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 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Danos Fabrication Facility Creates 150 Jobs

Danos, a family owned oil and gas service company, announced plans to expand its fabrication capabilities, by opening a 120,000 square-foot fabrication facility in Amelia, La.

US’ Largest Floating Drydock Heads to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Contracts

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Ecuador Coastguard Orders Damen Patrol Boats

Damen announced it has recently signed a contract with AstillerosNavalesEcuatorianos (Astinave) to construct two Damen Stan Patrols (Spa) 5009 for the Ecuadorian Coastguard.

LNG America Selects Topside Designer for LNG Bunker Barge

LNG America has selected Taylor-Wharton to commence the front-end engineering and design work for the cryogenic topside of the company’s 3,000 cubic meter Gemini

Finance

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG),

Container Ships

Evergreen Line Makes Maiden Call to Boston

Evergreen Line’s ItalLunare celebrated its maiden call to the Port of Boston with an official first call and plaque presentation on Wednesday, the Massachusetts Port Authority (Massport) announced.

Cuba Struggles to Attract Investors Despite Reforms

Cuba has yet to attract new foreign investors despite launching two major initiatives in the past year, a sign of the lingering caution over doing business with

CMA CGM to Launch New Joint Liner Service

CMA CGM S.A. announced it act in cooperation with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3127 sec (3 req/sec)