Charters

The average remaining term of the Company’s charters at September 30, 2019, to the mid-point of redelivery, including options under owner’s control, was 2.7 years on a TEU-weighted basis. Contracted revenue on the same basis was $826 million. Contracted revenue was $913 million, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.0 years.

Charter

 

1In instances where a day rate represents commercially sensitive information, an implied Adjusted EBITDA for the charter will be provided until such time as the day rate is disclosable.

2GSL Eleni was delivered 2Q19; GSL Grania was delivered in 3Q19 and GSL Kalliopi was delivered in October 2019. GSL Eleni is Chartered for 5 years; GSL Kalliopi and GSL Grania are chartered for 3 years plus 2 x 1 year at option of charterer. Implied Aggregate Adjusted EBITDA of $32 million for firm periods, increasing to $47 million if all options are exercised.

3Thereafter, the Company has the option, callable in 4Q19, to extend for 4 years at $20,000 per day.

4 Additional 12 - month extension at charterer’s option, for an additional $4.4 million implied Adjusted EBITDA.

5Thereafter, 8-12 months to Feedertech at $12,500 per day commencing November 15, 2019 Adjusted EBITDA.

6Rate increases to $10,000 per day from June 3, 2020.

7Thereafter, 100-180 days to OOCL at $9,400 per day commencing October 28, 2019.

8Option for six months plus or minus 30 days extension at $8,500 per day from October 16, 2019 has been exercised by the charterer.

9The Company has the option to extend to December 31, 2020 plus or minus 90 days, at $9,800 per day.

10New Purchase One is expected to be delivered in December 2019 and New Purchase Two in January 2020. Implied Aggregate Adjusted EBITDA of $2.8 million is expected to be generated in the median charter period.

11Strauss and Verdi are expected to deliver by year-end 2019, are expected to generate Aggregate Adjusted EBITDA of around $21 million for the median charter period.

12New charter from December 2019 with MSC for 12 months at $8,800 per day.

GSL © 2019