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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


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


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 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.


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”).


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


NOIA Supports DOI’s Mid- and South Atlantic G&G Impact Statement

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 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


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.


Box Prices Rise for the First Time in 2 Years

Photo: Drewry

Drewry’s latest Container Equipment Insight, exclusive to subscribers of Drewry’s Container Leasing and Container Census reports, saw prices for new dry freight containers increase in the opening months of 2014 for the first time in two years.


New Dry-Freight Box Prices on the Rise

File image CCL3

Prices for new dry freight containers increased in the opening months of 2014 for the first time in two years, observes Drewry's latest 'Container Leasing and Container Census'. Standard box prices declined gradually throughout 2013, falling by late in the year to their lowest point since 2009


BOEM Proposes GoM Oil and Gas Lease Sale

Photo courtesy BOEM

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) Director Tommy P. Beaudreau today announced that the bureau will offer more than 21 million acres offshore Texas for


BOEM gives more time to submit plans OCS

The Bureau of Ocean Energy Management (BOEM) announced today the publication of its Final Rule to extend time requirements for submitting a Site Assessment Plan (SAP) or a General Activities Plan (GAP) for renewable energy development on the Outer Continental Shelf (OCS).


Creditors Allow FSL Trust More Breathing Space

FSL Shanghai: Photo credit the owners

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.


Shell's US Arctic Policy an 'Ongoing Gamble': Greenpeace Analysis

Image courtesy of Greenpeace

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


Today in U.S. Naval History: March 11

President Franklin D. Roosevelt signing into law the Lend-Lease Act. (Image courtesy of Library of Congress)

Today in U.S. Naval History - March 11 1935 - Birth of Naval Security Group when OP-20G became the Communications Security Group 1941 - President Franklin D. Roosevelt signs Lend-Lease Act 1942 - In a PT boat, Lt. Cdr. John Bulkeley leaves the Philippines to take General Douglas MacArthur


GSL Prices First Priority Secured Notes

Global Ship Lease, Inc. (GSL) announced  that it has priced an offering of $420,000,000 aggregate principal amount of 10.000% first priority secured notes due 2019 at an issue price of 98.5% in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally


BOEM Seeks Comment on Proposed Energy Research

boem.png

As part of the Obama Administration's Climate Action Plan to create American jobs, develop domestic clean energy sources and cut carbon pollution, the Bureau of Ocean Energy Management (BOEM) announced today that it is seeking public comment as it prepares an Environmental Assessment (EA) to


FSL Trust Sells Two Bulk Carriers

FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust has sold its two dry bulk vessels, MT Stella Fomalhaut and MT FSL Durban. The disposal is expected to save FSL Trust approximately $3 million (approximately S$3


BOEM Takes Bids for GoM Lease Sale

On Wednesday, March 19, 2014, Secretary of the Interior Sally Jewell will announce the results of Gulf of Mexico Lease Sales 231 and 225, which are offering more than 40 million acres for oil and gas exploration and development offshore Louisiana, Mississippi and Alabama


BOEM Assesses Prospects of Wave Energy off Oregon

As part of President Obama’s Climate Action Plan to create American jobs, cut carbon pollution and develop domestic energy sources, the Bureau of Ocean Energy Management (BOEM) is assessing whether there is competitive interest in wave energy research or development in an area of federal


Petrobras Shelves Debt Sales in Wake of Scandals

FPSO Cidade de Paraty (Photo: SBM Offshore)

Brazilian state-controlled oil company Petroleo Brasileiro SA, which has been hit by a series of scandals, shelved plans to sell debt in local and international debt markets later this year, a source with direct knowledge of the situation said on Monday.


Update: Petrobras Denies Shelving Debt Sales

Petroleo Brasileiro SA on Monday denied shelving plans to sell debt in local and international markets later this year because of a series of scandals regarding the Brazilian state-controlled oil producer. A source with direct knowledge of the plans told Reuters on Monday that the company was


Strainstall Supply Load Pins for Shell Stones Project

Strainstall UK Limited has been selected to work alongside SBM offshore on the prestigious Shell Stones project, which is an ultra-deep Oil and Gas development in the Gulf of Mexico and is currently the deepest production facility in the world at approximately 2,900 meters.


 
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