Monday, August 10, 2009

Global Ship Lease announces figures one year after merger

Deal to extend credit agreement anticipated by management
Shipping News Feature

LONDON – Global Ship Lease, the containership leasing group, whose administrative offices are in London, released unaudited figures for the three month period to 30th June 2009.

The figures are published one year on from major changes which culminated in the group’s flotation on the New York stock exchange on the 15th August 2008.

Due to the economic pressures in the industry Global agreed to waive for two months the requirement under its $800 million credit facility, to submit vessel valuations and undertake the consequent loan-to-value test. This agreement was extended by mutual consent, firstly to 31st July and now to 31st August 2009.

Ian Webber, Globals CEO said "During a difficult time for the container shipping industry, Global Ship Lease's long-term time charters continue to perform as expected. With our entire 16 vessel operating fleet on irrevocable time charters with an average remaining term of 10 years, the Company posted strong and consistent revenue and cash flow in the second quarter. We are also pleased to have once again maintained our ship operating costs under the capped amount for the fourth consecutive quarter.”

Mr Webber reiterated that management were confident that a satisfactory amendment to the company’s credit facility would be finalized by the end of this month.