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Global Ship Lease, Inc. (NYSE:GSL) is a leading independent owner of containerships, providing essential services to the global shipping industry. Headquartered in London, United Kingdom, the company owns and charters a diversified fleet of containerships under long-term, fixed-rate charters to top-tier container liner companies, including MAERSK. As of December 31, 2023, Global Ship Lease owns 68 containerships with an aggregate capacity of 375,406 twenty-foot equivalent units (TEU), ranging from 2,207 to 11,040 TEU.
Founded in December 2007 and incorporated in the Marshall Islands, Global Ship Lease has established itself as a key player in the maritime sector. The company was listed on the New York Stock Exchange in August 2008 and since then, has continuously expanded its fleet and operations. Their business model focuses on leasing containerships for fixed durations, which ensures a stable revenue stream and mitigates market volatility.
Global Ship Lease's fleet includes 36 wide-beam Post-Panamax ships, which are capable of carrying large volumes of cargo through the Panama Canal. As of the end of December 2023, the average remaining term of the company’s charters, to the mid-point of redelivery, including options under the company’s control and other than if a redelivery notice has been received, was 2.1 years on a TEU-weighted basis. The contracted revenue on the same basis was $1.72 billion, which increases to $2.12 billion when including options under charterers' control and with the latest redelivery date, representing a weighted average remaining term of 2.8 years.
Recent achievements of Global Ship Lease include a sustainable quarterly dividend of $0.375 per common share and fully hedged interest rate risk. The company continues to focus on capital allocation discipline and is well-positioned for counter-cyclical opportunities. Additionally, in 2024, Thomas Lister will transition into the role of CEO, while Ian Webber will join the Board of Directors, ensuring a smooth leadership transition.
Global Ship Lease is also committed to environmental sustainability. The company actively participates in collaborative efforts with government, academic, and industry partners to accelerate decarbonization, reduce emissions, and maximize economic and societal benefits from the maritime energy transition.
For investors and stakeholders, Global Ship Lease offers transparency and regular updates. The company holds conference calls to discuss quarterly and annual financial results, the latest of which will be held on March 4, 2024. As of September 30, 2023, the company reported contracted revenue of $1.81 billion and continues to show strong financial health.
Global Ship Lease combines a robust business model with a commitment to sustainability, making it a significant player in the global shipping industry.
Global Ship Lease (NYSE:GSL) has received a Corporate Family Rating upgrade to B2 / Positive from Moody’s, attributed to its recent refinancing, resilient performance, and improved leverage profile. The refinancing of senior secured notes due 2022 into a new secured loan facility due 2026 has positively impacted the company’s debt maturity profile. Additionally, Moody’s expects Global Ship Lease to maintain a stronger debt/EBITDA ratio. With an incremental net cash flow from refinancing, the company aims to enhance credit and pursue growth opportunities.
Global Ship Lease has announced a quarterly cash dividend of $0.12 per Class A Common Share, effective from the first quarter of 2021. The decision follows successful refinancing of its 2022 Notes, enhancing the company's cash flow and financial stability. Executive Chairman George Youroukos noted confidence in the containership leasing market driven by strong demand and a low order book. The dividend's declaration is subject to the Board's discretion based on various financial factors.
Global Ship Lease (NYSE: GSL) announced an optional full redemption of its $233.4 million 9.875% First Priority Secured Notes due 2022 at a redemption price of 102.469%. The redemption is set for January 20, 2021, funded by a $236.2 million Hayfin Capital loan and cash reserves. Following redemption, all Notes will be canceled. Additionally, the company will issue approximately 12.96 million Class A common shares to Kelso upon full repayment of the Notes, with no changes to dividend rights.
Global Ship Lease, Inc. (GSL) announced refinancing of its 9.875% Senior Secured Notes due 2022 through a new $236.2 million senior secured loan facility with Hayfin Capital Management. This move is expected to reduce annual debt service by up to $15 million and extend maturity to January 2026. The new facility has a lower interest rate of LIBOR + 7.00% and reduces annual amortization from $35 million to $26 million. This refinancing reflects GSL's strengthened financial position and aims to enhance shareholder value.
Global Ship Lease (NYSE: GSL) announced an upgrade of its senior secured notes rating by S&P Global Ratings from B+ to BB-. This improvement is attributed to enhanced market conditions, rising charter rates, and significant demand recovery for container liners. The company's proactive engagement with customers has positioned it favorably in the container shipping sector. Global Ship Lease continues to achieve debt reduction, completing a $28 million redemption of its senior secured notes, leaving about $233 million outstanding, thereby reflecting a stronger credit profile.
Global Ship Lease, Inc. (NYSE:GSL) announced a cash dividend of $0.546875 per depositary share, representing a 1/100th interest in its 8.75% Series B Preferred Shares. This dividend is for the period from October 1, 2020 to December 31, 2020 and will be paid on January 4, 2021, to shareholders on record as of December 23, 2020. The company, an independent owner of containerships, operates a diverse fleet of 43 vessels with a total capacity of 245,280 TEU.
Global Ship Lease (NYSE: GSL) announced a mandatory partial redemption of its 9.875% First Priority Secured Notes due 2022, amounting to $28 million at 102% of the principal, plus accrued interest. The redemption is set for December 7, 2020, as mandated by the note's indenture. After this action, approximately $233.4 million of the Notes will remain outstanding. The company operates a fleet of 43 containerships, with a total capacity of 245,280 TEU and an average ship age of 13.4 years.
Global Ship Lease (NYSE:GSL) has updated its investor presentation, available on its website, showcasing positive market data for containerized trade and the containership charter market. The focus lies on the mid-sized and smaller containership segments. The company operates a fleet of 43 vessels with a total capacity of 245,280 TEU, averaging 13.4 years in age. As of September 30, 2020, the average remaining term of charters is 2.3 years, with contracted revenue reaching $688.9 million.
Global Ship Lease (GSL) reported unaudited results for Q3 and nine months ending September 30, 2020. Q3 operating revenue reached $70.5 million, while YTD revenue was $212.8 million, a 10% increase from 2019. Net income for Q3 stood at $13.6 million, with normalized net income at $37.8 million YTD. GSL raised $8.9 million through its ATM program and secured charter extensions, increasing 2021 contracted EBITDA to $144.2 million. Moody's upgraded GSL's credit outlook from B3/Stable to B3/Positive, highlighting improved financial flexibility.
Global Ship Lease (NYSE:GSL) announced a conference call on November 9, 2020, to discuss its third-quarter results ending September 30, 2020. Financial results will be released before market trading on the same day. The company owns 43 containerships, totaling 245,280 TEU capacity, with an average age of 13.2 years. As of June 30, 2020, the average remaining term of charters was 2.4 years, with contracted revenue of $688.3 million. Investors can access the call via dial-in or webcast.
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