• 2019 September 20 18:05

    Global Ship Lease announces new five-year $268 mln credit facility for debt refinancing

    Global Ship Lease, Inc. has agreed a new syndicated $268 million senior secured credit facility comprised of two tranches with major commercial lenders Credit Agricole Corporate and Investment Bank, ABN AMRO Bank N.V, CIT Bank NA, Hellenic Bank Public Company Limited and Siemens Financial Services Inc., the company said in its release.

    The Company expects to draw down the first tranche of the New Senior Loan, in full, of $230 million shortly and will use the proceeds to refinance five existing senior credit facilities with maturities in December 2020 and April 2021 (the “First Tranche Refinancing”), thereby reducing its cost of debt, extending maturities, and simplifying its debt structure. As a result of the First Tranche Refinancing, three 2000-built 6,000 TEU ships will become unencumbered. The second tranche of up to $38 million, or 65% of the market value of the vessel to be financed, is available, on similar terms, until May 2020 to facilitate further refinancing. The final maturity date of the New Senior Loan is expected to be September 2024, five years after drawdown. Borrowings under the New Senior Loan will bear interest at LIBOR plus a margin of 3.0%. Scheduled amortization is in line with fixed amortization which would have commenced March 2020 under the refinanced loans, at $5.2 million per quarter.

    In addition, the Company has refinanced all of the existing indebtedness under its Junior Facility in the amount of $38.5 million, with the only change being to extend its maturity from September 2023 to September 2024, consistent with the maturity date of the New Senior Loan. The Company has updated the Overview of GSL Debt in its Investor Presentation.

    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 40 ships and has contracted to purchase a further ship, ranging from 2,207 to 11,040 TEU, of which nine are fuel efficient new-design wide beam, with a total capacity of 224,162 TEU and an average age, weighted by TEU capacity, of 11.9 years as at June 30, 2019.
    The average remaining term of the Company’s charters at June 30, 2019, including subsequent new charters, options to extend which are under the Company’s control, and assuming the mid-point of the redelivery period, was 2.9 years on a TEU-weighted basis. Contracted future revenue on this basis was $835.4 million. Contracted future revenue was $916.4 million, including options to extend which are under charterers’ control and assuming the latest redelivery date, over a TEU-weighted average remaining term of 3.3 years.




2019 October 20

16:05 EDPR and Aker Solutions to develop 500MW floating wind farm in Ulsan, South Korea
15:25 Coast Guard updates port conditions in Gulf Coast region
14:47 Siemens Gamesa bags three new contracts for 359 MW in Chile
13:41 Fincantieri begins project for stretching three small cruise ships of Windstar
12:34 MSC introduces new Spanish rail service for reefer cargo
11:03 USCG, Mexican Navy search for overdue aircraft in Gulf of Mexico
10:12 DOE authorizes LNG exports from the Venture Global Plaquemines LNG Project

2019 October 19

16:12 Bibby Marine appoints Helen Samuels to lead the company into its next phase of development
14:58 Med Marine is building new concept ice class tugs for Svitzer
12:34 Sohar Port & Freezone inaugurate new Svitzer pilot boat duo
11:44 USCG offloads more than $92 million worth of cocaine in San Diego
10:49 Singapore company slapped with NOK 7 million fine in the Harrier case

2019 October 18

19:19 New port icebreaker named Ob delivered to FSUE Atomflot
18:54 Port Kolomna hosted ceremony of consecration for pusher tug named Sergey Kladko
18:31 RF Ministry of Transport to expand area banned for navigation near Crimea bridge
18:12 Northwest Seaport Alliance’s Clean Truck Program earns AAPA environmental award
17:57 NUTEP Container Terminal handled three millionth TEU since its operations started in 2004
17:38 Expert RA affirms its ‘ruA’ non-financial company credit rating on DeloPorts
17:13 Port of Virginia buys 25 new hybrid shuttle carriers
17:00 First grain shipment via Sabetta port expected in July 2020 – RF Ministry of Agriculture
16:46 Onezhsky Shipyard delivers buoy tender of Project 3265 named Ladozhsky
16:20 ERMA FIRST invests in METIS Cyberspace Technology
15:45 International organizations unite at IMO
15:14 "K" LINE, MOL, & NYK share data with ONE through the common data platform "IoS-OP"
14:49 Main engines loaded onto lead ship of PV22 project at Nevsky Shipyard
14:12 ESPO publishes European port sector’s Environmental Report 2019
13:53 Blagoveshchensk shipyard resumed construction of modernized seiners of Project 1338
13:32 Total launches its first LNG bunker vessel
13:12 SBM Offshore successful bidder for partner’s minority ownership in SBM Offshore operated FPSO companies
12:54 BIMCO submits proposals to IMO to enhance exchange and harmonization of data
12:31 MSC rules out Arctic exploration on environmental concerns
12:01 British Ports Association publishes new assessment of business environment ahead of annual conference in Belfast
11:30 Port of Antwerp volume up 1.1% in September 2019
11:05 DNV GL awards AiP certificates to HHI for three types of standard mid-sized FPSOs
10:37 RF Navy’s cruiser Marshal Ustinov completes business call to Cyprus
10:03 Hapag-Lloyd announces GRI from East Asia to East Coast South America
09:54 Bunker prices are flat at the port of Saint-Petersburg, Russia (graph)
09:36 Baltic Dry Index is down to 1,861 points
09:18 Brent Crude futures price is down 0.50% to $59.61, Light Sweet Crude – down 0.13% to $53.86
09:01 APM Terminals launches global customer alerts solution
08:42 MABUX: Bunker Market this morning, Oct 18
08:05 MOL introduces AR Navigation System at Maritime Conference in Dubai
07:52 The European shipping industry urges the EU to bolster maritime security in the Gulf of Guinea

2019 October 17

18:12 World's first emission-free push boat “Elektra” to have SCHOTTEL propulsion units
17:47 Five vessels call at the port of Brussels to show technological solutions to cut CO2 and air emissions
17:45 Nexans celebrates the next step in the construction of its Aurora cable installation vessel
17:43 Lotos shipyard delivers non-self-propelled cargo pontoon of Project GRPN
17:41 DFDS takes delivery of third Chinese-built RoRo
17:19 RroZero rolls out new 12m Site-Management boat for fish farming markets
16:14 North Sea Port offers online liner services
15:50 Ships detachment of RF Navy’s Pacific Fleet arrive on business call to Kingdom of Thailand
15:26 Maldives received maritime security training from IMO on the ISPS Code
15:02 Maritime policy for sustainable development was in focus of IMO national workshop in Chile
14:37 IMO workshop helps put maritime development in Africa’s mainstream
14:11 VT Halter Marine launches first US-flagged offshore LNG bunker ATB barge for Q-LNG
13:25 Bunker prices are flat at the Far East ports of Russia (graph)
13:01 Port of Oakland container volume up 3.1 percent in September 2019
12:41 Thordon to supply propeller shaft bearings for MSC Cruises' third Seaside class cruise ship
12:08 Oboronlogistics launched new shipping line linking ports of Novorossiysk, Tartus, Alexandria and Samsun
11:39 NIBULON MAX made her first cargo trip