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Global Ship Lease, Inc.  (GSL)
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    Sector  Transportation    Industry Marine Transportation
 


 

Global Ship Lease, Inc.

Business Description


We are a Republic of the Marshall Islands corporation that owns a fleet of modern containerships of a range of sizes. Our business is to charter out our fleet under long-term, fixed-rate charters to reputable container shipping companies to generate stable revenues and predictable cashflows.


We were formed in 2007 to purchase and charter back containerships then owned or to be purchased by CMA CGM, the third largest containership operator in the world. We acquired our initial fleet of 17 containerships from CMA CGM between December 2007 and August 2009. All of the vessels were time chartered to CMA CGM for terms between five and 17 years. Two of the initial charters, relating to our 4,113 TEU vessels, Ville d’Aquarius and Ville d’Orion, expired in September 2012 and were renewed successively with CMA CGM until expiry late April 2014 for Ville d’Aquarius and late May 2014 for Ville d’Orion. New charters were agreed with Sea Consortium, trading as X-Press Feeders, commencing May 7, 2014 and extended effective December 3, 2014 for between four and six months for Ville d’Aquarius and July 17, 2014 for between six and 12 months for Ville d’Orion. On October 28, 2014 we took delivery of our eighteenth vessel, the 8,063 TEU OOCL Tianjin, having purchased her from Orient Overseas Container Lines Limited (“OOCL”). The vessel was immediately chartered back to OOCL for between 36 and 39 months. The TEU weighted average remaining term of our charters, excluding the Ville d’Aquarius and Ville d’Orion which are deployed in the short term charter market, was 6.4 years and TEU weighted average age for the fleet was 10.7 years.

A time charter is a contract for the use of a vessel for a fixed period of time at a specified daily rate. Under a time charter, the vessel owner provides crew, lubricating oil, all maintenance and other services related to the vessel’s operation, the cost of which is included in the daily rate. The vessel owner is also responsible for insuring its interests in the vessel and liabilities as owner arising from its use. The charterer is responsible for substantially all of the vessel’s voyage costs, such as fuel (bunker) costs, canal fees, port expenses, extra war risk insurance costs if the vessel is deployed outside normal insurance limits and for entering areas which are specified by the insurance underwriters as being subject to additional premiums and cargo handling charges.

Initial Charters
Each of the vessels in our initial fleet of 17 vessels was or remains subject to a time charter with CMA CGM based on standard industry terms. We have separate subsidiaries to own each vessel in our fleet. We guarantee the obligations of each of our subsidiaries under the charters. Each of our initial charters commenced on each vessel’s delivery. Due to different delivery dates and durations, our charters will expire on different dates and over a period of time. We believe the staggered expirations of our charters will reduce our exposure to rechartering risk upon expiration of our initial charters and may mitigate the impact of the cyclical nature of the container shipping industry. The charters on our initial 17 vessels had terms of five to 17 years (plus or minus 90 days at charterer’s option). We agreed with CMA CGM, with effect from February 1, 2014, to extend by three years the charters on four vessels at a lower on-going daily charter rate.

   

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