Charters

Adjusted to include all charters agreed up to February 28, 2020, the average remaining term of the Company’s charters at December 31, 2019, to the mid-point of redelivery, including options under the Company’s control, was 2.5 years on a TEU-weighted basis. Contracted revenue on the same basis was $767 million. Contracted revenue was $852 million, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 2.8 years.

charters

 

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.

2Five-year charters which commenced in 2Q19.

3GSL Eleni was delivered 3Q19; GSL Grania was delivered in 3Q19 and GSL Kalliopi was delivered in 4Q19. 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.

4 New Purchase One was delivered in late January 2020 and New Purchase Two was delivered in February 2020. The initial charter of New Purchase One was extended by 70-90 days and, if not extended further, will now expire in 2Q20 or 3Q20.

5GSL Vinia and GSL Christel Elisabeth delivered in December 2019 and are contracted on 52 - 60 months charters.

6Additional 12 - month extension at charterer’s option callable in 2Q22, at an increased rate of $20,000 per day.

7Additional 12 - month extension at the charterer's option callable in 2Q20, at an increased rate of $10,000 per day.

8Rate increase to $9,000 per day from April 1, 2020.

GSL © 2020