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Global Ship Lease Announces Agreement to Acquire 12 Containerships | Hellenic Shipping News Worldwide

Global Ship Lease Announces Agreement to Acquire 12 Containerships Global Ship Lease, Inc. announced today that it has agreed to purchase 12 containerships from Borealis Finance LLC with an average size of approximately 3,000 TEU and a weighted average age of 11 years for an aggregate purchase price of $233.9 million. The ships are all on charter with leading liner operators, with remaining charter durations of three to 25 months. With these additions, the Company’s fleet will comprise 62 containerships with a total capacity of 322,770 TEU, making Global Ship Lease the eighth largest non-operating owner of containerships by TEU capacity. The 12 vessels are scheduled for delivery during the third quarter of 2021. The Company expects to fund the purchase price with cash on hand, the proceeds of new bank debt, and the issuance of $35.0 million of its existing 8.00% Senior Unsecured Notes to the sellers.

WFW advises Global Ship Lease on its first sale and leaseback | Hellenic Shipping News Worldwide

WFW advises Global Ship Lease on its first sale and leaseback Watson Farley & Williams (“WFW”) advised Global Ship Lease, Inc. (“GSL”), a NYSE-listed containership owner, on their US$14,734,500 sale and leaseback of one ship, GSL VIOLETTA (the ” Vessel”), with Neptune Maritime Leasing Limited (“Neptune”). This is GSL’s first sale and leaseback transaction, with the US$14,375,000 being made available to GSL under the sale and five-year capital leaseback and used for the financing of the Vessel, which is subject to a long-term charter with Maersk Line A/S. Founded in 2007 and NYSE-listed, GSL is a leading independent owner with a diversified fleet of mid-sized and smaller containerships which are chartered under fixed-rate time charters to top tier container liner companies.

Global Ship Lease: Q1 Earnings Snapshot

Global Ship Lease: Q1 Earnings Snapshot May 13, 2021 FacebookTwitterEmail MAJURO, Marshall Islands (AP) Global Ship Lease Inc. (GSL) on Wednesday reported first-quarter profit of $5.6 million. The Majuro, Marshall Islands-based company said it had profit of 13 cents per share. Earnings, adjusted for non-recurring costs, came to 55 cents per share. The containership owner posted revenue of $73 million in the period. Global Ship Lease shares have climbed 26% since the beginning of the year. The stock has more than tripled in the last 12 months. This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GSL at https://www.zacks.com/ap/GSL

Global Ship Lease Reports Results for the First Quarter of 2021 | Hellenic Shipping News Worldwide

Global Ship Lease Reports Results for the First Quarter of 2021 Global Ship Lease, Inc., a containership charter owner, announced its unaudited results for the three months ended March 31, 2021. First Quarter 2021 – Reported operating revenue of $73.0 million for the first quarter 2021. – Reported net income available to common shareholders of $4.2 million for the first quarter 2021 after $5.8 million premium paid on the full optional redemption of our outstanding 9.875% Senior Secured Notes due 2022 (“2022 Notes”) on January 20, 2021, an associated non-cash write off of deferred financing charges of $3.7 million and of original issue discount of $1.1 million, a non-cash charge of $1.3 million for accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares, and a prepayment fee of $1.6 million on the partial repayment of our Blue Ocean Junior Credit Facility, giving normalized net income(3) of $17.8 million.

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