Gsl News

“30 by 30” is the rallying cry for all concerned with the burgeoning U.S. offshore wind business. In Spring 2021, the Secretaries of Energy, Interior and Commerce resolved to deploy 30 gigawatts (GW) of electricity generated from offshore turbines by 2030. Consultants McKinsey, in a recent article frame the value proposition for this clean fuel source, writing: “During the industry’s 30-year evolution, costs have fallen so sharply that offshore wind now compares favorably with competing energy sources.” For vessel owners, renewable energy brings opportunity.The thrust of near-term U.S.

Global Ship Lease announced on Wednesday that it has agreed to purchase four 5,470 TEU Panamax containerships with an average age of approximately 11 years for an aggregate purchase price of $148 million.The ships are scheduled for delivery during the third quarter of 2021. The Company expects to fund the purchase price with cash on hand and senior secured debt.On delivery, the ships will be chartered to a liner operator for a firm period of three years each, with a charterer’s option for a period of an additional three years.

UK-based containership owner Global Ship Lease (GSL) has agreed to acquire two 2004-built, 6,080 TEU Post-Panamax containerships for an aggregate purchase price of $24.5 million and with charters in place to a leading liner operator for minimum 52 months to  maximum 60 months.The vessels, which have bows optimized for fuel efficiency at lower operating speeds, are scheduled for delivery by the end of this year.The vessels are expected to generate aggregate Adjusted EBITDA of approximately $21 million over the term of the contracted charters, assuming the median expiry dates. With these additions, GSL fleet will comprise 45 vessels with a total capacity of 249…

Global Ship Lease (GSL), a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships, said that  S&P Global Ratings has raised its long-term issuer credit rating.According to the London-headquartered company, its  first priority senior secured notes to B+ from B on the basis of new charters at favorable rates, extended debt maturities, rebalancing supply and demand conditions, and an improved leverage profile.Ian Webber, Chief Executive Officer of Global Ship Lease, commented, “This important acknowledgement from S&P reflects the significant enhancements that we have made over the last year…

Global Ship Lease (GSL), UK-based holding company and containership charter owner, has now settled a five-year refinancing of its debt.According to the container ship owner, the new syndicated $268m credit facility is signed with a number of commercial lenders including Credit Agricole Corporate and Investment Bank, ABN AMRO Bank, CIT Bank, Hellenic Bank and Siemens Financial Services.GSL expects to draw down the first tranche of the New Senior Loan, in full, of $230 million shortly and will use the proceeds to refinance five existing senior credit facilities with maturities in December 2020 and April 2021, thereby reducing its cost of debt…

Taiwanese ocean carrier TS Lines (TSL)  has announced the launch of the Pan Asia 1(PA1) Service that provides weekly connectively between China and Southeast Asia.The PA1 service offers one of the most comprehensive Northern China market coverage comprising seven China main ports as well as Hong Kong, Singapore and Malaysia, said a press release.The PA1 service commenced sailing from Shanghai on 30th , August with the following port rotation: Shanghai -Dalian – Xingang – Qingdao – Ningbo – Xiamen – Nansha – Singapore – Port Kelang- Penang – Port Kelang – Singapore – Hong Kong – Shanghai.Last month, TSL deployed CM3, JMV, IA3, IA8 and…

Marshall Islands-incorporated Global Ship Lease (GSL) has agreed a new charter for the 2003-built, 2,207 TEU GSL Keta.The containership charter owner said in a press release that commencing in late July, the vessel will be chartered for minimum 50 days / maximum 90 days to Hong Kong-based container shipping and logistics service company Orient Overseas Container Line (OOCL) at a fixed rate of $8,700 per day.Ian Webber, Chief Executive Officer of Global Ship Lease, said, “We are pleased to have signed this charter at an improved rate with a top-tier counterparty in OOCL. With strong fundamentals driving continuing improvements across the ship sizes that make up our fleet of high-quality…

Marshall Islands-incorporated Global Ship Lease (GSL) announced that it has agreed to acquire three 2004-built, 7,849 TEU containerships for an aggregate purchase price of $48.5 million.Upon delivery during the second quarter, the first vessel will commence a five-year charter with Maersk Line, said a press release from the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The two other vessels are expected to be delivered during the third quarter and will commence three-year charters with Maersk Line, with two consecutive one-year extensions at the charterer’s option.The three vessels are expected to generate Adjusted EBITDA of approximately $32 million in aggregate for the median firm period, and a total of $47 million if all options are exercised.

Global Ship Lease (GSL), a holding company and containership charter owner, has signed five-year charters with Mediterranean Shipping Company (MSC) for two Post-Panamaxes.According to a press note from the Marshall Islands' incorporated company, the 8,677 TEU ships in question are the 2005-built GSL Tianjin and the 2004-built OOCL Qingdao, to be renamed MSC Tianjin and MSC Qingdao, respectively.The new charters are expected to commence upon redelivery of vessels by current charterers during the late second quarter or early third quarter 2019 and are expected to generate Adjusted EBITDA of approximately $25.6 million per vessel for the median firm period.George Youroukos…

The containership charter owner Global Ship Lease (GSL) has agreed minimum 21-month / maximum 24-month charters with ZIM Integrated Shipping Services for the 2000-built, 5,936 TEU containerships Dimitris Y and Ian H.The new charters are expected to commence in June and July 2019, in direct continuation of their current charters, and to generate approximately $4.4 million of adjusted EBITDA per vessel for the median firm period.George Youroukos, Executive Chairman of Global Ship Lease, said: “Amid strong demand for our high-specification post-panamax containerships, we are making important progress in securing long-term employment across our fleet…

UK-based containership charter owner Global Ship Lease (GSL) has agreed a minimum 30-month / maximum 38-month charter with Maersk Line for the 2000-built, 5,936 TEU containership Tasman.The new charter is expected to commence in July 2019 on the completion of the current charter and is subject to a further 12-month extension at the charterer’s option.The charter is expected to generate approximately $5.3 million of Adjusted EBITDA for the median firm period and an additional $4.4 million if the 12-month extension option is exercised.George Youroukos, Executive Chairman of Global Ship Lease, said, “Our focus in 2019 has been to draw upon our highly experienced chartering team…

Marshall Islands-incorporated  containership charter owner Global Ship Lease (GSL) has agreed a three-year charter with Hapag-Lloyd for the 2015-built, 9,115 TEU containership UASC Al Khor.The new charter is in direct continuation of the current charter and is expected to commence in June, 2019, with re-delivery in the second quarter 2022, said the owner of containerships with a diversified fleet of mid-sized and smaller containerships.The charter is expected to generate approximately $28 million of Adjusted EBITDA.Ian Webber, Chief Executive Officer of Global Ship Lease, stated, “We are pleased to announce another longer-term charter of one of our modern…

Kongstein, the European service provider focused at offshore engineering and maritime logistics, has signed a Memorandum of Understanding (MoU) with U.S.-based Green Shipping Line to provide a complete offshore wind farm supply solution in the United States.Per the MoU, the solution provided will include consultancy services, a U.S. Jones Act compliant shuttle service as well as development opportunities at several U.S. ports."We are thrilled to be working with Kongstein – they are the best in the business in wind farm logistics and forward, creative thinking for complex issues," said Percy R. Pyne IV, Chairman of Green Shipping Line (GSL). "Together we will create a complete, viable and economic solution for United States-based wind farms.

Taiwanese ocean shipping company Yang Ming Marine Transport Corporation announced a new Intra-Asia service KVM(Korea–Vietnam–Malaysia Service) jointly operated by YM and APL Co. Pte Ltd through its CNC brand with effect on February 21st, 2019.The service will be operated with three 1,800-TEU container vessels, one by YM and two by APL Co. Ptd Ltd via its CNC brand.The full port rotation will be Kwangyang, Pusan, Kaohsiung, Ho Chi Minh, Port Kelang, Singapore, Haiphong, Kaohsiung, Kwangyang. A round trip will take 21 days.The new service is expected to connect Northeast Asia and Southeast Asia more efficiently and provide customers with more convenient and excellent delivery service.

Taiwanese ocean shipping company Yang Ming Marine Transport Corp. (YM) has announced the launch of CMS service (China-Malaysia service) with effect on February 23rd, 2019 (estimated time of berth from Qingdao).The service is jointly operated by Yang Ming, Gold Star Line Ltd.(GSL), T.S. Lines Co., Ltd (TSL) and CNC, a brand of APL Co. Pte Ltd. Each carrier will deploy a container vessel of nominal 4,250 TEU capacity, said a statement from the marine transportation company.The ports of call are Qingdao, Shanghai, Xiamen, Nansha, Port Kelang, Penang, Port Kelang, Pasir Gudang, Shekou, Hong Kong, Qingdao. A round trip will take 28 days.In addition to the Intra-Asia deployment of more than 35 services, YM continues to strengthen its service network.

UK-based containership lessor Global Ship Lease (GSL) has agreed five-year charters with CMA CGM for the 2015-built, 6,882 TEU containerships UASC Bubiyan and UASC Yas.The containership charter owner said in a release that the new charters, which are in addition to the four similar charters announced on November 9, 2018, will commence upon the expiry of the current charters during the second quarter of 2019, are for a period of five years and are at a rate of $25,910 per day, up from $20,000 per day under the current charters.Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "These new long-term charters with CMA CGM demonstrate the clear market demand for the modern…

Marshall Islands-based Global Ship Lease (GSL) announced that it has completed the proposed merger deal with Greece's Poseidon Containers.According to a release from GSL, the combined company will have a fleet of 38 vessels with a total capacity of 198,793 TEU, and, as of September 30, 2018, an average fleet age weighted by TEU of 10.7 years, and with the recently announced new charters, contracted revenue of approximately $720 million. "The closing of the merger creates a market leader with an asset base of more than $1.3 billion, which the Company believes will allow it to capitalize on favorable market fundamentals in the mid-sized and smaller containership segments…

Containership lessor Global Ship Lease, announced a new time charter with ANL, a wholly owned subsidiary of CMA CGM, for the 2003-built, 2,207 TEU containership GSL Keta (formerly Delmas Keta).The containership charter owner informed that the new charter, commencing on or around November 20, 2018, is for a period of between seven and 10 months (at charterer’s option) at a rate of $8,450 per day, up from $7,800 per day under the preceding charter.The company incorporated in the Marshall Islands has also exercised options to extend the existing charters of the 2002-built, 2,207 TEU Marie Delmas and Kumasi to CMA CGM through December 31, 2019, at a rate of $9,800 per day.

Global Ship Lease, a containership charter owner, announced that the Company has taken delivery of a 2005-built, 2,800 TEU containership, now named GSL Valerie. Shortly after delivery, and as agreed at the time the Company contracted to purchase the vessel, GSL Valerie will commence charter employment with CMA CGM for a period of 12 months at a fixed rate of $9,000 per day. The Company’s fleet now comprises 19 vessels with a total capacity of 85,112 TEU. Ian Webber, Chief Executive Officer of Global Ship Lease, commented, “The high-specification GSL Valerie is an excellent addition to the GSL fleet, expanding our exposure to a resurgent market for mid-sized and smaller containerships at significant discount to newbuild parity.

Global Ship Lease announced a new time charter with Maersk Line for the 2004-built, 8,063 TEU containership OOCL Ningbo, which has been renamed GSL Ningbo, following her redelivery by OOCL on September 17, 2018.The containership charter owner said in a press release that the vessel will be chartered, commencing on or around September 21, 2018, for a period of between two and 12 months, with a subsequent option for an additional 12-month extension (at charterer’s option).During the first three months, the charter is at a rate of $11,500 per day; during months four to six, at $12,100 per day; during months seven to 12, at $12,400 per day…

The containership charter owner Global Ship Lease (GSL) announced that Poseidon Containers, with which it has entered a definitive merger agreement, has agreed five-year time charters with CMA CGM for four of its 6,927 TEU containerships, Mary, Kristina, Katherine and Alexandra.The charters will deliver incremental annualized EBITDA of approximately $11.0 million compared to third quarter 2018 contracted rates. The new charter for Mary commenced recently, and the remaining three new charters will commence upon expiry of their existing charters during the first half of 2019. The new five-year charters are expected to generate total EBITDA of approximately $135 million over the five-year contract period.Ian Webber…

UK-based containership owner  Global Ship Lease (GSL) reported a loss of $99.1 million in its fourth quarter. It posted revenue of $37.9 million in the period. For the year, the company reported that its loss widened to $74.3 million, or $1.61 per share. Revenue was reported as $159 million. Ian Webber, Chief Executive Officer of Global Ship Lease, stated, “In 2017, we continued to benefit from our attractive long-term charters and strong relationships with top-tier liner companies. "Alongside improving market fundamentals, this consistent track record of performance enabled us to refinance all of our outstanding debt on improved terms, not only generating ongoing savings, but also securing Global Ship Lease’s long-term financial strength and flexibility,” he added.

Rolls-Royce said it has reached a deal with Indian naval shipbuilder Goa Shipyard Limited (GSL) to cooperate in the local manufacturing of technologically-advanced MTU Series 8000 engines. Under the agreement, which was signed this week at the defense trade show Defexpo in India, the companies will assemble the 16-cylinder and 20-cylinder MTU Series 8000 engines at GSL’s new facility in Goa.The MTU brand produces large diesel and gas engines and complete propulsion systems as part of Rolls-Royce Power Systems.The agreement includes transfer of MTU technology related to localizing of engine components, engine assembly, testing, painting and major overhauls. MTU Series 8000 engines are the largest and most powerful MTU diesel engines with a power output of up to 10 MW.