LONDON, August 20, 2021 (GLOBE NEWSWIRE) – Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) today announced that S&P Global Ratings (“S&P”) has increased issuer credit to Company’s long-term rating at BB- from B +, with a stable outlook, based on its larger scale, of increased diversification, enhanced contract coverage, expectation of continued conditions favorable charter rates; and a forecast of strong EBITDA performance and positive free cash flow generation.
George Youroukos, Executive Chairman of Global Ship Lease, said: “This upgrade from S&P is another major affirmation of GSL’s significantly improved financial and strategic position, fundamentally driven by our success in achieving a very high level of growth immediately. accretive and linked to charter. in a very buoyant market. In addition to the transformative growth of our fleet and earning capacity, we have capitalized on this record market strength to expand our fleet charters for multi-year durations at significantly higher rates than previous charters, and have actively managed our balance sheet to reduce our cost of debt and significantly improve our debt profile. Our proven strategy and clear profit visibility, combined with very favorable market conditions which are expected to persist for some time, position us well to continue to execute our growth strategy in a way that strengthens Global Ship Lease across all markets. fronts. “
Additional information regarding Global Ship Lease’s rating is available in the press release dated August 20, 2021 on S&P’s website at spglobal.com.
About Global Ship Lease
Global Ship Lease is one of the leading independent container ship owners with a diverse fleet of medium and small size container ships. Incorporated in the Marshall Islands, Global Ship Lease began operations in December 2007 with the ownership and charter business of container ships under fixed rate charters to leading container shipping companies. It was listed on the New York Stock Exchange in August 2008.
As of August 5, 2021, Global Ship Lease owns 61 container ships, ranging from 1,118 to 11,040 TEU, and has committed to purchase four more vessels, for a total fleet of 65 vessels with a total capacity of 342,378 TEU . 32 vessels are wide beam Post-Panamax.
Adjusted to include all agreed charters and contract vessels to be purchased, until August 4, 2021, the average remaining term of the Company’s charters as of June 30, 2021, up to the midpoint of return, including options under control of the Company, and unless a redelivery notice was received, was 2.5 years on a TEU weighted basis. Contractual revenues on the same basis were $ 1.37 billion. Contractual revenue was $ 1.61 billion, including options under the control of the charterers and with the last return date, which represents a weighted average remaining term of 3.1 years.
Safe Harbor Declaration
This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts regarding future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “might”, “in progress”, “plan”, ” potential “,” predict “,” project “,” will “or similar words or phrases, or the negative aspects of such words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions which may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will materialize. Actual results could differ materially from those expressed or implied by forward-looking statements due to various factors, including the factors described under “Risk Factors” in the Company’s annual report on Form 20-F and factors and risks described by the Company. in subsequent reports filed from time to time with the United States Securities and Exchange Commission. Therefore, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not undertake to publicly revise any forward-looking statement to reflect circumstances or events subsequent to the date of this press release or to reflect the occurrence of unforeseen events.
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