global ship lease annual report

Under the merger agreement, Marathon, a U.S. corporation, first merged with its wholly-owned Marshall Islands subsidiary, GSL Holdings, Inc. ('Holdings'), with Holdings continuing as the surviving company. 2019-12. Arrangement fees for revolving credit facilities are shown within 'Other non-current assets'. Risks inherent in the operation of containerships could impair the ability of the charterer to make payments to us, increase our costs or reduce the value of our assets. Commission paid to brokers to facilitate the agreement of a new charter are included in time charter and voyage expenses as are certain expenses related to a voyage, such as the costs of bunker fuel consumed when a vessel is off-hire or idle. Intermediate survey. As of December 31, 2020, the outstanding balance on the Blue Ocean Junior Facility was $31.9 million. The difference between the estimated fair value less cost to sell both vessels and their carrying value (including the unamortized balance of dry-docking cost of $38), amounting to $912, was recognized during the three months ended June 30, 2020 under the line item 'Vessel impairment losses'. Information on the Company-B. Between 1995 and 2008, the nominal carrying capacity of the industry-wide fully cellular fleet grew by a compound annual rate of 11.4%; and from 2009 through 2019 at 5.9%, as the industry digested the legacy, pre-financial crisis orderbook. During the year ended December 31, 2020, we also repurchased $15.3 million of aggregate principal amount of 2022 Notes in the open market at a weighted average price of 98.98% of the aggregate principal amount. These covenants limit our ability and the ability of our restricted subsidiaries to, among other things: incur additional indebtedness or issue certain preferred stock; make any substantial change to the nature of our business; pay dividends on or repay or distribute any dividend or share premium reserve; redeem or repurchase capital stock or make other restricted payments and investments; create or impair certain securities interests, including liens; enter into certain transactions with affiliates; acquire a company, shares or securities or a business or undertaking; enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction, or sell all or substantially all of our properties and assets; create or designate unrestricted subsidiaries; and. China has been one of the world's fastest growing economies in terms of gross domestic product, or GDP, which has increased the demand for shipping. As of February 12, 2020, the outstanding balance on this facility amounted to $44,366 was fully refinanced by the Tranche B Syndicated Senior Secured Credit Facility (see note 11d) and the Chailease Credit Facility (see note 11j). The Senior Facility is comprised of three tranches. The fees and expenses payable pursuant to our technical and commercial ship management agreements will be payable without regard to our business, results of operation and financial condition and we have limited rights to terminate our management agreements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations. The opportunity offered to us will be on no less favorable terms than those offered to Mr. Giouroukos, or entity controlled by him. The new regulations could require the installation of new equipment, which may cause us to incur substantial costs. Operating Results-Results of Operations-Year Ended December 31, 2019 Compared to the Year Ended December 31, 2018' contained in our Annual Report on Form 20-F for the year ended December 31, 2019, filed with the SEC on April 2, 2020. The EU has adopted legislation (Regulation (EC) No 391/2009 and Directive 2009/15/EC, as amended and supplemented from time to time) that provides member states with greater authority and control over classification societies, including the ability to seek to suspend or revoke the authority of classification societies that are negligent in their duties. We commenced operations in December 2007 with a business of owning and chartering out containerships under fixed rate charters to container liner companies. Certain members of our executive management purchased an aggregate of 168,968 Class A common shares in the October 2019 Equity Offering at the public offering price, for which the underwriters did not receive any discount or commissions. Because we generate all of our revenues in U.S. dollars but incur a portion of our expenses in other currencies, exchange rate fluctuations could hurt our results of operations. Audit-related fees consist of assurance and related services rendered by the principal accountant related to the performance of the audit or review of our consolidated financial statements or other filings which have not been reported under Audit Fees above. Time charter. The agreement also provides that, during his employment or for a period of three months thereafter, Mr. Lister will not, among other actions, solicit or attempt to solicit certain employees or certain customers of ours (or one of our group companies) or be involved in any relevant business in competition with us (or one of our group companies). During the option periods the charter rates for GSL Kalliopi and GSL Grania are $18,900 per day and $17,750 per day respectively. As a result, each of BRPGP and BRCM may be deemed to have beneficially owned the 416,840 shares of Class A common shares owned directly by BRPLP. Since the beginning of calendar year 2020, the outbreak of COVID-19 pandemic has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including, among others, business closures, quarantines, travel restrictions, and physical distancing requirements. The following is a discussion of our principal accounting policies, some of which involve a high degree of judgment, and the methods of their application. Member states must, among other things, inspect minimum percentages of vessels using their ports annually (based on an inspection 'share' of the relevant member state of the total number of inspections to be carried out within the EU and the Paris Memorandum of Understanding on Port State Control region), inspect all vessels which are due for a mandatory inspection (based, among other things, on their type, age, risk profile and the time of their last inspection) and carry out more frequent inspections of vessels with a high risk profile. The Company elected the practical expedient to use the effective date of adoption as the date of initial application. In addition to reducing the Company's interest costs, the re-financing also reduces amortization payments, from $35,000 per year under the 2022 Notes, to $26,240 per year under the New Hayfin Facility and with no premium comparing to 2% under the Company's 2022 Notes. The hierarchy is broken down into three levels based on the observability of inputs as follows: Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Set forth below is a description of certain material terms of the employment agreements with each of our executive officers, which is qualified in its entirety by the respective agreements which are filed as exhibits hereto. There were 1,120 days offhire through the year, including 687 for 11 planned vessel upgrades, nine completed regulatory drydockings and one in progress as at December 31, 2020. $24.5 Million Blue Ocean Credit Facility: A facility with Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, Blue Ocean Investments SPC One and Blue Ocean Investments SPC Three (together, 'Blue Ocean'). International Financial Reporting Standards as Issued, by the International Accounting Standards Board, (Expressed in millions of U.S. dollars, except for per share data), Orca I, Katherine, Dolphin II, Athena, Kristina, Agios Dimitrios, Alexandra, Alexis, Olivia I, Mary, Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. The consequences of this election are generally less favorable than those of a QEF election for U.S. holders that are sensitive to the distinction between ordinary income and capital gain, although this is not necessarily the case. Information on the Company-B. We have established an ESG Committee to (i) guide, support, and supervise management in developing, articulating, and continuing to evolve, our ESG strategy, (ii) evaluate and recommend ESG initiatives for adoption by us, (iii) assess ESG risks and opportunities, and (iv) promote ESG practices within our business culture and processes. In addition, at such time that Mr. Giouroukos ceases to serve as our Executive Chairman, these rights of first refusal as applicable to Mr. Giouroukos will terminate immediately. See 'Item. If deficiencies are found that are clearly hazardous to safety, health or the environment, the state is required to detain the vessel or stop loading or unloading until the deficiencies are addressed. The ship managers have agreed to maintain our vessels so that they remain in class with valid certification. Our Board of Directors has determined that all directors other than Mr. Lemonnier are 'independent directors' as such term is defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), and the NYSE rules. As of December 31, 2020, the outstanding balance on the Senior Facility was $117.2 million. Furthermore, recent action by the IMO's Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. Although our vessels do not carry oil as cargo, they do carry oil as bunkers, or fuel. Two drydockings were completed in 2018 for regulatory reasons the total cost of which, excluding the effect of the associated 34 days of offhire, was $2.5 million. We may also incur substantial expenditure to improve the specification and commercial characteristics of some of our vessels. In addition, restricted cash consists of pledged cash maintained with lenders and amounts built-up for future drydockings. Our ability to meet those financial covenants and tests will depend on our ongoing financial and operating performance, which, in turn, will be subject to economic conditions and to financial, market, and competitive factors, many of which are beyond our control. Problem is, that's exactly what investors in semiconductor specialist Nvidia (NASDAQ: NVDA) are being called upon to do as they gauge the likely duration of the global semiconductor shortage. As of December 31, 2020, $233.4 million was outstanding on the 2022 Notes (which has since been refinanced). We must make substantial expenditures to maintain our fleet, meet new regulatory requirements or to acquire vessels. After the year end and up to March 17, 2021, the Company issued and sold an aggregate of 354,583 depositary shares (representing an interest in 3,545 Series B Preferred Shares) in connection with the At Market Issuance Sales Agreement for net proceeds of $8,721. Newbuilding. As a result, the amount of dividends actually paid, if any, may vary from the amount previously paid and such variations may be material. Accordingly, no assurance can be given that the IRS will not assert that we are a PFIC with respect to any taxable year, nor that a court would not uphold any such assertion and we have not obtained advice from our tax advisor on whether we are a PFIC. The Company uses a number of assumptions in projecting its undiscounted net operating cash flows analysis including, among others, (i) revenue assumptions for charter rates on expiry of existing charters, which are based on forecast charter rates, where relevant, in the four years from the date of the impairment test and a reversion to the historical mean of time charter rates for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company's fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi) scrap values. We are a 'foreign private issuer' under the securities laws of the United States and the rules of the NYSE. See '-Risk of Loss and Liability Insurance.'. As of December 31, 2020, we owned 43 vessels, with a total capacity of 245,280 TEU with an average age, weighted by TEU capacity, of 13.7 years. Pursuant to the Letter Agreement, (a) for so long as CMA CGM holds at least 5% of our voting power, CMA CGM has the right to designate (and Kelso has the obligation to vote in favor of) an individual nominee to serve on our Board of Directors (and such nominee will also have a right to serve on the Audit Committee of the Board of Directors), (b) for so long as CMA CGM holds at least 10% of our voting power, CMA CGM has the right to designate (and Kelso has the obligation to vote in favor of) two individuals to serve on the Board of Directors and (c) CMA CGM designated Philippe Lemonnier and Alain Wils as the two individuals to serve on the Board of Directors. It's time to listen. In compliance with the New York Stock Exchange rules, a copy of the Form 20-F can be found under the Investor Relations section (Annual Reports) of the Company's website at http://www.globalshiplease.com. As of March 10, 2021, we have issued and sold approximately 1.1 million of our Depositary Shares under the Depositary Shares ATM Program, resulting in net proceeds to us of $26.5 million such that as at that date, $63.7 million aggregate principal amount of the Depositary Shares was outstanding. We fully redeemed our 2022 Notes on January 20, 2021 and fully repaid the related secured term loan provided by Citibank (the 'Citi Credit Facility') on October 31, 2020. If they do not exercise this right, we are entitled to sell the vessel, subject to their prior approval, which cannot be unreasonably withheld. The 2019 Plan is administered by the compensation committee of our Board of Directors or such other committee of our Board of Directors as may be designated by the board. Although we have strict and adequate procedures prohibiting our employees or persons associated with us from making unlawful payments to government officials, we cannot guarantee that such payments may not be made despite our procedures and without our approval. Global Ship Lease, Inc. (GSL): Free Stock Analysis Report Grindrod Shipping Holdings Ltd. (GRIN): Free Stock Analysis Report Bluegreen Vacations Holding Corporation (BVH): Free Stock Analysis Report On January 20, 2021, we repaid all of our outstanding 2022 Notes from the proceeds of a new $236.2 million senior secured loan facility (the 'New Hayfin Facility') with Hayfin Capital Management, LLP ('Hayfin') and cash on hand. Acquisition of vessels will be challenging as, among other things, we may need to obtain additional financing in order to complete vessel purchases. However, dividends, if any, would be based on available cash flow, rather than net income, after all relevant cash expenditures, including cash interest expense on borrowings that finance operating assets, cash income taxes and after an allowance for the cash cost of future drydockings but not including deductions for non-cash items including depreciation and amortization and changes in the fair values of financial instruments, if any. On January 2, 2019, as a consequence of the completion of the Poseidon Transaction, all of our issued and outstanding Class B common shares converted one-for-one into Class A common shares. change the flag, class or technical or commercial management of the vessel mortgaged under such facility or terminate or materially amend the management agreement relating to such vessel. Over the last few years, historic average rates have declined as stronger earlier years are replaced with weaker later years. In the first half of 2020 global containerized trade volumes contracted sharply due to the COVID-19 pandemic, falling approximately 7.0% compared to the same period in 2019. These conflicts may have unfavorable consequences for us. In 2020 we had an increase of $21.7 million in operating revenues, $17.1 million increase in vessel operating and time charter and voyage expenses and a decrease of $9.6 million in net interest expense. 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. The undiscounted projected net operating cash flows over the estimated remaining useful lives for those vessels that show estimated market values below their carrying values exceed such vessels' carrying values as at December 31, 2020, and accordingly have not recorded any further impairment charge. On November 19, 2019, the Company completed the sale of $27,500 aggregate principal amount of its 8.00% Senior Unsecured Notes (the '2024 Notes') which mature on December 31, 2024. Following the issuance of the Series B Preferred Shares, no dividend may be declared or paid or set apart for payment on our common shares and other junior securities, unless full cumulative dividends have been or contemporaneously are being paid or declared and set aside for payment on all outstanding Series B Preferred Shares, subject to certain exceptions. This rule became effective on June 22, 2020, although the effective date has been stayed in at least one U.S. state pursuant to court order. The necessary actions required to change the rights of shareholders and the conditions governing the manner in which annual general meetings and special meetings of shareholders are convoked are described in our Amended and Restated Articles of Incorporation, as amended, and Third Amended and Restated Bylaws and are hereby incorporated by reference into this Annual Report. The Company has currently ship management agreement with Technomar for all fleet under which the ship manager is responsible for all day-to-day ship management, including crewing, purchasing stores, lubricating oils and spare parts, paying wages, pensions and insurance for the crew, and organizing other ship operating necessities, including the arrangement and management of dry-docking. The net proceeds, after underwriting discounts and commissions and expenses, were approximately $50.7 million. The agreement is terminable by Mr. Webber if he provides not less than six months advance written notice to GSLS, or by GSLS if it provides not less than 12 months advance written notice to him (subject to exceptions in the case of summary termination). Moreover, the concentration of ownership may delay, deter or prevent acts that may be favored by or favorable to our other shareholders or deprive shareholders of an opportunity to receive a premium for their shares as part of a sale of our business. If such events occur, these events may give rise to uncertainty about our ability to continue as a going concern. On August 13, 2020, the EPA released rules rolling back standards to control methane and volatile organic compound emissions from new oil and gas facilities. The second tranche (12,500 restricted stock units) would also vest after March 31, 2019 on the same terms, but, in addition, only if and when the share price had been at or above $24.00 for 20 consecutive trading days and provided that this had occurred before December 31, 2021. Operating and Financial Review and Prospects-F. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Special rules may apply to any 'extraordinary dividend' paid by us. The Company's functional currency is the U.S. dollar as substantially all revenues and a majority of expenditures are denominated in U.S. dollars. Our insurance may be insufficient to cover losses that may occur to our property or result from our operations. Last week, all three major U.S. indices took a hit, though the tech-heavy Nasdaq Composite fell further than the S&P 500 or the Dow Jones Industrial Average. During any industry downturn there are an increased number of vessels available for charter, including many from owners with strong reputation and experience. Ian J. Webber: Mr. Webber became our Chief Executive Officer in August 2008. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. No commission is payable on any charter to CMA CGM, or extension thereof, in place as of October 29, 2018. In addition, movement in working capital was $3.6 million lower in 2020 compared to 2019. Tranche A relates to Al Khor and is repayable in 14 instalments of $236 and a final instalment of $9,563. Upon the occurrence of an event of default under our credit facilities, the lenders could elect to declare all amounts outstanding under the loan to be immediately due and payable. Our current performance and future success depend to a significant extent upon our Executive Chairman, George Giouroukos, our Chief Executive Officer, Ian J. Webber, our Chief Commercial Officer, Thomas A. Lister, and our Chief Financial Officer, Anastasios Psaropoulos, who collectively have almost 100 years of cumulative experience in the shipping industry and have worked with several of the world's largest shipping, ship leasing and ship management companies. Weight in solid or liquid form, such as seawater, taken on a ship to increase draught, to change trim, or to improve stability or a voyage in which a ship is not laden with cargo. Further, in a case not concerning PFICs, Tidewater Inc. v. U.S., 2009-1 USTC ¶ 50,337, the Fifth Circuit held that a vessel time charter at issue generated rental, rather than services, income. They and members of the Board of Directors are crucial to the execution of our business strategies and to the growth and development of our business. Our subsidiaries own all of the vessels and payments under charters are made to them. In addition to the repayment schedule, a cash sweep mechanism based on a DSCR ratio of 1.10:1 (DSCR ratio is the ratio of Cash Flow to the Cash Flow Debt Service) will apply pro rata against the Senior Facility and the Blue Ocean Junior Facility. The monitoring, reporting and verification system adopted by the MRV Regulation may be the precursor to a market-based mechanism to be adopted in the future. Technomar Shipping Inc. ('Technomar') is presented as a related party, as the Company's Executive Chairman is a significant shareholder. In July 2019, the Compensation Committee of the Board of Directors approved stock-based awards to senior management under the Company's 2019 Omnibus Incentive Plan (the '2019 Plan'). They are entitled to a dividend only should such a dividend be declared on the Class A common shares. On October 1, 2019, we closed our fully underwritten public offering of 7,613,788 Class A common shares, at a public offering price of $7.25 per share, for gross proceeds of approximately $55.2 million, (the 'October 2019 Equity Offering'). Under OPA and CERCLA, vessel owners, operators and bareboat charterers whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.'s territorial sea and its 200 nautical mile exclusive economic zone around the U.S., are jointly and, subject to limited exceptions, strictly liable for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil or hazardous substances, as applicable, from their vessels. If our vessels call on ports located in countries or territories that are the subject of sanctions or embargoes imposed by the United States government, the European Union, the United Nations, or other governments, it could lead to monetary fines or penalties and have a material adverse effect on the market for our securities. In many jurisdictions, we intend to comply with the standards of global ship lease annual report shipping group Vieljeux. Sec and dated January 7, 2021, when and if declared by the FDA 49.7 million September 24 2019. Risks described under 'Risk Factors ' are not subject to such regulations obtaining. There be an oversupply of younger vessels on a fixed percentage of the risks associated with D-2... Additional containerships will in part on their own separate systems of proportionate for! Remote as the Managing member of CMA CGM and affiliates of Technomar and Conchart to render technical and commercial management! 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