Global Ship Lease, Inc. (NYSE:GSL)(NYSE:GSL.U)(NYSE:GSL.WS), a containership charter owner, announced its unaudited results for the three months ended December 31, 2009. Fourth Quarter and Full Year 2009 Highlights: - Generated $16.5 million of cash in the fourth quarter of 2009 up 29% on $12.8 million on cash generated in fourth quarter 2008. $62.0 million cash was generated in the year ended December 31, 2009 - Reported revenue of $39.9 million for the fourth quarter of 2009, up 52% on $26.3 million for the fourth quarter 2008 due to the purchase of four additional vessels in December 2008 and one additional vessel in August 2009. Revenue was $148.7 million for the year ended December 31, 2009 up 57% on $95.0 million for the year ended December 31, 2008 - Reported normalized net earnings of $7.3 million, or $0.13 per share, for the fourth quarter of 2009, excluding a $5.1 million non-cash interest rate derivative mark-to-market gain. For the year ended December 31, 2009 normalized net earnings was $26.6 million, or $0.49 per share, excluding $17.9 million non-cash mark-to-market gain and $2.2 million deferred financing costs written off on an accelerated basis - Including the non-cash mark-to-market and deferred financing costs items, reported net income was $12.3 million, or $0.23 income per share, for the fourth quarter of 2009 compared to $43.7 million loss for the fourth quarter 2008. The reported net income was $42.4 million, or $0
Global Ship Lease, Inc. (GSL) announced that it plans to issue an aggregate principal amount of up to $400,000,000 of first priority secured notes due 2021 in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally, on a senior basis by Global Ship Lease Services Limited and each of the company's 17 vessel-owning subsidiaries and in the future by certain of the company's existing and future restricted subsidiaries
An oil tanker that had just unloaded its cargo exploded on a Sumatran river Wednesday, killing four crew members, reports said. The MT Maulana had delivered a load of diesel fuel and was returning to port in the afternoon when the explosion occurred, said police investigators. Firefighters battled the blaze for two hours to bringing it under control. An electrical problem ignited fuel, touching off the blast. Tugboats towed the charred wreckage of the 1,500-ton ship
The P&I Club recorded a growth of nearly two million gross tons in its book of owners’ P&I business during the 2007/8 policy year, increasing the total mutual membership to approximately 37.5 million gross tons. In addition, the Club’s portfolio of charterers’ entries - cover for which has been enhanced by the development of a flexible combined single limit facility - brought the ’s overall tonnage to nearly 40m gt.
Singapore - FSL Trust Management Pte. Ltd. (“FSLTM ”), as trustee-manager of First Ship Lease Trust (“FSL Trust”) announced that, as of March 10, the remaining two 19,900 dwt stainless steel chemical tankers, previously leased to the subsidiaries of Berlian Laju Tanker Tbk, have been redelivered to FSL Trust. The chemical tankers - ‘Pujawati’ and ‘Prita Dewi’ - will be renamed ‘FSL London’ and ‘FSL Tokyo,’ respectively.
Vijay Kamath, Senior Vice President and Chief Commercial Officer (CCO) at First Ship Lease Trust (FSL Trust), will depart the company October 4, 2013 to pursue other career opportunities. Mr. Kamath was responsible for new business development and oversaw short-term deployment and management of the trust's vessels, which include seven containerships, 11 product tankers, three chemical tankers, two dry bulk carriers and two crude oil tankers.
Reflecting the shipping industry’s continued trend in the adoption of energy efficient equipment which reduces lifecycle costs, Carrier Transicold reported that its PrimeLINE® container refrigeration unit has surpassed previous records, selling nearly the same number of units in 2011 as in the prior three years combined. “For four successive years, the PrimeLINE unit has outsold all competitive models
Washington, D.C.– The National Ocean Industries Association (NOIA) appreciates that the Draft Programmatic Environmental Impact Statement (DPEIS) for the Mid- and South Atlantic G&G Activities announced by the Department of the Interior is an important first step toward potential energy exploration and development in the Atlantic Outer Continental Shelf (OCS). “Since the areas have been largely unexplored for over two decades, due to executive and Congressional bans
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), wishes to announce that the lessees of its two crude oil tankers, namely, Aqua and Action, have defaulted on their lease payments and FSLTM has demanded the redelivery of these vessels. The lessees are wholly-owned subsidiaries of Geden Holdings Ltd. FSLTM had been in restructuring discussions with Geden since the end of 2012
Independent directors have been appointed to FSL Trust Audit Committee. FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee-manager of First Ship Lease Trust (“FSL Trust”), announces that Mr. Michael J. Oliver and Mr. Simon S. Davidson, both non-executive and independent directors of the Board of FSLTM, have been appointed as members of FSLTM’s Audit Committee (“Audit Committee”).
Global Ship Lease, Inc. took delivery of a 2005-built, 8,063 TEU containership, the OOCL Tianjin. Upon delivery, the vessel commenced a timecharter back to the seller, Orient Overseas Container Lines Limited (OOCL), for 36 to 39 months at a rate of $34,500 per day
China has issued further guidance to support and modernize its shipping industry, saying it would encourage mergers and private investment as well as develop its cruise industry. The world's biggest trading nation is focusing on the shipping industry as it grows more assertive over territorial
OSX Brasil SA, a shipbuilding and ship leasing firm controlled by Brazilian tycoon Eike Batista, presented a revamped bankruptcy protection plan to a judge in Rio de Janeiro on Monday. In May, OSX had presented a plan to pay $2.6 billion in debt over 25 years.
It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow. And, if that newbuild or conversion program involves a significant fleet expansion
The container leasing sector experienced another year of stellar growth in 2013 thanks to the continuing weakness of carrier financials, according to Drewry’s recently published Container Leasing report. And Drewry forecasts that this trend will continue.
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust) has generated a profit of $1 million for the 2Q of the 2014 financial year. This profit compares to a $7.2 million loss for the 2Q’s corresponding previous year
The Bureau of Ocean Energy Management (BOEM) Gulf of Mexico Regional Director John Rodi will open the Gulf of Mexico Western Planning Area Lease Sale 238 at 9 a.m. CDT on Wednesday, August 20, 2014 at the Mercedes-Benz Superdome in New Orleans.
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,951,644 million in high bids for 81 tracts covering 433,823 acres on the U.S
U.S. Government agency BOEM informs that Western Gulf of Mexico Lease Sale 238 attracted US$109,951,644 million in high bids for 81 tracts covering 433,823 acres on the U.S. Outer Continental Shelf offshore Texas. A total of 14 offshore energy companies submitted 93 bids.
SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio. The last of the three buildings was sold for approximately US$62 million net of expenses, resulting in a book profit of approximately US$58 million.
Global Ship Lease, Inc. has announced that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million. The 2005-built vessel is expected to deliver in the fourth quarter of 2014
The surge in the shale gas industry in the U.S., as well as stepped up oil exploration in the Gulf of Mexico, is creating enormous demand for marine assets to transport fuels and supplies. To seize this growth opportunity, mid-size marine operating companies with annual revenues from $10 million
FSL Trust Management Pte. Ltd. (“FSLTM”), as Trustee- Manager of First Ship Lease Trust (“FSL Trust” ) informs it has appointed Esben Sofren Poulsson as Non-Executive Independent Director of FSLTM, effective from 30 September 2014.
As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Bureau of Ocean Energy Management (BOEM) Acting Director Walter Cruickshank today announced that the bureau will offer 40 million acres offshore Louisiana
Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships