Global Ship Lease CEO: Rates Holding Firm, Container Trade Growing

Containership stocks have been pulled down over worries about the global economy, but charter rates are holding firm and trade is growing, said Ian Webber, CEO of Global Ship Lease. Webber added that there is a surplus of shipping capacity in the industry which is keeping asset prices down. Global Ship Lease currently owns 17 ships and recently announced the acquisition of an additional $55M vessel. Webber said the company significantly improved its balance sheet when it refinanced its debt this summer. Finally, Webber said the bulk of merchandise has already been shipped for the holidays, but its hard to gauge seasonal sales in advance.