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Ship Lease

Global Ship Lease Reports Q4 2009 Results

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


GSL Announces New First Priority Secured Notes Offering

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


FSL Trust Takes Redelivery of Two Chemical Tankers

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.


London Club Continues to Expand Membership

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.


FSL Trust Executive Tenders Resignation

Vijay Kamath

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.


Singapore's Troubled FSL Trust Appoint Independent Audit Directors

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”).


Indonesian Tanker Explosion Kills 4

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


FSL Trust Demands Redelivery of Crude Oil Tankers

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


Carrier’s Refrigeration Unit for Ships Tops Records

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


DOI Issues FSEIS for Chukchi Sea Lease Sale

The U.S. Department of the Interior (DOI) released a Final Supplemental Environmental Impact Statement (FSEIS) for Chukchi Sea Lease Sale 193, moving the DOI a step closer to resolving federal court concerns regarding the 2008 oil and gas leases offshore Alaska. The FSEIS updates the Bureau of Ocean Energy Management’s (BOEM) estimates of the full range of production levels from offshore oil fields that might be developed in the Chukchi Sea as well as the related potential environmental


Green Groups Sue Port of Seattle

Image courtesy: Port Of Seattle

 A coalition of environmental groups has sued the Port of Seattle over a leasing agreement to host Shell Oil’s Arctic drilling fleet, claiming the deal was negotiated in secret and may pollute the port.   They argued that the port needed to allow more public involvement and


Jaxport Welcomes Consolidation of Crowley's Jacksonville Operations

  Crowleys Bill Pennella (right), Vice COB/EVP, and JAXPORTs Dr. John Allen Newman (left), Board Vice Chair, agree to the expanded, long-term lease at JAXPORT’s Talleyrand Marine Terminal.

JAXPORT’s Board of Directors today unanimously approved an expanded, long-term lease with Crowley Liner Services Inc. Under the agreement, Crowley will relocate its Puerto Rican service from its private terminal along Jacksonville’s harbor to JAXPORT’s Talleyrand Marine Terminal


GSL to Acquire 8,063 TEU Vessel

Second sale-and-leaseback agreement provides immediately accretive earnings growth; acquisition expected to generate annual EBITDA of approximately $9.4 million   Global Ship Lease, Inc. (GSL) has agreed to acquire an 8,063 TEU containership from a leading container liner company for a


BOEM Issues Supplemental Environmental Impact Statement

boem logo.png

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement (EIS) for proposed Central Planning Area (CPA) Lease Sales 241 and 247 and Eastern Planning Area (EPA) Lease Sale 226.  


US Proposes Allowing Oil, Gas Drilling off Atlantic Coast

The Obama administration on Tuesday proposed allowing for the first time oil and gas exploration in a wide swath of U.S. waters off the Atlantic Coast.   The 2017 to 2022 drilling plan begins a process that could take many years before waters off the coasts of Virginia, North Carolina


Boost for Offshore Wind Energy

Offshore Wind Energy

As part of President Obama’s Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Hopper today announced the release of an


BOURBON Continues to Sell Vessels

BOURBON completes vessel sales to ICBC Financial Leasing and Standard Chartered Bank and announces new sale and bareboat charter agreement with Minsheng Financial Leasing Co.   BOURBON has completed the transfer of ownership under the agreements with ICBC Financial Leasing (ICBCL) and


Choosing the Best Financing Proposal

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


OSX Presents Revamped Bankruptcy Plan, Calls Assembly

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.


China Pledges Mergers, Private Investment in Shipping Industry Reform

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


Global Ship Lease Buys Containership from OOCL

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


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

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


BOEM Proposes O&G Lease Sale in Gulf of Mexico

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


FSL Trust Appoint Esben Poulson Independent Director

Esben Poulson: Photo ICS

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.


How Specialty Lenders Can Propel Marine Operators

Eric Dusch

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






 
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