Global Ship Lease Announces Forward Charter Agreements
August 30 2022 - 8:57AM
Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) today announced
that it has entered into new multi-year charters with Hapag-Lloyd
for six ECO 6,900 TEU ships. The new charters are each for a firm
period of five years, followed by two 12 month periods at the
option of the charterer, and are scheduled to commence between late
2023 and late 2024, following the expiration of existing charters
to a different counterparty. The charters are expected to generate
average Adjusted EBITDA of approximately $13.1 million per ship,
per year; and total Adjusted EBITDA of around $393 million for the
six ships over the firm charter period.
George Youroukos, Executive Chairman of Global
Ship Lease, commented, “We are pleased to announce that we have
chartered these high-quality Post-Panamax containerships at rates
that reflect the current market, but particularly the long-term
need by liner operators for these well-specified vessels. These new
forward charters provide a significant extension of our contracted
revenue streams through nearly the end of the decade, and we are
delighted to deepen our relationship with Hapag-Lloyd. So far this
year, through three charter extension options, one prompt fixture,
and eleven forward fixtures, we have added almost $920 million of
contracted revenues, and we continue to pursue additional
attractive, long-term employment for our in-demand fleet.”
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 30, 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, up to
August 30, 2022, the average remaining term of the Company’s
charters as at June 30, 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 3.1 years on a
TEU-weighted basis. Contracted revenue on the same basis was $2.4
billion. Contracted revenue was $2.8 billion, including options
under charterers’ control and with latest redelivery date,
representing a weighted average remaining term of 4.0 years.
Forward-Looking Statements
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.
CONTACT: |
Investor and
Media Contact: |
|
The IGB Group |
|
Bryan Degnan |
|
646-673-9701 |
|
or |
|
Leon Berman |
|
212-477-8438 |
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