Global Ship Lease Credit Rating Upgraded to BB- by S&P Global Ratings
August 20 2021 - 8:30AM
Global Ship Lease, Inc. (NYSE:GSL) (the “Company”) announced today
that S&P Global Ratings (“S&P”) has raised the Company’s
long-term issuer credit rating to BB- from B+, with a stable
outlook, on the basis of its larger scale, increased
diversification, enhanced contract coverage, expectation that
favorable charter rate conditions will continue, and forecast of
solid EBITDA performance and positive free cash flow generation.
George Youroukos, Executive Chairman of Global
Ship Lease, commented, “This upgrade from S&P is yet another
major affirmation of GSL’s significantly improved financial and
strategic position, driven fundamentally by our success in securing
a very high level of immediately accretive, charter-attached growth
in a highly supportive market. In addition to the transformative
growth of our fleet and earnings power, we have capitalized on this
record-setting market strength to extend charters across our fleet
for multi-year durations at rates considerably higher than prior
charters, and have actively managed our balance sheet to drive down
our cost of debt and dramatically improve our leverage profile. Our
proven strategy and clear earnings visibility, combined with highly
favorable market conditions that look set to persist for some time,
position us well to continue executing our growth strategy in a way
that strengthens Global Ship Lease on all fronts.”
Additional information regarding Global Ship
Lease’s rating can be found in the press release
dated August 20, 2021 on the S&P website at
spglobal.com.
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 fixed-rate charters
to top tier container liner companies. It was listed on the New
York stock Exchange in August 2008.
As at August 5, 2021, Global Ship Lease owns 61
containerships, ranging from 1,118 to 11,040 TEU, and has
contracted to purchase a further four ships, for a total fleet of
65 ships with an aggregate capacity of 342,378 TEU. 32 ships are
wide-beam Post-Panamax.
Adjusted to include all charters agreed, and
ships contracted to be purchased, up to August 4, 2021, the average
remaining term of the Company’s charters as at June 30, 2021, to
the mid-point of redelivery, including options under the Company’s
control and other than if a redelivery notice has been received,
was 2.5 years on a TEU-weighted basis. Contracted revenue on the
same basis was $1.37 billion. Contracted revenue was $1.61 billion,
including options under charterers’ control and with latest
redelivery date, representing a weighted average remaining term of
3.1 years.
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
Degnan646-673-9701or Leon Berman 212-477-8438
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