYSE:GSL) (“GSL” or the “Company”), a
containership charter owner, has agreed new five-year charters with
MSC for 8,667 TEU GSL Tianjin (built 2005) and OOCL Qingdao (built
2004), which are to be renamed MSC Tianjin and MSC Qingdao,
respectively. The new charters are expected to commence upon
redelivery of vessels by current charterers during the late second
quarter or early third quarter 2019 and are expected to generate
Adjusted EBITDA of approximately $25.6 million per vessel for the
median firm period.
George Youroukos, Executive Chairman of Global Ship Lease,
commented, “With these new five-year charters to MSC, GSL is taking
another major step forward in realizing the full benefits of the
supportive fundamentals for our high-specification containerships.
In a vessel class with zero orderbook, these charters demonstrate
the long-term appeal of our fuel-efficient, high reefer capacity,
low slot cost post-panamax vessels to a leading liner company. We
are confident that the underlying supply and demand trends that
have created this strong market remain fully intact, and we will
continue to seek opportunities to maximize the value of this market
for the benefit of GSL shareholders.”
Ian Webber, Chief Executive Officer of Global Ship Lease, added,
“Our ability to add more than $90 million of contracted EBITDA to
our backlog from new charters announced year-to-date and in rapid
succession demonstrates the significant value of our commercial
platform and the depth and breadth of our relationships across the
industry. These long-term cashflows provide us with excellent
forward visibility and further enhance our ability to optimize our
capital structure and pursue a lower cost of debt.”
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 weighted average remaining term of the charters
at March 31, 2019, including subsequent announcements and to
the mid-point of redelivery, including options under owners
control, was 3.0 years on a TEU-weighted basis. Contracted
revenue on the same basis is $826.3 million. Contracted
revenue is $891.1 million, including options under charterers
control and with latest redelivery dates, representing a weighted
average remaining term of 3.2 years.
Investor and Media Contact:The IGB GroupBryan
Degnan646-673-9701orLeon Berman212-477-8438
Global Ship Lease (NYSE:GSL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Global Ship Lease (NYSE:GSL)
Historical Stock Chart
From Sep 2023 to Sep 2024