Global Ship Lease Announces Participation in Carbon Capture Initiative
May 12 2022 - 9:05AM
Global Ship Lease, Inc. (NYSE:GSL) (the "Company") today announced
its participation in a carbon capture initiative led by Aqualung
Carbon Capture AS (“Aqualung”), an innovator in membrane carbon
dioxide capture and separation technology, alongside other industry
leaders in shipping, energy generation and infrastructure, and
lithium production. Global Ship Lease was invited to invest in
Aqualung and to pool its technical expertise to support the
application of Aqualung’s carbon capture solution to the maritime
sector, with a particular focus on the development of containerized
carbon capture units to be retrofit-able to containerships and
other seagoing vessels.
George Youroukos, Executive Chairman of Global
Ship Lease, commented, “Maritime regulators, our liner customers,
and the general public increasingly recognize, as do we, that
decarbonization of the shipping sector is an imperative that
demands immediate action. The challenges are significant. One of
the biggest is for the shipping industry to adapt to what is likely
to be a non-standardized, multi-fuel environment in the future -
with each fuel type requiring its own infrastructure, propulsion
technology, safety protocols, training, and all else that such a
fundamental shift entails. In contrast, if the container shipping
industry teaches us anything, it is that standardization can unlock
a virtuous cycle, reducing costs and facilitating and accelerating
the buildout of support infrastructure and services. This is one of
the things that makes carbon capture so compelling: almost
regardless of the initial fuel input, the ultimate output is a
highly standardized and well understood carbon dioxide molecule.
While our financial commitment is limited, we are pleased to have
found, in Aqualung, a carbon capture technology with great
potential and a team - supported by the right combination of
strategic investors - that is highly focused on both practicality
and scalability. Crucially, we believe that such a technology can
play a central role in extending the lives of existing ships, by
significantly mitigating their emissions and increasing their
competitiveness in an increasingly carbon-regulated environment,
which is a key step, in our view, in transitioning to a
decarbonized future.”
About Global Ship LeaseGlobal
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 May 8, 2022, Global Ship Lease owned 65 containerships,
ranging from 1,118 to 11,040 TEU, with an aggregate capacity of
342,348 TEU. 32 ships are wide-beam Post-Panamax.Adjusted to
include all charters agreed, and ships contracted to be purchased,
up to May 8, 2022, the average remaining term of the Company’s
charters as at March 31, 2022, to the mid-point of redelivery,
including options under the Company’s control and other than if a
redelivery notice has been received, was 2.4 years on a
TEU-weighted basis. Contracted revenue on the same basis
was $1.67 billion. Contracted revenue was $1.92 billion,
including options under charterers’ control and with latest
redelivery date, representing a weighted average remaining term of
3.0 years.
Investor and Media Contacts: The IGB GroupBryan
Degnan646-673-9701orLeon Berman 212-477-8438
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