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
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 (GSL) has reported negative result for the third quarter of the year mainly due to impairment charges related to two vessels. Company reported revenue of $42.18 million. The estimated revenue was of $39.92 million. Earnings per share were $0.08. Analysts had estimated an EPS of $0.06. Revenue for the nine months ended September 30, 2015 was $120.9 million. Reported net loss of $41.1 million for the third quarter 2015, after $44
The Bureau of Ocean Energy Management’s (BOEM) Final Rule for Leasing of Oil and Gas or Sulfur in the Outer Continental Shelf (OCS) will be published in the Federal Register on March 30, 2016. The final rule updates and streamlines the existing OCS leasing regulations
Ports America is continuing its business growth strategy to increase its West Coast presence through additional investments, services and expansion of its terminal capacity. The latest transaction includes a significant expansion and 20-year lease extension of the Husky Terminal in Tacoma, Wash
China’s biggest private shipbuilder Yangzijiang Shipbuilding Holdings Ltd has won orders for six dry bulk carriers worth a combined US$510 million. The 400,000 DWT very large ore carriers (VLOCs) are the largest dry bulk carriers ever awarded to the group
State-backed shipbuilder CSBC Corporation, Taiwan has launched two domestically developed and constructed vessels in the southern Taiwan port city of Kaohsiung, reports Taiwan Today. YM Window and YM Width are 368 meters long, 51 meters wide and can carry 14,198
FSL Trust Management Pte. Ltd. (FSLTM), as the trustee-manager of First Ship Lease Trust (FSL Trust), announced that FSL Trust has entered into a memorandum of agreement to purchase a 2007, Japanese-built, 45,998-dwt MR product tanker for $21.8 million.
As part of President Obama’s comprehensive Climate Action Plan to create American jobs, develop domestic clean energy resources and cut carbon pollution, the Interior Department’s Bureau of Ocean Energy Management (BOEM) yesterday held the nation’s fifth competitive lease
Norwegian oil major Statoil said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive. "Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out
Global Ship Lease, Inc has completed the sale of its 1997-built, 4,113 TEU containership, Ville d'Orion, following redelivery from its previous charter. The vessel was sold for $328.25 per ldt, for estimated net proceeds of $4.5 million.
International law firm Ince & Co has announced that it has advised Fugro on a sale and lease back agreement with ICON Investments regarding two of its geotechnical drill ships Fugro Scout and Fugro Voyager. ICON financed the acquisition of the vessels by loan facilities from a syndicate of
A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens.
FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect for a cash consideration of approximately $10,800,000. Ever Radiant and Ever Respect are Japanese-built, 4
SBM Offshore, the world's top oil production ship leasing company, said on Wednesday that U.S. authorities had re-opened an inquiry into bribery allegations involving the Dutch company. SBM Offshore reached a record $240 million settlement in November 2014 with Dutch and U.S
Shipping and offshore maritime sectors must be alert to implications of new U.S. lease accounting standard The Financial Accounting Standards Board (FASB) in the United States has issued a lease accounting standard update following the release in January 2016 of an International Financial
The Bureau of Ocean Energy Management (BOEM) today released proposed regulations that would provide additional clarity and certainty for its Marine Minerals Program regarding negotiated, non-competitive leases for Outer Continental Shelf (OCS) resources such as sand, gravel and shell.
NOIA President Randall Luthi today issued the following statement in advance of tomorrow’s Central and Eastern Gulf of Mexico Oil and Gas Lease Sales: “Historically, Central and Eastern Gulf of Mexico lease sales have drawn strong interest from industry; however