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
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.
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.
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”).
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.
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
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
The analysis considers that the US Arctic Ocean presents almost a perfect storm of risks: a requirement for a long-term capital-intensive investment for uncertain return; a remote and uniquely challenging operating environment; ongoing court challenges; a lack of extraction and spill response
Formerly financially troubled FSL Trust Management (FSL Trust) says in its latest FY 2013 report that it has successfully secured a loan covenant relaxation until 31 December 2014, which they hope will enable them to move forward.
Swissco Group expanding upstream into the offshore rig chartering business with the acquisition of Scott and English Energy. Scott and English Energy is in the business of owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in
By Ayesha Rascoe, Reuters The Obama administration on Thursday laid out a framework for assessing the amount of crude off the Atlantic coast, another step toward possibly allowing oil production in an area that has been out of reach for decades.
Dana Gas said it has signed an agreement for the North El Arish (Block 6) Concession Area, offshore the eastern Nile Delta. The 2,980 sq. km block was awarded in April 2013 as part of a competitive bidding process. This is the company’s first offshore block in Egypt
Containership charter owners, Global Ship Lease, Inc. has announced unaudited results for the three months and year ended December 31, 2013, excerpted as follows: Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "In the fourth quarter of 2013
On the heels of President Obama’s State of the Union address where he laid out actions to move the economy toward clean energy sources, reduce carbon pollution and create jobs, Secretary of the Interior Sally Jewell has announced an important step forward for the first offshore wind project
The Transportation Club of Tacoma (TCT), the largest Transportation Club Chapter in North America, has chosen Terry Thomas, president and one of the founders of his company PNW Equipment Inc., as their 'Person of the Year 2013'. TCT explain in a brief biography that Terry Thomas
A three-judge panel of the U.S. Ninth Circuit Court of Appeals has issued a ruling against the Department of Interior and oil companies including Shell in favor of environmental and Alaska Native groups and concluded the federal government failed to properly evaluate the scale of oil production
Gulf Coast Shipyard Group, Inc.—a manufacturer of a variety of ocean-going and inland marine vessels for commercial and military markets as well as the Trinity Yachts brand— has announced its expansion by signing a three-year lease with one-year options with the Port of Gulfport.
China COSCO Holdings Co. Ltd, the country's largest shipper, indicates a profit turnaround in 2013 after suffering heavy losses for two consecutive years, reports Xinhau. According to COSCO's earlier, 2013, financial report, the Shanghai-listed company made cutting operational costs a major
Following the 19 November 2013 suspension of trading of First Ship Lease Trust (FSL) on the Singapore Stock Exchange, the Board of Directors informs that the company remains in on-going discussions with lenders to seek a longer loan covenant relaxation and are working hard to resolve the situation
Innovative maritime electronics manufacturer, Martek Marine, releases its one-of-a-kind ECDIS offering to the market today. Named the iECDIS, Martek’s is the first model to integrate a GSM modem, offering automatic download and installation of charts, updates and notices to mariners
National Ocean Industries Association (NOIA) President Randall Luthi issued the following statement on the hearing on seismic exploration on the Atlantic Outer Continental Shelf held today by the House Committee on Natural Resources, Subcommittee on Energy and Mineral Resources.
Sustaining the ongoing boatbuilding boom can involve the lawful use of foreign finance streams. James Kearns takes a closer look at the practice. The citizenship requirements for vessels engaged in the U.S. coastwise trade are generally well-known