Global Ship Lease Releases Updated Investor Presentation

Rhea-AI Summary

Global Ship Lease (NYSE:GSL) announced an updated investor presentation on its re-launched website, showcasing strong performance in the containership charter market. The presentation highlights a notable recovery in mid-sized and smaller containership segments, correlating with robust performance by liner operators. As of June 30, 2020, Global Ship Lease operates 43 containerships with a total capacity of 245,280 TEU. The average remaining term of charters is 2.4 years, with contracted revenue amounting to $688.3 million.

Positive

• Strong recovery observed in the mid-sized and smaller containership market segments.
• Total contracted revenue of $688.3 million enhances financial stability.
• The company maintains an average remaining charter term of 2.4 years.

Negative

• None.

LONDON, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a leading independent owner of containerships, announced today that it has posted an updated investor presentation in the Investor Relations section of its recently re-launched website, www.globalshiplease.com. Among other things, the new investor presentation provides updated market data demonstrating strong performance by liner operators (charterers) and a sharp recovery in the containership charter market, particularly for the mid-sized and smaller containership segments on which Global Ship Lease’s fleet is focused.

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 13.2 years as at June 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 September 23, 2020, the average remaining term of the Company’s charters at June 30, 2020, to the mid-point of redelivery, including options under the Company’s control, was 2.4 years on a TEU-weighted basis. Contracted revenue on the same basis was $688.3 million. Contracted revenue was $761.7 million, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 2.7 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 does the updated investor presentation from Global Ship Lease include?

The updated investor presentation includes market data showcasing strong performance in the containership charter market, particularly for mid-sized and smaller vessels.

How many containerships does Global Ship Lease own as of September 2020?

Global Ship Lease owns 43 containerships with a total capacity of 245,280 TEU.

What is the average remaining term of Global Ship Lease's charters?

The average remaining term of Global Ship Lease's charters is 2.4 years as of June 30, 2020.

What was the contracted revenue for Global Ship Lease?

The contracted revenue for Global Ship Lease was $688.3 million, including options under the Company's control.

What segments are seeing a recovery according to Global Ship Lease's recent announcement?

The mid-sized and smaller containership segments are experiencing a sharp recovery.