LONDON, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner,
today announced that it has signed time charter extensions with CMA CGM for two 2,207 TEU containerships, the 2002-built Julie
Delmas and the 2003-built Delmas Keta. The vessels will be chartered for a period of 12 months (plus or minus 45 days at
charterer’s option) at a fixed rate of $7,800 per vessel per day, commencing immediately upon expiration of the current time
charters on September 11 and 20, 2017, respectively.
Ian Webber, Chief Executive Officer of Global Ship Lease, said, “We are delighted to have secured extensions for
these two time charters with the current charterer, CMA CGM, on an EBITDA positive basis. These agreements are consistent with our
strategy of operating our 18-vessel fleet on fixed-rate contracts and our track record of maintaining fleet-wide utilization near
100%, thus enabling us to benefit from a predictable and stable cashflow stream. As of August 31, 2017, our fleet has an average
remaining charter term of 3.1 years, or 3.3 years weighted by TEU capacity, representing $530 million of contracted revenue.”
Mr. Webber concluded, “Looking forward, we believe that supportive long-term fundamentals and an improving
supply/demand balance for mid-sized and smaller containerships will lead to continued market strengthening, further enhancing the
rechartering prospects and economic value of our fleet.”
About Global Ship Lease
Global Ship Lease is a containership charter owner. Incorporated in the Marshall Islands, Global Ship Lease
commenced operations in December 2007 with a business of owning and chartering out containerships under mainly long-term,
fixed-rate charters to top tier container liner companies.
Global Ship Lease owns 18 vessels with a total capacity of 82,312 TEU and an average age, weighted by TEU
capacity, at August 31, 2017 of 12.7 years. All 18 vessels are currently fixed on time charters, 15 of which are with CMA CGM. The
average remaining term of the charters at August 31, 2017 is 3.1 years or 3.3 years on a weighted basis, taking into account the
above extensions.
Safe Harbor Statement
This press release contains forward-looking statements. Forward-looking statements provide the Company's current
expectations or forecasts of 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," "may," "ongoing," "plan," "potential," "predict," "project,"
"will" or similar words or phrases, or the negatives of those 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 that may be incorrect, and the Company cannot assure you that the events or expectations included in these
forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the
forward-looking statements as a result of various factors, including the factors described in "Risk Factors" in the Company's
Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the
U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak
only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to
reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events.
Investor and Media Contact:
Bryan Degnan
The IGB Group
646-673-9701
Or
Leon Berman
212-477-8438
