zoom Global Ship Lease, Inc. has agreed to buy an 8,063 TEU container ship from an unnamed container liner company for a purchase price of USD 55 million. The 2005-built vessel is expected to be delivered in the fourth quarter of 2014, and immediately time chartered back to the same container liner company for a period of 36 to 39 months, with expected revenue between USD 37.7 and USD 40.9 million.Upon delivery of the vessel, the Global Ship’s fleet will comprise 18 vessels with a total capacity of 74,412 TEU.Ian Webber, Chief Executive Officer of Global Ship Lease, said: “Building on our recent success enhancing the Company’s financial strength and capital structure as well as its commercial prospects, we continue to take important steps to unlock additional value in the Company for the benefit of shareholders. This acquisition represents a significant milestone in our progress and in the execution of our growth strategy. Having successfully raised capital earlier this year through a transformative debt offering, we are pleased to have developed this attractive opportunity, partnering with a leading container liner company and meeting our strict investment criteria. Specifically, the acquisition diversifies our charter portfolio with an additional high-quality counter-party, is immediately accretive to earnings and cash flow, and increases our annual EBITDA by over USD 9 million.” Press Release; September 18, 2014; Image; CMA CGM
The closed door meeting held today covered issues such as trade tariffs and remedies, e-commerce, issues facing US companies in Sri Lanka and the trade/investment climate in the country.Before assuming the role of Executive Director, Golsen was the Commerce Department’s coordinator for the U.S.-India Strategic and Commercial Dialogue. (Colombo Gazette) AMCHAM said that Golsen’s visit to Sri Lanka comes at an opportune time with U.S. trade policy being at the forefront of topical issues. In this role, Golsen oversees the Commerce Department’s operations in 14 Asian posts and manages three Asia-focused policy offices in Washington, DC. A US trade official had talks in Colombo today with American businesses operating in Sri Lanka.AMCHAM hosted James Golsen, Executive Director, Asia, International Trade Administration, U.S. Department of Commerce had talks with US companies on issues they face in Sri Lanka.