Global Ship Lease, Inc. (NYSE:GSL) (the “Company”, “Global Ship
Lease” or “GSL”), an owner of containerships, announced today its
unaudited results for the three months ended March 31, 2022.
First Quarter 2022
- Reported operating revenue of $153.6 million
for the first quarter 2022, 2.1 times revenue of $73.0 million for
the prior year period.
- Reported net income available to common
shareholders of $70.2 million for the first quarter of 2022, an
increase of 1,571.4% or 16.7 times net income of $4.2 million for
the prior year period. Normalized net income(3) after $4.6 million
positive fair value adjustment on derivatives, a prepayment fee of
$4.0 million on the full repayment of our Blue Ocean Junior Credit
Facility and the associated non-cash write off of deferred
financing charges of $0.1 million, was $69.7 million, 3.9 times
normalized net income of $17.8 million for the prior year period
which is after $5.8 million premium paid on the redemption in full
of our 9.875% Senior Secured Notes due 2022 (“2022 Notes”) in
January 2021, $3.7 million acceleration of deferred financing
charges and $1.1 million acceleration of the amortization of the
original issue discount both associated with the redemption of the
2022 Notes and the non-cash effect of $1.3 million for accelerated
stock based compensation expense due to vesting and new awards of
fully vested incentive shares, plus a prepayment fee of $1.6
million paid on the partial repayment of our Blue Ocean Junior
Credit Facility.
- Generated $94.5 million of Adjusted EBITDA(3)
for the first quarter 2022, 2.1 times Adjusted EBITDA (3) of $44.2
million for the prior year period.
- Earnings per share for the three months ended
March 31, 2022 was $1.93, 14.8 times the earnings per share of
$0.13 for the comparative period. Normalized earnings per share for
the three months ended March 31, 2022 was $1.91, 3.4 times the
Normalized earnings per share of $0.56 for the prior year
period.
- Declared a dividend of $0.375 per Class A
common share for the first quarter of 2022 to be paid on June 2,
2022 to common shareholders of record as of May 24, 2022.
- Authorized a program of $40.0 million for
opportunistic share repurchases. During April 2022 we repurchased
184,684 Class A common shares at an average price of $26.66 per
share for a total of $4.9 million.
- On April 5, 2022, completed the partial
redemption of $28.5 million principal amount of our Senior
Unsecured Notes due 2024 (the “2024 Notes”) at a price equal to
102.00% of the principal amount plus accrued and unpaid interest.
Upon completion of the redemption the outstanding principal amount
of our 2024 Notes was $89.0 million.
- In January 2022, agreed an amendment to the
existing $268.0 million Syndicated Senior Secured Credit Facility
with an outstanding balance of $213.2 million, to extend the
maturity date from September 2024 to December 2026, favorably amend
certain covenants, and release three vessels from the facility’s
collateral basket, at an unchanged rate of LIBOR + 3.00%. The three
vessels were subsequently used as collateral for a new $60.0
million syndicated senior secured debt facility, maturing in July
2026 and priced at LIBOR + 2.75%, which was used to fully repay the
10.00% Blue Ocean junior debt facility and for general corporate
purposes.
- In February 2022, entered into USD 1-month
LIBOR interest rate caps of 0.75% through fourth quarter 2026
on $507.9 million of floating rate debt, which reduces
over time and represented the remaining balance of the outstanding
floating rate debt, after entering a similar interest rate cap
in December 2021, on $484.1 million of floating rate
debt, which also reduces over time, leaving the Company fully
hedged on its floating rate debt.
- Chartered the only vessel to come open
year-to-date, our feeder Kumasi, for 37 – 39 months to Wan Hai at a
rate of $38,000 per day, up from a rate of $9,300 per day for the
preceding charter.
George Youroukos, Executive Chairman of Global
Ship Lease, stated, “I am pleased to report that Global Ship Lease
has delivered another quarter of earnings growth, even amid
significant geopolitical activity, as additional highly attractive
charters that we secured over the course of the last year have
increasingly come into effect. With no vessels in GSL’s fully
contracted fleet likely to be in the charter market until fourth
quarter 2022, we have a high degree of certainty on our cashflows
through at least the medium term, with many of our highest-earning
charters extending well into the middle of the decade. This clarity
and long-term contract coverage enables us to utilize our excess
cash to increase our return of capital to shareholders, raising our
dividend, as already announced, while also executing on our share
repurchase program, buying back almost $5 million of our shares in
the market.
Across the global chartered fleet, the vast
majority of containerships are currently on extended charters,
resulting in only very little current charter market activity.
However, what little chartering there has been has continued to
demonstrate how tight the market is. Looking forward, we continue
to see highly constrained supply growth for all but the very
largest containerships, and a high likelihood of continued supply
chain disruption and congestion, which - almost regardless of
demand growth - give us confidence about our ability to continue
securing and extending long-term, reliable, contracted revenues
from our high-quality fleet.
I would like to take this opportunity to thank
Philippe Lemonnier, who has decided to stand down as a Director of
Global Ship Lease. We have greatly valued his advice over the
last five years and wish him well for the future. At the same
time, I am delighted to welcome Captain Yoram (Rami) Neugeborn to
our Board. Rami is a Master Mariner with more than 40 years’
experience in the shipping industry, most recently having been
Manager of the Chartering and Sale and Purchase Department at ZISS
(Zim Integrated Shipping Services Ltd.) for 12 years.”
Ian Webber, Chief Executive Officer of Global
Ship Lease, commented, “Alongside our success in chartering our
fleet and increasing our earnings in a long-term sustainable
manner, we have remained focused on utilizing our increased
financial strength to enhance our balance sheet. We have continued
to eliminate our more expensive legacy debt, resulting in a
reduction in our cost of debt from nearly 8% at the start of 2019
to 4.63% now. Similarly, between late 2021 and the first quarter of
this year, we have put in place interest rate caps for all of our
debt, so we are now fully hedged against rising interest rates.
With no debt maturities through mid-2024, our contracted cashflows
provide us with highly reliable coverage for our debt service and
our return of capital to shareholders, while also putting us in a
position to continue acting opportunistically to further strengthen
our balance sheet and financial flexibility.”
SELECTED FINANCIAL DATA – UNAUDITED
(thousands of U.S. dollars)
|
Three |
Three |
|
months ended |
months ended |
|
March 31, 2022 |
March 31, 2021 |
|
|
|
Operating Revenue
(1) |
153,631 |
72,980 |
Operating Income |
86,116 |
30,272 |
Net Income
(2) |
70,182 |
4,159 |
Adjusted EBITDA
(3) |
94,538 |
44,241 |
Normalized Net Income
(3) |
69,669 |
17,765 |
|
|
|
(1) Operating Revenue is net of address
commissions which represent a discount provided directly to a
charterer based on a fixed percentage of the agreed upon charter
rate and also includes the amortization of intangible liabilities.
Brokerage commissions are included in “Time charter and voyage
expenses”.
(2) Net Income available to common
shareholders.
(3) Adjusted EBITDA, Normalized Net Income and
Normalized Earnings Per Share are non-U.S. Generally Accepted
Accounting Principles (“U.S. GAAP”) financial measures, as
explained further in this press release, and are considered by
Global Ship Lease to be a useful measure of its performance. For
reconciliations of these non-U.S. GAAP financial measure to net
income or earnings per share as reported, the most directly
comparable U.S. GAAP financial measures, please see “Reconciliation
of Non-U.S. GAAP Financial Measures” below.
Revenue and Utilization
Revenue from fixed-rate, mainly long-term,
time-charters was $153.6 million in the three months ended March
31, 2022, up $80.6 million (or 110.4%) on revenue of $73.0 million
for the prior year period. The period-on-period increase in revenue
was principally due to (i) a 51.2% increase in ownership days, due
to the net acquisition of 22 vessels in 2021, all of which were
delivered after March 31, 2021, resulting in 5,850 ownership days
in the quarter, compared to 3,870 in the first quarter 2021, (ii)
increased revenue on charter renewals at higher rates on 13
vessels, (iii) $12.4 million credit from amortization of intangible
liabilities arising on below-market charters attached to the vessel
additions, and (iv) $4.4 million due to the modification of time
charter contracts with a direct continuation at a different higher
rate with the same charterer, partially offset by an increase in
unplanned offhire days from 25 in the first quarter of 2021 to 82
days in the same quarter of 2022 and an increase in planned offhire
days from 27 in the first quarter of 2021 to 227 in the same
quarter of 2022. The 82 days of unplanned offhire in the first
quarter of 2022 includes an incident of 16 days for main engine
damage of one ship and offhire days due to COVID-19. The 227 days
of planned offhire for drydockings in the first quarter 2022 were
attributable to six regulatory drydockings, while in the
comparative period of 2021, the 27 days of planned offhire were
mainly attributable to one drydocking. Utilization for the first
quarter of 2022 was 94.7% compared to utilization of 98.3% in the
same period of the prior year.
The table below shows fleet utilization for the
three months ended March 31, 2022 and 2021, and for the years ended
December 31, 2021, 2020, 2019 and 2018.
|
Three months ended |
|
Year ended |
|
March 31, |
March 31, |
|
Dec 31, |
Dec 31, |
Dec 31, |
Dec 31, |
Days |
2022 |
2021 |
|
2021 |
2020 |
2019 |
2018 |
|
|
|
|
|
|
|
|
Ownership days |
5,850 |
3,870 |
|
19,427 |
16,044 |
14,326 |
7,675 |
Planned offhire - scheduled
drydock |
(227) |
(27) |
|
(752) |
(687) |
(537) |
(34) |
Unplanned offhire |
(82) |
(25) |
|
(260) |
(95) |
(105) |
(17) |
Idle time |
- |
(15) |
|
(88) |
(338) |
(164) |
(47) |
Operating days |
5,541 |
3,803 |
|
18,327 |
14,924 |
13,520 |
7,577 |
|
|
|
|
|
|
|
|
Utilization |
94.7% |
98.3% |
|
94.3% |
93.0% |
94.4% |
98.7% |
Four drydockings to meet regulatory requirements
were completed in the first quarter 2022 and, as of March 31, 2022,
two such drydockings were in progress. In 2022, we anticipate 14
further drydockings.
Vessel Operating Expenses
Vessel operating expenses, which primarily
include costs of crew, lubricating oil, repairs, maintenance,
insurance and technical management fees, were up 62.4% to $39.4
million for the first quarter 2022, compared to $24.3 million in
the comparative period. The increase of $15.2 million was mainly
due to 1,980, or 51.2%, net additional ownership days in the first
quarter 2022 as the result of the net increase of 22 vessels since
April 1, 2021. The average cost per ownership day in the quarter
was $6,743, compared to $6,275 for the prior year period, up $468
per day, or 7.5% mainly due to higher than average daily operating
expenses of the vessels acquired in 2021 and also from increased
crew expenses as a result of COVID-19 and the conflict in Ukraine,
increased insurance costs and increased lubricant expenses as a
result of higher oil prices.
Time Charter and Voyage Expenses
Time charter and voyage expenses comprise mainly
commission paid to ship brokers, the cost of bunker fuel for
owner’s account when a ship is off-hire or idle and miscellaneous
owner’s costs associated with a ship’s voyage. Time charter and
voyage expenses were $4.4 million for the first quarter 2022,
compared to $1.8 million in the first quarter of 2021. The increase
was mainly due to the net increase of 22 vessels since April 1,
2021, plus the increase in unplanned off hire days resulting in
higher costs for bunker fuel for owner’s account.
Depreciation and AmortizationDepreciation and
amortization for the first quarter 2022 was $19.9 million, compared
to $12.4 million in the first quarter of 2021. The increase was
mainly due to the net increase of 22 vessels since April 1, 2021
and the 14 drydockings that have been completed since April 1,
2021, including five drydockings for vessels acquired in 2021.
General and Administrative Expenses
General and administrative expenses were $3.9
million in the first quarter 2022, compared to $4.3 million in the
first quarter of 2021. The decrease was mainly due to the non-cash
effect of accelerated stock based compensation expenses due to
vesting recorded in the first quarter of 2021. The average general
and administrative expense per ownership day for the first quarter
2022 was $660, compared to $1,104 in the comparative period, a
decrease of $444 or 40.2%.
Adjusted EBITDA
Adjusted EBITDA was $94.5 million for the first
quarter 2022, up from $44.2 million for the first quarter of 2021,
with the net increase being mainly due to the increased operating
days from the net increase of 22 vessels since April 1, 2021 and
increase revenue from charter renewals at higher rates.
Interest Expense and Interest Income
Debt as at March 31, 2022 totaled $1,078.5
million, comprising $791.8 million of secured debt collateralized
by vessels, $169.2 million under sale and leaseback financing
transactions and $117.5 million of unsecured indebtedness on our
2024 Notes. As of March 31, 2022, none of our vessels were
unencumbered.
Debt as at March 31, 2021 totaled $769.0
million, comprising $694.1 million of secured debt collateralized
by our vessels and $74.9 million of unsecured indebtedness on our
2024 Notes. As of March 31, 2021, none of our vessels were
unencumbered.
Interest and other finance expenses for the
first quarter 2022 were $21.3 million, down from $25.3 million for
the first quarter of 2021, although total debt increased by a net
amount of $309.5 million period on period or 40.2%. The decrease
was mainly due to $5.8 million premium paid on the redemption in
full of our 2022 Notes in January 2021, the non-cash write off of
deferred financing charges of $3.7 million and of original issue
discount of $1.1 million associated with the redemption of the 2022
Notes, the prepayment fee of $1.6 million paid on the partial
repayment of our Blue Ocean Junior Credit Facility compared to the
prepayment fee of $4.0 million paid on the full repayment of our
Blue Ocean Junior Facility paid in the first quarter of 2022 and
interest on new loans with Hamburg Commercial Bank AG and new sale
and leaseback agreements with Neptune Maritime Leasing and with CMB
Financial Leasing Co. Ltd., all for vessel acquisitions, offset by
a decrease in our blended cost of debt from approximately 5.6% for
first quarter 2021 to 4.7% for first quarter 2022, as a result of
our refinancings although three month Libor has increased in first
quarter of 2022 to 0.53% as compared to 0.20% in first quarter of
2021.
Interest income for the first quarter 2022 was
$0.25 million, up from $0.24 million for the first quarter of
2021.
Other Income, Net
Other income, net was $0.4 million in the first
quarter 2022, the same as in first quarter of 2021.
Fair value adjustment on derivatives
In February 2022, we entered into two USD
1-month LIBOR interest rate caps of 0.75% through fourth quarter
2026 on $507.9 million of floating rate debt. The second
interest rate cap was not designated as a cash flow hedge and
therefore the positive fair value adjustment of $4.6 million as at
March 31, 2022 was recorded though our statement of income.
Earnings Allocated to Preferred Shares
Our Series B Preferred Shares carry a coupon of
8.75%, the cost of which for the first quarter 2022 was $2.4
million, compared to $1.5 million for the first quarter 2021. The
increase was due to additional Series B Preferred Shares issued
under our ATM program since April 1, 2021.
Net Income Available to Common ShareholdersNet
income available to common shareholders for the three months ended
March 31, 2022 was $70.2 million after the $4.6 million positive
fair value adjustment on derivatives, the prepayment fee of $4.0
million on the full repayment of our Blue Ocean Junior Credit
Facility and the associated non-cash write off of deferred
financing charges of $0.1 million. Net income available to common
shareholders for the three months ended March 31, 2021 was $4.2
million, after $5.8 million premium paid on the redemption in full
of our 2022 Notes in January 2021, $3.7 million acceleration of
deferred financing charges and $1.1 million acceleration of the
amortization of the original issue discount both associated with
the redemption of the 2022 Notes and the non-cash effect of $1.3
million for accelerated stock based compensation expense due to
vesting and new awards of fully vested incentive shares, plus a
prepayment fee of $1.6 million paid on the partial repayment of our
Blue Ocean Junior Credit Facility.
Earnings per share for the three months ended
March 31, 2022 was $1.93, an increase of 1,384.6% from the earnings
per share for the comparative period, which was $0.13.
Normalized net income (a non-GAAP financial
measure) for the three months ended March 31, 2022, was $69.7
million after the $4.6 million of positive fair value adjustment on
derivatives, $4.0 million prepayment fee paid on the full repayment
of our Blue Ocean Junior Credit Facility and the associated
non-cash write off of deferred financing charges of $0.1 million.
Normalized net income for the three months ended March 31, 2021,
was $17.8 million, before the $5.8 million premium paid on the
redemption in full of our 2022 Notes in January 2021, the
acceleration of deferred financing charges of $3.7 million and the
acceleration of the amortization of the original issue discount of
$1.1 million and the non-cash effect of $1.3 million for
accelerated stock based compensation expense due to vesting and new
awards of fully vested incentive shares, plus a prepayment fee of
$1.6 million paid on the partial repayment of our Blue Ocean Junior
Credit Facility.
Normalized earnings per share for the three
months ended March 31, 2022 was $1.91, an increase of 241.1% from
Normalized earnings per share for the comparative period, which was
$0.56.
Fleet
As at May 8, 2022, we had 65 containerships in
our fleet.
Vessel Name |
Capacityin TEUs |
Lightweight(tons) |
YearBuilt |
Charterer |
Earliest CharterExpiry Date |
Latest CharterExpiry Date(2) |
Daily CharterRate $ |
|
|
|
|
|
|
|
|
CMA CGM Thalassa |
11,040 |
38,577 |
2008 |
CMA CGM |
4Q25 |
2Q26 |
47,200 |
UASC Al Khor(1) |
9,115 |
31,764 |
2015 |
Hapag-Lloyd(3) |
2Q27(3) |
4Q27(3) |
34,000(3) |
Anthea Y(1) |
9,115 |
31,890 |
2015 |
COSCO |
3Q23 |
4Q23 |
38,000 |
Maira XL(1) |
9,115 |
31,820 |
2015 |
ONE(3) |
3Q27(3) |
4Q27(3) |
31,650(3) |
MSC Tianjin |
8,603 |
34,325 |
2005 |
MSC |
2Q24 |
3Q24 |
19,000 |
MSC Qingdao(4) |
8,603 |
34,609 |
2004 |
MSC |
2Q24 |
1Q25 |
23,000 |
GSL Ningbo |
8,603 |
34,340 |
2004 |
MSC |
1Q23 |
3Q23 |
22,500 |
GSL Eleni |
7,847 |
29,261 |
2004 |
Maersk |
3Q24 |
4Q24(5) |
16,500(5) |
GSL Kalliopi |
7,847 |
29,105 |
2004 |
Maersk |
4Q22 |
4Q24(5) |
14,500(5) |
GSL Grania |
7,847 |
29,190 |
2004 |
Maersk |
3Q22 |
4Q24(5) |
14,500(5) |
Mary(1) |
6,927 |
23,424 |
2013 |
CMA CGM |
3Q23 |
1Q24 |
25,910 |
Kristina(1) |
6,927 |
23,421 |
2013 |
CMA CGM |
2Q24 |
3Q24 |
25,910 |
Katherine(1) |
6,927 |
23,403 |
2013 |
CMA CGM |
1Q24 |
2Q24 |
25,910 |
Alexandra(1) |
6,927 |
23,348 |
2013 |
CMA CGM |
1Q24 |
3Q24 |
25,910 |
Alexis(1) |
6,882 |
23,919 |
2015 |
CMA CGM |
1Q24 |
3Q24 |
25,910 |
Olivia I(1) |
6,882 |
23,864 |
2015 |
CMA CGM |
1Q24 |
2Q24 |
25,910 |
GSL Christen |
6,840 |
27,954 |
2002 |
Maersk |
3Q23 |
1Q24 |
35,000 |
GSL Nicoletta |
6,840 |
28,070 |
2002 |
Maersk |
3Q24 |
1Q25 |
35,750 |
CMA CGM Berlioz |
6,621 |
26,776 |
2001 |
CMA CGM |
4Q25 |
2Q26 |
37,750 |
Agios Dimitrios(4) |
6,572 |
24,931 |
2011 |
MSC |
4Q23 |
3Q24 |
20,000 |
GSL Vinia |
6,080 |
23,737 |
2004 |
Maersk |
3Q24 |
2Q25 |
13,250 |
GSL Christel Elisabeth |
6,080 |
23,745 |
2004 |
Maersk |
2Q24 |
1Q25 |
13,250 |
GSL Dorothea |
5,992 |
24,243 |
2001 |
Maersk |
3Q24 |
3Q26 |
18,600(6) |
GSL Arcadia |
6,008 |
24,858 |
2000 |
Maersk |
2Q24 |
1Q26 |
18,600(6) |
GSL Violetta |
6,008 |
24,873 |
2000 |
Maersk |
4Q24 |
4Q25 |
18,600(6) |
GSL Maria |
6,008 |
24,414 |
2001 |
Maersk |
4Q24 |
1Q27 |
18,600(6) |
GSL MYNY |
6,008 |
24,873 |
2000 |
Maersk |
3Q24 |
1Q26 |
18,600(6) |
GSL Melita |
6,008 |
24,848 |
2001 |
Maersk |
3Q24 |
3Q26 |
18,600(6) |
GSL Tegea |
5,992 |
24,308 |
2001 |
Maersk |
3Q24 |
3Q26 |
18,600(6) |
Tasman |
5,936 |
25,010 |
2000 |
Maersk |
2Q22 |
4Q23 |
12,500(7) |
ZIM Europe |
5,936 |
25,010 |
2000 |
ZIM |
1Q24 |
2Q24 |
14,500(8) |
Ian H |
5,936 |
25,128 |
2000 |
ZIM |
2Q24 |
4Q24 |
32,500(8) |
GSL Tripoli |
5,470 |
22,259 |
2009 |
Maersk |
4Q24 |
4Q27 |
36,500(9) |
GSL Kithira |
5,470 |
22,108 |
2009 |
Maersk |
4Q24 |
4Q27 |
36,500(9) |
GSL Tinos |
5,470 |
22,067 |
2010 |
Maersk |
4Q24 |
4Q27 |
36,500(9) |
GSL Syros |
5,470 |
22,098 |
2010 |
Maersk |
4Q24 |
4Q27 |
36,500(9) |
Dolphin II |
5,095 |
20,596 |
2007 |
OOCL |
1Q25 |
2Q25 |
53,500(10) |
Orca I |
5,095 |
20,633 |
2006 |
Maersk |
2Q24 |
4Q25 |
21,000(11) |
CMA CGM Alcazar |
5,089 |
20,087 |
2007 |
CMA CGM |
3Q26 |
4Q26 |
35,500 |
GSL Château d’If |
5,089 |
19,994 |
2007 |
CMA CGM |
4Q26 |
1Q27 |
35,500 |
GSL Susan |
4,363 |
17,309 |
2008 |
CMA CGM |
3Q22 |
4Q22 |
22,000 |
CMA CGM Jamaica |
4,298 |
17,272 |
2006 |
CMA CGM |
3Q22 |
2Q23 |
25,350 |
CMA CGM Sambhar |
4,045 |
17,429 |
2006 |
CMA CGM |
3Q22 |
2Q23 |
25,350 |
CMA CGM America |
4,045 |
17,428 |
2006 |
CMA CGM |
3Q22 |
2Q23 |
25,350 |
GSL Rossi |
3,421 |
16,420 |
2012 |
Gold Star/ZIM |
1Q26 |
3Q26 |
38,875(12) |
GSL Alice |
3,421 |
16,543 |
2014 |
CMA CGM |
1Q23 |
2Q23 |
21,500 |
GSL Eleftheria |
3,404 |
16,642 |
2013 |
Maersk |
3Q25 |
4Q25 |
37,975 |
GSL Melina |
3,404 |
16,703 |
2013 |
Maersk |
2Q23 |
3Q23 |
24,500 |
GSL Valerie |
2,824 |
11,971 |
2005 |
ZIM |
2Q25 |
3Q25 |
35,600(13) |
Matson Molokai |
2,824 |
11,949 |
2007 |
Matson |
2Q25 |
4Q25 |
20,250(14) |
GSL Lalo |
2,824 |
11,950 |
2006 |
ONE |
4Q22 |
1Q23 |
18,500 |
GSL Mercer |
2,824 |
11,970 |
2007 |
ONE |
4Q24 |
1Q25 |
35,750 |
Athena |
2,762 |
13,538 |
2003 |
Hapag-Lloyd |
2Q24 |
3Q24 |
21,500 |
GSL Elizabeth |
2,741 |
11,507 |
2006 |
ONE |
3Q22 |
1Q23 |
18,500 |
Tbr GSL Chloe |
2,546 |
12,212 |
2012 |
ONE |
4Q24 |
1Q25 |
33,000 |
GSL Maren |
2,546 |
12,243 |
2014 |
Westwood |
4Q22 |
1Q23 |
19,250 |
Maira |
2,506 |
11,453 |
2000 |
Hapag-Lloyd |
1Q23 |
2Q23 |
14,450 |
Nikolas |
2,506 |
11,370 |
2000 |
CMA CGM |
1Q23 |
1Q23 |
16,000 |
Newyorker |
2,506 |
11,463 |
2001 |
CMA CGM |
1Q24 |
3Q24 |
20,700 |
Manet |
2,272 |
11,727 |
2001 |
OOCL |
4Q24 |
2Q25 |
32,000 |
Keta |
2,207 |
11,731 |
2003 |
CMA CGM |
1Q25 |
1Q25 |
25,000 |
Julie |
2,207 |
11,731 |
2002 |
Sea Consortium |
1Q23 |
2Q23 |
20,000 |
Kumasi |
2,207 |
11,791 |
2002 |
Wan Hai |
1Q25 |
2Q25 |
38,000 |
Akiteta(15) |
2,207 |
11,731 |
2002 |
OOCL |
4Q24 |
1Q25 |
32,000 |
GSL Amstel |
1,118 |
5,167 |
2008 |
CMA CGM |
3Q23 |
3Q23 |
11,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Modern design,
high reefer capacity, fuel-efficient vessel. |
(2) |
In many instances charterers have the option to extend a
charter beyond the nominal latest expiry date by the amount of time
that the vessel was off hire during the course of that charter.
This additional charter time (“Offhire Extension”) is computed at
the end of the initially contracted charter period. The Latest
Charter Expiry Dates shown in this table have been adjusted to
reflect offhire accrued up to the date of issuance of this release
plus estimated offhire scheduled to occur during the remaining
lifetimes of the respective charters. However, as actual offhire
can only be calculated at the end of each charter, in some cases
actual Offhire Extensions – if invoked by charterers - may exceed
the Latest Charter Expiry Dates indicated. |
(3) |
UASC Al Khor & Maira XL. On November 22, 2021 we announced
the forward fixture of these two ships, upon the expiry of their
existing charters in the second or third quarters of 2022, to a
leading liner operator for approximately five years each at a
charter rate of $65,000 per day. |
(4) |
MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas
Cleaning Systems (“scrubbers”). |
(5) |
GSL Eleni delivered 2Q2019 and is chartered for five years; GSL
Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are
chartered for three years plus two successive periods of one year
at the option of the charterer. During the option periods the
charter rates for GSL Kalliopi and GSL Grania are $18,900 per day
and $17,750 per day respectively. |
(6) |
On February 9, 2021 we announced that we had contracted to
purchase seven ships of approximately 6,000 TEU each, which have
now been delivered. Contract cover for each ship is for a firm
period of at least three years from the date each vessel is
delivered, with charterers holding a one-year extension option on
each charter (at a rate of $12,900 per day), followed by a second
option (at a rate of $12,700 per day) with the period determined by
- and terminating prior to - each vessel’s 25thyear drydocking
& special survey. |
(7) |
Tasman. 12-month extension at charterer’s option is callable in
2Q2022, at an increased rate of $20,000 per day. |
(8) |
A package agreement with ZIM, for direct charter extensions on
two 5,900 TEU ships: Ian H, at a rate of $32,500 per day from May
2021, and ZIM Europe (formerly Dimitris Y), at a rate of $24,250
per day, from May 2022. |
(9) |
On June 16, 2021 we announced that we had contracted to
purchase four ultra-high reefer ships of 5,470 TEU each. These
ships delivered in September and October of 2021. Contract cover on
each ship is for a firm period of three years at a rate of $36,500
per day, with a period of an additional three years (at $17,250 per
day) at charterers’ option. |
(10) |
Dolphin II. Chartered to OOCL to April 2022 at $24,500 per day;
thereafter the rate increased to $53,500 per day. |
(11) |
Orca I. Chartered at $21,000 per day through to the median
expiry of the charter in 2Q2024; thereafter the charterer has the
option to charter the vessel for a further 12-14 months at the same
rate. |
(12) |
GSL Rossi. Chartered to Gold Star / ZIM to March 2022 at a rate
of $20,000 per day; thereafter the rate increases to an average of
$38,875 per day. |
(13) |
GSL Valerie: chartered to ZIM at $13,250 per day to January
2022; thereafter the rate increased to an average of $35,600 per
day-$40,000 for the first 12 months, $36,000 for the next 12 months
and $32,000 for the remaining period. |
(14) |
Matson Molokai. Chartered to Matson at $20,250 per day to May
2022 after which the rate increases to $36,500 per day. |
(15) |
Akiteta, formerly Marie Delmas. Note that this charter was
formerly attributed to Kumasi, but was switched to Akiteta due to
vessel positioning and availability. |
Conference Call and Webcast
Global Ship Lease will hold a conference call to
discuss the Company's results for the three months ended March 31,
2022 today, Monday May 9, 2022 at 10:30 a.m. Eastern Time. There
are two ways to access the conference call:
(1) Dial-in: (877) 445-2556 or (908) 982-4670;
Passcode: 1186251
Please dial in at least 10 minutes prior to
10:30 a.m. Eastern Time to ensure a prompt start to the call.
(2) Live Internet webcast and slide
presentation: http://www.globalshiplease.com
If you are unable to participate at this time, a
replay of the call will be available through Wednesday, May 25th,
2022 at (855) 859-2056 or (404) 537-3406. Enter the code 1186251 to
access the audio replay. The webcast will also be archived on the
Company’s website: http://www.globalshiplease.com
Annual Report on Form 20-F
The Company’s Annual Report for 2021 was filed
with the Securities and Exchange Commission (the “Commission”) on
March 24, 2022. A copy of the report can be found under the
Investor Relations section (Annual Reports) of the Company’s
website at http://www.globalshiplease.com or on the Commission’s
website at www.sec.gov. Shareholders may request a hard copy of the
audited financial statements free of charge by contacting the
Company at info@globalshiplease.com or by writing to Global Ship
Lease, Inc, care of Global Ship Lease Services Limited, 25 Wilton
Road, London SW1V ILW.
About Global Ship Lease
Global Ship Lease is a leading independent owner
of containerships with a diversified fleet of mid-sized and smaller
containerships. Incorporated in the Marshall Islands, Global Ship
Lease commenced operations in December 2007 with a business of
owning and chartering out containerships under fixed-rate charters
to top tier container liner companies. It was listed on the New
York stock Exchange in August 2008.
As at May 8, 2022, Global Ship Lease owned
65 containerships, ranging from 1,118 to 11,040 TEU, with an
aggregate capacity of 342,348 TEU. 32 ships are wide-beam
Post-Panamax.
Adjusted to include all charters agreed, up
to May 8, 2022, the average remaining term of the Company’s
charters as at March 31, 2022, to the mid-point of redelivery,
including options under the Company’s control and other than if a
redelivery notice has been received, was 2.4 years on a
TEU-weighted basis. Contracted revenue on the same basis
was $1.67 billion. Contracted revenue was $1.92 billion,
including options under charterers’ control and with latest
redelivery date, representing a weighted average remaining term of
3.0 years.
Reconciliation of Non-U.S. GAAP Financial
Measures
A. Adjusted EBITDA
Adjusted EBITDA represents net income available
to common shareholders before interest income and expense, earnings
allocated to preferred shares, income taxes, depreciation and
amortization of drydocking net costs, gains or losses on the sale
of vessels, amortization of intangible liabilities, charges for
share based compensation, fair value adjustment on derivatives and
impairment losses. Adjusted EBITDA is a non-U.S. GAAP quantitative
measure used to assist in the assessment of our ability to generate
cash from our operations. We believe that the presentation of
Adjusted EBITDA is useful to investors because it is frequently
used by securities analysts, investors and other interested parties
in the evaluation of companies in our industry. Adjusted EBITDA is
not defined in U.S. GAAP and should not be considered to be an
alternative to net income or any other financial metric required by
such accounting principles. Our use of Adjusted EBITDA may vary
from the use of similarly titled measures by others in our
industry.
Adjusted EBITDA is presented herein both on a
historic basis and on a forward-looking basis in certain instances.
We do not provide a reconciliation of such
forward looking non-U.S. GAAP financial measure
to the most directly comparable U.S. GAAP measure because such
U.S. GAAP financial measure on a forward-looking basis is not
available to us without unreasonable effort.
ADJUSTED EBITDA - UNAUDITED
(thousands of U.S. dollars)
|
|
|
Three |
Three |
|
|
|
months |
months |
|
|
|
ended |
ended |
|
|
|
March 31, |
March 31, |
|
|
|
2022 |
2021 |
|
|
|
|
|
Net income
available to Common Shareholders |
70,182 |
4,159 |
|
|
|
|
Adjust: |
Depreciation and
amortization |
19,852 |
12,383 |
|
Amortization of
intangible liabilities |
(12,855) |
(502) |
|
Fair value
adjustment on derivative asset |
(4,564) |
- |
|
Interest
income |
(250) |
(243) |
|
Interest
expense |
18,735 |
25,256 |
|
Share based
compensation |
1,054 |
1,704 |
|
Earnings allocated
to preferred shares |
2,384 |
1,484 |
|
|
|
|
Adjusted
EBITDA |
94,538 |
44,241 |
B. Normalized net income
Normalized net income represents net income
available to common shareholders adjusted for impairment charges,
the premium paid on redemption of our 2022 Notes together with the
associated accelerated amortization of deferred financing costs and
original issue discount, prepayment fees on repayment of credit
facilities, accelerated stock based compensation expense due to
vesting and new awards of fully vested incentive shares, fair value
adjustment on derivatives and gains or losses on sale of vessels.
Normalized net income is a non-U.S. GAAP quantitative measure which
we believe will assist investors and analysts who often adjust
reported net income for items that do not affect operating
performance or operating cash generated. Normalized net income is
not defined in U.S. GAAP and should not be considered to be an
alternate to net income or any other financial metric required by
such accounting principles. Our use of Normalized net income may
vary from the use of similarly titled measures by others in our
industry.
NORMALIZED NET INCOME
(thousands of U.S. dollars)
|
|
Three |
Three |
|
|
months |
months |
|
|
ended |
ended |
|
|
March 31, |
March 31, |
|
|
2022 |
2021 |
|
|
|
|
Net income
available to Common Shareholders |
70,182 |
4,159 |
|
|
|
|
Adjust: |
Fair value
adjustment on derivative asset |
(4,564) |
- |
|
Prepayment fee on
repayment of Blue Ocean Credit Facility |
3,968 |
1,618 |
|
Accelerated stock
based compensation expense due to vesting and new awards of fully
vested incentive shares |
- |
1,346 |
|
Premium paid on
redemption of 2022 Notes |
- |
5,764 |
|
Accelerated write
off of deferred financing charges related to redemption of 2022
Notes |
- |
3,745 |
|
Accelerated write
off of deferred financing charges related to full repayment of Blue
Ocean Credit Facility |
83 |
- |
|
Accelerated write
off of original issue discount related to redemption of 2022
Notes |
- |
1,133 |
|
|
|
|
Normalized net
income |
69,669 |
17,765 |
C. Normalized Earnings per Share
Normalized Earnings per Share represents
Earnings per Share adjusted for impairment charges, the premium
paid on redemption of our 2022 Notes together with the associated
accelerated amortization of deferred financing costs and original
issue discount, prepayment fees on repayment of credit facilities,
accelerated stock based compensation expense due to vesting and new
awards of fully vested incentive shares, fair value adjustment on
derivatives and gains or losses on sale of vessels. Normalized
Earnings per Share is a non-U.S. GAAP quantitative measure which we
believe will assist investors and analysts who often adjust
reported Earnings per Share for items that do not affect operating
performance or operating cash generated. Normalized Earnings per
Share is not defined in U.S. GAAP and should not be considered to
be an alternate to Earnings per Share as reported or any other
financial metric required by such accounting principles. Our use of
Normalized Earnings per Share may vary from the use of similarly
titled measures by others in our industry.
NORMALIZED EARNINGS PER SHARE
|
Three |
Three |
|
months |
months |
|
ended |
ended |
|
March 31, |
March 31, |
|
2022 |
2021 |
|
|
|
EPS as reported (USD) |
1.93 |
0.13 |
Normalized net income
adjustments-Class A common shares (in thousands USD) |
(513) |
13,606 |
Weighted average number of
Class A Common shares |
36,401,764 |
31,965,287 |
Adjustment on EPS (USD) |
(0.02) |
0.43 |
Normalized EPS (USD) |
1.91 |
0.56 |
Safe Harbor Statement
This communication contains forward-looking
statements. Forward-looking statements provide Global Ship Lease's
current expectations or forecasts of future events. Forward-looking
statements include statements about Global Ship Lease'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," “should,” "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 Global Ship Lease cannot assure you that these
projections 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.
The risks and uncertainties include, but are not
limited to:
- future operating or financial results;
- expectations regarding the future growth of the container
shipping industry, including the rates of annual demand and supply
growth;
- geo-political events such as the conflict in Ukraine;
- the length and severity of the ongoing outbreak of the novel
coronavirus (COVID-19) around the world and governmental responses
thereto;
- the financial condition of our charterers, particularly CMA
CGM, our principal charterer and main source of operating revenue,
and their ability to pay charterhire in accordance with the
charters;
- Global Ship Lease’s financial condition and liquidity,
including its level of indebtedness or ability to obtain additional
financing to fund capital expenditures, ship acquisitions and other
general corporate purposes;
- Global Ship Lease’s ability to meet its financial covenants and
repay its credit facilities;
- Global Ship Lease’s expectations relating to dividend payments
and forecasts of its ability to make such payments including the
availability of cash and the impact of constraints under its credit
facilities;
- risks relating to the acquisition of Poseidon Containers and
Global Ship Lease’s ability to realize the anticipated benefits of
the acquisition;
- future acquisitions, business strategy and expected capital
spending;
- operating expenses, availability of crew, number of off-hire
days, drydocking and survey requirements and insurance costs;
- general market conditions and shipping industry trends,
including charter rates and factors affecting supply and
demand;
- assumptions regarding interest rates and inflation;
- changes in the rate of growth of global and various regional
economies;
- risks incidental to ship operation, including piracy, discharge
of pollutants and ship accidents and damage including total or
constructive total loss;
- estimated future capital expenditures needed to preserve its
capital base;
- Global Ship Lease’s expectations about the availability of
ships to purchase, the time that it may take to construct new
ships, or the useful lives of its ships;
- Global Ship Lease’s continued ability to enter into or renew
long-term, fixed-rate charters or other ship employment
arrangements;
- Global Ship Lease’s ability to realize expected benefits from
its acquisition of secondhand vessels;
- the continued performance of existing long-term, fixed-rate
time charters;
- Global Ship Lease’s ability to capitalize on its management’s
and board of directors’ relationships and reputations in the
containership industry to its advantage;
- changes in governmental and classification societies’ rules and
regulations or actions taken by regulatory authorities;
- expectations about the availability of insurance on
commercially reasonable terms;
- unanticipated changes in laws and regulations including
taxation;
- potential liability from future litigation.
Forward-looking statements are subject to known
and unknown risks and uncertainties and are based on potentially
inaccurate assumptions that could cause actual results to differ
materially from those expected or implied by the forward-looking
statements. Global Ship Lease's actual results could differ
materially from those anticipated in forward-looking statements for
many reasons specifically as described in Global Ship Lease's
filings with the U.S. Securities and Exchange Commission (the
“SEC”). Accordingly, you should not unduly rely on these
forward-looking statements, which speak only as of the date of this
communication.
Global Ship Lease undertakes no obligation to
publicly revise any forward-looking statement to reflect
circumstances or events after the date of this communication or to
reflect the occurrence of unanticipated events. You should,
however, review the factors and risks Global Ship Lease describes
in the reports it will file from time to time with the SEC after
the date of this communication.
Global Ship Lease, Inc.
Interim Unaudited Condensed
Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars except
share data)
|
March 31, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
$ |
88,485 |
|
$ |
67,280 |
Time deposits |
|
7,900 |
|
|
7,900 |
Restricted cash |
|
21,325 |
|
|
24,894 |
Accounts receivable, net |
|
3,000 |
|
|
3,220 |
Inventories |
|
10,985 |
|
|
11,410 |
Prepaid expenses and other
current assets |
|
23,082 |
|
|
25,224 |
Derivative assets |
|
9,364 |
|
|
533 |
Due from related parties |
|
4,394 |
|
|
2,897 |
Total current
assets |
$ |
168,535 |
|
$ |
143,358 |
NON-CURRENT
ASSETS |
|
|
|
|
|
Vessels in operation |
$ |
1,669,771 |
|
$ |
1,682,816 |
Advances for vessels
acquisitions and other additions |
|
6,712 |
|
|
6,139 |
Deferred charges, net |
|
44,174 |
|
|
37,629 |
Other non-current assets |
|
18,207 |
|
|
14,010 |
Derivative assets, net of
current portion |
|
35,079 |
|
|
6,694 |
Restricted cash, net of
current portion |
|
104,657 |
|
|
103,468 |
Total non-current
assets |
|
1,878,600 |
|
|
1,850,756 |
TOTAL
ASSETS |
$ |
2,047,135 |
|
$ |
1,994,114 |
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
Accounts payable |
$ |
12,928 |
|
$ |
13,159 |
Accrued liabilities |
|
28,130 |
|
|
32,249 |
Current portion of long-term
debt |
|
210,767 |
|
|
190,316 |
Current portion of deferred
revenue |
|
7,249 |
|
|
8,496 |
Due to related parties |
|
912 |
|
|
543 |
Total current
liabilities |
$ |
259,986 |
|
$ |
244,763 |
LONG-TERM
LIABILITIES |
|
|
|
|
|
Long-term debt, net of current
portion and deferred financing costs |
$ |
851,780 |
|
$ |
880,134 |
Intangible liabilities-charter
agreements |
|
42,521 |
|
|
55,376 |
Deferred revenue, net of
current portion |
|
101,033 |
|
|
101,288 |
Total non-current
liabilities |
|
995,334 |
|
|
1,036,798 |
Total
liabilities |
$ |
1,255,320 |
|
$ |
1,281,561 |
Commitments and
Contingencies |
|
|
|
|
|
SHAREHOLDERS'
EQUITY |
|
|
|
|
|
Class A common shares -
authorized 214,000,000 shares with a $0.01 par value 36,911,392
shares issued and outstanding (2021 – 36,464,109 shares) |
|
369 |
|
|
365 |
Series B Preferred Shares -
authorized 44,000 shares with a $0.01 par value 43,592 shares
issued and outstanding (2021 – 43,592 shares) |
|
- |
|
|
- |
Additional paid in
capital |
|
699,513 |
|
|
698,463 |
Retained earnings |
|
74,423 |
|
|
13,498 |
Accumulated other
comprehensive income |
|
17,510 |
|
|
227 |
Total shareholders'
equity |
|
791,815 |
|
|
712,553 |
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
2,047,135 |
|
$ |
1,994,114 |
Global Ship Lease, Inc.
Interim Unaudited Condensed
Consolidated Statements of Income
(Expressed in thousands of U.S. dollars)
|
Three months ended March 31, |
|
2022 |
|
|
2021 |
|
OPERATING
REVENUES |
|
|
|
|
|
Time charter revenues (include related party revenues of $39,663
and $32,195 for each of the three month periods ended March 31,
2022 and 2021, respectively) |
$ |
140,776 |
|
|
$ |
72,478 |
|
Amortization of intangible
liabilities-charter agreements (include related party amortization
of intangible liabilities-charter agreements of $3,291 and $502 for
each of the three month periods ended March 31, 2022 and 2021,
respectively) |
|
12,855 |
|
|
|
502 |
|
Total Operating
Revenues |
|
153,631 |
|
|
|
72,980 |
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
Vessel operating expenses
(include related party vessel operating expenses of $4,379 and
$3,290 for each of the three month periods ended March 31, 2022 and
2021, respectively) |
|
39,444 |
|
|
|
24,286 |
|
Time charter and voyage
expenses (include related party time charter and voyage expenses of
$1,477 and $689 for each of the three month periods ended March 31,
2022 and 2021, respectively) |
|
4,357 |
|
|
|
1,765 |
|
Depreciation and
amortization |
|
19,852 |
|
|
|
12,383 |
|
General and administrative
expenses |
|
3,862 |
|
|
|
4,274 |
|
Operating
Income |
|
86,116 |
|
|
|
30,272 |
|
|
|
|
|
|
|
NON-OPERATING
INCOME/(EXPENSES) |
|
|
|
|
|
Interest income |
|
250 |
|
|
|
243 |
|
Interest and other finance
expenses (include $nil and $5,764 Notes premium for each of the
three month periods ended March 31, 2022 and 2021,
respectively) |
|
(18,735 |
) |
|
|
(25,256 |
) |
Other income, net |
|
371 |
|
|
|
384 |
|
Fair value adjustment on
derivative asset |
|
4,564 |
|
|
|
- |
|
Total non-operating
expenses |
|
(13,550 |
) |
|
|
(24,629 |
) |
Income before income
taxes |
|
72,566 |
|
|
|
5,643 |
|
Income taxes |
|
- |
|
|
|
- |
|
Net
Income |
$ |
72,566 |
|
|
$ |
5,643 |
|
Earnings allocated to Series B
Preferred Shares |
|
(2,384 |
) |
|
|
(1,484 |
) |
Net Income available
to Common Shareholders |
$ |
70,182 |
|
|
$ |
4,159 |
|
Global Ship Lease, Inc.
Interim Unaudited Condensed Consolidated
Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
|
|
Three months ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from
operating activities: |
|
|
|
|
|
Net income |
$ |
72,566 |
|
|
$ |
5,643 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
Depreciation and
amortization |
$ |
19,852 |
|
|
$ |
12,383 |
|
Amortization of derivative
assets’ premium |
|
1 |
|
|
|
- |
|
Amortization of deferred
financing costs |
|
1,579 |
|
|
|
4,406 |
|
Amortization of original issue
(premium)/discount on repurchase of notes |
|
(120 |
) |
|
|
7,044 |
|
Amortization of intangible
liabilities-charter agreements |
|
(12,855 |
) |
|
|
(502 |
) |
Fair value adjustment on
derivative asset |
|
(4,564 |
) |
|
|
- |
|
Share based compensation |
|
1,054 |
|
|
|
1,704 |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
Increase in accounts
receivable and other assets |
$ |
(1,835 |
) |
|
$ |
(3,865 |
) |
Decrease in inventories |
|
425 |
|
|
|
337 |
|
Increase in derivative
assets |
|
(15,370 |
) |
|
|
- |
|
Decrease in accounts payable
and other liabilities |
|
(5,854 |
) |
|
|
(6,066 |
) |
Increase in related parties'
balances, net |
|
(1,128 |
) |
|
|
(1,235 |
) |
(Decrease)/increase in
deferred revenue |
|
(1,502 |
) |
|
|
48 |
|
Unrealized foreign exchange
loss |
|
3 |
|
|
|
- |
|
Net cash provided by
operating activities |
$ |
52,252 |
|
|
$ |
19,897 |
|
Cash flows from
investing activities: |
|
|
|
|
|
Cash paid for vessel
expenditures |
$ |
(1,987 |
) |
|
|
(1,905 |
) |
Advances for vessel
acquisitions and other additions |
|
(1,122 |
) |
|
|
(248 |
) |
Cash paid for drydockings |
|
(9,315 |
) |
|
|
(1,587 |
) |
Net cash used in
investing activities |
$ |
(12,424 |
) |
|
$ |
(3,740 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
Proceeds from issuance of 2024
Notes |
$ |
- |
|
|
$ |
15,096 |
|
Repurchase of 2022 Notes,
including premium |
|
- |
|
|
|
(239,183 |
) |
Proceeds from drawdown of
credit facilities and sale and leaseback |
|
60,000 |
|
|
|
236,200 |
|
Repayment of credit facilities
and sale and leaseback |
|
(40,911 |
) |
|
|
(30,817 |
) |
Repayment of refinanced
debt |
|
(26,205 |
) |
|
|
- |
|
Deferred financing costs
paid |
|
(2,246 |
) |
|
|
(4,236 |
) |
Net proceeds from offering of
Class A common shares, net of offering costs |
|
- |
|
|
|
67,984 |
|
Proceeds from offering of
Series B preferred shares, net of offering costs |
|
- |
|
|
|
10,696 |
|
Class A common shares-dividend
paid |
|
(9,257 |
) |
|
|
- |
|
Series B Preferred
Shares-dividend paid |
|
(2,384 |
) |
|
|
(1,484 |
) |
Net cash (used
in)/provided by financing activities |
$ |
(21,003 |
) |
|
$ |
54,256 |
|
Net increase in cash
and cash equivalents and restricted cash |
|
18,825 |
|
|
|
70,413 |
|
Cash and cash equivalents and
restricted cash at beginning of the period |
|
195,642 |
|
|
|
92,262 |
|
Cash and cash
equivalents and restricted cash at end of the period |
$ |
214,467 |
|
|
$ |
162,675 |
|
Supplementary Cash
Flow Information: |
|
|
|
|
|
Cash paid for interest |
$ |
12,589 |
|
|
$ |
14,469 |
|
Non-cash investing
activities: |
|
|
|
|
|
Unpaid drydocking
expenses |
|
5,903 |
|
|
|
949 |
|
Unpaid vessel
expenditures |
|
8,201 |
|
|
|
2,461 |
|
Unpaid advances for vessel
acquisitions and other additions |
|
890 |
|
|
|
- |
|
Non-cash financing
activities: |
|
|
|
|
|
Unpaid offering costs |
|
- |
|
|
|
226 |
|
Unrealized gain on derivative
assets |
|
17,282 |
|
|
|
- |
|
Investor and Media Contacts: The IGB GroupBryan
Degnan646-673-9701orLeon Berman 212-477-8438
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