Global Ship Lease, Inc (NYSE: GSL)(NYSE: GSL.U)(NYSE: GSL.WS), a
rapidly growing containership charter owner, announced today it has
taken delivery this week of three 4,000 TEU containerships, as
expected. With the delivery of these three ships, Global Ship Lease
now operates a fleet of 15 vessels, all on fixed-rate time charters
with an average remaining term of 10 years. The Company expects to
take delivery of a 10,960 TEU ship by the end 2008 and three
additional vessels over the next two years.
The CMA CGM Sambhar, CMA CGM Jamaica, and CMA CGM America are
all on fixed-rate 14-year time charters with CMA CGM, the world's
third largest container shipping company. The purchase of the
vessels was funded by drawings under the Company's $800 million
credit facility and the issuance to CMA CGM of 12,375,000 Class C
common shares of Global Ship Lease at the closing of the Company's
merger on August 14, 2008.
Ian Webber, Chief Executive Officer of Global Ship Lease,
commented, "We are pleased to take the timely delivery of these
three vessels, as we increase our contracted revenue stream and
expand the Company's modern fleet which has a weighted average age
of just over five years. Importantly, we have commenced 14-year
time charters for all three vessels and now have our entire 15
vessel operating fleet secured on time charters with an average
remaining term of 10 years. Global Ship Lease's focus of owning and
chartering vessels on long term contracts positions the Company to
create value for shareholders over the long term."
About Global Ship Lease
Global Ship Lease is a rapidly growing containership charter
owner. Incorporated in the Marshall Islands, Global Ship Lease
commenced operations in December 2007 with a business of owning and
chartering out containerships under long-term, fixed rate charters
to world class container liner companies.
Global Ship Lease currently owns 15 vessels and has contracts in
place to purchase an additional four vessels. The Company has
contracts in place to purchase two vessels for $236 million from
CMA CGM, one of which is expected to be delivered in December 2008
and the other in July 2009. The Company also has contracts in place
to purchase two newbuildings from German interests for
approximately $77 million each which are expected to be delivered
in the fourth quarter of 2010.
Once all of the contracted vessels have been delivered, Global
Ship Lease will have a 19 vessel fleet with total capacity of
74,797 TEU and a weighted average age of 5.9 years. All of the
vessels including those contracted for future delivery are under
long-term charters with an average remaining charter term of
approximately 10 years.
Safe Harbor Statement
This communication contains forward-looking statements.
Forward-looking statements provide Global Ship Lease's current
expectations or forecasts of future events. Forward-looking
statements include statements about Global Ship Lease'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
Global Ship Lease cannot assure you that these projections 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.
The risks and uncertainties include, but are not limited to:
- future operating or financial results;
- expectations regarding the strength of the future growth of
the shipping industry, including the rate of annual demand growth
in the international containership industry;
- future payments of dividends and the availability of cash for
payment of dividends;
- Global Ship Lease's expectations relating to dividend payments
and forecasts of its ability to make such payments;
- future acquisitions, business strategy and expected capital
spending;
- operating expenses, availability of crew, number of off-hire
days, drydocking and survey requirements and insurance costs;
- general market conditions and shipping industry trends,
including charter rates and factors affecting supply and
demand;
- Global Ship Lease's ability to repay its credit facility and
grow using the available funds under its credit facility;
- assumptions regarding interest rates and inflation;
- change in the rate of growth of global and various regional
economies;
- risks incidental to vessel operation, including discharge of
pollutants and vessel collisions;
- Global Ship Lease's financial condition and liquidity,
including its ability to obtain additional financing in the future
to fund capital expenditures, acquisitions and other general
corporate activities;
- estimated future capital expenditures needed to preserve its
capital base;
- Global Ship Lease's expectations about the availability of
ships to purchase, the time that it may take to construct new
ships, or the useful lives of its ships;
- Global Ship Lease's continued ability to enter into long-term,
fixed-rate charters;
- Global Ship Lease's ability to capitalize on its management
team's and board of directors' relationships and reputations in the
containership industry to its advantage;
- changes in governmental and classification societies' rules
and regulations or actions taken by regulatory authorities;
- expectations about the availability of insurance on
commercially reasonable terms;
- unanticipated changes in laws and regulations; and
- potential liability from future litigation.
Forward-looking statements are subject to known and unknown
risks and uncertainties and are based on potentially inaccurate
assumptions that could cause actual results to differ materially
from those expected or implied by the forward-looking statements.
Global Ship Lease's actual results could differ materially from
those anticipated in forward-looking statements for many reasons
specifically as described in Global Ship Lease's filings with the
SEC. Accordingly, you should not unduly rely on these
forward-looking statements, which speak only as of the date of this
communication. Global Ship Lease undertakes no obligation to
publicly revise any forward-looking statement to reflect
circumstances or events after the date of this communication or to
reflect the occurrence of unanticipated events. You should,
however, review the factors and risks Global Ship Lease describes
in the reports it will file from time to time with the SEC after
the date of this communication.
Contacts: Investor and Media Contact: The IGB Group Tyler Wilson
646-673-9701
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