SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2021
Commission File Number: 001-34153
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Global Ship Lease, Inc.
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(Translation of registrant's name into English)
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c/o Global Ship Lease Services Limited
25 Wilton Road
London SW1V 1LW
United Kingdom
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(Address of principal executive office)
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to
furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"),
or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders,
and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K (this “Report”) as Exhibit 99.1 is a copy of the press release of Global Ship Lease, Inc. (the “Company”), dated January 12, 2021, announcing an
upgrade of the Company’s credit rating to B2/ Positive by Moody’s Investor Service.
Attached to this Report as Exhibit 99.2 is a copy of the press release of the Company, dated January 12, 2021, announcing the initiation by the Company,
of a quarterly cash dividend of $0.12 per Class A Common Share, with effect from the first quarter of 2021.
The information contained in this Report, except for the commentary of George Youroukos contained in Exhibit 99.1 and
Exhibit 99.2, is hereby incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-231509, 333-234343 and 333-235305).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
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GLOBAL SHIP LEASE, INC.
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(registrant)
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Dated: January 13, 2021
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By:
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/s/ Ian J. Webber
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Ian J. Webber
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Chief Executive Officer
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Exhibit 99.1
Investor and Media Contact:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438
Global Ship Lease Credit Rating Upgraded by Moody’s
GSL Corporate Family Rating Upgraded to B2 / Positive on basis of recent refinancing, resilient performance, and improved leverage profile
LONDON, January 12, 2021 – Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a leading independent owner of containerships, announced today
that its Corporate Family Rating has been upgraded to B2 / Positive from B3 / Positive by Moody’s Investor Service (“Moody’s”). In announcing the upgrade, Moody’s cited the Company’s improved debt maturity profile following the refinancing of Global
Ship Lease’s senior secured notes due 2022 with the new secured loan facility due in 2026, the resilient performance of both Global Ship Lease and the broader container liner industry, and an improvement in the Company’s debt/EBITDA ratio, which
Moody’s expects to be sustained.
George Youroukos, Executive Chairman of Global Ship Lease, commented, “We are very pleased to receive this important recognition from Moody’s,
reflecting our significant positive momentum and the wide-ranging improvements that we have made to our earnings power, balance sheet, contracted revenue, and strategic flexibility. With our recent refinancing providing substantial incremental net
cashflow, and positive fundamentals driving strong performance for both GSL and our liner company customers, we are in an excellent position to continue enhancing our credit profile while simultaneously pursuing accretive growth opportunities and
returning capital to shareholders through an attractive, well-supported dividend.”
Additional information regarding Global Ship Lease’s rating can be found in the press release dated January 12, 2021 on the Moody's website at www.moodys.com.
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.
On November 15, 2018, it completed a strategic combination with Poseidon Containers.
Global Ship Lease owns 43 containerships, ranging from 2,207 to 11,040 TEU, with a total capacity of
245,280 TEU and an average age, weighted by TEU capacity, of 13.4 years as at September 30, 2020. 25 ships are Post-Panamax, of which nine are fuel-efficient new-design wide-beam.
Adjusted to include all charters agreed, and ships acquired or divested, up to November 12, 2020, the
average remaining term of the Company’s charters at September 30, 2020, to the mid-point of redelivery, including options under the Company’s control, was 2.3 years on a TEU-weighted basis. Contracted revenue on the same basis was $688.9 million.
Contracted revenue was $764.9 million, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 2.6 years.
Safe Harbor Statement
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.
Exhibit 99.2
Global Ship Lease Initiates Quarterly Dividend for Common Shares
Company to initiate quarterly cash dividend of $0.12 per Class A Common Share, with effect from first quarter of 2021
LONDON, January 12, 2021 (GLOBE NEWSWIRE) – Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) today
announced that its Board of Directors has initiated a new dividend policy under which the Company intends to pay shareholders a regular quarterly cash dividend of $0.12 per Class A Common Share with effect from the first quarter of 2021.
George Youroukos, Executive Chairman of Global Ship Lease, commented, “Following our recently announced refinancing of our
2022 Notes on substantially improved terms, as well as the numerous other steps we have taken to strengthen our fleet, our balance sheet, and our extensive contracted revenue from a diversified portfolio of charterers, I am pleased to announce that
Global Ship Lease is now in an excellent position to begin providing our common shareholders a well-supported, and highly predictable quarterly dividend. Once the redemption of the 2022 Notes is completed, the significantly improved debt service
terms of our newly signed loan facility provide us with incremental net cashflow to allow a quarterly cash dividend of $0.12 per share, taking into account the conversion of preferred shares owned by affiliates of Kelso into common equity.”
Mr. Youroukos continued, “The current strength of demand for our fleet combined with a historically low order book for
these asset classes gives us confidence in the fundamentals supporting the containership leasing market and the future prospects of a GSL free from the restrictive covenants of the 2022 Notes. One of our long-term strategic objectives has been to
introduce a recurring dividend policy and we now look forward to executing on a range of exciting opportunities to continue maximizing value for shareholders.”
The declaration and payment of dividends will be subject at all times to the discretion of the Company’s Board of
Directors. The timing and amount of dividends, if any, will depend on the Company’s earnings, financial condition, cash flow, capital requirements, growth opportunities, restrictions in its loan agreements, the provisions of Marshall Islands law
affecting the payment of dividends, and other factors.
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. On November 15, 2018, it completed a strategic combination with Poseidon Containers.
Global Ship Lease owns 43 containerships, ranging from 2,207 to 11,040 TEU, with
a total capacity of 245,280 TEU and an average age, weighted by TEU capacity, of 13.4 years as at September 30, 2020. 25 ships are Post-Panamax, of which nine are fuel-efficient new-design wide-beam.
Adjusted to include all charters agreed, and ships acquired or divested, up to
November 12, 2020, the average remaining term of the Company’s charters at September 30, 2020, to the mid-point of redelivery, including options under the Company’s control, was 2.3 years on a TEU-weighted basis. Contracted revenue on the same
basis was $688.9 million. Contracted revenue was $764.9 million, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 2.6 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.
Investor and Media Contact:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438