Global Ship Lease, Inc. (NYSE: GSL)(NYSE: GSL.U)(NYSE: GSL.WS) a
rapidly growing containership charter owner, today announced the
Company's Board of Directors has declared a fourth quarter dividend
of $0.23 per Class A common share and unit and Class B common
share. The dividend is payable on March 5, 2009 to Class A common
shareholders and unit holders and Class B common shareholders of
record on February 20, 2009.
Ian Webber, Chief Executive Officer of Global Ship Lease,
commented, "We are pleased to have declared our fourth quarter
dividend, the Company's third $0.23 distribution since going public
in August of 2008. In response to the unprecedented volatility in
the financial markets and in appraised ship values, we proactively
approached our lenders in order to reduce our risk with respect to
our loan to value maintenance covenant under the Company's credit
facility. Working closely with our bank group, which has
significant experience with ship lending, we have favorably amended
our credit facility at attractive borrowing rates with modest
upfront cost in a very challenging economic and financial
environment. With the amended facility in place, Global Ship Lease
has significantly reduced its exposure to pressures on ship
valuations and enhanced its ability to continue providing
shareholders with attractive dividends. The declaration of the
fourth quarter distribution and the successful conclusion of our
negotiations with our lenders further demonstrate the stability of
our business model, which is focused on securing all of our vessels
on long-term fixed rate contracts to generate stable and
predictable cash flows."
Under terms of the Company's amended $800 million credit
agreement, Global Ship Lease has obtained significant relief with
respect to its loan to value maintenance covenant. Specifically,
the allowed ratio of borrowings to ship values will be increased to
a maximum of 100%, from 75% previously, applicable for each of the
test dates commencing with the next which is due April 30, 2009 up
to and including the test due on April 30, 2010. During this
period, the Company will have no restrictions on its ability to
distribute dividends unless the loan to value ratio exceeds 90%, at
which point, Global Ship Lease will be required to place 50% of its
quarterly cash available for distribution in a pledged account. The
pledged account would be released back to the Company if loan to
value falls back below 90% during a subsequent valuation period. As
part of the amended facility, the Company has agreed to increase
the margin of interest paid on the existing loan to value pricing
grid by 50 basis points, and the grid has been extended to
accommodate higher loan to value ratios. The facility will now bear
an interest margin ranging from 1.25% to 2.75% over LIBOR,
depending on loan to value. In addition, the commitment fee will
increase to 0.50% from 0.25% and the maximum availability under the
credit facility will begin to amortize from December 2011 rather
than December 2012 previously.
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 16 vessels and has contracted
to purchase an additional three vessels. The Company has a contract
in place to purchase an additional vessel for $82 million from CMA
CGM, which is expected to be delivered in July of 2009 and also has
contracts in place to purchase two newbuildings from German
interests for approximately $77 million each which are scheduled to
be delivered in the fourth quarter of 2010.
Once all of the contracted vessels have been delivered by the
end of 2010, Global Ship Lease will have a 19 vessel fleet with
total capacity of 74,797 TEU and a weighted average age at that
time of 7.4 years and an average remaining charter term of
approximately eight years. All of the vessels including those
contracted for future delivery are fixed on long-term charters.
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. 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 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 and 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
to fund capital expenditures, acquisitions and other general
corporate activities;
- 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 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.
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
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.
Contacts: Investor and Media Contact: The IGB Group Tyler Wilson
646-673-9701
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