Global Ship Lease Announces Results of 2021 Annual Meeting of Shareholders

Rhea-AI Summary

LONDON, Aug. 5, 2021 – Global Ship Lease (NYSE: GSL) announced the election of three Term I Directors, Philippe Lemonnier, Henry Mannix III, and Alain Pitner, during its 2021 Annual Meeting of Shareholders in Athens. These directors will serve until the 2024 Annual Meeting. The appointment of PricewaterhouseCoopers S.A. as the independent public accounting firm for the fiscal year ending December 31, 2021, was also ratified. As of August 5, GSL owns 61 containerships and has contracted to purchase four more, increasing its fleet capacity significantly.

Positive

• Election of three Term I Directors strengthens leadership until 2024.
• Ratification of PricewaterhouseCoopers S.A. as the accounting firm enhances financial oversight.
• Expansion of fleet to 65 ships with a total capacity of 342,378 TEU improves operational capacity.

Negative

• None.

LONDON, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE: GSL) (the “Company” or “GSL”) today announced the election of three Term I Directors at the Company’s Annual Meeting of Shareholders for 2021, held today in Athens.

The Directors, Philippe Lemonnier, Henry Mannix III and Alain Pitner, were elected to serve until the 2024 Annual Meeting of Shareholders and until such time as a successor has been duly elected and qualified.

Additionally, the appointment of PricewaterhouseCoopers S.A. as the Company’s independent public accounting firm for the fiscal year ending December 31, 2021 was ratified.

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. It was listed on the New York stock Exchange in August 2008.

As at August 5, 2021, Global Ship Lease owns 61 containerships, ranging from 1,118 to 11,040 TEU, and has contracted to purchase a further four ships, for a total fleet of 65 ships with an aggregate capacity of 342,378 TEU. 32 ships are wide-beam Post-Panamax.

Adjusted to include all charters agreed, and ships contracted to be purchased, up to August 4, 2021, the average remaining term of the Company’s charters as at June 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 2.5 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.37 billion. Contracted revenue was $1.61 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.1 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.

Investor and Media Contact:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438

FAQ

What recent leadership changes occurred at Global Ship Lease?

Three new Term I Directors were elected at the Annual Meeting of Shareholders on August 5, 2021.

What is the current fleet size of Global Ship Lease?

Global Ship Lease owns 61 containerships and has contracted to purchase four additional ships.

Who is the independent accounting firm for Global Ship Lease for 2021?

PricewaterhouseCoopers S.A. was ratified as the independent public accounting firm for the fiscal year ending December 31, 2021.

How many containerships does Global Ship Lease plan to have in total?

After the purchase of four contracted ships, Global Ship Lease will have a total fleet of 65 ships.

What is the total capacity of Global Ship Lease's fleet?

The total capacity of Global Ship Lease's fleet will be 342,378 TEU after the new ships are acquired.