Global Ship Lease, Inc. (NYSE:GSL) announced yesterday that it has received updated broker valuations of its 18 vessels that reflect aggregate appraised values as at September 19, 2017 of $262.5 million (excluding charters) and $481.0 million (including charters).
The valuations give effect to the Company’s previously announced extension of two of its charters with CMA CGM and take into account the re-delivery of the OOCL Tianjin, which is expected to take place on October 28, 2017 following notice received from the charterer. The Company is exploring re-deployment alternatives for this vessel.
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 3.0 years or 3.3 years on a TEU weighted basis, taking into account the two charter extensions announced on September 11, 2017 and the re-delivery of the OOCL Tianjin, which is expected to take place on October 28, 2017 following notice received from the charterer.
Source: Global Ship Lease