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Global Ship Lease Reports Results For The Second Quarter Of 2012

Stocks in this article: GSL

In anticipation of the scheduled test of the Leverage Ratio as at November 30, 2011 when the Company expected that the Leverage Ratio would be between 75% and 90%, the Company agreed with its lenders to waive the requirement to perform the Leverage Ratio test until November 30, 2012.  Under the terms of the waiver, the fixed interest margin to be paid over LIBOR increased to 3.50%, prepayments became based on cash flow rather than a fixed amount of $10 million per quarter, and dividends on common shares cannot be paid.

In the three months ended June 30, 2012 a total of $12.1 million of debt was prepaid leaving a balance outstanding of $459.8 million. In the six months ended June 30, 2012 a total of $23.9 million of debt was prepaid.

Dividend Under the terms of the waiver of the requirement to perform the Leverage Ratio test, Global Ship Lease is not currently able to pay a dividend on common shares.

Fleet

The following table provides information, as at June 30, 2012, about the on-the-water fleet of 17 vessels chartered to CMA CGM.

Vessel Name Capacity  in TEUs (1) Year Built Purchase by GSL  Remaining Charter Term (2) (years) Earliest Charter Expiry Date Daily Charter Rate $
Ville d'Orion 4,113 1997 Dec 2007 0.5 Sept 21, 2012 (3) 28,500
Ville d'Aquarius 4,113 1996 Dec 2007 0.5 Sept 20, 2012 (3) 28,500
CMA CGM Matisse 2,262 1999 Dec 2007 4.5 Sept 21, 2016 18,465
CMA CGM Utrillo 2,262 1999 Dec 2007 4.4 Sept 11, 2016 18,465
Delmas Keta 2,207 2003 Dec 2007 5.5 Sept 20, 2017 18,465
Julie Delmas 2,207 2002 Dec 2007 5.4 Sept 11, 2017 18,465
Kumasi 2,207 2002 Dec 2007 5.5 Sept 21, 2017 18,465
Marie Delmas 2,207 2002 Dec 2007 5.4 Sept 14, 2017 18,465
CMA CGM La Tour 2,272 2001 Dec 2007 4.5 Sept 20, 2016 18,465
CMA CGM Manet 2,272 2001 Dec 2007 4.4 Sept 7, 2016 18,465
CMA CGM Alcazar 5,089 2007 Jan 2008 8.5 Oct 18, 2020 33,750
CMA CGM Château d'If 5,089 2007 Jan 2008 8.5 Oct 11, 2020 33,750
CMA CGM Thalassa 11,040 2008 Dec 2008 13.5 Oct 1, 2025 47,200
CMA CGM Jamaica 4,298 2006 Dec 2008 10.5 Sept 17, 2022 25,350
CMA CGM Sambhar 4,045 2006 Dec 2008 10.5 Sept 16, 2022 25,350
CMA CGM America 4,045 2006 Dec 2008 10.5 Sept 19, 2022 25,350
CMA CGM Berlioz 6,621 2011 Aug 2009 9.2 May 28, 2021 34,000
             
(1)  Twenty-foot Equivalent Units.          
(2)  As at June 30, 2012. Plus or minus 90 days at charterer's option.    
(3) Notices of redelivery terminating the charters at these dates have been received.    

New charters have been entered into for Ville d'Aquarius and Ville d'Orion, to come into effect at the expiry of the current charters on September 20, 2012 and September 21, 2012 respectively. The new charters expire May 23, 2013 plus or minus 22 days at charterer's option and are at a rate of $9,962 per vessel per day.

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