Global Ship Lease, Inc (NYSE: GSL)(NYSE: GSL.U)(NYSE: GSL.WS), a
rapidly growing containership owner and the twentieth largest in
the industry, today announced it has agreed to acquire two 4,250
TEU newbuildings from German interests for approximately $77
million per vessel. The purchase is subject to the completion of
customary additional documentation and closing conditions.
The two vessels, which are being built at Jiangsu New Yangzi
Shipbuilding, a high quality ship yard and part of a publicly owned
group, are scheduled to be delivered in the fourth quarter of 2010.
Both vessels will be chartered to Zim Integrated Shipping Services
Limited, a top 20 global liner operator, for a term of seven to
eight years at a net rate of $28,000 per vessel per day. Including
these vessels and the five vessels already contracted for delivery
by the third quarter of 2009, Global Ship Lease's fleet capacity
will grow 106% to 74,797 TEU with a total of 19 vessels deployed on
long-term charters by the fourth quarter of 2010. The fleet's
weighted average age at the end of 2010 will be approximately 5.9
years.
Ian Webber, CEO of Global Ship Lease, said, "We are delighted to
have begun the execution of our growth strategy during a momentous
period for Global Ship Lease, which has included finalizing our
merger and listing on the New York Stock Exchange. With this
attractive acquisition, which meets our exacting return and growth
criteria and matches the flow of funds from the exercise of our
outstanding public warrants, we have diversified our high-quality
customer base, expanded our modern fleet and increased our time
charter coverage. By growing our secured revenue and cash flow
streams, we have enhanced our ability to provide shareholders with
dividends while actively pursuing additional growth opportunities.
We remain committed to capitalizing upon our strong financial
position, including our $800 million credit facility and cash
proceeds from the exercise of our outstanding public warrants, to
double our asset base over the next 12 to 18 months in order to
take advantage of the positive long-term fundamentals in the
containership industry."
The acquisition is expected to be accretive to revenues, EBITDA,
distributable cash flow and dividends upon delivery of the two
vessels. Global Ship Lease expects that these two new vessels will
increase total annual revenues by approximately $20.2 million and
EBITDA by approximately $15.0 million, beginning in 2011. With
these two acquisitions, the Company's total contracted revenue is
now $1.8 billion. Global Ship Lease expect to finance the
acquisition through borrowings under the $800 million credit
facility or from the proceeds of approximately 40 million public
warrants, which have an exercise price of $6.00 and expire in
August 2010.
The Company filed its warrant registration statement on
September 11, 2008 and anticipates that it will declare the
starting dividend of $0.23 per Class A common share in the near
future.
About Global Ship Lease
Global Ship Lease is a rapidly growing containership charter
owner. Incorporated in the Marshall Islands, Global Ship Lease
commenced operations in December 2007 with a business of owning and
chartering out containerships under long-term, fixed rate charters
to world class container liner companies.
Global Ship Lease currently owns 12 vessels and has contracts in
place to purchase an additional seven vessels. The Company has
contracts in place for five vessels for $437 million from CMA CGM,
four of which are expected to be delivered in December 2008 and one
in July 2009. The Company also has contracts in place to purchase
two newbuildings which are expected to be delivered in the fourth
quarter of 2010.
Once all of the contracted vessels have been delivered, Global
Ship Lease will have a 19 vessel fleet with total capacity of
74,797 TEU and a weighted average age of 5.9 years. All of the
contracted vessels are under long-term charters with an average
remaining charter term of approximately 10 years.
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," "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. 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. The risks and
uncertainties include, but are not limited to:
- future operating or financial results;
- expectations regarding the strength of the future growth of
the shipping industry, including the rate of annual demand growth
in the international containership industry;
- future payments of dividends and the availability of cash for
payment of dividends;
- Global Ship Lease's expectations relating to dividend payments
and forecasts of its ability to make such payments;
- future acquisitions, business strategy and expected capital
spending;
- operating expenses, availability of crew, number of off-hire
days, drydocking (beyond the disclosed reserve), survey
requirements and insurance costs;
- general market conditions and shipping industry trends,
including charter rates and factors affecting supply and
demand;
- Global Ship Lease's ability to repay its credit facility and
grow using the available funds under its credit facility;
- assumptions regarding interest rates and inflation;
- change in the rate of growth of global and various regional
economies;
- risks incidental to vessel operation, including discharge of
pollutants and vessel collisions;
- Global Ship Lease's financial condition and liquidity,
including its ability to obtain additional financing in the future
(from warrant exercises or outside services) to fund capital
expenditures, acquisitions and other general corporate
activities;
- estimated future capital expenditures needed to preserve
Global Ship Lease's capital base;
- ability to effect an acquisition and to meet target
returns;
- 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 long-term,
fixed-rate charters;
- Global Ship Lease's ability to capitalize on its management
team'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; and
- potential liability from future litigation.
Global Ship Lease's actual results could differ materially from
those anticipated in forward-looking statements for many reasons.
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 Securities and Exchange Commission after the
date of this communication.
Contacts: Investor and Media Contact: The IGB Group Tyler Wilson
646-673-9701
Global Ship Lease Ut (NYSE:GSL.U)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Global Ship Lease Ut (NYSE:GSL.U)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024