Global Ship Lease Further De-Levers in Q4 2013

MarineLink.com
Thursday, February 13, 2014
Containership Julie Delmas: Photo courtesy of the owners

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, we once again benefitted from our strong contract coverage, which resulted in fleet utilization of more than 99% and Adjusted EBITDA of $22.9 million. Our stable cashflow generation enabled us to further de-lever our balance sheet during the fourth quarter, repaying debt in the amount of $17.9 million.

For the full year 2013, fleet utilization was also in excess of 99%, generating Adjusted EBITDA of $91.5 million and resulting in debt repayment of $59.3 million for the year and a total debt repayment of $232.8 million since the fourth quarter of 2009. The ratio of net secured debt to 2013 Adjusted EBITDA is now 3.7 times."

Mr. Webber continued, "We enter 2014 well positioned to continue to benefit from our strong contracted revenue stream and remain insulated from asset value volatility as a result of our recent loan-to-value waiver extension. As our strong, predictable cashflows allow us to continue strengthening our balance sheet through additional debt repayment, we remain committed to a refinancing on favorable terms to increase our financial and strategic flexibility and enhance shareholder value."

Taken from the report (in thousands of US dollars)

The full report is available at: http://www.globalshiplease.com/releasedetail.cfm?ReleaseID=807380

 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Canada's First LNG Ferry Launches with Bestobell Valves

Bestobell Valves is celebrating supplying cryogenic valves to Canada’s first LNG-fuelled ferry – the MV Armand-Imbeau II, which has recently been launched.   It

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

GasLog Orders Two LNG Carriers

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea.

Contracts

Diana Charters Containership to Maersk

Container shipping company Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Maersk

BG Awards Fugro MBES, Seabed Coring Contract

Fugro has been awarded a contract by BG International Limited Sucursal Honduras to conduct an integrated multibeam echosounder (MBES) survey and seabed coring campaign

GasLog Orders Two LNG Carriers

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea.

Finance

Harper Government Invests in Naufrage Harbor

The Honorable Gail Shea, Minister of Fisheries and Oceans, announced today an investment to improve safety and working conditions for fishermen at Naufrage Harbor, Prince Edward Island.

Strategic Marine’s Stock Program Full Power Ahead

Strategic Marine, the specialist shipbuilder and fabricator, has confirmed its stock program of personnel transport vessels is market-ready. “Our stock program

Shift to Contract Labor in U.S. Maritime, Offshore Sectors Underway

Maritime and Offshore recruiter Faststream has reported a shift in attitude towards temporary, project and consulting work following a recent survey to over 1,000 candidates in North America.

Container Ships

Diana Charters Containership to Maersk

Container shipping company Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Maersk

Boxships Collide in Port Klang, Malaysia

The container ships MOL Empire and Northern Democrat collided at around 1430 LT Aug 1 in Westport harbor at Port Klang, Malaysia, reportedly while mooring.   Container or containers fell overboard,

Hapag-Lloyd Adds Halmstad to Rotation

As one of the top global carriers Hapag-Lloyd offers a comprehensive service network and will add port of Halmstad, Sweden to the Nordic Short Sea Network. As

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3315 sec (3 req/sec)