New multi-year charter for 2,200 TEU, 2002-built Kumasi at a rate more than 300% above prior and approximately 20% above sister ship charters agreed in 4Q21
Refinancing activity extends maturity of largest outstanding debt facility from 2024 to 2026, positions Company to eliminate highest-cost debt, and caps interest rate exposure through 4Q26
The Company has agreed a new three-year charter with a leading liner operator for the 2,200 TEU, 2002-built Kumasi. The charter is scheduled to commence following the vessel’s regulatory drydock in
The Company has also agreed a new senior secured debt facility to refinance its outstanding
The Company has also hedged its exposure to a potential rising interest rate environment by putting in place a USD LIBOR cap of 0.75% through fourth quarter 2026 (the “Interest Rate Cap”), on
About
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
Adjusted to include all charters agreed, and ships contracted to be purchased, up to January 25, 2022, the average remaining term of the Company’s charters as at September 30, 2021, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.8 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.89 billion. Contracted revenue was $2.15 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.5 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
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646-673-9701
or
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Global Ship Lease Inc.