Global Ship Lease Reports Results for the Fourth Quarter of 2021
Global Ship Lease (GSL) declared a quarterly dividend of $0.25 per common share and authorized $40.0 million for share repurchases. In 2021, GSL reported operating revenue of $448.0 million, a 58.4% increase from 2020. Net income for the year was $163.2 million, with a normalized EPS of $4.86. The fleet expanded by over 50% via strategic acquisitions, delivering significant increases in contracted revenue. GSL anticipates a 50% dividend increase to $0.375 starting Q1 2022, driven by strong demand in the containership market.
- Operating revenue increased by $165.2 million (58.4%) YoY to $448.0 million
- Net income rose to $163.2 million from $37.6 million
- Normalized EPS increased to $4.86 from $1.62
- Expanded fleet by over 50% in 2021, enhancing long-term charter revenues
- Declared $0.25 dividend, increasing to $0.375 in Q1 2022
- Utilization fell to 92.0% from 95.7% YoY
- Vessel operating expenses surged 57.4% to $43.6 million
Declares Dividend of
Expanded Fleet by over
LONDON, March 02, 2022 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three months and year ended December 31, 2021.
Full Year 2021 and Year To Date Highlights
- Reported operating revenue of
$153.5 million for the fourth quarter 2021. Operating revenue for the year ended December 31, 2021 was$448.0 million . - Reported net income available to common shareholders and normalized net income(3) of
$66.1 million for the fourth quarter 2021. - For the year ended December 31, 2021, net income available to common shareholders was
$163.2 million , after$5.8 million premium paid on the full optional redemption of the outstanding9.875% Senior Secured Notes due 2022 (“2022 Notes”) on January 20, 2021, associated non-cash write offs of deferred financing charges of$3.7 million and of original issue discount of$1.1 million , a non-cash charge of$1.3 million for accelerated stock based compensation expense, prepayment fees of$3.2 million on three credit facilities and a$7.8 million net gain from the sale of La Tour. Normalized net income(3) for the year ended December 31, 2021 was$170.7 million . - Generated
$85.4 million of Adjusted EBITDA(3) for the fourth quarter 2021. Adjusted EBITDA(3) for the year ended December 31, 2021 was$252.2 million . - Earnings per share and Normalized earnings per share(3) for the fourth quarter of 2021 was
$1.84 . Earnings per share for the year ended December 31, 2021 was$4.65 . Normalized earnings per share(3) for the year ended December 31, 2021 was$4.86 . - Declared a dividend of
$0.25 per Class A common share for the fourth quarter of 2021 to be paid on March 4, 2022 to common shareholders of record as of February 22, 2022. - Paid dividends of
$0.25 per Class A common share for the first, second and third quarters 2021. - Announced that from first quarter of 2022 the dividend will increase by
50% to$0.37 5 per Class A common share per quarter;$1.50 per share, annualized. - Authorized
$40.0 million for share repurchases, to be utilized on an opportunistic basis. - During the fourth quarter 2021, raised
$32,561 of net proceeds under the ATM program for the8.75% Series B Preferred Shares (“Series B Preferred Shares”). Since the inception of this ATM program in December 2019, a total of$71.4 million net proceeds has been raised. During 2021, the average issue price under this ATM program was$25.38 per share, against par value of$25.00 . As of December 31, 2021, there were 43,592 Series B Preferred Shares outstanding. - The total outstanding of Senior Unsecured Notes due 2024 (the “2024 Notes”) as at December 31, 2021 was
$117.5 million , which includes the issuance in July 2021 of$35.0 million aggregate principal amount of the 2024 Notes to the sellers of the Borealis Fleet, as part of the consideration. Since the inception of the ATM program for the 2024 Notes in November 2019, a total of$50.9 million net proceeds has been raised. During 2021, the average issue price under the ATM program was$25.55 , against par value of$25.00 . There were no sales of the 2024 Notes under this ATM program in the third and fourth quarter of 2021. - In January 2021, fully drew down a new
$236.2 million senior secured loan facility with Hayfin Capital Management, LLP (the “New Hayfin Facility”). The proceeds, together with cash on hand, were used to complete on January 20, 2021 the full optional redemption of our then outstanding9.875% 2022 Notes. - In January 2021, closed a fully underwritten public offering of 5,400,000 Class A common shares, at a public offering price of
$13.00 per share. The underwriters exercised, in part, their 30-day option to purchase in February 2021, an additional 141,959 Class A common shares. The aggregate net proceeds, after underwriting discounts and commissions and expenses, were approximately$67.5 million . - In April and May 2021, drew down in full two new
$51.7 million secured credit facilities and a new$54.0 million sale and leaseback agreement maturing April 2026 and May 2028 respectively, to refinance the three existing tranches of the$180.5 million Deutsche, First Citizens & Trust Company, HCOB, Entrust, Blue Ocean Credit Facility that had a maturity date of June 30, 2022. - In August 2021, entered into a term loan facility of
$12.0 million with Sinopac Capital International (HK) Limited maturing September 2026 to refinance the$8.12 5 million Hayfin Facility (the “GSL Valerie Facility”), which was the final facility maturing in 2022. - In December 2021, entered into a USD 1 month LIBOR interest rate cap of
0.75% through fourth quarter 2026 on$484.1 million of floating rate debt, which reduces over time and represented approximately half of the outstanding floating rate debt. - In January 2022, agreed an amendment to the existing
$268.0 million Syndicated Senior Secured Credit Facility (CACIB, ABN, CIT, Siemens, CTBC, Bank Sinopac, Palatine) with outstanding balance of$213.2 million , to extend the maturity date from September 2024 to December 2026, favorably amend certain covenants, and release three vessels from the facility’s collateral basket, at an unchanged rate of LIBOR +3.00% . These three vessels were subsequently used as collateral for a new$60.0 million syndicated senior secured debt facility, maturing July 2026 and priced at LIBOR +2.75% , which was used to fully repay the10.00% Blue Ocean junior debt facility and for general corporate purposes. There are now no material debt maturities before May 2024. - In February 2022, entered into a further USD 1 month LIBOR interest rate cap of
0.75% through fourth quarter 2026 on$507.9 million of floating rate debt, which reduces over time and represented the remaining balance of the outstanding floating rate debt, leaving the Company fully hedged. - On September 1, 2021, announced the purchase and retirement of 521,650 shares for
$10.0 million . - In January 2021, Moody’s upgraded the Corporate Family Rating and the issue rating of the 2022 Notes to B2 / Positive from B3 / Positive. In July 2021, Moody’s further upgraded the Corporate Family Rating to B1 / Stable. In August 2021, S&P upgraded the Corporate Family Rating to BB- / Stable from B+ / Stable.
- On February 9, 2021, announced the agreement to purchase from and charter back to Maersk Line, seven 6,000 TEU Post-Panamax containerships with an average age of approximately 20 years for an aggregate purchase price of
$116.0 million funded by cash, a new$64.2 million secured credit facility and a new$14.7 million sale and leaseback agreement. The vessels were delivered between April 26, 2021 through July 28, 2021. - On June 8, 2021, announced the agreement to purchase 12 containerships from Borealis Finance LLC (the “Borealis Fleet”), with an average size of approximately 3,000 TEU, a weighted average age of 11 years, and all with charters to leading liner operators, for an aggregate purchase price of
$233.9 million funded by cash, an issuance of$35.0 million of existing 2024 Notes to the sellers of the ships and a new$140.0 million syndicated secured credit facility. All of these vessels were delivered in July 2021. - On June 16, 2021, announced the agreement to purchase four 5,470 TEU ultra-high reefer capacity Panamax containerships with an average age of approximately 11 years, and with charters to Maersk Line, for an aggregate purchase price of
$148.0 million funded by cash and four new$30.0 million sale and leaseback agreements. Three of these vessels were delivered to us in September 2021 and the remaining vessel was delivered on October 13, 2021. - Between January 1, 2021 and March 1, 2022, including the charters on the 23 ships purchased during 2021, added 51 charters (including extensions), representing approximately
$1.55 billion of contracted revenues and$1.17 billion of expected aggregate Adjusted EBITDA(3), calculated on the basis of the median firm periods of the respective charters. 26 charters were for 1,100 – 3,500 TEU feeder ships, nine were for 4,250 – 5,470 TEU Panamax ships, 14 were for 5,900 – 6,800 TEU Post-Panamaxes, and two were for ECO-9,115 TEU wide-beam vessels. Charter durations ranged from approximately 21 months to approximately five years, with shorter durations for the smaller ships and longer durations for the larger ships. Rates were up materially against those previously contracted.
George Youroukos, Executive Chairman of Global Ship Lease, stated, “First and foremost, we must acknowledge the dreadful situation in Ukraine and extend our sympathies to all those affected, including the many seafarers who are so concerned about their families. We are doing all that we can to support them. The conflict introduces significant uncertainty into the course of economic recovery and additional complexity into supply chains throughout the region. That said, throughout 2021 and continuing into what is normally a seasonally weak period in the new year, the combination of consistently strong demand and limited vessel supply has driven the containership charter market to levels not seen in well over a decade. Facing robust demand for the transportation of containerized freight, both structural and pandemic-related congestion and supply chain issues that further tighten the market, and the real prospect of finding themselves short of vessel capacity, our liner company customers have sought ever-longer charter durations at increasingly attractive rates. GSL’s high-quality fleet of mid-sized and smaller containerships has put us in a very strong position to benefit from this environment, securing numerous charters at durations and rates that are multiples of what would have been available 12-18 months ago, and unthinkable in years past. In this environment, GSL has entered a virtuous cycle of improved long-term charter revenues, reduced cost of debt, selective growth on an immediately accretive basis, and substantial returns of capital to shareholders in the form of both opportunistic share buybacks and a sustainable dividend that will soon be more than triple the level announced in early 2021.”
“Moving forward, supply and demand fundamentals in the containership sector look set to remain positive through at least the medium term, with congestion expected to be a continuing feature and large retail inventory restocking needs representing a substantial incremental contributor to overall demand. Despite a continuing recovery in global economic activity, with positive implications for containerized trade flows, a limited number of new vessels in our mid-sized and smaller classes are scheduled to be delivered in the next couple of years. The combination of rising newbuild costs, a distant delivery window due to a lack of shipyard capacity, and continued uncertainty about long-term environmental regulations and propulsion technology are discouraging the speculative ordering that was a prominent feature of earlier containership market upcycles. Meanwhile, the imperative to pursue decarbonization is expected to drive cooperation between liner operators and containership owners to enhance existing ships to meet the evolving demands of both regulators and end consumers, which is expected to result in a material reduction in vessel speeds and thus in effective fleet supply. In the quarters and years ahead, and in collaboration with our customers, we expect to deploy proven technologies and solutions to improve vessel efficiency and reduce our carbon footprint accordingly. Against this highly supportive backdrop, and by continuing to execute our prudent chartering strategy and deploying capital on a highly disciplined basis, GSL remains well positioned to further improve our balance sheet, expand our contracted cash flow and fleet through selective acquisitions, reliably sustain our dividend, opportunistically utilize our new
Ian Webber, Chief Executive Officer of Global Ship Lease, commented, “The addition of more than
SELECTED FINANCIAL DATA – UNAUDITED
(thousands of U.S. dollars)
| Three months ended | Three months ended | Year ended | Year ended | ||||
| December 31, 2021 | December 31, 2020 | December 31, 2021 | December 31, 2020 | ||||
| Operating Revenue (1) | 153,529 | 69,970 | 447,954 | 282,813 | |||
| Operating Income | 82,197 | 25,846 | 237,517 | 104,758 | |||
| Net Income (2) | 66,095 | 10,752 | 163,232 | 37,568 | |||
| Adjusted EBITDA (3) | 85,410 | 38,674 | 252,202 | 163,186 | |||
| Normalized Net Income (3) | 66,095 | 11,312 | 170,681 | 49,566 | |||
(1) Operating Revenue is net of address commissions which represents a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and includes the amortization of intangible liabilities. Brokerage commissions are included in “Time charter and voyage expenses”.
(2) Net Income available to common shareholders.
(3) Adjusted EBITDA, Normalized Net Income and Normalized Earnings Per Share are non-U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial measures, as explained further in this press release, and are considered by Global Ship Lease to be a useful measure of its performance. For reconciliations of these non-U.S. GAAP financial measure to net income or earnings per share as reported, the most directly comparable U.S. GAAP financial measures, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.
Revenue and Utilization
Revenue from fixed-rate, mainly long-term, time-charters was
For the year ended December 31, 2021, revenue was
The table below shows fleet utilization for the three months ended December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020, 2019 and 2018.
| Three months ended | Year ended | ||||||
| December 31, | December 31, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||
| Days | 2021 | 2020 | 2021 | 2020 | 2019 | 2018 | |
| Ownership days | 5,968 | 3,956 | 19,427 | 16,044 | 14,326 | 7,675 | |
| Planned offhire - scheduled drydock | (367) | (128) | (752) | (687) | (537) | (34) | |
| Unplanned offhire | (62) | (16) | (260) | (95) | (105) | (17) | |
| Idle time | (48) | (26) | (88) | (338) | (164) | (47) | |
| Operating days | 5,491 | 3,786 | 18,327 | 14,924 | 13,520 | 7,577 | |
| Utilization | |||||||
Four drydockings to meet regulatory requirements were completed in the fourth quarter 2021 and, as of December 31, 2021, four such drydockings were in progress. In 2022, we anticipate sixteen drydockings, fourteen as scheduled and two deferred from 2021 for commercial reasons.
Vessel Operating Expenses
Vessel operating expenses, which primarily include costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up
For the year ended December 31, 2021, vessel operating expenses were
Time Charter and Voyage Expenses
Time charter and voyage expenses comprise mainly commission paid to ship brokers, the cost of bunker fuel for owner’s account when a ship is off-hire or idle and miscellaneous owner’s costs associated with a ship’s voyage. Time charter and voyage expenses were
For the year ended December 31, 2021, time charter and voyage expenses were
Depreciation and Amortization
Depreciation and amortization for the fourth quarter 2021 was
Depreciation for the year ended December 31, 2021 was
Gain on sale of vessel and impairment of vessels
The 2001-built, 2,272 TEU containership, La Tour, was sold on June 30, 2021 for net proceeds of
General and Administrative Expenses
General and administrative expenses were
For the year ended December 31, 2021, general and administrative expenses were
Adjusted EBITDA
Adjusted EBITDA was
Adjusted EBITDA for the year ended December 31, 2021 was
Interest Expense and Interest Income
Debt as at December 31, 2021 totaled
Debt as at December 31, 2020 totaled
Interest and other finance expenses for the fourth quarter 2021 were
Interest and other finance expenses for the year ended December 31, 2021 were
Interest income for the fourth quarter 2021 was
Interest income for the year ended December 31, 2021 was
Other Income, Net
Other income, net was
Other income, net was
Taxation
Taxation for the fourth quarter 2021 was a charge of
Taxation for the year ended December 31, 2021 was a credit of
Earnings Allocated to Preferred Shares
Our Series B Preferred Shares carry a coupon of
Net Income Available to Common Shareholders
Net income available to common shareholders for the three months ended December 31, 2021 was
Net income available to common shareholders for the year ended December 31, 2021 was
Normalized net income (a non-GAAP financial measure) for the three months ended December 31, 2021, was
Normalized net income for the year ended December 31, 2021 was
Fleet
As at March 1, 2022, we had 65 containerships in our fleet.
Vessel Name | Capacity in TEUs | Lightweight (tons) | Year Built | Charterer | Earliest Charter Expiry Date | Latest Charter Expiry Date (2) | Daily Charter Rate $ |
| CMA CGM Thalassa | 11,040 | 38,577 | 2008 | CMA CGM | 4Q25 | 2Q26 | 47,200 |
| UASC Al Khor (1) | 9,115 | 31,764 | 2015 | Hapag-Lloyd (3) | 1Q27 (3) | 3Q27 (3) | 34,000 (3) |
| Anthea Y (1) | 9,115 | 31,890 | 2015 | COSCO | 3Q23 | 4Q23 | 38,000 |
| Maira XL(1) | 9,115 | 31,820 | 2015 | ONE (3) | 2Q27 (3) | 4Q27 (3) | 31,650 (3) |
| MSC Tianjin | 8,603 | 34,325 | 2005 | MSC | 2Q24 | 3Q24 | 19,000 |
| MSC Qingdao (4) | 8,603 | 34,609 | 2004 | MSC | 2Q24 | 1Q25 | 23,000 |
| GSL Ningbo | 8,603 | 34,340 | 2004 | MSC | 1Q23 | 3Q23 | 22,500 |
| GSL Eleni | 7,847 | 29,261 | 2004 | Maersk | 3Q24 | 4Q24 (5) | 16,500 (5) |
| GSL Kalliopi | 7,847 | 29,105 | 2004 | Maersk | 4Q22 | 1Q25 (5) | 14,500 (5) |
| GSL Grania | 7,847 | 29,190 | 2004 | Maersk | 4Q22 | 4Q24 (5) | 14,500 (5) |
| Mary (1) | 6,927 | 23,424 | 2013 | CMA CGM | 3Q23 | 4Q23 | 25,910 |
| Kristina (1) | 6,927 | 23,421 | 2013 | CMA CGM | 2Q24 | 3Q24 | 25,910 |
| Katherine (1) | 6,927 | 23,403 | 2013 | CMA CGM | 1Q24 | 2Q24 | 25,910 |
| Alexandra (1) | 6,927 | 23,348 | 2013 | CMA CGM | 1Q24 | 3Q24 | 25,910 |
| Alexis (1) | 6,882 | 23,919 | 2015 | CMA CGM | 1Q24 | 3Q24 | 25,910 |
| Olivia I (1) | 6,882 | 23,864 | 2015 | CMA CGM | 1Q24 | 2Q24 | 25,910 |
| GSL Christen | 6,840 | 27,954 | 2002 | Maersk | 3Q23 | 4Q23 | 35,000 |
| GSL Nicoletta | 6,840 | 28,070 | 2002 | Maersk | 3Q24 | 4Q24 | 35,750 |
| CMA CGM Berlioz | 6,621 | 26,776 | 2001 | CMA CGM | 4Q25 | 2Q26 | 37,750 (6) |
| Agios Dimitrios (4) | 6,572 | 24,931 | 2011 | MSC | 4Q23 | 3Q24 | 20,000 |
| GSL Vinia | 6,080 | 23,737 | 2004 | Maersk | 3Q24 | 2Q25 | 13,250 |
| GSL Christel Elisabeth | 6,080 | 23,745 | 2004 | Maersk | 2Q24 | 2Q25 | 13,250 |
| GSL Dorothea | 5,992 | 24,243 | 2001 | Maersk | 3Q24 | 3Q26 | 18,600 (7) |
| GSL Arcadia | 6,008 | 24,858 | 2000 | Maersk | 2Q24 | 1Q26 | 18,600 (7) |
| GSL Violetta | 6,008 | 24,873 | 2000 | Maersk | 4Q24 | 4Q25 | 18,600 (7) |
| GSL Maria | 6,008 | 24,414 | 2001 | Maersk | 4Q24 | 1Q27 | 18,600 (7) |
| GSL MYNY | 6,008 | 24,873 | 2000 | Maersk | 3Q24 | 1Q26 | 18,600 (7) |
| GSL Melita | 6,008 | 24,848 | 2001 | Maersk | 3Q24 | 3Q26 | 18,600 (7) |
| GSL Tegea | 5,992 | 24,308 | 2001 | Maersk | 3Q24 | 3Q26 | 18,600 (7) |
| Tasman | 5,936 | 25,010 | 2000 | Maersk | 1Q22 | 1Q24 | 12,500 (8) |
| ZIM Europe | 5,936 | 25,010 | 2000 | ZIM | 1Q24 | 3Q24 | 14,500 (9) |
| Ian H | 5,936 | 25,128 | 2000 | ZIM | 2Q24 | 4Q24 | 32,500 (9) |
| GSL Tripoli | 5,470 | 22,259 | 2009 | Maersk | 3Q24 | 4Q27 | 36,500 (10) |
| GSL Kithira | 5,470 | 22,108 | 2009 | Maersk | 4Q24 | 1Q28 | 36,500 (10) |
| GSL Tinos | 5,470 | 22,067 | 2010 | Maersk | 3Q24 | 4Q27 | 36,500 (10) |
| GSL Syros | 5,470 | 22,098 | 2010 | Maersk | 3Q24 | 4Q27 | 36,500 (10) |
| Dolphin II | 5,095 | 20,596 | 2007 | OOCL | 1Q25 | 2Q25 | 24,500 (11) |
| Orca I | 5,095 | 20,633 | 2006 | Maersk | 2Q24 | 4Q25 | 21,000 (12) |
| CMA CGM Alcazar | 5,089 | 20,087 | 2007 | CMA CGM | 3Q26 | 4Q26 | 35,500 |
| GSL Château d’If | 5,089 | 19,994 | 2007 | CMA CGM | 4Q26 | 1Q27 | 35,500 |
| GSL Susan | 4,363 | 17,309 | 2008 | CMA CGM | 3Q22 | 4Q22 | 22,000 |
| CMA CGM Jamaica | 4,298 | 17,272 | 2006 | CMA CGM | 3Q22 | 3Q23 | 25,350 |
| CMA CGM Sambhar | 4,045 | 17,429 | 2006 | CMA CGM | 3Q22 | 3Q23 | 25,350 |
| CMA CGM America | 4,045 | 17,428 | 2006 | CMA CGM | 3Q22 | 2Q23 | 25,350 |
| GSL Rossi | 3,421 | 16,420 | 2012 | Gold Star/ZIM | 1Q26 | 3Q26 | 20,000 (13) |
| GSL Alice | 3,421 | 16,543 | 2014 | CMA CGM | 1Q23 | 2Q23 | 21,500 |
| GSL Eleftheria | 3,404 | 16,642 | 2013 | Maersk | 3Q25 | 4Q25 | 37,975 |
| GSL Melina | 3,404 | 16,703 | 2013 | Maersk | 2Q23 | 3Q23 | 24,500 |
| GSL Valerie | 2,824 | 11,971 | 2005 | ZIM | 1Q25 | 3Q25 | 13,250 (14) |
| Matson Molokai | 2,824 | 11,949 | 2007 | Matson | 2Q25 | 3Q25 | 20,250 (15) |
| GSL Lalo | 2,824 | 11,950 | 2006 | ONE | 4Q22 | 1Q23 | 18,500 |
| GSL Mercer | 2,824 | 11,970 | 2007 | ONE | 4Q24 | 1Q25 | 35,750 |
| Athena | 2,762 | 13,538 | 2003 | Hapag-Lloyd | 2Q24 | 2Q24 | 21,500 |
| GSL Elizabeth | 2,741 | 11,507 | 2006 | ONE | 3Q22 | 1Q23 | 18,500 |
| GSL Chloe | 2,546 | 12,212 | 2012 | ONE | 4Q24 | 1Q25 | 33,000 |
| GSL Maren | 2,546 | 12,243 | 2014 | Westwood | 4Q22 | 1Q23 | 19,250 |
| Maira | 2,506 | 11,453 | 2000 | Hapag-Lloyd | 1Q23 | 2Q23 | 14,450 |
| Nikolas | 2,506 | 11,370 | 2000 | CMA CGM | 1Q23 | 1Q23 | 16,000 |
| Newyorker | 2,506 | 11,463 | 2001 | CMA CGM | 1Q24 | 3Q24 | 20,700 |
| Manet | 2,272 | 11,727 | 2001 | OOCL | 4Q24 | 1Q25 | 32,000 (16) |
| Keta | 2,207 | 11,731 | 2003 | CMA CGM | 1Q25 | 1Q25 | 25,000 |
| Julie | 2,207 | 11,731 | 2002 | Sea Consortium | 1Q23 | 2Q23 | 20,000 |
| Kumasi | 2,207 | 11,791 | 2002 | Wan Hai | 1Q25 | 2Q25 | 38,000 (17) |
| Akiteta (18) | 2,207 | 11,731 | 2002 | OOCL | 4Q24 | 1Q25 | 32,000 |
| GSL Amstel | 1,118 | 5,167 | 2008 | CMA CGM | 3Q23 | 3Q23 | 11,900 |
| (1) | Modern design, high reefer capacity, fuel-efficient vessel. |
| (2) | In many instances charterers have the option to further extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time (“Offhire Extension”) is computed at the end of the initially contracted charter period. The Latest Charter Expiry Dates shown in this table have been adjusted to reflect offhire accrued up to the date of issuance of this release plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers - may exceed the Latest Charter Expiry Dates indicated. |
| (3) | UASC Al Khor & Maira XL. On November 22, 2021 we announced the forward fixture of these two ships, upon the expiry of their existing charters in the second or third quarters of 2022, to a leading liner operator for approximately five years each at a charter rate of |
| (4) | MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (“scrubbers”). |
| (5) | GSL Eleni delivered 2Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two successive periods of one year at the option of the charterer. During the option periods the charter rates for GSL Kalliopi and GSL Grania are |
| (6) | CMA CGM Berlioz. Chartered at |
| (7) | On February 9, 2021 we announced that we had contracted to purchase seven ships of approximately 6,000 TEU each, which have now been delivered. Contract cover for each ship is for a firm period of at least three years from the date each vessel is delivered, with charterers holding a one-year extension option on each charter (at a rate of |
| (8) | Tasman. 12-month extension at charterer’s option is callable in 2Q2022, at an increased rate of |
| (9) | A package agreement with ZIM, for direct charter extensions on two 5,900 TEU ships: Ian H, at a rate of |
| (10) | On June 16, 2021 we announced that we had contracted to purchase four ultra-high reefer ships of 5,470 TEU each. These ships delivered in September and October of 2021. Contract cover on each ship is for a firm period of three years at a rate of |
| (11) | Dolphin II. Chartered to OOCL at |
| (12) | Orca I. Chartered at |
| (13) | GSL Rossi. Chartered to Gold Star / ZIM to March 2022 at a rate of |
| (14) | GSL Valerie: chartered to ZIM at |
| (15) | Matson Molokai. Chartered to Matson at |
| (16) | Manet. Chartered to OOCL at a rate of |
| (17) | Kumasi. Chartered to Wan Hai at a rate of |
| (18) | Akiteta, formerly Marie Delmas. Chartered to OOCL at a rate of |
Conference Call and Webcast
Global Ship Lease will hold a conference call to discuss the Company's results for the three months ended December 31, 2021 today, Wednesday March 2, 2022 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:
(1) Dial-in: (877) 445-2556 or (908) 982-4670; Passcode: 7693412
Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.
(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com
If you are unable to participate at this time, a replay of the call will be available through Friday, March 18, 2022 at (855) 859-2056 or (404) 537-3406. Enter the code 7693412 to access the audio replay. The webcast will also be archived on the Company’s website: http://www.globalshiplease.com
Annual Report on Form 20-F
The Company’s Annual Report for 2020 was filed with the Securities and Exchange Commission (the “Commission”) on March 19, 2021. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company’s website at http://www.globalshiplease.com or on the Commission’s website at www.sec.gov. Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at info@globalshiplease.com or by writing to Global Ship Lease, Inc, care of Global Ship Lease Services Limited, 25 Wilton Road, London SW1V ILW.
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 March 1, 2022, Global Ship Lease owned 65 containerships, ranging from 1,118 to 11,040 TEU, with an aggregate capacity of 342,348 TEU. 32 ships are wide-beam Post-Panamax.
Adjusted to include all charters agreed, and ships contracted to be purchased, up to March 1, 2022, the average remaining term of the Company’s charters as at December 31, 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 2.6 years on a TEU-weighted basis. Contracted revenue on the same basis was
Reconciliation of Non-U.S. GAAP Financial Measures
A. Adjusted EBITDA
Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, income taxes, depreciation and amortization of drydocking net costs, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for share based compensation and impairment losses. Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of our ability to generate cash from our operations. We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry.
Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable U.S. GAAP measure because such U.S. GAAP financial measure on a forward-looking basis is not available to us without unreasonable effort.
ADJUSTED EBITDA - UNAUDITED
(thousands of U.S. dollars)
| Three | Three | Twelve | Twelve | |||||||
| months | months | months | months | |||||||
| ended | ended | ended | ended | |||||||
| December 31, | December 31, | December 31, | December 31, | |||||||
| 2021 | 2020 | 2021 | 2020 | |||||||
| Net income available to Common Shareholders | 66,095 | 10,752 | 163,232 | 37,568 | ||||||
| Adjust: | Depreciation and amortization | 19,245 | 12,008 | 61,563 | 46,978 | |||||
| Amortization of intangible liabilities | (18,362 | ) | (453 | ) | (45,430 | ) | (541 | ) | ||
| Impairment of vessels | - | - | - | 8,497 | ||||||
| (Gain)/loss on sale of vessels | - | - | (7,770 | ) | 244 | |||||
| Interest income | (80 | ) | (59 | ) | (449 | ) | (956 | ) | ||
| Interest expense | 14,925 | 14,821 | 69,227 | 65,354 | ||||||
| Share based compensation | 1,205 | 358 | 3,510 | 1,998 | ||||||
| Earnings allocated to preferred shares | 2,384 | 1,248 | 8,263 | 3,995 | ||||||
| Income tax | (2 | ) | (1 | ) | 56 | 49 | ||||
Adjusted EBITDA | 85,410 | 38,674 | 252,202 | 163,186 | ||||||
B. Normalized net income
Normalized net income represents net income available to common shareholders adjusted for impairment charges, the premium paid on redemption of our 2022 Notes together with the associated accelerated amortization of deferred financing costs and original issue discount, prepayment fees on repayment of credit facilities, accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares and gains or losses on sale of vessels. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry.
NORMALIZED NET INCOME
(thousands of U.S. dollars)
| Three | Three | Twelve | Twelve | ||||
| months | months | months | months | ||||
| ended | ended | ended | ended | ||||
| December 31, | December 31, | December 31, | December 31, | ||||
| 2021 | 2020 | 2021 | 2020 | ||||
| Net income available to Common Shareholders | 66,095 | 10,752 | 163,232 | 37,568 | |||
| Adjust: | (Gain)/loss on sale of vessels | - | - | (7,770 | ) | 244 | |
| Prepayment fee on repayment of Odyssia Credit Facilities | - | - | 1,438 | - | |||
| Prepayment fee on partial repayment of Blue Ocean Credit Facility | - | - | 1,618 | - | |||
| Prepayment fee on repayment of Hayfin Facility | - | 175 | |||||
| Impairment of vessels | - | - | - | 8,497 | |||
| Accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares | - | - | 1,346 | 426 | |||
| Premium paid on redemption of 2022 Notes | - | 560 | 5,764 | 2,831 | |||
| Accelerated write off of deferred financing charges related to redemption of 2022 Notes | - | - | 3,745 | - | |||
| Accelerated write off of original issue discount related to redemption of 2022 Notes | - | - | 1,133 | - | |||
Normalized net income | 66,095 | 11,312 | 170,681 | 49,566 | |||
C. Normalized Earnings per Share
Normalized Earnings per Share represents Earnings per Share adjusted for impairment charges, the premium paid on redemption of our 2022 Notes together with the associated accelerated amortization of deferred financing costs and original issue discount, prepayment fees on repayment of credit facilities, accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares and gains or losses on sale of vessels. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry.
NORMALIZED EARNINGS PER SHARE
| Three | Three | Twelve | Twelve | ||
| months | months | months | months | ||
| ended | ended | ended | ended | ||
| December 31, | December 31, | December 31, | December 31, | ||
| 2021 | 2020 | 2021 | 2020 | ||
| EPS as reported (USD) | 1.84 | 0.35 | 4.65 | 1.23 | |
| Normalized net income adjustments-Class A common shares (in thousands USD) | - | 324 | 7,449 | 6,992 | |
| Weighted average number of Class A Common shares | 35,891,587 | 17,741,008 | 35,125,003 | 17,687,137 | |
| Adjustment on EPS (USD) | - | 0.02 | 0.21 | 0.39 | |
| Normalized EPS (USD) | 1.84 | 0.37 | 4.86 | 1.62 | |
Safe Harbor Statement
This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease's current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease'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," “should,” "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 Global Ship Lease cannot assure you that these projections 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.
The risks and uncertainties include, but are not limited to:
- future operating or financial results;
- expectations regarding the future growth of the container shipping industry, including the rates of annual demand and supply growth;
- geo-political events such as the conflict in Ukraine;
- the length and severity of the ongoing outbreak of the novel coronavirus (COVID-19) around the world and governmental responses thereto;
- the financial condition of our charterers, particularly CMA CGM, our principal charterer and main source of operating revenue, and their ability to pay charterhire in accordance with the charters;
- Global Ship Lease’s financial condition and liquidity, including its level of indebtedness or ability to obtain additional financing to fund capital expenditures, ship acquisitions and other general corporate purposes;
- Global Ship Lease’s ability to meet its financial covenants and repay its credit facilities;
- Global Ship Lease’s expectations relating to dividend payments and forecasts of its ability to make such payments including the availability of cash and the impact of constraints under its credit facilities;
- risks relating to the acquisition of Poseidon Containers and Global Ship Lease’s ability to realize the anticipated benefits of the acquisition;
- future acquisitions, business strategy and expected capital spending;
- operating expenses, availability of crew, number of off-hire days, drydocking and survey requirements and insurance costs;
- general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
- assumptions regarding interest rates and inflation;
- changes in the rate of growth of global and various regional economies;
- risks incidental to ship operation, including piracy, discharge of pollutants and ship accidents and damage including total or constructive total loss;
- estimated future capital expenditures needed to preserve its capital base;
- Global Ship Lease’s expectations about the availability of ships to purchase, the time that it may take to construct new ships, or the useful lives of its ships;
- Global Ship Lease’s continued ability to enter into or renew long-term, fixed-rate charters or other ship employment arrangements;
- Global Ship Lease’s ability to realize expected benefits from its acquisition of secondhand vessels;
- the continued performance of existing long-term, fixed-rate time charters;
- Global Ship Lease’s ability to capitalize on its management’s and board of directors’ relationships and reputations in the containership industry to its advantage;
- changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities;
- expectations about the availability of insurance on commercially reasonable terms;
- unanticipated changes in laws and regulations including taxation;
- potential liability from future litigation.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease's actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease's filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication.
Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.
Global Ship Lease, Inc.
Interim Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars except share data)
| December 31, 2021 | December 31, 2020 | |||||
| ASSETS | ||||||
| CURRENT ASSETS | ||||||
| Cash and cash equivalents | $ | 75,180 | $ | 80,757 | ||
| Restricted cash | 24,894 | 825 | ||||
| Accounts receivable, net | 3,220 | 2,532 | ||||
| Inventories | 11,410 | 6,316 | ||||
| Prepaid expenses and other current assets | 25,224 | 6,711 | ||||
| Derivative asset | 533 | - | ||||
| Due from related parties | 2,897 | 1,472 | ||||
| Total current assets | $ | 143,358 | $ | 98,613 | ||
| NON-CURRENT ASSETS | ||||||
| Vessels in operation | $ | 1,682,816 | $ | 1,140,583 | ||
| Advances for vessels acquisitions and other additions | 6,139 | 1,364 | ||||
| Deferred charges, net | 37,629 | 22,951 | ||||
| Other non-current assets | 14,010 | - | ||||
| Derivative asset, net of current portion | 6,694 | - | ||||
| Restricted cash, net of current portion | 103,468 | 10,680 | ||||
| Total non-current assets | 1,850,756 | 1,175,578 | ||||
| TOTAL ASSETS | $ | 1,994,114 | $ | 1,274,191 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
| CURRENT LIABILITIES | ||||||
| Accounts payable | $ | 13,159 | $ | 10,557 | ||
| Accrued liabilities | 32,249 | 19,127 | ||||
| Current portion of long-term debt | 190,316 | 76,681 | ||||
| Current portion of deferred revenue | 8,496 | 5,623 | ||||
| Due to related parties | 543 | 225 | ||||
| Total current liabilities | $ | 244,763 | $ | 112,213 | ||
| LONG-TERM LIABILITIES | ||||||
| Long-term debt, net of current portion and deferred financing costs | $ | 880,134 | $ | 692,775 | ||
| Intangible liabilities-charter agreements | 55,376 | 4,462 | ||||
| Deferred revenue, net of current portion | 101,288 | - | ||||
| Total non-current liabilities | 1,036,798 | 697,237 | ||||
| Total liabilities | $ | 1,281,561 | $ | 809,450 | ||
| Commitments and Contingencies | ||||||
| SHAREHOLDERS' EQUITY | ||||||
| Class A common shares - authorized 214,000,000 shares with a 36,464,109 shares issued and outstanding (2020 – 17,741,008 shares) | 365 | 177 | ||||
| Series B Preferred Shares - authorized 44,000 shares with a 43,592 shares issued and outstanding (2020 – 22,822 shares) | - | - | ||||
| Series C Preferred Shares - authorized 250,000 shares with a Nil shares issued and outstanding (2020 - 250,000 shares) | - | 3 | ||||
| Additional paid in capital | 698,463 | 586,355 | ||||
| Retained earnings/(accumulated deficit) | 13,498 | (121,794 | ) | |||
| Accumulated other comprehensive income | 227 | - | ||||
| Total shareholders' equity | 712,553 | 464,741 | ||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,994,114 | $ | 1,274,191 | ||
Global Ship Lease, Inc.
Interim Unaudited Condensed Consolidated Statements of Income
(Expressed in thousands of U.S. dollars)
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| OPERATING REVENUES | |||||||||||||||
| Time charter revenue (includes related party revenues of | $ | 135,167 | $ | 69,517 | $ | 402,524 | $ | 282,272 | |||||||
| Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of | 18,362 | 453 | 45,430 | 541 | |||||||||||
| Total Operating Revenues | 153,529 | 69,970 | 447,954 | 282,813 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Vessel operating expenses (includes related party vessel operating expenses of | 43,612 | 27,713 | 130,304 | 102,837 | |||||||||||
| Time charter and voyage expenses (includes related party time charter and voyage expenses of | 4,789 | 2,431 | 13,100 | 11,149 | |||||||||||
| Depreciation and amortization | 19,245 | 12,008 | 61,563 | 46,978 | |||||||||||
| Impairment of vessels | - | - | - | 8,497 | |||||||||||
| General and administrative expenses | 3,686 | 1,972 | 13,240 | 8,350 | |||||||||||
| (Gain)/loss on sale of vessels | - | - | (7,770 | ) | 244 | ||||||||||
| Operating Income | 82,197 | 25,846 | 237,517 | 104,758 | |||||||||||
| NON-OPERATING INCOME/(EXPENSES) | |||||||||||||||
| Interest income | 80 | 59 | 449 | 956 | |||||||||||
| Interest and other finance expenses (include of | (14,925 | ) | (14,821 | ) | (69,227 | ) | (65,354 | ) | |||||||
| Other income, net | 1,125 | 915 | 2,812 | 1,252 | |||||||||||
| Total non-operating expenses | (13,720 | ) | (13,847 | ) | (65,966 | ) | (63,146 | ) | |||||||
| Income before income taxes | 68,477 | 11,999 | 171,551 | 41,612 | |||||||||||
| Income taxes | 2 | 1 | (56 | ) | (49 | ) | |||||||||
| Net Income | $ | 68,479 | $ | 12,000 | $ | 171,495 | $ | 41,563 | |||||||
| Earnings allocated to Series B Preferred Shares | (2,384 | ) | (1,248 | ) | (8,263 | ) | (3,995 | ) | |||||||
| Net Income available to Common Shareholders | $ | 66,095 | $ | 10,752 | $ | 163,232 | $ | 37,568 | |||||||
Global Ship Lease, Inc.
Interim Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
| Three months ended December 31, | Twelve months ended December 31, | ||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | 68,479 | $ | 12,000 | $ | 171,495 | $ | 41,563 | |||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization | $ | 19,245 | $ | 12,008 | $ | 61,563 | $ | 46,978 | |||||||||
| Impairment of vessels | - | - | - | 8,497 | |||||||||||||
| (Gain)/loss on sale of vessel | - | - | (7,770 | ) | 244 | ||||||||||||
| Amortization of deferred financing costs | 1,469 | 1,055 | 8,279 | 4,085 | |||||||||||||
| Amortization of original issue discount/premium on repurchase of notes | (119 | ) | 814 | 8,615 | 3,269 | ||||||||||||
| Amortization of intangible liabilities-charter agreements | (18,362 | ) | (453 | ) | (45,430 | ) | (541 | ) | |||||||||
| Share based compensation | 1,205 | 358 | 3,510 | 1,998 | |||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| (Increase)/decrease in accounts receivable and other assets | $ | (10,656 | ) | $ | 1,062 | $ | (33,211 | ) | $ | 3,132 | |||||||
| Increase in inventories | (2,149 | ) | (901 | ) | (5,094 | ) | (721 | ) | |||||||||
| Increase in derivative asset | (7,000 | ) | - | (7,000 | ) | - | |||||||||||
| Increase/(decrease) in accounts payable and other liabilities | 7,111 | (4,155 | ) | 5,939 | (2,215 | ) | |||||||||||
| (Decrease)/increase in related parties' balances, net | (1,444 | ) | 971 | (1,107 | ) | 2,504 | |||||||||||
| Increase/(decrease) in deferred revenue | 102,602 | (492 | ) | 104,160 | (4,364 | ) | |||||||||||
| Unrealized foreign exchange gain | (5 | ) | - | - | - | ||||||||||||
| Net cash provided by operating activities | $ | 160,376 | $ | 22,267 | $ | 263,949 | $ | 104,429 | |||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Acquisition of vessels and intangibles | $ | (36,000 | ) | $ | - | $ | (463,750 | ) | $ | (23,060 | ) | ||||||
| Cash paid for vessel expenditures | (1,853 | ) | (520 | ) | (4,611 | ) | (4,089 | ) | |||||||||
| Advances for vessel acquisitions and other additions | 1,043 | (64 | ) | (3,276 | ) | (4,541 | ) | ||||||||||
| Cash paid for drydockings | (11,660 | ) | (4,657 | ) | (19,226 | ) | (14,756 | ) | |||||||||
| Net proceeds from sale of vessels | - | - | 16,514 | 6,852 | |||||||||||||
| Net cash used in investing activities | $ | (48,470 | ) | $ | (5,241 | ) | $ | (474,349 | ) | $ | (39,594 | ) | |||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds from issuance of 2024 Notes | $ | - | $ | 861 | $ | 22,701 | $ | 20,054 | |||||||||
| Repurchase of 2022 Notes, including premium | - | (32,356 | ) | (239,183 | ) | (91,971 | ) | ||||||||||
| Proceeds from drawdown of credit facilities and sale and leaseback | 30,000 | - | 744,506 | 47,000 | |||||||||||||
| Repayment of credit facilities and sale and leaseback | (37,835 | ) | (17,509 | ) | (115,502 | ) | (64,311 | ) | |||||||||
| Repayment of refinanced debt | - | - | (149,632 | ) | (44,366 | ) | |||||||||||
| Deferred financing costs paid | (1,885 | ) | (231 | ) | (13,790 | ) | (1,193 | ) | |||||||||
| Net proceeds from offering and repurchase of Class A common shares, net of offering costs | - | - | 67,549 | (74 | ) | ||||||||||||
| Retirement of Class A common shares | - | - | (10,000 | ) | - | ||||||||||||
| Proceeds from offering of Series B preferred shares, net of offering costs | (20 | ) | 11,811 | 51,234 | 18,647 | ||||||||||||
| Class A common shares-dividend paid | (9,235 | ) | - | (27,940 | ) | - | |||||||||||
| Series B Preferred Shares-dividend paid | (2,384 | ) | (1,248 | ) | (8,263 | ) | (3,995 | ) | |||||||||
| Net cash (used in)/provided by financing activities | $ | (21,359 | ) | $ | (38,672 | ) | $ | 321,680 | $ | (120,209 | ) | ||||||
| Net increase/(decrease) in cash and cash equivalents and restricted cash | 90,547 | (21,646 | ) | 111,280 | (55,374 | ) | |||||||||||
| Cash and cash equivalents and restricted cash at beginning of the period | 112,995 | 113,908 | 92,262 | 147,636 | |||||||||||||
| Cash and cash equivalents and restricted cash at end of the period | $ | 203,542 | $ | 92,262 | $ | 203,542 | $ | 92,262 | |||||||||
| Supplementary Cash Flow Information: | |||||||||||||||||
| Cash paid for interest | $ | 13,238 | $ | 19,655 | $ | 49,528 | $ | 59,769 | |||||||||
| Non-cash Investing activities: | |||||||||||||||||
| Unpaid drydocking expenses | 5,799 | 1,061 | 5,799 | 1,321 | |||||||||||||
| Unpaid vessel expenditures | 6,257 | 1,459 | 6,257 | 4,127 | |||||||||||||
| Unpaid advances for vessels acquisitions and other additions | 1,499 | - | 1,499 | - | |||||||||||||
| Acquisition of vessels and intangibles | 4,209 | - | 96,344 | - | |||||||||||||
| Non-cash financing activities: | |||||||||||||||||
| Issuance of 2024 Notes for the acquisition of vessels | - | - | 35,000 | - | |||||||||||||
| Premium on the 2024 Notes issued for the acquisition of vessels | - | - | 1,680 | - | |||||||||||||
| Net unrealized gain on interest rate cap | 227 | - | 227 | - | |||||||||||||
Investor and Media Contacts:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438
FAQ
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