Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-34153 |
Entity Registrant Name | Global Ship Lease, Inc. |
Entity Central Index Key | 0001430725 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 25 Wilton Road |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | SW1V 1LW |
Title of 12(b) Security | Class A common shares, par value of $0.01 per share |
Trading Symbol | GSL |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 36,464,109 |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1387 |
Auditor Name | PricewaterhouseCoopers S.A. |
Auditor Location | Athens, Greece |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 25 Wilton Road |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | SW1V 1LW |
City Area Code | + 44 (0) |
Local Phone Number | 20 3998 0063 |
Contact Personnel Name | Ian J. Webber |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 67,280 | $ 80,757 |
Time deposits | 7,900 | 0 |
Restricted cash | 24,894 | 825 |
Accounts receivable, net | 3,220 | 2,532 |
Inventories | 11,410 | 6,316 |
Prepaid expenses and other current assets | 25,224 | 6,711 |
Derivative asset | 533 | 0 |
Due from related parties | 2,897 | 1,472 |
Total current assets | 143,358 | 98,613 |
NON - CURRENT ASSETS | ||
Vessels in operation | 1,682,816 | 1,140,583 |
Advances for vessels acquisitions and other additions | 6,139 | 1,364 |
Deferred charges, net | 37,629 | 22,951 |
Other non-current assets | 14,010 | 0 |
Derivative asset, net of current portion | 6,694 | 0 |
Restricted cash, net of current portion | 103,468 | 10,680 |
Total non - current assets | 1,850,756 | 1,175,578 |
TOTAL ASSETS | 1,994,114 | 1,274,191 |
CURRENT LIABILITIES | ||
Accounts payable | 13,159 | 10,557 |
Accrued liabilities | 32,249 | 19,127 |
Current portion of long - term debt | 190,316 | 76,681 |
Current portion of deferred revenue | 8,496 | 5,623 |
Due to related parties | 543 | 225 |
Total current liabilities | 244,763 | 112,213 |
LONG - TERM LIABILITIES | ||
Long - term debt, net of current portion and deferred financing costs | 880,134 | 692,775 |
Intangible liabilities - charter agreements | 55,376 | 4,462 |
Deferred revenue, net of current portion | 101,288 | 0 |
Total non - current liabilities | 1,036,798 | 697,237 |
Total liabilities | 1,281,561 | 809,450 |
Commitments and Contingencies | 0 | 0 |
SHAREHOLDERS' EQUITY | ||
Additional paid in capital | 698,463 | 586,355 |
Retained Earnings/(Accumulated deficit) | 13,498 | (121,794) |
Accumulated other comprehensive income | 227 | 0 |
Total shareholders' equity | 712,553 | 464,741 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,994,114 | 1,274,191 |
Common Class A [Member] | ||
SHAREHOLDERS' EQUITY | ||
Common Stock, Value, Outstanding | 365 | 177 |
Series B Preferred Stock [Member] | ||
SHAREHOLDERS' EQUITY | ||
Preferred Stock, Value, Outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
SHAREHOLDERS' EQUITY | ||
Preferred Stock, Value, Outstanding | $ 0 | $ 3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common Class A [Member] | ||
Common shares, shares authorized | 214,000,000 | 214,000,000 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, shares issued | 36,464,109 | 17,741,008 |
Common shares, shares oustanding | 36,464,109 | 17,741,008 |
Series B Preferred Stock [Member] | ||
Preferred shares, shares authorized | 44,000 | 44,000 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares issued | 43,592 | 22,822 |
Preferred shares, shares oustanding | 43,592 | 22,822 |
Series C Preferred Stock [Member] | ||
Preferred shares, shares authorized | 250,000 | 250,000 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares issued | 0 | 250,000 |
Preferred shares, shares oustanding | 0 | 250,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING REVENUES | |||
Time charter revenue (include related party revenues of $144,681, $142,826 and $153,661 for each of the years ended December 31, 2021, 2020 and 2019, respectively) | $ 402,524 | $ 282,272 | $ 263,035 |
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $6,882, $1,782 and $1,771 for each of the years ended December 31, 2021, 2020 and 2019, respectively) | 45,430 | 541 | (1,933) |
Total operating revenues | 447,954 | 282,813 | 261,102 |
OPERATING EXPENSES: | |||
Vessel operating expenses (include related party vessels operating expenses of $15,294, $12,580 and $9,880 for each of the years ended December 31, 2021, 2020 and 2019, respectively) | 130,304 | 102,837 | 87,786 |
Time charter and voyages expenses (include related party time charter and voyage expenses of $3,583, $2,446 and $1,845 for each of the years ended December 31, 2021, 2020 and 2019, respectively) | 13,100 | 11,149 | 9,022 |
Depreciation and amortization | 61,563 | 46,978 | 43,912 |
Impairment of vessels | 0 | 8,497 | 0 |
General and administrative expenses | 13,240 | 8,350 | 8,815 |
(Gain)/loss on sale of vessels | (7,770) | 244 | 0 |
Operating Income | 237,517 | 104,758 | 111,567 |
NON-OPERATING INCOME/(EXPENSES) | |||
Interest income | 449 | 956 | 1,791 |
Interest and other finance expenses (includes $5,764, $2,831 and $346 Notes premium for each of the years ended December 31, 2021, 2020 and 2019, respectively) | (69,227) | (65,354) | (74,994) |
Other income, net | 2,812 | 1,252 | 1,477 |
Total non-operating expenses | (65,966) | (63,146) | (71,726) |
Income before income taxes | 171,551 | 41,612 | 39,841 |
Income taxes | (56) | (49) | (3) |
Net Income | 171,495 | 41,563 | 39,838 |
Earnings allocated to Series B Preferred Shares | (8,263) | (3,995) | (3,081) |
Net Income available to Common Shareholders | $ 163,232 | $ 37,568 | $ 36,757 |
Common Class A [Member] | |||
Net Earnings per Class A common share | |||
Basic | 35,125,003 | 17,687,137 | 11,859,506 |
Diluted | 35,508,015 | 17,752,525 | 11,906,906 |
Basic | $ 4.65 | $ 1.23 | $ 1.48 |
Diluted | $ 4.60 | $ 1.22 | $ 1.48 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Time charter revenue - related parties | $ 144,681 | $ 142,826 | $ 153,661 |
Amortization of intangible liabilities - related party | 6,882 | 1,782 | 1,771 |
Vessel operating expenses - related parties | 15,294 | 12,580 | 9,880 |
Time charter and voyage expenses - related parties | 3,583 | 2,446 | 1,845 |
Interest and other finance expenses - related party | $ 5,764 | $ 2,831 | $ 346 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Net Income available to Common Shareholders | $ 163,232 | $ 37,568 | $ 36,757 |
Cash Flow Hedge: | |||
Unrealized gain on interest rate cap | 227 | 0 | 0 |
Total Other Comprehensive Income | 227 | 0 | 0 |
Total Comprehensive Income | $ 163,459 | $ 37,568 | $ 36,757 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 171,495 | $ 41,563 | $ 39,838 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 61,563 | 46,978 | 43,912 |
Impairment of vessels | 0 | 8,497 | 0 |
(Gain)/loss on sale of vessels | (7,770) | 244 | 0 |
Amortization of deferred financing costs | 8,279 | 4,085 | 3,108 |
Amortization of original issue discount/premium on repurchase of notes | 8,615 | 3,269 | 1,140 |
Amortization of intangible (liabilities)/assets - charter agreements | (45,430) | (541) | 1,933 |
Share based compensation | 3,510 | 1,998 | 1,717 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in accounts receivable and other assets | (33,211) | 3,132 | (1,393) |
(Increase)/decrease in inventories | (5,094) | (721) | 174 |
Increase in derivative asset | (7,000) | 0 | 0 |
Increase/(decrease) in accounts payable and other liabilities | 5,939 | (2,215) | 2,284 |
(Decrease)/increase in related parties' balances, net | (1,107) | 2,504 | (6,251) |
Increase/(decrease) in deferred revenue | 104,160 | (4,364) | 6,869 |
Unrealized foreign exchange loss | 0 | 0 | 50 |
Net cash provided by operating activities | 263,949 | 104,429 | 93,381 |
Cash flows from investing activities: | |||
Acquisition of vessels and intangibles | (463,750) | (23,060) | (72,997) |
Cash paid for vessel expenditures | (4,611) | (4,089) | (9,528) |
Net proceeds from sale of vessels | 16,514 | 6,852 | 0 |
Advances for vessel acquisitions and other additions | (3,276) | (4,541) | (9,184) |
Cash paid for drydockings | (19,226) | (14,756) | (7,390) |
Time deposits acquired | (7,900) | 0 | 0 |
Cash acquired in Poseidon Transaction, net of capitalized expenses | 0 | 0 | (826) |
Net cash used in investing activities | (482,249) | (39,594) | (99,925) |
Cash flows from financing activities: | |||
Proceeds from issuance of 2024 Notes | 22,701 | 20,054 | 39,765 |
Repurchase of 2022 Notes, including premium | (239,183) | (91,971) | (17,623) |
Proceeds from drawdown of credit facilities and sale and leaseback | 744,506 | 47,000 | 327,500 |
Repayment of credit facilities and sale and leaseback | (115,502) | (64,311) | (63,505) |
Repayment of refinanced debt | (149,632) | (44,366) | (262,810) |
Deferred financing costs paid | (13,790) | (1,193) | (7,904) |
Net proceeds from offering of Class A common shares, net of offering costs | 67,549 | (74) | 50,710 |
Retirement of Class A common shares | (10,000) | 0 | 0 |
Proceeds from offering of Series B preferred shares, net of offering costs | 51,234 | 18,647 | 1,056 |
Class A common shares - dividend paid | (27,940) | 0 | 0 |
Series B Preferred Shares - dividend paid | (8,263) | (3,995) | (3,081) |
Net cash provided by/(used in) financing activities | 321,680 | (120,209) | 64,108 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 103,380 | (55,374) | 57,564 |
Cash and cash equivalents and restricted cash at beginning of the year | 92,262 | 147,636 | 90,072 |
Cash and cash equivalents and restricted cash at end of the year | 195,642 | 92,262 | 147,636 |
Supplementary Cash Flow Information: | |||
Cash paid for interest | 49,528 | 59,769 | 70,630 |
Non-cash investing activities: | |||
Unpaid drydocking expenses | 5,799 | 1,321 | 3,676 |
Unpaid vessel expenditures | 6,257 | 4,127 | 1,641 |
Unpaid advances for vessels' acquisitions and other additions | 1,499 | 0 | 0 |
Acquisition of vessels and intangibles | 96,344 | 0 | 0 |
Non-cash financing activities: | |||
Issuance of 2024 Notes for the acquisition of vessels | 35,000 | 0 | 0 |
Premium on the 2024 Notes issued for the acquisition of vessels | 1,680 | 0 | 0 |
Unpaid offering costs | 0 | 0 | 200 |
Net unrealized gain on interest rate cap | $ 227 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Series B Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Series C Preferred Stock [Member] | |||
Preferred Stock, Par or Stated Value Per Share | 0.01 | 0.01 | 0.01 |
Common Stock [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Preferred Stock [Member]Series C Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2018 | $ 99 | $ 0 | $ 3 | $ 512,379 | $ (196,119) | $ 0 | $ 316,362 |
Beginning balance,shares at Dec. 31, 2018 | 9,942,950 | 14,000 | 250,000 | ||||
Issuance of Restricted Stock Units (Note 17) | $ 0 | $ 0 | $ 0 | 1,717 | 0 | 0 | 1,717 |
Issuance of Class A common shares, net of offering costs (Notes 16 and 17) | $ 76 | 0 | 0 | 50,634 | 0 | 0 | 50,710 |
Issuance of Class A common shares, net of offering costs (Notes 16 and 17) | 7,613,788 | ||||||
Net Income for the year | $ 0 | 0 | 0 | 0 | 39,838 | 0 | 39,838 |
Series B Preferred Shares dividend (Note 16) | 0 | 0 | 0 | 0 | (3,081) | 0 | (3,081) |
Issuance of Series B Preferred shares, net of offering costs (Note 7) | 0 | $ 0 | 0 | 856 | 0 | 0 | 856 |
Issuance of Series B Preferred Shares, net of offering costs, shares | 428 | ||||||
Other comprehensive income | 0 | ||||||
Class A common shares dividend (Note 16) | 0 | ||||||
Ending balance, value at Dec. 31, 2019 | $ 175 | $ 0 | $ 3 | 565,586 | (159,362) | 0 | 406,402 |
Ending balance,shares at Dec. 31, 2019 | 17,556,738 | 14,428 | 250,000 | ||||
Issuance of Restricted Stock Units (Note 17) | $ 0 | $ 0 | $ 0 | 1,998 | 0 | 0 | 1,998 |
Issuance of Class A common shares, net of offering costs (Notes 16 and 17) | $ 2 | 0 | 0 | (76) | 0 | 0 | (74) |
Issuance of Class A common shares, net of offering costs (Notes 16 and 17) | 184,270 | ||||||
Net Income for the year | $ 0 | 0 | 0 | 0 | 41,563 | 0 | 41,563 |
Series B Preferred Shares dividend (Note 16) | 0 | 0 | 0 | 0 | (3,995) | 0 | (3,995) |
Issuance of Series B Preferred shares, net of offering costs (Note 7) | 0 | $ 0 | 0 | 18,847 | 0 | 0 | 18,847 |
Issuance of Series B Preferred Shares, net of offering costs, shares | 8,394 | ||||||
Other comprehensive income | 0 | ||||||
Class A common shares dividend (Note 16) | 0 | ||||||
Ending balance, value at Dec. 31, 2020 | $ 177 | $ 0 | $ 3 | 586,355 | (121,794) | 0 | 464,741 |
Ending balance,shares at Dec. 31, 2020 | 17,741,008 | 22,822 | 250,000 | ||||
Issuance of Restricted Stock Units (Note 17) | $ 8 | $ 0 | $ 0 | 3,502 | 0 | 0 | 3,510 |
Issuance of Class A common shares, net of offering costs (Notes 16 and 17) | 55 | 0 | 0 | 67,494 | 0 | 0 | 67,549 |
Conversion of Series C Preferred shares to Class A common shares (Note 16) | $ 130 | 0 | (3) | (127) | 0 | 0 | 0 |
Issuance of Class A common shares, net of offering costs (Notes 16 and 17) | 5,541,959 | ||||||
Net Income for the year | $ 0 | 0 | 0 | 0 | 171,495 | 0 | 171,495 |
Series B Preferred Shares dividend (Note 16) | 0 | 0 | 0 | 0 | (8,263) | 0 | (8,263) |
Issuance of Series B Preferred shares, net of offering costs (Note 7) | $ 0 | $ 0 | $ 0 | 51,234 | 0 | 0 | 51,234 |
Issuance of Series B Preferred Shares, net of offering costs, shares | 20,770 | ||||||
Issuance of Restricted Stock Units (Note 17) | 747,604 | ||||||
Conversion of Series C Preferred shares to Class A common shares (Note 16) | 12,955,188 | ||||||
Conversion of Series C Preferred shares to Class A common shares (Note 16) | (250,000) | ||||||
Cancellation of Class A common shares (Note 16) | $ (5) | $ 0 | $ 0 | (9,995) | 0 | 0 | (10,000) |
Cancellation of Class A common shares (Note 16) | (521,650) | ||||||
Other comprehensive income | $ 0 | 0 | 0 | 0 | 0 | 227 | 227 |
Class A common shares dividend (Note 16) | 0 | 0 | 0 | 0 | (27,940) | 0 | (27,940) |
Ending balance, value at Dec. 31, 2021 | $ 365 | $ 0 | $ 0 | $ 698,463 | $ 13,498 | $ 227 | $ 712,553 |
Ending balance,shares at Dec. 31, 2021 | 36,464,109 | 43,592 | 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business On August 14, 2008, Global Ship Lease, Inc. (the “Company”) merged indirectly with Marathon Acquisition Corp., a company then listed on The American Stock Exchange, and with the pre-existing Global Ship Lease, Inc. GSL Holdings, Inc. was the surviving entity (the “Marathon Merger”), changed its name to Global Ship Lease, Inc. and became listed on The New York Stock Exchange (the “NYSE”). On November 15, 2018, the Company completed a transformative transaction and acquired Poseidon Containers’ 20 one The Company’s business is to own and charter out containerships to leading liner companies. On June 30, 2021, the Company sold La Tour, a 2001 2,272 65 14.9 1 The following table provides information about the 65 vessels owned as at December 31, 2021. Description of Business - Schedule of Vessels (Table) Company Name (1) Country of Incorporation Vessel Name Capacity in TEUs (2) Year Built Earliest Charter Expiry Date Global Ship Lease 54 LLC Liberia CMA CGM Thalassa 11,040 2008 4Q25 Laertis Marine LLC Marshall Islands UASC Al Khor 9,115 2015 1Q27 Penelope Marine LLC Marshall Islands Maira XL 9,115 2015 2Q27 Telemachus Marine LLC (3) Marshall Islands Anthea Y 9,115 2015 3Q23 Global Ship Lease 53 LLC Liberia MSC Tianjin 8,603 2005 2Q24 Global Ship Lease 52 LLC Liberia MSC Qingdao 8,603 2004 2Q24 Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 1Q23 Global Ship Lease 30 Limited Marshall Islands GSL Eleni 7,847 2004 3Q24 (4) Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi 7,847 2004 4Q22 (4) Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 4Q22 (4) Alexander Marine LLC Marshall Islands Mary 6,927 2013 3Q23 Hector Marine LLC Marshall Islands Kristina 6,927 2013 2Q24 Ikaros Marine LLC Marshall Islands Katherine 6,927 2013 1Q24 Philippos Marine LLC Marshall Islands Alexandra 6,927 2013 1Q24 Aristoteles Marine LLC Marshall Islands Alexis 6,882 2015 1Q24 Menelaos Marine LLC Marshall Islands Olivia I 6,882 2015 1Q24 Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 3Q24 Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 3Q23 Global Ship Lease 48 LLC Liberia CMA CGM Berlioz 6,621 2001 4Q25 Leonidas Marine LLC Marshall Islands Agios Dimitrios 6,572 2011 4Q23 Global Ship Lease 33 LLC Liberia GSL Vinia 6,080 2004 3Q24 Global Ship Lease 34 LLC Liberia GSL Christel Elisabeth 6,080 2004 2Q24 GSL Arcadia LLC Liberia GSL Arcadia 6,008 2000 2Q24 (5) GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q24 (5) GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24 (5) GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24 (5) GSL Tegea LLC Liberia GSL Tegea 5,992 2001 3Q24 (5) GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 3Q24 (5) GSL MYNY LLC Liberia GSL MYNY 6,008 2000 3Q24 (5) Tasman Marine LLC Marshall Islands Tasman 5,936 2000 1Q22 (6) Hudson Marine LLC Marshall Islands Zim Europe 5,936 2000 1Q24 (7) Drake Marine LLC Marshall Islands Ian H 5,936 2000 2Q24 (7) Global Ship Lease 68 LLC (3) Liberia GSL Kithira 5,470 2009 4Q24 (8) Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 3Q24 (8) Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 3Q24 (8) Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 3Q24 (8) Hephaestus Marine LLC Marshall Islands Dolphin II 5,095 2007 1Q25 Zeus One Marine LLC Marshall Islands Orca I 5,095 2006 2Q24 (9) Global Ship Lease 47 LLC Liberia GSL Château d’If 5,089 2007 4Q26 GSL Alcazar Inc. Marshall Islands CMA CGM Alcazar 5,089 2007 3Q26 Global Ship Lease 55 LLC Liberia GSL Susan 4,363 2008 3Q22 Global Ship Lease 50 LLC Liberia CMA CGM Jamaica 4,298 2006 3Q22 Global Ship Lease 49 LLC Liberia CMA CGM Sambhar 4,045 2006 3Q22 Global Ship Lease 51 LLC Liberia CMA CGM America 4,045 2006 3Q22 Global Ship Lease 57 LLC Liberia GSL Rossi 3,421 2012 1Q26 Global Ship Lease 58 LLC Liberia GSL Alice 3,421 2014 1Q23 Global Ship Lease 59 LLC Liberia GSL Melina 3,404 2013 2Q23 Global Ship Lease 60 LLC Liberia GSL Eleftheria 3,404 2013 3Q25 Global Ship Lease 61 LLC Liberia GSL Mercer 2,824 2007 4Q24 Global Ship Lease 62 LLC Liberia Matson Molokai 2,824 2007 2Q25 Global Ship Lease 63 LLC Liberia GSL Lalo 2,824 2006 4Q22 Global Ship Lease 42 LLC Liberia GSL Valerie 2,824 2005 1Q25 Pericles Marine LLC Marshall Islands Athena 2,762 2003 2Q24 Global Ship Lease 64 LLC Liberia GSL Elizabeth 2,741 2006 3Q22 Global Ship Lease 65 LLC Liberia tbr GSL Chloe (10) 2,546 2012 4Q24 Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 4Q22 Aris Marine LLC Marshall Islands Maira 2,506 2000 1Q23 Aphrodite Marine LLC Marshall Islands Nikolas 2,506 2000 1Q23 Athena Marine LLC Marshall Islands Newyorker 2,506 2001 1Q24 Global Ship Lease 38 LLC Liberia Manet 2,272 2001 4Q24 Global Ship Lease 40 LLC Liberia Keta 2,207 2003 1Q25 Global Ship Lease 41 LLC Liberia Julie 2,207 2002 1Q23 Global Ship Lease 45 LLC Liberia Kumasi 2,207 2002 4Q21 Global Ship Lease 44 LLC Liberia Akiteta (ex Marie Delmas) (11) 2,207 2002 4Q24 Global Ship Lease 67 LLC Liberia GSL Amstel 1,118 2008 3Q23 (1) All subsidiaries are 100% owned, either directly or indirectly; (2) Twenty-foot Equivalent Units; (3) Currently, under a sale and leaseback transaction;During 2021, the Company has entered into six agreements which qualify as failed sale and leaseback transactions as the Company is required to repurchase the vessels at the end of the lease term and the Company has accounted for the six agreements as financing transactions; (4) 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; (5) GSL Arcadia, GSL Melita, GSL Maria, GSL Violetta, GSL Tegea, GSL Dorothea, GSL MYNY. Thereafter, the charterer has the option to extend each charter for a further 12 months, after which they have the option to extend each charter for a second time – for a period concluding immediately prior to each respective vessel’s 25th year drydocking and special survey; (6) Tasman. Thereafter, the charterer has the option to charter the vessel for a further 12 months; (7) Ian H & Zim Europe. A package agreement with the charterer, for direct charter extensions on two 5,900 TEU ships: Ian H from May 2021 and Zim Europe (formerly Dimitris Y) from May 2022. On April 9, 2021, Dimiris Y was renamed Zim Europe; (8) GSL Kithira, GSL Tripoli, GSL Syros, GSL Tinos. Thereafter, the charterer has the option to extend each charter by three years; (9) Orca I. Thereafter, the charterer has the option to extend the charter the vessel for a further 12-14 months; (10) “tbr” means “to be renamed”; (11) On January 5, 2022, Marie Delmas was renamed Akiteta 1 Description of Business (continued) In February 2021, the Company contracted to purchase seven 6,000 116,000 36 months Six vessels were delivered in May 2021 and the seventh vessel in July 2021. In June 2021, the Company contracted to purchase 12 233,890 3 25 The Twelve Vessels were delivered in July 2021 In June 2021, the Company contracted to purchase four 5,470 148,000 three years Three vessels were delivered in September 2021 and the fourth vessel in October 2021 With these additions and following the sale of La Tour on June 30, 2021, the Company’s fleet comprises 65 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2 . Summary of Significant Accounting Policies ( a) Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles (“ U.S. GAAP On March 25, 2019, the Company’s common shares began trading on a reverse-split-adjusted basis, following approval received from the Company’s shareholders at a Special Meeting held on March 20, 2019 and subsequently approval from the Company’s Board of Directors to reverse split the Company’s common shares at a ratio of one-for-eight. The Class A common shares and Class B common shares per share amounts disclosed in the consolidated financial statements and notes give effect to the reverse stock split retroactively, for all years presented eight Adoption of new accounting standards In March 2020, the FASB issued ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. There was no impact to the Company’s audited consolidated financial statements for the year ended December 31, 2021 . Currently, the Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications. 2. Summary of Significant Accounting Policies (continued) (a) Basis of Presentation (continued) COVID-19 Pandemic On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) outbreak a pandemic. 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. These actions have caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. While the Company cannot predict the long-term economic impact of the COVID-19 pandemic, it will continue to actively monitor the situation and may take further actions altering the Company’s business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where the Company operates. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. The ultimate effects that any such alterations or modifications may have on the Company’s business are not clear, including any potential negative effects on its business operations and financial results. (b) Principles of Consolidation The accompanying consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries; the Company has no other interests. All significant intercompany balances and transactions have been eliminated in the Company’s consolidated financial statements. (c) Use of Estimates (d) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Deposits held at call with banks with original maturities of more than three months are included under caption “Time deposits”. (e) Restricted cash Restricted cash consists of retention accounts which are restricted in use and held in order to service debt and interest payments. In addition, restricted cash consists of pledged cash maintained with lenders and amounts built-up for future drydockings. Also includes restricted cash received in advance from charterers for future charter service. (f) Insurance claims Insurance claims consist of claims submitted and/or claims in the process of compilation or submission. They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are probable to be recovered from insurers. Any outstanding costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectation as to the collection dates. 2. Summary of Significant Accounting Policies (continued) (g) Inventories Inventories consist of bunkers, lubricants, stores and provisions. Inventories are stated at the lower of cost or net realizable value as determined using the first-in, first-out method. (h) Accounts receivable, net The Company carries its accounts receivable at cost less, if appropriate, an allowance for doubtful accounts, based on a periodic review of accounts receivable, taking into account past write-offs, collections and current credit conditions. The Company does not generally charge interest on past-due accounts. Allowances for doubtful accounts amount to $nil as of December 31, 2021 (2020: $nil). 0 (i) Vessels in operation Vessels are generally recorded at their historical cost, which consists of the acquisition price and any material expenses incurred upon acquisition, adjusted for the fair value of intangible assets or liabilities associated with above or below market charters attached to the vessels at acquisition. See Intangible Assets and Liabilities at note 2(k) below. Vessels acquired in a corporate transaction accounted for as an asset acquisition are stated at the acquisition price, which consists of consideration paid, plus transaction costs, considering pro rata allocation based on vessels fair value at the acquisition date. Vessels acquired in a corporate transaction accounted for as a business combination are recorded at fair value. Vessels acquired as part of the Marathon Merger in 2008 were accounted for under ASC 805, which required that the vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting for the merger. Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Borrowing costs incurred during the construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no Vessels are stated less accumulated depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the straight-line 30 Management estimates the residual values of the Company’s container vessels based on a scrap value cost of steel times the weight of the vessel noted in lightweight tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revision of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. Management estimated the residual values of its vessels based on scrap rate of $ 400 For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the Consolidated Statements of Income. 2. Summary of Significant Accounting Policies (continued) (j) Deferred charges, net Drydocking costs are reported in the Consolidated Balance Sheets within "Deferred charges, net", and include planned major maintenance and overhaul activities for ongoing certification. The Company follows the deferral method of accounting for drydocking costs, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled drydocking, which is generally five years The amortization period reflects the estimated useful economic life of the deferred charge, which is the period between each drydocking. Costs incurred during the drydocking relating to routine repairs and maintenance are expensed. The unamortized portion of drydocking costs for vessels sold is included as part of the carrying amount of the vessel in determining the gain or (loss) on sale of the vessel. (k) Intangible assets and liabilities – charter agreements The Company’s intangible assets and liabilities consist of unfavorable lease terms on charter agreements acquired in assets acquisitions. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an intangible asset is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel and equivalent duration of charter party at the date the vessel is delivered. Where charter rates are less than market charter rates, an intangible liability is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates (including duration), the level of utilization of its vessels and its weighted average cost-of capital (“WACC”). The estimated market charter rate (including duration) is considered a significant assumption. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company’s financial position and results of operations. The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the relevant lease term and the amortization expense or income respectively is included under the caption “Amortization of intangible liabilities -charter agreements” in the Consolidated Statements of Income. For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. (l) Impairment of Long-lived assets Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its carrying value. A vessel group comprises the vessel, the unamortized portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any) with respect to the time charter attached to the vessel at its purchase. If the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group’s carrying amount to its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group’s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers. 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. 2. Summary of Significant Accounting Policies (continued) (l) Impairment of Long-lived assets (continued) Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market. Two 7,585 912 The Company has evaluated the impact of current economic situation on the recoverability of all its other vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there was no triggering event and no impairment test was performed for the year ended December 31, 2021. Through 2020 whilst charter rates in the spot market and asset values saw improvements, taking into account the seasonal as well as cyclical nature of the container shipping industry, the recovery was not considered to have been sufficiently sustained not to undertake a review for impairment for vessel groups where the carrying value as at December 31, 2020 might not be recoverable. As a result, step one of the impairment assessment of each of the vessel groups was performed as at December 31, 2020. As the undiscounted projected net operating cash flows of each of the vessel groups exceeded the carrying amount, step two of the impairment test was not required and there were no impairment charges as of December 31, 2020. The assessment performed for 2019 resulted in no impairment charges. (m) Deferred financing costs Costs incurred in connection with obtaining long-term debt and in obtaining amendments to existing facilities are recorded as deferred financing costs and are amortized to interest expense using the effective interest method over the estimated duration of the related debt. Such costs include fees paid to the lenders or on the lenders’ behalf and associated legal and other professional fees. Debt issuance costs, other than any up-front arrangement fee for revolving credit facilities, related to a recognized debt liability are presented as a direct deduction from the carrying amount of that debt. (n) Preferred shares The Series B Preferred Shares were originally issued in August 2014 and have been included within Equity in the Consolidated Balance Sheets since their initial issue in August 2014 and increased in 2019, 2020 and 2021 with the introduction of ATM program, and the dividends are presented as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of Changes in Shareholders’ Equity as their nature is similar to that of an equity instrument rather than a liability. Holders of these redeemable perpetual preferred shares, which may only be redeemed at the discretion of the Company, are entitled to receive a dividend equal to 8.75 2. Summary of Significant Accounting Policies (continued) (n) Preferred shares (continued) The 250,000 9.875 (o) Other comprehensive income Other comprehensive income, which is reported in the Consolidated Statements of Changes in Shareholders’ Equity, consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Under ASU 2011-05, an entity reporting comprehensive income in a single continuous financial statement shall present its components in two sections, net income and other comprehensive income. For year ended December 31, 2021, the Company recorded an unrealized gain on the interest rate caps of $ 227 (p) Revenue recognition and related expense The Company charters out its vessels on time charters which involves placing a vessel at a charterer’s disposal for a specified period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods of such charter agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options which are more likely than not to be exercised. If a time charter is modified, including the agreement of a direct continuation at a different rate, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter from the date of modification. During the year ended December 31, 2021, an amount of $ 16,174 2,866 0 14,010 0 Revenues are recorded net of address commissions, which represent a discount provided directly to the charterer based on a fixed percentage of the agreed upon charter rate. Charter revenue received in advance which relates to the period after a balance sheet date is recorded as deferred revenue within current liabilities until the respective charter services are rendered. Under time charter arrangements the Company, as owner, is responsible for all the operating expenses of the vessels, such as crew costs, insurance, repairs and maintenance, and such costs are expensed as incurred and are included in vessel operating expenses. 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. Leases: Leases where the Company acts as the lessor are classified as either operating or sales-type / direct financing leases. 2. Summary of Significant Accounting Policies (continued) (p) Revenue recognition and related expense (continued) In cases of lease agreements where the Company acts as the lessor under an operating lease, the Company keeps the underlying asset on the Consolidated Balance Sheets and continues to depreciate the assets over its useful life. In cases of lease agreements where the Company acts as the lessor under a sales-type / direct financing lease, the Company derecognizes the underlying asset and records a net investment in the lease. The Company acts as a lessor under operating leases in connection with all of its charter out – In cases of sale and leaseback transactions, if the transfer of the asset to the lessor does not qualify as a sale, then the transaction constitutes a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the lessor, and the lessor would need to obtain substantially all the benefits from the use of the asset. During 2021, the Company has entered into six agreements which qualify as failed sale and leaseback transactions as the Company is required to repurchase the vessels at the end of the lease term and the Company has accounted for the six agreements as financing transactions. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics. (q) Foreign currency transactions 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. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet dates. Expenses paid in foreign currencies are recorded at the rate of exchange at the transaction date. Exchange gains and losses are included in the determination of net Income/(Loss). (r) Share based compensation The Company has awarded incentive stock units to its management and Directors as part of their compensation. Using the graded vesting method of expensing the incentive stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the Consolidated Statements of Income over the vesting period. The fair value of the incentive stock units for this purpose is calculated by multiplying the number of stock units by the fair value of the shares at the grant date. The Company has not factored any anticipated forfeiture into these calculations based on the limited number of participants. (s) Income taxes The Company and its Marshall Island subsidiaries are exempt from taxation in the Marshall Islands. The Company’s vessels are liable for tax based on the tonnage of the vessel, under the regulations applicable to the country of incorporation of the vessel owning company, which is included within vessels’ operating expenses. The Cyprus and Hong Kong subsidiaries are also liable for income tax on any interest income earned from non-shipping activity. The Company has one 19 19 19 The Company recognizes uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the position. 2. Summary of Significant Accounting Policies (continued) (t) Dividends Dividends are recorded in the period in which they are declared by the Company’s Board of Directors. Dividends to be paid are presented in the Consolidated Balance Sheets in the line item “Accrued Liabilities”. (u) Earnings per share Basic earnings per common share are based on income available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock units. Diluted income per common share are calculated by applying the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class method. (v) Risks Associated with Concentration The Company is exposed to certain concentration risks that may adversely affect the Company’s financial position in the near term: (i) The Company derives its revenue from liner companies which are exposed to the cyclicality of the container shipping industry. (ii) There is a minimum concentration of credit risk with respect to cash and cash equivalents at December 31, 2021, to the extent that substantially all of the amounts are deposited with ten eight (w) Segment Reporting The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers. The Company does not use discrete financial information to evaluate operating results for each type of charter. Management does not identify expenses, profitability or other financial information by charter type. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one (x) Fair Value Measurement and Financial Instruments Financial instruments carried on the Consolidated Balance Sheets include cash and cash equivalents, time deposits, restricted cash, trade receivables and payables, other receivables and other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item or included below as applicable. Fair value measurement: Level 1 Level 2 Level 3 2. Summary of Significant Accounting Policies (continued) (x) Fair Value Measurement and Financial Instruments (continued) During 2020, two of the Company’s vessel groups with a total aggregate carrying amount of $ 15,585 8,497 8,497 In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 million, which amortizes over time as the Company’s outstanding debt balances decline. The objective of the hedges is to reduce the variability of cash flows associated with the forecasted interest rates relating to its variable rate borrowings. When derivatives are used, the Company is exposed to credit loss in the event of non-performance by the counterparties; however, non-performance is not anticipated. ASC 815, Derivatives and Hedging 7,227 and $nil 0 , respectively, relating to cumulative basis adjustments for fair value hedges (see note 9). Financial Risk Management: Credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable, cash and cash equivalents and time deposits. The Company does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows. Liquidity Risk: Foreign Exchange Risk: (y) Derivative instruments The Company is exposed to interest rate risk relating to its variable rate borrowings. In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 2. Summary of Significant Accounting Policies (continued) (y) Derivative instruments (continued) At the inception of the transaction, the Company documents the relationship between hedging instruments and hedged items, as well as its risk management objective and the strategy for undertaking various hedging transactions. The Company also documents its assessment, both at the hedge inception and on an ongoing basis, of whether the derivative financial instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. This Transaction is designated as a cash flow hedge, and under ASU 2017-12, cash flow hedge accounting allows all changes in fair value to be recorded through Other Comprehensive Income once hedge effectiveness has been established. Under ASC 815-30-35-38, amounts in accumulated other comprehensive income shall be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings (i.e., each quarter) and shall be presented in the same income statement line item as the earnings effect of the hedged item in accordance with paragraph 815-20-45-1A. The Company receives payments on the interest rate caps for any period that the one-month USD LIBOR rate is beyond the strike rate, which is 0.75 November 30, 2026 7,000 December 22, 2021 There were no interest rate caps in place before 2021. The amounts included in accumulated other comprehensive income (see Note 9) will be reclassified to interest expense should the hedge no longer be considered effective. No amount of ineffectiveness was included in net income for the year ended December 31, 2021. The Company will continue to assess the effectiveness of the hedge on an ongoing basis. (z) Recently issued accounting standards The Company does not believe that any recently issued, but not yet effective, accounting pronouncements would have a material impact on its consolidated financial statements. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Cash [Abstract] | |
Restricted Cash | 3. Restricted Cash Restricted cash as of December 31, 2021 and 2020 consisted of the following: Restricted Cash (Table) December 31, 2021 December 31, 2020 Retention accounts $ 11,276 $ 525 Restricted bank deposits/Drydock reserves 13,618 — Cash collateral — 300 Total Current Restricted Cash $ 24,894 $ 825 Cash collateral (*) $ 100,000 $ 6,953 Guarantee deposits 20 20 Restricted bank deposits/Drydock reserves 2,948 3,207 Cash in custody 500 500 Total Non - Current Restricted Cash 103,468 10,680 Total Current and Non - Current Restricted Cash $ 128,362 $ 11,505 (*) Advances from charterers. |
Vessels in Operation
Vessels in Operation | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels in Operation | 4. Vessels in Operation Vessels in Operation as of December 31, 2021 and 2020 consisted of the following: Vessels in Operation - Schedule of Vessels in Operation (Table) Vessel Gross Cost, as adjusted for impairment charges Accumulated Depreciation Net Book Value As of January 1, 2020 $ 1,306,936 $ (151,350) $ 1,155,586 Additions 41,710 — 41,710 Disposals (7,058) — (7,058) Depreciation — (41,158) (41,158) Impairment loss (43,803) 35,306 (8,497) As of December 31, 2020 $ 1,297,785 $ (157,202) $ 1,140,583 Additions 603,514 — 603,514 Disposals (23,167) 14,445 (8,722) Depreciation — (52,559) (52,559) As of December 31, 2021 $ 1,878,132 $ (195,316) $ 1,682,816 2021 Vessels acquisitions In September and October 2021, the Company took delivery of the Four Vessels as per below: Vessels in Operation - Vessels Acquisitions Name Capacity in TEUs Year Built Purchase Price Delivery date GSL Tripoli 5,470 2009 37,000 September 1, 2021 GSL Tinos 5,470 2010 37,500 September 9, 2021 GSL Syros 5,470 2010 37,500 September 13, 2021 GSL Kithira 5,470 2009 36,000 October 13, 2021 The charters of the Four vessels resulted in an intangible liability of $17,100 that was recognized and will be amortized over the remaining useful life of the charters. 4 Vessels in Operation (continued) 2021 Vessels acquisitions (continued) In July 2021, the Company took delivery of the Twelve Vessels as per below: Name Capacity in TEUs Year Built Purchase Price Delivery Date GSL Susan 4,363 2008 20,740 July 29, 2021 GSL Rossi 3,421 2012 21,580 July 29, 2021 GSL Alice 3,421 2014 23,150 July 29, 2021 GSL Melina 3,404 2013 23,990 July 29, 2021 GSL Eleftheria 3,404 2013 26,870 July 29, 2021 GSL Mercer 2,824 2007 20,750 July 29, 2021 GSL Lalo 2,824 2006 13,320 July 29, 2021 Matson Molokai 2,824 2007 16,430 July 15, 2021 GSL Elizabeth 2,741 2006 13,910 July 28, 2021 tbr GSL Chloe 2,546 2012 22,320 July 29, 2021 GSL Maren 2,546 2014 23,270 July 29, 2021 GSL Amstel 1,118 2008 7,560 July 29, 2021 The charters of the Twelve vessels resulted in an intangible liability of $76,193 that was recognized and will be amortized over the remaining useful life of the charters. In April, May and July 2021, the Company took delivery of the Seven Vessels as per below: Name Capacity in TEUs Year Built Purchase Price Delivery Date GSL MYNY 6,008 2000 17,600 July 28, 2021 GSL Melita 6,008 2001 15,500 May 25, 2021 GSL Violetta (*) 6,008 2000 17,300 April 28, 2021 GSL Maria (*) 6,008 2001 16,600 April 28, 2021 GSL Arcadia 6,008 2000 18,000 April 26, 2021 GSL Dorothea 5,992 2001 15,500 April 26, 2021 GSL Tegea 5,992 2001 15,500 May 17, 2021 (*) The charters of these vessels resulted in an intangible liability of $3,051 that was recognized and will be amortized over the remaining useful life of the charters. 2021 Sale of Vessel On June 30, 2021, the Company sold La Tour for net proceeds of $ 16,514 the vessel was released as collateral under the Company’s $236,200 senior secured loan facility with Hayfin Capital Management, LLP 7,770 2020 Vessels acquisitions On February 21, 2020 2002 6,840 12,660 On January 29, 2020 2002 6,840 13,000 4 Vessels in Operation (continued) 2020 Sale of Vessels On July 20, 2020, the Company sold Utrillo for net proceeds of $ 3,411 the vessel was released as collateral under the Company’s 2022 Notes and Citi Credit Facility On July 3, 2020, the Company sold GSL Matisse for net proceeds of $ 3,441 the vessel was released as collateral under the Company’s 2022 Notes and Citi Credit Facility Impairment The Company has evaluated the impact of current economic situation on the recoverability of all its other vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there was no triggering event and no impairment test was performed during the year ended December 31, 2021. During the three months ended March 31, 2020, the Company determined that the vessels Utrillo and GSL Matisse should be divested. As at March 31, 2020, the vessels were not immediately available for sale and therefore did not qualify as “assets held for sale”. As of March 31, 2020, the Company had an expectation that the vessels would each be sold before the end of their estimated useful life, and as a result an impairment test of each of the specific asset groups was performed, recognizing an impairment loss of $ 7,585 38 912 8,497 Whilst charter rates in the spot market and asset values saw overall improvements through 2020, taking into account the seasonal as well as cyclical nature of the container shipping industry, the recovery was not considered to have been sufficiently sustained not to undertake a review for impairment for vessel groups where the carrying value as at December 31, 2020 might not be recoverable. As a result, step one of the impairment assessment of each of the vessel groups was performed, by comparing the undiscounted projected net operating cash flows for each vessel group to the carrying value of the vessel group. The Company’s assessment performed as at December 31, 2020 resulted in no additional impairment charges. The total impairment loss recognized for the years ended December 31, 2021, 2020 and 2019 amounted to $nil, $ 8,497 0 Collateral As of December 31, 2021, vessels were pledged as collateral under the Company’s loan facilities. No vessels were unencumbered as of December 31, 2021. Advances for vessel acquisitions and other additions As of December 31, 2021, and December 31, 2020, there were no advances for vessel acquisitions, as all vessels had been delivered as at these dates. As of December 31, 2021, and December 31, 2020, the Company had other vessel additions mainly for ballast water treatments totaling $ 6,139 1,364 |
Deferred charges, net
Deferred charges, net | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Noncurrent [Abstract] | |
Deferred charges, net | 5. Deferred charges, net Deferred charges, net as of December 31, 2021 and 2020 consisted of the following: Deferred charges, net (Table) Dry - docking Costs As of January 1, 2020 $ 16,408 Additions 12,401 Amortization (5,820) Write – off (38) As of December 31, 2020 $ 22,951 Additions 23,704 Amortization (9,004) Write – off (22) As of December 31, 2021 $ 37,629 The Company follows the deferral method of accounting for dry-docking costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-docking, which is generally five years |
Intangible Liabilities_Assets _
Intangible Liabilities/Assets – Charter Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Liabilitiesassets Charter Agreements | |
Intangible Liabilities/Assets – Charter Agreements | 6. Intangible Liabilities/Assets – Charter Agreements Intangible Liabilities – Charter Agreements as of December 31, 2021 and 2020 consisted of the following: Intangible Liabilities/ Assets - Charter Agreements - Schedule of Intangible Liabilities (Table) December 31, 2021 December 31, 2020 Opening balance $ 4,462 $ 6,470 Additions 96,344 — Amortization (45,430) (2,008) Total $ 55,376 $ 4,462 Intangible liabilities are related to (i) acquisition of the Seven, the Twelve and the Four Vessels, and (ii) management’s estimate of the fair value of below-market charters on August 14, 2008, the date of the Marathon Merger (see note 1). These intangible liabilities are being amortized over the remaining life of the relevant lease terms and the amortization income is included under the caption “Amortization of intangible liabilities-charter agreements” in the Consolidated Statements of Income. Amortization income of intangible liabilities-charter agreements for each of the years ended December 31, 2021 and 2020 was $ 45,430 541 2,008 1,467 6,882 1,782 Intangible Assets – Charter Agreements as of December 31, 2021 and 2020 consisted of the following: Intangible Liabilities/ Assets – Charter Agreements - Schedule of Intangible Assets (Table) December 31, 2021 December 31, 2020 Opening balance $ — $ 1,467 Amortization — (1,467) Total $ — $ — 6. Intangible Liabilities/Assets – Charter Agreements (continued) Intangible assets were derived from the management’s estimate of the fair value of above-market charters. These intangible assets, were being amortized over the remaining term of the relevant charter, giving rise to a reduction in time charter revenue. The unamortized balance of the intangible assets recognized following the Poseidon Transaction (Note 1) as of December 31, 2019, was fully amortized during the second quarter of 2020. The aggregate amortization of the intangible liabilities in each of the 12-month periods up to December 31, 2025 is estimated to be as follows: Intangible Liabilities/ Assets - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) Amount December 31, 2022 $ 41,158 December 31, 2023 8,556 December 31, 2024 5,113 December 31, 2025 549 $ 55,376 T he weighted average useful lives are 1.61 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 7. Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets as at December 31, 2021 and December 31, 2020 consisted of the following: Prepaid Expenses and Other Current Assets (Table) December 31, 2021 December 31, 2020 Insurance and other claims $ 6,265 $ 762 Advances to suppliers and other assets 7,963 2,329 Prepaid insurances 2,657 584 Other (1) 8,339 3,036 Total $ 25,224 $ 6,711 (1) Includes current portion of straight-line, scrubber equipment and installation claim. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories Inventories as at December 31, 2021 and December 31, 2020 consisted of the following: Inventories (Table) December 31, 2021 December 31, 2020 Bunkers $ 1,187 $ 521 Lubricants 8,462 4,223 Stores 1,358 1,291 Victualling 403 281 Total $ 11,410 $ 6,316 |
Derivative Asset
Derivative Asset | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Derivative Asset | 9. Derivative Asset In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 0.75 November 30, 2026 7,000 December 22, 2021 Derivative Asset - Schedule of Derivative Assets December 31, 2021 December 31, 2020 Opening balance $ — $ — Interest rate cap premium 7,000 — Unrealized gain on interest rate cap 227 — Closing balance $ 7,227 $ — Less: Current portion of derivative asset (533) — Non-current portion of derivative asset $ 6,694 $ — The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. No amount of ineffectiveness was included in net income for the year ended December 31, 2021. The Company will continue to assess the effectiveness of the hedge on an ongoing basis. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable [Member] | |
Accounts Payable | 10. Accounts Payable Accounts payable as of December 31, 2021 and 2020 consisted of the following: Accounts Payable (Table) December 31, 2021 December 31, 2020 Suppliers, repairers $ 6,339 $ 8,774 Insurers, agents and brokers 355 406 Payables to charterers 1,566 650 Other creditors 4,899 727 Total $ 13,159 $ 10,557 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities [Member] | |
Accrued Liabilities | 11. Accrued Liabilities Accrued liabilities as of December 31, 2021 and 2020 consisted of the following: Accrued Liabilities (Table) December 31, 2021 December 31, 2020 Accrued expenses $ 28,557 $ 15,133 Accrued interest 3,692 3,994 Total $ 32,249 $ 19,127 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 12. Long-Term Debt Long-term debt as of December 31, 2021 and 2020 consisted of the following: Long-Term Debt - Schedule of Long - Term Debt (Table) Facilities December 31, 2021 December 31, 2020 Sinopac Credit Facility (a) $ 11,580 $ — HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (b) 132,000 — Deutsche Credit Facility (c) 49,345 — HCOB Credit Facility (d) 56,844 — CACIB, Bank Sinopac, CTBC Credit Facility (e) 49,150 — New Hayfin Credit Facility (f) 204,129 — Chailease Credit Facility (g) 5,568 7,596 2024 Notes (h) 117,520 59,819 Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (i) 213,200 238,000 Blue Ocean Junior Credit Facility (i, j) 26,205 38,500 Hellenic Bank Credit Facility (k) 41,700 49,700 Deutsche, First-Citizens & Trust Company, HCOB, Entrust, Blue Ocean Credit Facility (l) — 149,055 Hayfin Credit Facility (m) — 5,833 $ 907,241 $ 548,503 2022 Notes (n) 233,436 322,723 Less redemptions and repurchases (n) (233,436) (89,287) 2022 Notes (n) $ — $ 233,436 Total credit facilities $ 907,241 $ 781,939 Sale and Leaseback Agreement CMBFL – $120,000 (o) 115,238 — Sale and Leaseback Agreement CMBFL – $54,000 (p) 49,950 — Sale and Leaseback Agreement – Neptune $14,735 (q) 13,147 — Total Sale and Leaseback Agreements $ 178,335 $ — Total borrowings $ 1,085,576 $ 781,939 Less: Current portion of 2022 Notes (n) — (26,240) Less: Current portion of long-term debt (153,641) (50,441) Less: Current portion of Sale and Leaseback Agreements (o,p,q) (36,675) — Less: Original issue discount of 2022 Notes (n) — (1,133) Plus/(Less): Original issue premium/(discount) of 2024 Notes (h) 1,588 (147) Less: Deferred financing costs (s) (16,714) (11,203) Non-current portion of Long-Term Debt $ 880,134 $ 692,775 12. Long-Term Debt (continued) a) $12.0 Million Sinopac Capital International Credit Facility On August 27, 2021 12,000 partially used to fully refinance the Hayfin Credit Facility September 2026 The new Facility is repayable in 20 quarterly 420 3,600 This facility bears interest at LIBOR 3.25 As of December 31, 2021, the outstanding balance of this facility was $ 11,580 b) $140.0 Million HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility On July 6, 2021 140,000 to finance the acquisition of the Twelve Vessels July 2026 The Facility is repayable in 6 equal consecutive quarterly 8,000 quarterly 5,400 quarterly 2,200 35,600 This facility bears interest at LIBOR 3.25 As of December 31, 2021, the outstanding balance of this facility was $ 132,000 c) $51.7 Million Deutsche Bank AG Credit Facility On May 6, 2021 51,670 in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility June 30, 2022 48,527 The new Facility is repayable in 20 quarterly 1,162.45 28,421 This facility bears interest at LIBOR plus a margin 3.25 As of December 31, 2021, the outstanding balance of this facility was $ 49,345 d) $64.2 Million Hamburg Commercial Bank AG Credit Facility On April 15, 2021 64,200 in order to finance the acquisition of six out of the Seven Vessels Tranche A, E and F amounting to $ 32,100 April 2025 21,400 May 2025 10,700 July 2025 Each Tranche of the Facility is repayable in 16 quarterly 668.75 This facility bears interest at LIBOR plus a margin 3.50 As of December 31, 2021, the outstanding balance of this facility was $ 56,844 12. Long-Term Debt (continued) e) $51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility On April 13, 2021 51,700 in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility June 30, 2022 48,648 April 2026 The Lenders are Credit Agricole Corporate and Investment Bank (“CACIB”), Bank Sinopac Co. Ltd. (“Bank Sinopac”) and CTBC Bank Co. Ltd. (“CTBC”). The Facility is repayable in 20 quarterly 1,275 26,200 This facility bears interest at LIBOR plus a margin 2.75 As of December 31, 2021, the outstanding balance of this facility was $ 49,150 f) $236.2 Million Senior secured loan facility with Hayfin Capital Management, LLP On January 7, 2021 236,200 The proceeds from the New Hayfin Credit Facility, along with cash on hand, were used to optionally redeem in full the outstanding 2022 Notes on January 20, 2021 January 2026 LIBOR plus a margin 7.00 twenty quarterly 6,560 The New Hayfin Credit Facility is secured by, among other things, first priority ship mortgages over 21 of the Company’s vessels, assignments of earnings and insurances of the mortgaged vessels, pledges over certain bank accounts, as well as share pledges over the equity interests of each mortgaged vessel-owning subsidiary 5,831 As of December 31, 2021, the outstanding balance of this facility was $ 204,129 g) $9.0 Million Chailease Credit Facility On February 26, 2020 9,000 was used for the refinance of DVB Credit Facility The Facility is repayable in 36 consecutive monthly 156 monthly 86 1,314 This facility bears interest at LIBOR plus a margin 4.20 As of December 31, 2021, the outstanding balance of this facility was $ 5,568 h) 8.00% Senior Unsecured Notes due 2024 On November 19, 2019 27,500 8.00 December 31, 2024 4,125 Interest on the 2024 Notes is payable on the last day of February, May, August and November of each year February 29, 2020 The Company has the option to redeem the 2024 Notes for cash, in whole or in part, at any time (i) on or after December 31, 2021 and prior to December 31, 2022, at a price equal to 102 101 100 12. Long-Term Debt (continued) h) 8.00% Senior Unsecured Notes due 2024 (continued) On November 27, 2019, the Company entered into an “At Market Issuance Sales Agreement” with B. Riley FBR, Inc. (the “Agent”) under which and in accordance with the Company’s instructions, the Agent may offer and sell from time to time newly issued 2024 Notes. As of December 31, 2021, the outstanding aggregate principal amount of the 2024 notes was $ 117,520 85,895 119,108 233,890 35,000 140,000 i) $268.0 Million Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) On September 19, 2019 in order to refinance existing credit facilities December 2020 224,310 The Senior Syndicated Secured Credit Facility was agreed to be borrowed in two Tranche A amounting to $ 230,000 20 quarterly 5,200 126,000 September 24, 2024 Tranche B amounts to $ 38,000 20 quarterly 1,000 18,000 September 24, 2024 The interest rate is LIBOR plus a margin of 3.00 As of December 31, 2021, the outstanding balance of this facility was $ 213,200 In January 2022, the Company also agreed a new senior secured debt facility to refinance its outstanding Syndicated Senior Secured Credit Facility, which extended the maturity date from September 2024 to December 2026, amended certain covenants in the Company’s favor at an unchanged rate of LIBOR + 3.00% (see note 19) j) $38.5 Million Blue Ocean Junior Credit Facility On September 19, 2019 38,500 in order to refinance that existing facility The Company fully drew down the facility on September 23, 2019 and it is scheduled to be repaid in a single 1 September 24, 2024 10.00 During the year ended December 31, 2021, the Company using a portion of the net proceeds from the at-the-market issuance programs prepaid an amount of $ 12,295 1,618 26,205 On January 19, 2022, the Company using a portion of the net proceeds from the new facility agreement entered on December 31, 2021 fully prepaid the amount $ 26,205 3,968 12. Long-Term Debt (continued) k) $59.0 Million Hellenic Bank Credit Facility On May 23, 2019 37,000 be used in connection with the acquisition of the vessels GSL Eleni, GSL Grania and GSL Kalliopi An initial tranche of $ 13,000 20 quarterly 450 4,000 A second tranche of $ 12,000 20 quarterly 400 4,000 The third tranche of $ 12,000 20 quarterly 400 4,000 On December 10, 2019 22,000 two be used in connection with the acquisition of the vessels GSL Vinia and GSL Christel Elisabeth Both tranches were drawn on December 10, 2019 and are each repayable in 20 quarterly 375 3,500 This facility bears interest at LIBOR plus a margin 3.90 As of December 31, 2021, the outstanding balance of this facility was $ 41,700 l) $180.5 Million Deutsche, First-Citizens & Trust Company, HCOB, Entrust, Blue Ocean Credit Facility In connection with the Poseidon Transaction, the Company assumed debt from the three vessel owning companies of UASC Al Khor, Maira XL and Anthea Y on the date of completion of the transaction of $ 180,500 November 9, 2018 180,500 June 30, 2022 On December 31, 2018, the Company entered a deed of amendment and restatement with the bank. Based on this restatement there was a re-tranche of the existing facility such that it was split into a senior facility in an amount of $ 141,900 38,600 June 30, 2022 1.10:1 Senior Facility The Senior Facility was comprised of three 14 868 35,148 14 863 35,218 14 858 35,288 The Senior Facility bore interest at LIBOR 3.00 quarterly On April 13, 2021, and May 6, 2021, the Company entered into two new secured credit facilities amounting to $ 51,700 51,670 $ May 20, 2021 54,000 $ June 30, 2022 As of December 31, 2021, the outstanding balance of the Senior Facility was fully repaid. 12. Long-Term Debt (continued) l) $180.5 Million Deutsche, First-Citizens & Trust Company, HCOB, Entrust, Blue Ocean Credit Facility (continued) Junior Facility The Junior Facility was comprised of three 14 236 9,563 14 235 9,577 14 233 9,604 The Junior Facility bore interest at LIBOR 10.00 quarterly Following the refinancing that took place in April and May 2021, as described above, as of December 31, 2021, the outstanding balance of the Junior Facility was fully repaid. m) $65.0 Million Hayfin Credit Facility On September 7, 2018 65,000 to be used in connection with the acquisition of vessels as specified in the Hayfin Credit Facility or as otherwise agreed with the Lenders July 16, 2022 LIBOR plus a margin 5.5 each quarter end date 2.0 8,125 On August 27, 2021, the Company entered into a new secured credit facility amounting to $ 12,000 to refinance the existing Hayfin Credit Facility July 2022 0 n) 9.875% First Priority Secured Notes due 2022 On October 31, 2017 360,000 9.875 November 15, 2022 356,400 Interest on the 2022 Notes was payable semi-annually on May 15 and November 15 of each year May 15, 2018 16 16 On February 10, 2020, the Company completed an optional redemption of $ 46,000 48,271 104.938 15,287 98.98 On January 20, 2021, the Company optionally redeemed, in full, $ 233,436 239,200 102.469 10,642 12. Long-Term Debt (continued) o) $120.0 Million Sale and Leaseback agreements – CMBFL Four Vessels On August 26, 2021 four 30,000 to finance the acquisition of the Four Vessels 90,000 30,000 Each sale and leaseback agreement will be repayable in 12 quarterly 1,587.5 12 quarterly 329.2 7,000 The sale and leaseback agreements for the three vessels mature in September 2027 and for the fourth vessel in October 2027 and bear interest at LIBOR plus a margin 3.25 As of December 31, 2021, the outstanding balance of these sale and lease back agreements was $ 115,238 p) $54.0 Million Sale and Leaseback agreement – CMBFL On May 20, 2021 54,000 to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility June 30, 2022 46,624 The sale and leaseback agreement will be repayable in eight quarterly 2,025 20 quarterly 891 19,980 The sale and leaseback agreement matures in May 2028 LIBOR plus a margin 3.25 quarterly In May 2021, on the actual delivery date of the vessel, the Company drew $ 54,000 75,000 21,000 As of December 31, 2021, the outstanding balance of this sale and leaseback agreement was $ 49,950 q) $14.7 Million Sale and Leaseback agreement – Neptune Maritime Leasing On May 12, 2021 14,735 to finance the acquisition of GSL Violetta delivered in April 2021 14,735 The sale and leaseback agreement will be repayable in 15 793.87 four 469.12 950 The sale and leaseback agreement matures in February 2026 LIBOR plus a margin 4.64 As of December 31, 2021, the outstanding balance of this sale and leaseback agreement was $ 13,147 12. Long-Term Debt (continued) r) Repayment Schedule Maturities of long-term debt for the years subsequent to December 31, 2021 are as follows: Long-Term Debt - Repayment Schedule (Table) Payment due by year ended Amount December 31, 2022 190,316 December 31, 2023 153,572 December 31, 2024 274,940 December 31, 2025 92,968 December 31, 2026 316,175 December 31, 2027 and thereafter 57,605 $ 1,085,576 s) Deferred Financing Costs Long-Term Debt - Schedule of Deferred Financing Costs (Table) December 31, 2021 December 31, 2020 Opening balance $ 11,203 $ 14,095 Expenditure in the period 13,790 1,193 Amortization included within interest expense (8,279) (4,085) Closing balance $ 16,714 $ 11,203 During 2021, total costs amounting $ 434 4,049 777 1,386 191 984 945 252 2,852 1,920 During 2020, total costs amounting $ 776 67 320 30 (t) Debt covenants-securities Amounts drawn under the facilities listed above are secured by first priority mortgages on certain of the Company’s vessels and other collateral. The credit facilities contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness; charging, pledging or encumbering the vessels; and changing the flag, class, management or ownership of the vessel owning entities. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, specific credit facilities require compliance with a number of financial covenants including asset cover ratios and minimum liquidity and corporate guarantor requirements. Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with, or remedied As of December 31, 2021, and December 31, 2020, the Company was in compliance with its debt covenants |
Time charter revenue
Time charter revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Time charter revenue | 13. Time charter revenue Operating revenue from significant customers (constituting more than 10% of total time charter revenue) was as follows: Time charter revenue - Operating revenue (Table) Year Ended December 31, Charterer 2021 2020 2019 CMA CGM 33.83% 50.60% 57.18% COSCO 5.96% 6.85% 10.88% MAERSK 22.81% 14.13% — MSC 7.54% 12.86% — |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions CMA CGM is presented as a related party due to the fact that as of December 31, 2021 and December 31, 2020, it was a shareholder, owning Class A common shares representing 8.4 11.13 Time Charter Agreements A number of the Company’s time charter arrangements are with CMA CGM, representing 33.8% 1,202 1,278 502 0 Ship Management Agreements Technomar Shipping Inc. (“Technomar”) is presented as a related party, as the Company’s Executive Chairman is a significant shareholder. The Company has currently a number of ship management agreements with Technomar 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. As of December 31, 2021, and 2020, Technomar provides all day-to-day technical ship management services for all but Twelve Vessels which were delivered in July 2021. Another third party provided such management on the 12 ships, from the time of their delivery in July 2021 upon change of management for six of them in September 2021. During September 2021, management for six out of the 12 vessels was transferred to Technomar as well, and the remaining six vessels were continued to be outsourced for day-to-day technical management to a third party manager for the provision of crew, lubricating oils and routine maintenance. The management fees charged to the Company by third party managers for the year ended December 31, 2021, amounted to $ 834 0 The management fees charged to the Company by Technomar and CMA Ships for the year ended December 31, 2021, amounted to $ 15,294 and $nil, respectively 12,580 9,160 720 no 1,785 10 184 10 0 14 Related Party Transactions (continued) Ship Management Agreements Conchart Commercial Inc. (“Conchart”) provides commercial management services to the Company and is presented as a related party, as the Company’s Executive Chairman is the sole beneficial owner. Under the management agreements, Conchart, is responsible for (i) marketing of the Company’s vessels, (ii) seeking and negotiating employment of the Company’s vessels, (iii) advise the Company on market developments, developments of new rules and regulations, (iv) assisting in calculation of hires, freights, demurrage and/or dispatch monies and collection any sums related to the operation of vessels, (v) communicating with agents, and (vi) negotiating sale and purchase transactions. For the 19 vessels that the Company acquired as a result of the Poseidon Transaction, excluding the Argos, the agreements were effective from the date of the completion of the Poseidon Transaction; for the 19 vessels that were owned by the Company prior to the consummation of the Poseidon Transaction till refinance of 2022 Notes which took place on January 2021, an EBSA agreement was in place that was terminated and replaced with commercial management agreements also same agreements applied to all vessels delivered up to December 31, 2021; for all new acquired vessels during 2019 and going forward, the agreements were effective upon acquisition. The fees charged to the Company by Conchart for the year ended December 31, 2021 amounted to $ 3,583 2,446 1,845 Any outstanding fees due to Conchart are presented in the Consolidated Balance Sheets under "Due to related parties" totaling to $ 41 225 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Charter Hire Receivable The Company has entered time charters for its vessels. The charter hire is fixed for the duration of the charter. The minimum contracted future charter hire receivable, net of address commissions, not allowing for any unscheduled off-hire, assuming expiry at earliest possible dates and assuming options callable by the Company included in the charters are not exercised, for the 65 Commitments and Contingencies - Charter Hire Receivable (Table) Amount December 31, 2022 $ 573,189 December 31, 2023 503,819 December 31, 2024 341,800 December 31, 2025 129,092 Thereafter 78,439 Total minimum lease revenue, net of address commissions $ 1,626,339 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Share Capital | 16. Share Capital Common shares As of December 31, 2021, the Company has one 7,613,788 7.25 55,200 50,710 On March 25, 2019, the Company effected a one-for- eight Restricted stock units or incentive stock units have been granted periodically to the Directors and management, under the Company’s Equity Incentive Plans, as part of their compensation arrangements (see note 17). In April 2020, 184,270 747,604 On January 11, 2021, the Board of Directors approved the initiation of a quarterly cash dividend of $ 0.12 On January 20, 2021, upon the redemption in full of the 2022 Notes, KEP VI (Newco Marine) Ltd. and KIA VIII (Newco Marine) Ltd. (together, “Kelso”), both affiliates of Kelso & Company, a U.S. private equity firm, exercised their right to convert an aggregate of 250,000 12,955,188 On January 26, 2021, the Company completed its underwritten public offering of 5,400,000 13.00 70,200 141,959 67,758 521,650 36,464,109 On April 13, 2021, Kelso and Maas Capital Investments B.V. sold an aggregate of 5,175,000 12.50 On May 10, 2021, the Company declared a dividend of $ 0.25 May 24, 2021 9,347 June 3, 2021 On August 5, 2021, the Company declared a dividend of $ 0.25 August 23, 2021 9,358 September 3, 2021 16 Share Capital (continued) Common shares (continued) On November 2, 2021, the Company declared a dividend of $ 0.25 November 22, 2021 9,235 December 2, 2021 Preferred shares On December 10, 2019, the Company entered into At Market Issuance Sales Agreement with B. Riley FBR under which the Company may, from time to time, issue additional depositary shares, each of which represents 1/100th of one share of the Company’s Series B Preferred Shares (the “Depositary Share ATM Program”). Pursuant to the Depositary Share ATM Program, in 2019, the Company issued 42,756 428 856 839,442 8,394 18,847 2,076,992 20,770 51,234 43,592 On August 20, 2014, the Company issued 1,400,000 33,497 8.75 At any time after August 20, 2019 (or within 180 days after the occurrence of a fundamental change), the Series B Preferred Shares may be redeemed, at the discretion of the Company, in whole or in part, at a redemption price of $ 2,500 25.00 These shares are classified as Equity in the Consolidated Balance Sheets. The dividends payable on the Series B Preferred Shares are presented as a reduction of Retained Earnings in the Consolidated Statements of Changes in Shareholders’ Equity, when and if declared by the Board of Directors. An initial dividend was declared on September 22, 2014 for the third quarter 2014. Subsequent dividends have been declared for all quarters. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 17. Share-Based Compensation On February 4, 2019, the 2019 Plan was adopted. The 2019 Plan is administered by the Compensation Committee of the Board. The maximum aggregate number of Class A common shares that may be delivered pursuant to awards granted under the 2019 Plan during its 10 1,812,500 12,500 100,000 In July 2019, the Compensation Committee of the Board of Directors approved stock-based awards to senior management under the 2019 Plan. In 2021, the Board of Directors approved additional awards of 61,625 1,421,000 17,720 The 1,421,000 four 8.00 11.00 14.00 60 113,279 317,188 1,008,253 430,467 184,270 747,604 1,438,720 931,874 17. Share-Based Compensation (continued) On September 29, 2021, the Compensation Committee and the Board of Directors approved an increase in the aggregate number of Class A common shares available for issuance as awards under the Plan of 1,600,000 1,500,000 three October 1, 2021 September 30, 2025 27.00 30.00 60 105,000 55,175 Share based awards since January 1, 2020, are summarized as follows: Share-Based Compensation (Table) Restricted Stock Units Number of Units Number Weighted Average Fair Value on Grant Date Actual Fair Value on Vesting Date Unvested as at January 1, 2020 1,246,096 $ 3.79 n/a Vested in 2020 (317,188) — 4.45 Unvested as at December 31, 2020 928,908 $ 3.79 n/a Granted in March 2021 61,625 11.72 n/a Granted in July 2021 17,720 16.93 n/a Granted in October 2021 1,605,000 10.51 n/a Vested in year ended December 31, 2021 (1,063,428) n/a 16.59 Unvested as at December 31, 2021 1,549,825 $ 10.51 n/a Using the graded vesting method of expensing the incentive shares grants, the weighted average fair value of the stock units is recognized as compensation costs in the Consolidated Statements of Income over the vesting period. The fair value of the incentive share grants for this purpose is calculated by multiplying the number of stock units by the fair value of the shares at the grant date. The Company has not factored any anticipated forfeiture into these calculations based on the limited number of participants. For the year ended December 31, 2021 and 2020, the Company recognized a total of $ 3,510 1,998 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 18. Earnings per Share Under the two-class method, net income, if any, is first reduced by the amount of dividends declared in respect of common shares for the current period, if any, and the remaining earnings are allocated to common shares and participating securities to the extent that each security can share the earnings assuming all earnings for the period are distributed. The net income allocated to Class A and Series C shares was based on an as converted basis utilizing the two-class method. Earnings are only allocated to participating securities in a period of net income if, based on the contractual terms, the relevant common shareholders have an obligation to participate in such earnings. As a result, earnings are only be allocated to the Class A common shareholders and Series C preferred shareholders. At December 31, 2021, there were 1,549,825 928,908 18 Earnings per Share (continued) Earnings/(Loss) per Share (Table) Numerator: December 31, 2021 December 31, 2020 December 31, 2019 Net income attributable to common shareholders $ 163,232 $ 37,568 $ 36,757 Undistributed income attributable to Series C participating preferred shares — (15,883) (19,190) Net income available to common shareholders, basic and diluted $ 163,232 $ 21,685 $ 17,567 Net income available to: Class A, basic and diluted $ 163,232 $ 21,685 $ 17,567 Denominator: Class A Common shares Basic weighted average number of common shares outstanding 35,125,003 17,687,137 11,859,506 Plus weighted average number of RSUs with service conditions 383,012 65,388 47,400 Common share and common share equivalents, dilutive 35,508,015 17,752,525 11,906,906 Basic earnings per share: Class A 4.65 1.23 1.48 Diluted earnings per share: Class A 4.60 1.22 1.48 Series C Preferred Shares-basic and diluted earnings per share: Undistributed income attributable to Series C participating preferred shares $ — $ 15,883 $ 19,190 Basic weighted average number of Series C Preferred shares outstanding, as converted — 12,955,187 12,955,187 Plus weighted average number of RSUs with service conditions — 47,895 51,780 Dilutive weighted average number of Series C Preferred shares outstanding, as converted — 13,003,082 13,006,967 Basic earnings per share — 1.23 1.48 Diluted earnings per share — 1.22 1.48 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | 19. Subsequent events The Company declared a dividend of $ 0.25 March 4, 2022 February 22, 2022 On November 22, 2021, the Board of Directors announced its intention to increase the quarterly dividend to be paid to common shareholders by 50% to $ 0.375 The Company agreed a new senior secured debt facility to refinance its outstanding Syndicated Senior Secured Credit Facility, which extended the maturity date from September 2024 to December 2026, amend certain covenants in the Company’s favor, and release three vessels from the facility’s collateral basket (the “Unencumbered Vessels”), at an unchanged rate of LIBOR + 3.00%. The Unencumbered Vessels were subsequently used as collateral for a new $ 60 July 2026 three LIBOR plus a margin of 2.75 quarterly 26,205 3,968 In February 2022 0.75 507.9 15,370 On March 2, 2022, we announced that our Board of Directors authorized share repurchases in the amount of up to $ 40.0 On March 4, 2022, the Company provide a notice of partial redemption of its 2024 Notes to the trustee. The Company has elected to effect a redemption of $ 28,500 102.00% 89,020 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | ( a) Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles (“ U.S. GAAP On March 25, 2019, the Company’s common shares began trading on a reverse-split-adjusted basis, following approval received from the Company’s shareholders at a Special Meeting held on March 20, 2019 and subsequently approval from the Company’s Board of Directors to reverse split the Company’s common shares at a ratio of one-for-eight. The Class A common shares and Class B common shares per share amounts disclosed in the consolidated financial statements and notes give effect to the reverse stock split retroactively, for all years presented eight Adoption of new accounting standards In March 2020, the FASB issued ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company will apply the amendments prospectively through December 31, 2022. There was no impact to the Company’s audited consolidated financial statements for the year ended December 31, 2021 . Currently, the Company has various contracts that reference LIBOR and is assessing how this standard may be applied to specific contract modifications. 2. Summary of Significant Accounting Policies (continued) (a) Basis of Presentation (continued) COVID-19 Pandemic On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) outbreak a pandemic. 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. These actions have caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. While the Company cannot predict the long-term economic impact of the COVID-19 pandemic, it will continue to actively monitor the situation and may take further actions altering the Company’s business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where the Company operates. As a result, many of the Company’s estimates and assumptions required increased judgment and carry a higher degree of variability and volatility. The ultimate effects that any such alterations or modifications may have on the Company’s business are not clear, including any potential negative effects on its business operations and financial results. |
Principles of Consolidation | (b) Principles of Consolidation The accompanying consolidated financial statements include the financial statements of the Company and its wholly owned subsidiaries; the Company has no other interests. All significant intercompany balances and transactions have been eliminated in the Company’s consolidated financial statements. |
Use of Estimates | (c) Use of Estimates |
Cash and cash equivalents | (d) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. Deposits held at call with banks with original maturities of more than three months are included under caption “Time deposits”. |
Restricted cash | (e) Restricted cash Restricted cash consists of retention accounts which are restricted in use and held in order to service debt and interest payments. In addition, restricted cash consists of pledged cash maintained with lenders and amounts built-up for future drydockings. Also includes restricted cash received in advance from charterers for future charter service. |
Insurance claims | (f) Insurance claims Insurance claims consist of claims submitted and/or claims in the process of compilation or submission. They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are probable to be recovered from insurers. Any outstanding costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectation as to the collection dates. 2. Summary of Significant Accounting Policies (continued) |
Inventories | (g) Inventories Inventories consist of bunkers, lubricants, stores and provisions. Inventories are stated at the lower of cost or net realizable value as determined using the first-in, first-out method. |
Accounts receivable, net | (h) Accounts receivable, net The Company carries its accounts receivable at cost less, if appropriate, an allowance for doubtful accounts, based on a periodic review of accounts receivable, taking into account past write-offs, collections and current credit conditions. The Company does not generally charge interest on past-due accounts. Allowances for doubtful accounts amount to $nil as of December 31, 2021 (2020: $nil). 0 |
Vessels in operation | (i) Vessels in operation Vessels are generally recorded at their historical cost, which consists of the acquisition price and any material expenses incurred upon acquisition, adjusted for the fair value of intangible assets or liabilities associated with above or below market charters attached to the vessels at acquisition. See Intangible Assets and Liabilities at note 2(k) below. Vessels acquired in a corporate transaction accounted for as an asset acquisition are stated at the acquisition price, which consists of consideration paid, plus transaction costs, considering pro rata allocation based on vessels fair value at the acquisition date. Vessels acquired in a corporate transaction accounted for as a business combination are recorded at fair value. Vessels acquired as part of the Marathon Merger in 2008 were accounted for under ASC 805, which required that the vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting for the merger. Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Borrowing costs incurred during the construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no Vessels are stated less accumulated depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the straight-line 30 Management estimates the residual values of the Company’s container vessels based on a scrap value cost of steel times the weight of the vessel noted in lightweight tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revision of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. Management estimated the residual values of its vessels based on scrap rate of $ 400 For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the Consolidated Statements of Income. |
Deferred charges, net | (j) Deferred charges, net Drydocking costs are reported in the Consolidated Balance Sheets within "Deferred charges, net", and include planned major maintenance and overhaul activities for ongoing certification. The Company follows the deferral method of accounting for drydocking costs, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled drydocking, which is generally five years The amortization period reflects the estimated useful economic life of the deferred charge, which is the period between each drydocking. Costs incurred during the drydocking relating to routine repairs and maintenance are expensed. The unamortized portion of drydocking costs for vessels sold is included as part of the carrying amount of the vessel in determining the gain or (loss) on sale of the vessel. |
Intangible assets and liabilities – charter agreements | (k) Intangible assets and liabilities – charter agreements The Company’s intangible assets and liabilities consist of unfavorable lease terms on charter agreements acquired in assets acquisitions. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an intangible asset is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel and equivalent duration of charter party at the date the vessel is delivered. Where charter rates are less than market charter rates, an intangible liability is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates (including duration), the level of utilization of its vessels and its weighted average cost-of capital (“WACC”). The estimated market charter rate (including duration) is considered a significant assumption. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company’s financial position and results of operations. The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the relevant lease term and the amortization expense or income respectively is included under the caption “Amortization of intangible liabilities -charter agreements” in the Consolidated Statements of Income. For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. |
Impairment of Long-lived assets | (l) Impairment of Long-lived assets Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its carrying value. A vessel group comprises the vessel, the unamortized portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any) with respect to the time charter attached to the vessel at its purchase. If the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group’s carrying amount to its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group’s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers. 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. 2. Summary of Significant Accounting Policies (continued) (l) Impairment of Long-lived assets (continued) Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market. Two 7,585 912 The Company has evaluated the impact of current economic situation on the recoverability of all its other vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there was no triggering event and no impairment test was performed for the year ended December 31, 2021. Through 2020 whilst charter rates in the spot market and asset values saw improvements, taking into account the seasonal as well as cyclical nature of the container shipping industry, the recovery was not considered to have been sufficiently sustained not to undertake a review for impairment for vessel groups where the carrying value as at December 31, 2020 might not be recoverable. As a result, step one of the impairment assessment of each of the vessel groups was performed as at December 31, 2020. As the undiscounted projected net operating cash flows of each of the vessel groups exceeded the carrying amount, step two of the impairment test was not required and there were no impairment charges as of December 31, 2020. The assessment performed for 2019 resulted in no impairment charges. |
Deferred financing costs | (m) Deferred financing costs Costs incurred in connection with obtaining long-term debt and in obtaining amendments to existing facilities are recorded as deferred financing costs and are amortized to interest expense using the effective interest method over the estimated duration of the related debt. Such costs include fees paid to the lenders or on the lenders’ behalf and associated legal and other professional fees. Debt issuance costs, other than any up-front arrangement fee for revolving credit facilities, related to a recognized debt liability are presented as a direct deduction from the carrying amount of that debt. |
Preferred shares | (n) Preferred shares The Series B Preferred Shares were originally issued in August 2014 and have been included within Equity in the Consolidated Balance Sheets since their initial issue in August 2014 and increased in 2019, 2020 and 2021 with the introduction of ATM program, and the dividends are presented as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of Changes in Shareholders’ Equity as their nature is similar to that of an equity instrument rather than a liability. Holders of these redeemable perpetual preferred shares, which may only be redeemed at the discretion of the Company, are entitled to receive a dividend equal to 8.75 2. Summary of Significant Accounting Policies (continued) (n) Preferred shares (continued) The 250,000 9.875 |
Other comprehensive income | (o) Other comprehensive income Other comprehensive income, which is reported in the Consolidated Statements of Changes in Shareholders’ Equity, consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Under ASU 2011-05, an entity reporting comprehensive income in a single continuous financial statement shall present its components in two sections, net income and other comprehensive income. For year ended December 31, 2021, the Company recorded an unrealized gain on the interest rate caps of $ 227 |
Revenue recognition and related expense | (p) Revenue recognition and related expense The Company charters out its vessels on time charters which involves placing a vessel at a charterer’s disposal for a specified period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods of such charter agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options which are more likely than not to be exercised. If a time charter is modified, including the agreement of a direct continuation at a different rate, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter from the date of modification. During the year ended December 31, 2021, an amount of $ 16,174 2,866 0 14,010 0 Revenues are recorded net of address commissions, which represent a discount provided directly to the charterer based on a fixed percentage of the agreed upon charter rate. Charter revenue received in advance which relates to the period after a balance sheet date is recorded as deferred revenue within current liabilities until the respective charter services are rendered. Under time charter arrangements the Company, as owner, is responsible for all the operating expenses of the vessels, such as crew costs, insurance, repairs and maintenance, and such costs are expensed as incurred and are included in vessel operating expenses. 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. Leases: Leases where the Company acts as the lessor are classified as either operating or sales-type / direct financing leases. 2. Summary of Significant Accounting Policies (continued) (p) Revenue recognition and related expense (continued) In cases of lease agreements where the Company acts as the lessor under an operating lease, the Company keeps the underlying asset on the Consolidated Balance Sheets and continues to depreciate the assets over its useful life. In cases of lease agreements where the Company acts as the lessor under a sales-type / direct financing lease, the Company derecognizes the underlying asset and records a net investment in the lease. The Company acts as a lessor under operating leases in connection with all of its charter out – In cases of sale and leaseback transactions, if the transfer of the asset to the lessor does not qualify as a sale, then the transaction constitutes a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the lessor, and the lessor would need to obtain substantially all the benefits from the use of the asset. During 2021, the Company has entered into six agreements which qualify as failed sale and leaseback transactions as the Company is required to repurchase the vessels at the end of the lease term and the Company has accounted for the six agreements as financing transactions. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the nonlease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics. |
Foreign currency transactions | (q) Foreign currency transactions 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. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet dates. Expenses paid in foreign currencies are recorded at the rate of exchange at the transaction date. Exchange gains and losses are included in the determination of net Income/(Loss). |
Share based compensation | (r) Share based compensation The Company has awarded incentive stock units to its management and Directors as part of their compensation. Using the graded vesting method of expensing the incentive stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the Consolidated Statements of Income over the vesting period. The fair value of the incentive stock units for this purpose is calculated by multiplying the number of stock units by the fair value of the shares at the grant date. The Company has not factored any anticipated forfeiture into these calculations based on the limited number of participants. |
Income taxes | (s) Income taxes The Company and its Marshall Island subsidiaries are exempt from taxation in the Marshall Islands. The Company’s vessels are liable for tax based on the tonnage of the vessel, under the regulations applicable to the country of incorporation of the vessel owning company, which is included within vessels’ operating expenses. The Cyprus and Hong Kong subsidiaries are also liable for income tax on any interest income earned from non-shipping activity. The Company has one 19 19 19 The Company recognizes uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the position. |
Dividends | (t) Dividends Dividends are recorded in the period in which they are declared by the Company’s Board of Directors. Dividends to be paid are presented in the Consolidated Balance Sheets in the line item “Accrued Liabilities”. |
Earnings per share | (u) Earnings per share Basic earnings per common share are based on income available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock units. Diluted income per common share are calculated by applying the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class method. |
Risks Associated with Concentration | (v) Risks Associated with Concentration The Company is exposed to certain concentration risks that may adversely affect the Company’s financial position in the near term: (i) The Company derives its revenue from liner companies which are exposed to the cyclicality of the container shipping industry. (ii) There is a minimum concentration of credit risk with respect to cash and cash equivalents at December 31, 2021, to the extent that substantially all of the amounts are deposited with ten eight |
Segment Reporting | (w) Segment Reporting The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers. The Company does not use discrete financial information to evaluate operating results for each type of charter. Management does not identify expenses, profitability or other financial information by charter type. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one |
Fair Value Measurement and Financial Instruments | (x) Fair Value Measurement and Financial Instruments Financial instruments carried on the Consolidated Balance Sheets include cash and cash equivalents, time deposits, restricted cash, trade receivables and payables, other receivables and other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item or included below as applicable. Fair value measurement: Level 1 Level 2 Level 3 2. Summary of Significant Accounting Policies (continued) (x) Fair Value Measurement and Financial Instruments (continued) During 2020, two of the Company’s vessel groups with a total aggregate carrying amount of $ 15,585 8,497 8,497 In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 million, which amortizes over time as the Company’s outstanding debt balances decline. The objective of the hedges is to reduce the variability of cash flows associated with the forecasted interest rates relating to its variable rate borrowings. When derivatives are used, the Company is exposed to credit loss in the event of non-performance by the counterparties; however, non-performance is not anticipated. ASC 815, Derivatives and Hedging 7,227 and $nil 0 , respectively, relating to cumulative basis adjustments for fair value hedges (see note 9). Financial Risk Management: Credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable, cash and cash equivalents and time deposits. The Company does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows. Liquidity Risk: Foreign Exchange Risk: |
Derivative instruments | (y) Derivative instruments The Company is exposed to interest rate risk relating to its variable rate borrowings. In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 2. Summary of Significant Accounting Policies (continued) (y) Derivative instruments (continued) At the inception of the transaction, the Company documents the relationship between hedging instruments and hedged items, as well as its risk management objective and the strategy for undertaking various hedging transactions. The Company also documents its assessment, both at the hedge inception and on an ongoing basis, of whether the derivative financial instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. This Transaction is designated as a cash flow hedge, and under ASU 2017-12, cash flow hedge accounting allows all changes in fair value to be recorded through Other Comprehensive Income once hedge effectiveness has been established. Under ASC 815-30-35-38, amounts in accumulated other comprehensive income shall be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings (i.e., each quarter) and shall be presented in the same income statement line item as the earnings effect of the hedged item in accordance with paragraph 815-20-45-1A. The Company receives payments on the interest rate caps for any period that the one-month USD LIBOR rate is beyond the strike rate, which is 0.75 November 30, 2026 7,000 December 22, 2021 There were no interest rate caps in place before 2021. The amounts included in accumulated other comprehensive income (see Note 9) will be reclassified to interest expense should the hedge no longer be considered effective. No amount of ineffectiveness was included in net income for the year ended December 31, 2021. The Company will continue to assess the effectiveness of the hedge on an ongoing basis. |
Recently issued accounting standards | (z) Recently issued accounting standards The Company does not believe that any recently issued, but not yet effective, accounting pronouncements would have a material impact on its consolidated financial statements. |
Description of Business (Tables
Description of Business (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business - Schedule of Vessels (Table) | Description of Business - Schedule of Vessels (Table) Company Name (1) Country of Incorporation Vessel Name Capacity in TEUs (2) Year Built Earliest Charter Expiry Date Global Ship Lease 54 LLC Liberia CMA CGM Thalassa 11,040 2008 4Q25 Laertis Marine LLC Marshall Islands UASC Al Khor 9,115 2015 1Q27 Penelope Marine LLC Marshall Islands Maira XL 9,115 2015 2Q27 Telemachus Marine LLC (3) Marshall Islands Anthea Y 9,115 2015 3Q23 Global Ship Lease 53 LLC Liberia MSC Tianjin 8,603 2005 2Q24 Global Ship Lease 52 LLC Liberia MSC Qingdao 8,603 2004 2Q24 Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 1Q23 Global Ship Lease 30 Limited Marshall Islands GSL Eleni 7,847 2004 3Q24 (4) Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi 7,847 2004 4Q22 (4) Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 4Q22 (4) Alexander Marine LLC Marshall Islands Mary 6,927 2013 3Q23 Hector Marine LLC Marshall Islands Kristina 6,927 2013 2Q24 Ikaros Marine LLC Marshall Islands Katherine 6,927 2013 1Q24 Philippos Marine LLC Marshall Islands Alexandra 6,927 2013 1Q24 Aristoteles Marine LLC Marshall Islands Alexis 6,882 2015 1Q24 Menelaos Marine LLC Marshall Islands Olivia I 6,882 2015 1Q24 Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 3Q24 Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 3Q23 Global Ship Lease 48 LLC Liberia CMA CGM Berlioz 6,621 2001 4Q25 Leonidas Marine LLC Marshall Islands Agios Dimitrios 6,572 2011 4Q23 Global Ship Lease 33 LLC Liberia GSL Vinia 6,080 2004 3Q24 Global Ship Lease 34 LLC Liberia GSL Christel Elisabeth 6,080 2004 2Q24 GSL Arcadia LLC Liberia GSL Arcadia 6,008 2000 2Q24 (5) GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q24 (5) GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24 (5) GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24 (5) GSL Tegea LLC Liberia GSL Tegea 5,992 2001 3Q24 (5) GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 3Q24 (5) GSL MYNY LLC Liberia GSL MYNY 6,008 2000 3Q24 (5) Tasman Marine LLC Marshall Islands Tasman 5,936 2000 1Q22 (6) Hudson Marine LLC Marshall Islands Zim Europe 5,936 2000 1Q24 (7) Drake Marine LLC Marshall Islands Ian H 5,936 2000 2Q24 (7) Global Ship Lease 68 LLC (3) Liberia GSL Kithira 5,470 2009 4Q24 (8) Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 3Q24 (8) Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 3Q24 (8) Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 3Q24 (8) Hephaestus Marine LLC Marshall Islands Dolphin II 5,095 2007 1Q25 Zeus One Marine LLC Marshall Islands Orca I 5,095 2006 2Q24 (9) Global Ship Lease 47 LLC Liberia GSL Château d’If 5,089 2007 4Q26 GSL Alcazar Inc. Marshall Islands CMA CGM Alcazar 5,089 2007 3Q26 Global Ship Lease 55 LLC Liberia GSL Susan 4,363 2008 3Q22 Global Ship Lease 50 LLC Liberia CMA CGM Jamaica 4,298 2006 3Q22 Global Ship Lease 49 LLC Liberia CMA CGM Sambhar 4,045 2006 3Q22 Global Ship Lease 51 LLC Liberia CMA CGM America 4,045 2006 3Q22 Global Ship Lease 57 LLC Liberia GSL Rossi 3,421 2012 1Q26 Global Ship Lease 58 LLC Liberia GSL Alice 3,421 2014 1Q23 Global Ship Lease 59 LLC Liberia GSL Melina 3,404 2013 2Q23 Global Ship Lease 60 LLC Liberia GSL Eleftheria 3,404 2013 3Q25 Global Ship Lease 61 LLC Liberia GSL Mercer 2,824 2007 4Q24 Global Ship Lease 62 LLC Liberia Matson Molokai 2,824 2007 2Q25 Global Ship Lease 63 LLC Liberia GSL Lalo 2,824 2006 4Q22 Global Ship Lease 42 LLC Liberia GSL Valerie 2,824 2005 1Q25 Pericles Marine LLC Marshall Islands Athena 2,762 2003 2Q24 Global Ship Lease 64 LLC Liberia GSL Elizabeth 2,741 2006 3Q22 Global Ship Lease 65 LLC Liberia tbr GSL Chloe (10) 2,546 2012 4Q24 Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 4Q22 Aris Marine LLC Marshall Islands Maira 2,506 2000 1Q23 Aphrodite Marine LLC Marshall Islands Nikolas 2,506 2000 1Q23 Athena Marine LLC Marshall Islands Newyorker 2,506 2001 1Q24 Global Ship Lease 38 LLC Liberia Manet 2,272 2001 4Q24 Global Ship Lease 40 LLC Liberia Keta 2,207 2003 1Q25 Global Ship Lease 41 LLC Liberia Julie 2,207 2002 1Q23 Global Ship Lease 45 LLC Liberia Kumasi 2,207 2002 4Q21 Global Ship Lease 44 LLC Liberia Akiteta (ex Marie Delmas) (11) 2,207 2002 4Q24 Global Ship Lease 67 LLC Liberia GSL Amstel 1,118 2008 3Q23 (1) All subsidiaries are 100% owned, either directly or indirectly; (2) Twenty-foot Equivalent Units; (3) Currently, under a sale and leaseback transaction;During 2021, the Company has entered into six agreements which qualify as failed sale and leaseback transactions as the Company is required to repurchase the vessels at the end of the lease term and the Company has accounted for the six agreements as financing transactions; (4) 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; (5) GSL Arcadia, GSL Melita, GSL Maria, GSL Violetta, GSL Tegea, GSL Dorothea, GSL MYNY. Thereafter, the charterer has the option to extend each charter for a further 12 months, after which they have the option to extend each charter for a second time – for a period concluding immediately prior to each respective vessel’s 25th year drydocking and special survey; (6) Tasman. Thereafter, the charterer has the option to charter the vessel for a further 12 months; (7) Ian H & Zim Europe. A package agreement with the charterer, for direct charter extensions on two 5,900 TEU ships: Ian H from May 2021 and Zim Europe (formerly Dimitris Y) from May 2022. On April 9, 2021, Dimiris Y was renamed Zim Europe; (8) GSL Kithira, GSL Tripoli, GSL Syros, GSL Tinos. Thereafter, the charterer has the option to extend each charter by three years; (9) Orca I. Thereafter, the charterer has the option to extend the charter the vessel for a further 12-14 months; (10) “tbr” means “to be renamed”; (11) On January 5, 2022, Marie Delmas was renamed Akiteta |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Cash [Abstract] | |
Restricted Cash (Table) | Restricted Cash (Table) December 31, 2021 December 31, 2020 Retention accounts $ 11,276 $ 525 Restricted bank deposits/Drydock reserves 13,618 — Cash collateral — 300 Total Current Restricted Cash $ 24,894 $ 825 Cash collateral (*) $ 100,000 $ 6,953 Guarantee deposits 20 20 Restricted bank deposits/Drydock reserves 2,948 3,207 Cash in custody 500 500 Total Non - Current Restricted Cash 103,468 10,680 Total Current and Non - Current Restricted Cash $ 128,362 $ 11,505 (*) Advances from charterers. |
Vessels in Operation (Tables)
Vessels in Operation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels in Operation - Schedule of Vessels in Operation (Table) | Vessels in Operation - Schedule of Vessels in Operation (Table) Vessel Gross Cost, as adjusted for impairment charges Accumulated Depreciation Net Book Value As of January 1, 2020 $ 1,306,936 $ (151,350) $ 1,155,586 Additions 41,710 — 41,710 Disposals (7,058) — (7,058) Depreciation — (41,158) (41,158) Impairment loss (43,803) 35,306 (8,497) As of December 31, 2020 $ 1,297,785 $ (157,202) $ 1,140,583 Additions 603,514 — 603,514 Disposals (23,167) 14,445 (8,722) Depreciation — (52,559) (52,559) As of December 31, 2021 $ 1,878,132 $ (195,316) $ 1,682,816 |
Vessels in Operation - Vessels Acquisitions | Vessels in Operation - Vessels Acquisitions Name Capacity in TEUs Year Built Purchase Price Delivery date GSL Tripoli 5,470 2009 37,000 September 1, 2021 GSL Tinos 5,470 2010 37,500 September 9, 2021 GSL Syros 5,470 2010 37,500 September 13, 2021 GSL Kithira 5,470 2009 36,000 October 13, 2021 The charters of the Four vessels resulted in an intangible liability of $17,100 that was recognized and will be amortized over the remaining useful life of the charters. 4 Vessels in Operation (continued) 2021 Vessels acquisitions (continued) In July 2021, the Company took delivery of the Twelve Vessels as per below: Name Capacity in TEUs Year Built Purchase Price Delivery Date GSL Susan 4,363 2008 20,740 July 29, 2021 GSL Rossi 3,421 2012 21,580 July 29, 2021 GSL Alice 3,421 2014 23,150 July 29, 2021 GSL Melina 3,404 2013 23,990 July 29, 2021 GSL Eleftheria 3,404 2013 26,870 July 29, 2021 GSL Mercer 2,824 2007 20,750 July 29, 2021 GSL Lalo 2,824 2006 13,320 July 29, 2021 Matson Molokai 2,824 2007 16,430 July 15, 2021 GSL Elizabeth 2,741 2006 13,910 July 28, 2021 tbr GSL Chloe 2,546 2012 22,320 July 29, 2021 GSL Maren 2,546 2014 23,270 July 29, 2021 GSL Amstel 1,118 2008 7,560 July 29, 2021 The charters of the Twelve vessels resulted in an intangible liability of $76,193 that was recognized and will be amortized over the remaining useful life of the charters. In April, May and July 2021, the Company took delivery of the Seven Vessels as per below: Name Capacity in TEUs Year Built Purchase Price Delivery Date GSL MYNY 6,008 2000 17,600 July 28, 2021 GSL Melita 6,008 2001 15,500 May 25, 2021 GSL Violetta (*) 6,008 2000 17,300 April 28, 2021 GSL Maria (*) 6,008 2001 16,600 April 28, 2021 GSL Arcadia 6,008 2000 18,000 April 26, 2021 GSL Dorothea 5,992 2001 15,500 April 26, 2021 GSL Tegea 5,992 2001 15,500 May 17, 2021 (*) The charters of these vessels resulted in an intangible liability of $3,051 that was recognized and will be amortized over the remaining useful life of the charters. |
Deferred charges, net (Tables)
Deferred charges, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Noncurrent [Abstract] | |
Deferred charges, net (Table) | Deferred charges, net (Table) Dry - docking Costs As of January 1, 2020 $ 16,408 Additions 12,401 Amortization (5,820) Write – off (38) As of December 31, 2020 $ 22,951 Additions 23,704 Amortization (9,004) Write – off (22) As of December 31, 2021 $ 37,629 |
Intangible Liabilities_Assets_2
Intangible Liabilities/Assets – Charter Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets And Liabilities Abstract | |
Intangible Liabilities/ Assets - Charter Agreements - Schedule of Intangible Liabilities (Table) | Intangible Liabilities/ Assets - Charter Agreements - Schedule of Intangible Liabilities (Table) December 31, 2021 December 31, 2020 Opening balance $ 4,462 $ 6,470 Additions 96,344 — Amortization (45,430) (2,008) Total $ 55,376 $ 4,462 |
Intangible Liabilities/ Assets – Charter Agreements - Schedule of Intangible Assets (Table) | Intangible Liabilities/ Assets – Charter Agreements - Schedule of Intangible Assets (Table) December 31, 2021 December 31, 2020 Opening balance $ — $ 1,467 Amortization — (1,467) Total $ — $ — |
Intangible Liabilities/ Assets - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) | The aggregate amortization of the intangible liabilities in each of the 12-month periods up to December 31, 2025 is estimated to be as follows: Intangible Liabilities/ Assets - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) Amount December 31, 2022 $ 41,158 December 31, 2023 8,556 December 31, 2024 5,113 December 31, 2025 549 $ 55,376 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets (Table) | Prepaid Expenses and Other Current Assets as at December 31, 2021 and December 31, 2020 consisted of the following: Prepaid Expenses and Other Current Assets (Table) December 31, 2021 December 31, 2020 Insurance and other claims $ 6,265 $ 762 Advances to suppliers and other assets 7,963 2,329 Prepaid insurances 2,657 584 Other (1) 8,339 3,036 Total $ 25,224 $ 6,711 (1) Includes current portion of straight-line, scrubber equipment and installation claim. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories (Table) | Inventories (Table) December 31, 2021 December 31, 2020 Bunkers $ 1,187 $ 521 Lubricants 8,462 4,223 Stores 1,358 1,291 Victualling 403 281 Total $ 11,410 $ 6,316 |
Derivative Asset (Tables)
Derivative Asset (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Derivative Asset - Schedule of Derivative Assets | Derivative Asset - Schedule of Derivative Assets December 31, 2021 December 31, 2020 Opening balance $ — $ — Interest rate cap premium 7,000 — Unrealized gain on interest rate cap 227 — Closing balance $ 7,227 $ — Less: Current portion of derivative asset (533) — Non-current portion of derivative asset $ 6,694 $ — |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable (Table) | Accounts payable as of December 31, 2021 and 2020 consisted of the following: Accounts Payable (Table) December 31, 2021 December 31, 2020 Suppliers, repairers $ 6,339 $ 8,774 Insurers, agents and brokers 355 406 Payables to charterers 1,566 650 Other creditors 4,899 727 Total $ 13,159 $ 10,557 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities (Table) | Accrued liabilities as of December 31, 2021 and 2020 consisted of the following: Accrued Liabilities (Table) December 31, 2021 December 31, 2020 Accrued expenses $ 28,557 $ 15,133 Accrued interest 3,692 3,994 Total $ 32,249 $ 19,127 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt - Schedule of Long - Term Debt (Table) | Long-Term Debt - Schedule of Long - Term Debt (Table) Facilities December 31, 2021 December 31, 2020 Sinopac Credit Facility (a) $ 11,580 $ — HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (b) 132,000 — Deutsche Credit Facility (c) 49,345 — HCOB Credit Facility (d) 56,844 — CACIB, Bank Sinopac, CTBC Credit Facility (e) 49,150 — New Hayfin Credit Facility (f) 204,129 — Chailease Credit Facility (g) 5,568 7,596 2024 Notes (h) 117,520 59,819 Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (i) 213,200 238,000 Blue Ocean Junior Credit Facility (i, j) 26,205 38,500 Hellenic Bank Credit Facility (k) 41,700 49,700 Deutsche, First-Citizens & Trust Company, HCOB, Entrust, Blue Ocean Credit Facility (l) — 149,055 Hayfin Credit Facility (m) — 5,833 $ 907,241 $ 548,503 2022 Notes (n) 233,436 322,723 Less redemptions and repurchases (n) (233,436) (89,287) 2022 Notes (n) $ — $ 233,436 Total credit facilities $ 907,241 $ 781,939 Sale and Leaseback Agreement CMBFL – $120,000 (o) 115,238 — Sale and Leaseback Agreement CMBFL – $54,000 (p) 49,950 — Sale and Leaseback Agreement – Neptune $14,735 (q) 13,147 — Total Sale and Leaseback Agreements $ 178,335 $ — Total borrowings $ 1,085,576 $ 781,939 Less: Current portion of 2022 Notes (n) — (26,240) Less: Current portion of long-term debt (153,641) (50,441) Less: Current portion of Sale and Leaseback Agreements (o,p,q) (36,675) — Less: Original issue discount of 2022 Notes (n) — (1,133) Plus/(Less): Original issue premium/(discount) of 2024 Notes (h) 1,588 (147) Less: Deferred financing costs (s) (16,714) (11,203) Non-current portion of Long-Term Debt $ 880,134 $ 692,775 |
Long-Term Debt - Repayment Schedule (Table) | Long-Term Debt - Repayment Schedule (Table) Payment due by year ended Amount December 31, 2022 190,316 December 31, 2023 153,572 December 31, 2024 274,940 December 31, 2025 92,968 December 31, 2026 316,175 December 31, 2027 and thereafter 57,605 $ 1,085,576 |
Long-Term Debt - Schedule of Deferred Financing Costs (Table) | Long-Term Debt - Schedule of Deferred Financing Costs (Table) December 31, 2021 December 31, 2020 Opening balance $ 11,203 $ 14,095 Expenditure in the period 13,790 1,193 Amortization included within interest expense (8,279) (4,085) Closing balance $ 16,714 $ 11,203 |
Time charter revenue (Tables)
Time charter revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Time charter revenue - Operating revenue (Table) | Time charter revenue - Operating revenue (Table) Year Ended December 31, Charterer 2021 2020 2019 CMA CGM 33.83% 50.60% 57.18% COSCO 5.96% 6.85% 10.88% MAERSK 22.81% 14.13% — MSC 7.54% 12.86% — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Charter Hire Receivable (Table) | Commitments and Contingencies - Charter Hire Receivable (Table) Amount December 31, 2022 $ 573,189 December 31, 2023 503,819 December 31, 2024 341,800 December 31, 2025 129,092 Thereafter 78,439 Total minimum lease revenue, net of address commissions $ 1,626,339 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation (Table) | Share-Based Compensation (Table) Restricted Stock Units Number of Units Number Weighted Average Fair Value on Grant Date Actual Fair Value on Vesting Date Unvested as at January 1, 2020 1,246,096 $ 3.79 n/a Vested in 2020 (317,188) — 4.45 Unvested as at December 31, 2020 928,908 $ 3.79 n/a Granted in March 2021 61,625 11.72 n/a Granted in July 2021 17,720 16.93 n/a Granted in October 2021 1,605,000 10.51 n/a Vested in year ended December 31, 2021 (1,063,428) n/a 16.59 Unvested as at December 31, 2021 1,549,825 $ 10.51 n/a |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) per Share (Table) | Earnings/(Loss) per Share (Table) Numerator: December 31, 2021 December 31, 2020 December 31, 2019 Net income attributable to common shareholders $ 163,232 $ 37,568 $ 36,757 Undistributed income attributable to Series C participating preferred shares — (15,883) (19,190) Net income available to common shareholders, basic and diluted $ 163,232 $ 21,685 $ 17,567 Net income available to: Class A, basic and diluted $ 163,232 $ 21,685 $ 17,567 Denominator: Class A Common shares Basic weighted average number of common shares outstanding 35,125,003 17,687,137 11,859,506 Plus weighted average number of RSUs with service conditions 383,012 65,388 47,400 Common share and common share equivalents, dilutive 35,508,015 17,752,525 11,906,906 Basic earnings per share: Class A 4.65 1.23 1.48 Diluted earnings per share: Class A 4.60 1.22 1.48 Series C Preferred Shares-basic and diluted earnings per share: Undistributed income attributable to Series C participating preferred shares $ — $ 15,883 $ 19,190 Basic weighted average number of Series C Preferred shares outstanding, as converted — 12,955,187 12,955,187 Plus weighted average number of RSUs with service conditions — 47,895 51,780 Dilutive weighted average number of Series C Preferred shares outstanding, as converted — 13,003,082 13,006,967 Basic earnings per share — 1.23 1.48 Diluted earnings per share — 1.22 1.48 |
Description of Business - Sched
Description of Business - Schedule of Vessels (Table) (Details) Pure in Thousands | 12 Months Ended |
Dec. 31, 2021 | |
Global Ship Lease 54 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | CMA CGM Thalassa |
Capacity in TEUs | 11,040 |
Year Built | 2008 |
Earliest Charter Expiry Date | 4Q25 |
Laertis Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | UASC Al Khor |
Capacity in TEUs | 9,115 |
Year Built | 2015 |
Earliest Charter Expiry Date | 1Q27 |
Penelope Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Maira XL |
Capacity in TEUs | 9,115 |
Year Built | 2015 |
Earliest Charter Expiry Date | 2Q27 |
Telemachus Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Anthea Y |
Capacity in TEUs | 9,115 |
Year Built | 2015 |
Earliest Charter Expiry Date | 3Q23 |
Global Ship Lease 53 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | MSC Tianjin |
Capacity in TEUs | 8,603 |
Year Built | 2005 |
Earliest Charter Expiry Date | 2Q24 |
Global Ship Lease 52 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | MSC Qingdao |
Capacity in TEUs | 8,603 |
Year Built | 2004 |
Earliest Charter Expiry Date | 2Q24 |
Global Ship Lease 43 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Ningbo |
Capacity in TEUs | 8,603 |
Year Built | 2004 |
Earliest Charter Expiry Date | 1Q23 |
Global Ship Lease 30 Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | GSL Eleni |
Capacity in TEUs | 7,847 |
Year Built | 2004 |
Earliest Charter Expiry Date | 3Q24(4) |
Global Ship Lease 31 Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | GSL Kalliopi |
Capacity in TEUs | 7,847 |
Year Built | 2004 |
Earliest Charter Expiry Date | 4Q22(4) |
Global Ship Lease 32 Limited [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | GSL Grania |
Capacity in TEUs | 7,847 |
Year Built | 2004 |
Earliest Charter Expiry Date | 4Q22(4) |
Alexander Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Mary |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 3Q23 |
Hector Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Kristina |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 2Q24 |
Ikaros Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Katherine |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 1Q24 |
Phillipos Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Alexandra |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 1Q24 |
Aristoteles Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Alexis |
Capacity in TEUs | 6,882 |
Year Built | 2015 |
Earliest Charter Expiry Date | 1Q24 |
Menelaos Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Olivia I |
Capacity in TEUs | 6,882 |
Year Built | 2015 |
Earliest Charter Expiry Date | 1Q24 |
Global Ship Lease 35 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Nicoletta |
Capacity in TEUs | 6,840 |
Year Built | 2002 |
Earliest Charter Expiry Date | 3Q24 |
Global Ship Lease 36 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Christen |
Capacity in TEUs | 6,840 |
Year Built | 2002 |
Earliest Charter Expiry Date | 3Q23 |
Global Ship Lease 48 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | CMA CGM Berlioz |
Capacity in TEUs | 6,621 |
Year Built | 2001 |
Earliest Charter Expiry Date | 4Q25 |
Leonidas Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Agios Dimitrios |
Capacity in TEUs | 6,572 |
Year Built | 2011 |
Earliest Charter Expiry Date | 4Q23 |
Global Ship Lease 33 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Vinia |
Capacity in TEUs | 6,080 |
Year Built | 2004 |
Earliest Charter Expiry Date | 3Q24 |
Global Ship Lease 34 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Christel Elisabeth |
Capacity in TEUs | 6,080 |
Year Built | 2004 |
Earliest Charter Expiry Date | 2Q24 |
GSL Arcadia LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Arcadia |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 2Q24(5) |
GSL Melita LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Melita |
Capacity in TEUs | 6,008 |
Year Built | 2001 |
Earliest Charter Expiry Date | 3Q24(5) |
GSL Maria LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Maria |
Capacity in TEUs | 6,008 |
Year Built | 2001 |
Earliest Charter Expiry Date | 4Q24(5) |
GSL Violetta LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Violetta |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 4Q24(5) |
GSL Tegea LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Tegea |
Capacity in TEUs | 5,992 |
Year Built | 2001 |
Earliest Charter Expiry Date | 3Q24(5) |
GSL Dorothea LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Dorothea |
Capacity in TEUs | 5,992 |
Year Built | 2001 |
Earliest Charter Expiry Date | 3Q24(5) |
GSL MYNY LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL MYNY |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 3Q24(5) |
Tasman Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Tasman |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 1Q22(6) |
Hudson Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Zim Europe |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 1Q24(7) |
Drake Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Ian H |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 2Q24(7) |
Global Ship Lease 68 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Kithira |
Capacity in TEUs | 5,470 |
Year Built | 2009 |
Earliest Charter Expiry Date | 4Q24(8) |
Global Ship Lease 69 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Tripoli |
Capacity in TEUs | 5,470 |
Year Built | 2009 |
Earliest Charter Expiry Date | 3Q24(8) |
Global Ship Lease 70 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Syros |
Capacity in TEUs | 5,470 |
Year Built | 2010 |
Earliest Charter Expiry Date | 3Q24(8) |
Global Ship Lease 71 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Tinos |
Capacity in TEUs | 5,470 |
Year Built | 2010 |
Earliest Charter Expiry Date | 3Q24(8) |
Hephaestus Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Dolphin II |
Capacity in TEUs | 5,095 |
Year Built | 2007 |
Earliest Charter Expiry Date | 1Q25 |
Zeus One Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Orca I |
Capacity in TEUs | 5,095 |
Year Built | 2006 |
Earliest Charter Expiry Date | 2Q24(9) |
Global Ship Lease 47 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Château d’If |
Capacity in TEUs | 5,089 |
Year Built | 2007 |
Earliest Charter Expiry Date | 4Q26 |
GSL Alcazar Inc. [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | CMA CGM Alcazar |
Capacity in TEUs | 5,089 |
Year Built | 2007 |
Earliest Charter Expiry Date | 3Q26 |
Global Ship Lease 55 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Susan |
Capacity in TEUs | 4,363 |
Year Built | 2008 |
Earliest Charter Expiry Date | 3Q22 |
Global Ship Lease 50 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | CMA CGM Jamaica |
Capacity in TEUs | 4,298 |
Year Built | 2006 |
Earliest Charter Expiry Date | 3Q22 |
Global Ship Lease 49 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | CMA CGM Sambhar |
Capacity in TEUs | 4,045 |
Year Built | 2006 |
Earliest Charter Expiry Date | 3Q22 |
Global Ship Lease 51 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | CMA CGM America |
Capacity in TEUs | 4,045 |
Year Built | 2006 |
Earliest Charter Expiry Date | 3Q22 |
Global Ship Lease 57 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Rossi |
Capacity in TEUs | 3,421 |
Year Built | 2012 |
Earliest Charter Expiry Date | 1Q26 |
Global Ship Lease 58 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Alice |
Capacity in TEUs | 3,421 |
Year Built | 2014 |
Earliest Charter Expiry Date | 1Q23 |
Global Ship Lease 59 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Melina |
Capacity in TEUs | 3,404 |
Year Built | 2013 |
Earliest Charter Expiry Date | 2Q23 |
Global Ship Lease 60 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Eleftheria |
Capacity in TEUs | 3,404 |
Year Built | 2013 |
Earliest Charter Expiry Date | 3Q25 |
Global Ship Lease 61 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Mercer |
Capacity in TEUs | 2,824 |
Year Built | 2007 |
Earliest Charter Expiry Date | 4Q24 |
Global Ship Lease 62 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | Matson Molokai |
Capacity in TEUs | 2,824 |
Year Built | 2007 |
Earliest Charter Expiry Date | 2Q25 |
Global Ship Lease 63 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Lalo |
Capacity in TEUs | 2,824 |
Year Built | 2006 |
Earliest Charter Expiry Date | 4Q22 |
Global Ship Lease 42 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Valerie |
Capacity in TEUs | 2,824 |
Year Built | 2005 |
Earliest Charter Expiry Date | 1Q25 |
Pericles Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Athena |
Capacity in TEUs | 2,762 |
Year Built | 2003 |
Earliest Charter Expiry Date | 2Q24 |
Global Ship Lease 64 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Elizabeth |
Capacity in TEUs | 2,741 |
Year Built | 2006 |
Earliest Charter Expiry Date | 3Q22 |
Global Ship Lease 65 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | tbr GSL Chloe (10) |
Capacity in TEUs | 2,546 |
Year Built | 2012 |
Earliest Charter Expiry Date | 4Q24 |
Global Ship Lease 66 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Maren |
Capacity in TEUs | 2,546 |
Year Built | 2014 |
Earliest Charter Expiry Date | 4Q22 |
Aris Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Maira |
Capacity in TEUs | 2,506 |
Year Built | 2000 |
Earliest Charter Expiry Date | 1Q23 |
Aphrodite Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Nikolas |
Capacity in TEUs | 2,506 |
Year Built | 2000 |
Earliest Charter Expiry Date | 1Q23 |
Athena Marine LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Marshall Islands |
Vessel Name | Newyorker |
Capacity in TEUs | 2,506 |
Year Built | 2001 |
Earliest Charter Expiry Date | 1Q24 |
Global Ship Lease 38 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | Manet |
Capacity in TEUs | 2,272 |
Year Built | 2001 |
Earliest Charter Expiry Date | 4Q24 |
Global Ship Lease 40 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | Keta |
Capacity in TEUs | 2,207 |
Year Built | 2003 |
Earliest Charter Expiry Date | 1Q25 |
Global Ship Lease 41 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | Julie |
Capacity in TEUs | 2,207 |
Year Built | 2002 |
Earliest Charter Expiry Date | 1Q23 |
Global Ship Lease 45 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | Kumasi |
Capacity in TEUs | 2,207 |
Year Built | 2002 |
Earliest Charter Expiry Date | 4Q21 |
Global Ship Lease 44 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | Akiteta (ex Marie Delmas)(11) |
Capacity in TEUs | 2,207 |
Year Built | 2002 |
Earliest Charter Expiry Date | 4Q24 |
Global Ship Lease 67 LLC [Member] | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Country of incorporation | Liberia |
Vessel Name | GSL Amstel |
Capacity in TEUs | 1,118 |
Year Built | 2008 |
Earliest Charter Expiry Date | 3Q23 |
Description of Business (Detail
Description of Business (Details Narrative) $ in Thousands | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 28, 2021USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021 | Dec. 31, 2018 | Nov. 15, 2018 | |
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Number of Vessels owned | 65 | ||||
Weighted Average Age Capacity | 14 years 10 months 24 days | ||||
La Tour Containership [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Number of vessels sold | 1 | ||||
Year Build | 2001 | ||||
Capacity in TEUs | 2,272 | ||||
Seven Vessels [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Number of vessels purchased | 7 | ||||
Capacity in TEUs | 6,000 | ||||
Aggregate purchase price | $ 116,000 | ||||
Date of Delivery | Six vessels were delivered in May 2021 and the seventh vessel in July 2021. | ||||
Seven Vessels [Member] | Minimum [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Lease Contract | 36 months | ||||
Twelve Vessels [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Number of vessels purchased | 12 | ||||
Aggregate purchase price | $ 233,890 | ||||
Date of Delivery | The Twelve Vessels were delivered in July 2021 | ||||
Four Vessels [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Number of vessels purchased | 4 | ||||
Capacity in TEUs | 5,470 | ||||
Aggregate purchase price | $ 148,000 | ||||
Lease Contract | 3 years | ||||
Date of Delivery | Three vessels were delivered in September 2021 and the fourth vessel in October 2021 | ||||
Four Vessels [Member] | Minimum [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Lease Contract | 3 months | ||||
Four Vessels [Member] | Maximum [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Lease Contract | 25 months | ||||
Poseidon Transaction [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Number of vessels purchased | 20 | ||||
Poseidon Transaction [Member] | Argos [Member] | |||||
Noncash or Part Noncash Acquisitions [Line Items] | |||||
Number of vessels sold | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Jan. 20, 2021shares | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 25, 2019 | Jul. 31, 2020 | Nov. 15, 2018shares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||
Document accounting standard | U.S. GAAP | ||||||||
Allowances of doubtful accounts | $ 0 | $ 0 | |||||||
Capitalized interest | $ 0 | 0 | |||||||
Depreciation method | straight-line | ||||||||
Vessel estimated useful life | 30 years | ||||||||
Estimated residual scrap value of vessels per lightweight ton (LWT) | $ 400 | ||||||||
Period Between Scheduled Drydockings | 5 years | ||||||||
Future charter rate assumptions | 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. | ||||||||
Impairment of vessels | $ 0 | 8,497,000 | $ 0 | ||||||
Unrealized gain on the interest rate caps | 227,000 | 0 | 0 | ||||||
Charter revenue | 402,524,000 | 282,272,000 | $ 263,035,000 | ||||||
Other current assets | 2,866,000 | 0 | |||||||
Other Assets, Noncurrent | $ 14,010,000 | $ 0 | |||||||
Number of banks holding deposits | 10 | 8 | |||||||
Number of Reportable Segments | 1 | ||||||||
Total aggregate carrying amount | $ 1,682,816,000 | $ 1,140,583,000 | |||||||
Payable premium amount | 7,000,000 | 0 | |||||||
Interest Rate Caps [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Derivative, Notional Amount | 484,100,000 | ||||||||
Derivative Asset | $ 7,227,000 | 0 | |||||||
Derivative, Cap Interest Rate | 0.75% | ||||||||
Derivative, Maturity Date | Nov. 30, 2026 | ||||||||
Payable premium amount | $ 7,000,000 | ||||||||
Derivative, Inception Date | Dec. 22, 2021 | ||||||||
Two Vessel groups [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Total aggregate carrying amount | $ 15,585,000 | ||||||||
UNITED KINGDOM | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of subsidiaries owned by the Company | 1 | 1 | 1 | ||||||
Principal rate of corporate income tax | 19.00% | 19.00% | 19.00% | ||||||
Charters Revenues [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Charter revenue | $ 16,174,000 | ||||||||
9.875 % First Priority Secured Notes Due 2022 [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | ||||||||
GSL Matisse And Utrillo [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels sold | 2 | ||||||||
Impairment of vessels | $ 912,000 | $ 7,585,000 | $ 8,497,000 | ||||||
Series B Preferred Stock [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Preferred shares dividend rate percentage | 8.75% | ||||||||
Series C Preferred Stock [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Series C Preferred issues | shares | shares | 250,000 | ||||||||
Series C Preferred Stock [Member] | Kelso [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Conversion of stock shares converted | shares | shares | 250,000 | ||||||||
Reverse Stock Split [Member] | Common Stock [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Stockholders' Equity, Reverse Stock Split | On March 25, 2019, the Company’s common shares began trading on a reverse-split-adjusted basis, following approval received from the Company’s shareholders at a Special Meeting held on March 20, 2019 and subsequently approval from the Company’s Board of Directors to reverse split the Company’s common shares at a ratio of one-for-eight. The Class A common shares and Class B common shares per share amounts disclosed in the consolidated financial statements and notes give effect to the reverse stock split retroactively, for all years presented | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 |
Restricted Cash (Table) (Detail
Restricted Cash (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Cash [Abstract] | |||
Retention accounts | $ 11,276 | $ 525 | |
Restricted bank deposits/Drydock reserves | 13,618 | 0 | |
Cash collateral | 0 | 300 | |
Total Current Restricted Cash | 24,894 | 825 | |
Cash collateral | [1] | 100,000 | 6,953 |
Guarantee deposits | 20 | 20 | |
Restricted bank deposits/Drydock reserves | 2,948 | 3,207 | |
Cash in custody | 500 | 500 | |
Total Non - Current Restricted Cash | 103,468 | 10,680 | |
Total Current and Non - Current Restricted Cash | $ 128,362 | $ 11,505 | |
[1] | Advances from charterers. |
Vessels in Operation - Schedule
Vessels in Operation - Schedule of Vessels in Operation (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Balance beginning of period | $ 1,140,583 | ||
Impairment Loss | 0 | $ (8,497) | $ 0 |
Balance ending of period | 1,682,816 | 1,140,583 | |
Vessel Cost [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance beginning of period | 1,297,785 | 1,306,936 | |
Additions | 603,514 | 41,710 | |
Disposals | (23,167) | (7,058) | |
Impairment Loss | (43,803) | ||
Balance ending of period | 1,878,132 | 1,297,785 | 1,306,936 |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance beginning of period | (157,202) | (151,350) | |
Disposals | 14,445 | ||
Depreciation | (52,559) | (41,158) | |
Impairment loss | 35,306 | ||
Balance ending of period | (195,316) | (157,202) | (151,350) |
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance beginning of period | 1,140,583 | 1,155,586 | |
Additions | 603,514 | 41,710 | |
Disposals | (8,722) | (7,058) | |
Depreciation | (52,559) | (41,158) | |
Impairment Loss | (8,497) | ||
Balance ending of period | $ 1,682,816 | $ 1,140,583 | $ 1,155,586 |
Vessels in Operation - Vessels
Vessels in Operation - Vessels Acquisitions (Details) Pure in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | ||
GSL Tripoli [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 5,470 | |
Year Built | 2009 | |
Property, Plant and Equipment, Additions | $ 37,000 | |
Delivery Date | September 1, 2021 | |
GSL Tinos [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 5,470 | |
Year Built | 2010 | |
Property, Plant and Equipment, Additions | $ 37,500 | |
Delivery Date | September 9, 2021 | |
GSL Syros [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 5,470 | |
Year Built | 2010 | |
Property, Plant and Equipment, Additions | $ 37,500 | |
Delivery Date | September 13, 2021 | |
GSL Kithira [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 5,470 | |
Year Built | 2009 | |
Property, Plant and Equipment, Additions | $ 36,000 | |
Delivery Date | October 13, 2021 | |
GSL Susan [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 4,363 | |
Year Built | 2008 | |
Property, Plant and Equipment, Additions | $ 20,740 | |
Delivery Date | July 29, 2021 | |
GSL Rossi [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 3,421 | |
Year Built | 2012 | |
Property, Plant and Equipment, Additions | $ 21,580 | |
Delivery Date | July 29, 2021 | |
GSL Alice [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 3,421 | |
Year Built | 2014 | |
Property, Plant and Equipment, Additions | $ 23,150 | |
Delivery Date | July 29, 2021 | |
GSL Melina [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 3,404 | |
Year Built | 2013 | |
Property, Plant and Equipment, Additions | $ 23,990 | |
Delivery Date | July 29, 2021 | |
GSL Eleftheria [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 3,404 | |
Year Built | 2013 | |
Property, Plant and Equipment, Additions | $ 26,870 | |
Delivery Date | July 29, 2021 | |
GSL Mercer [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 2,824 | |
Year Built | 2007 | |
Property, Plant and Equipment, Additions | $ 20,750 | |
Delivery Date | July 29, 2021 | |
GSL Lalo [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 2,824 | |
Year Built | 2006 | |
Property, Plant and Equipment, Additions | $ 13,320 | |
Delivery Date | July 29, 2021 | |
Matson Molokai [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 2,824 | |
Year Built | 2007 | |
Property, Plant and Equipment, Additions | $ 16,430 | |
Delivery Date | July 15, 2021 | |
GSL Elizabeth [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 2,741 | |
Year Built | 2006 | |
Property, Plant and Equipment, Additions | $ 13,910 | |
Delivery Date | July 28, 2021 | |
GSL Chloe [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 2,546 | |
Year Built | 2012 | |
Property, Plant and Equipment, Additions | $ 22,320 | |
Delivery Date | July 29, 2021 | |
GSL Maren [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 2,546 | |
Year Built | 2014 | |
Property, Plant and Equipment, Additions | $ 23,270 | |
Delivery Date | July 29, 2021 | |
GSL Amstel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 1,118 | |
Year Built | 2008 | |
Property, Plant and Equipment, Additions | $ 7,560 | |
Delivery Date | July 29, 2021 | |
GSL MYNY [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 6,008 | |
Year Built | 2000 | |
Property, Plant and Equipment, Additions | $ 17,600 | |
Delivery Date | July 28, 2021 | |
GSL Melita [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 6,008 | |
Year Built | 2001 | |
Property, Plant and Equipment, Additions | $ 15,500 | |
Delivery Date | May 25, 2021 | |
GSL Violetta [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 6,008 | [1] |
Year Built | 2000 | [1] |
Property, Plant and Equipment, Additions | $ 17,300 | [1] |
Delivery Date | April 28, 2021 | [1] |
GSL Maria [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 6,008 | [1] |
Year Built | 2001 | [1] |
Property, Plant and Equipment, Additions | $ 16,600 | [1] |
Delivery Date | April 28, 2021 | [1] |
GSL Arcadia [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 6,008 | |
Year Built | 2000 | |
Property, Plant and Equipment, Additions | $ 18,000 | |
Delivery Date | April 26, 2021 | |
GSL Dorothea [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 5,992 | |
Year Built | 2001 | |
Property, Plant and Equipment, Additions | $ 15,500 | |
Delivery Date | April 26, 2021 | |
GSL Tegea [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capacity in TEUs | 5,992 | |
Year Built | 2001 | |
Property, Plant and Equipment, Additions | $ 15,500 | |
Delivery Date | May 17, 2021 | |
[1] | The charters of these vessels resulted in an intangible liability of $3,051 that was recognized and will be amortized over the remaining useful life of the charters. |
Vessels in Operation (Details N
Vessels in Operation (Details Narrative) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Jan. 29, 2020USD ($) | Feb. 21, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jul. 03, 2020USD ($) | Jul. 20, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel impairment losses | $ 0 | $ 8,497 | $ 0 | |||||||
Ballast water treatments and other additions amount | $ 6,139 | 1,364 | ||||||||
La Tour Containership [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 16,514 | |||||||||
Collateral description | the vessel was released as collateral under the Company’s $236,200 senior secured loan facility with Hayfin Capital Management, LLP | |||||||||
Net gain from vessel sale | $ 7,770 | |||||||||
Year build | 2001 | |||||||||
Capacity in TEUs | 2,272 | |||||||||
GSL Nicoletta [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel delivery date | Feb. 21, 2020 | |||||||||
Year build | 2002 | |||||||||
Capacity in TEUs | 6,840 | |||||||||
Aggregate purchase price | $ 12,660 | |||||||||
GSL Christen [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel delivery date | Jan. 29, 2020 | |||||||||
Year build | 2002 | |||||||||
Capacity in TEUs | 6,840 | |||||||||
Aggregate purchase price | $ 13,000 | |||||||||
Utrillo [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 3,411 | |||||||||
Collateral description | the vessel was released as collateral under the Company’s 2022 Notes and Citi Credit Facility | |||||||||
GSL Matisse [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 3,441 | |||||||||
Collateral description | the vessel was released as collateral under the Company’s 2022 Notes and Citi Credit Facility | |||||||||
GSL Matisse And Utrillo [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel impairment losses | $ 912 | $ 7,585 | $ 8,497 | |||||||
GSL Matisse And Utrillo [Member] | Unamortized Drydocking Costs [Member] | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Vessel impairment losses | $ 38 |
Deferred charges, net (Table) (
Deferred charges, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Costs, Noncurrent [Abstract] | ||
Balance beginning of period | $ 22,951 | $ 16,408 |
Additions | 23,704 | 12,401 |
Amortization | (9,004) | (5,820) |
Write - off | (22) | (38) |
Balance ending of period | $ 37,629 | $ 22,951 |
Deferred charges, net (Details
Deferred charges, net (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Noncurrent [Abstract] | |
Period between scheduled regulatory drydockings | 5 years |
Intangible Liabilities_ Assets
Intangible Liabilities/ Assets - Charter Agreements - Schedule of Intangible Liabilities (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Liabilitiesassets Charter Agreements | ||
Opening Balance | $ 4,462 | $ 6,470 |
Additions | 96,344 | 0 |
Amortization | (45,430) | (2,008) |
Total | $ 55,376 | $ 4,462 |
Intangible Liabilities_ Asset_2
Intangible Liabilities/ Assets – Charter Agreements - Schedule of Intangible Assets (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Liabilitiesassets Charter Agreements | ||
Opening balance | $ 0 | $ 1,467 |
Amortization | 0 | (1,467) |
Total | $ 0 | $ 0 |
Intangible Liabilities_ Asset_3
Intangible Liabilities/ Assets - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Intangible Liabilitiesassets Charter Agreements | |
December 31, 2022 | $ 41,158 |
December 31, 2023 | 8,556 |
December 31, 2024 | 5,113 |
December 31, 2025 | 549 |
Below Market Lease, Net, Total | $ 55,376 |
Intangible Liabilities_Assets_3
Intangible Liabilities/Assets – Charter Agreements (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Liabilitiesassets Charter Agreements | |||
Amortization income of intangible liabilities-charter agreements | $ 45,430 | $ 541 | $ (1,933) |
Amortization of intangible liabilities | 45,430 | 2,008 | |
Amortization of intangible asset | 0 | 1,467 | |
Amortization of intangible liabilities - related party | $ 6,882 | $ 1,782 | $ 1,771 |
Weighted average useful lives | 1 year 7 months 9 days |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Insurance and other claims | $ 6,265 | $ 762 | |
Advances to suppliers and other assets | 7,963 | 2,329 | |
Prepaid insurances | 2,657 | 584 | |
Other | [1] | 8,339 | 3,036 |
Total | $ 25,224 | $ 6,711 | |
[1] | Includes current portion of straight-line, scrubber equipment and installation claim. |
Inventories (Table) (Details)
Inventories (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Bunkers | $ 1,187 | $ 521 |
Lubricants | 8,462 | 4,223 |
Stores | 1,358 | 1,291 |
Victualling | 403 | 281 |
Total | $ 11,410 | $ 6,316 |
Derivative Asset - Schedule of
Derivative Asset - Schedule of Derivative Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Opening balance | $ 0 | $ 0 |
Opening balance | 7,000 | 0 |
Opening balance | 227 | 0 |
Opening balance | 7,227 | 0 |
Opening balance | (533) | 0 |
Opening balance | $ 6,694 | $ 0 |
Derivative Asset (Details Narra
Derivative Asset (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Payable premium amount | $ 7,000,000 | $ 0 |
Interest Rate Caps [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative, Notional Amount | $ 484,100,000 | |
Derivative, Cap Interest Rate | 0.75% | |
Derivative, Maturity Date | Nov. 30, 2026 | |
Payable premium amount | $ 7,000,000 | |
Derivative, Inception Date | Dec. 22, 2021 |
Accounts Payable (Table) (Detai
Accounts Payable (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Suppliers, repairers | $ 6,339 | $ 8,774 |
Insurers, agents and brokers | 355 | 406 |
Payables to charterers | 1,566 | 650 |
Other creditors | 4,899 | 727 |
Total | $ 13,159 | $ 10,557 |
Accrued Liabilities (Table) (De
Accrued Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 28,557 | $ 15,133 |
Accrued interest | 3,692 | 3,994 |
Total | $ 32,249 | $ 19,127 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long - Term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Line of Credit Facility [Line Items] | |||
Total borrowings | $ 1,085,576 | $ 781,939 | |
Total sale and leaseback agreements | 178,335 | 0 | |
Less: Current portion of long-term debt | (190,316) | (76,681) | |
Less: Current portion of Sale and Leaseback Agreements (o,p,q) | (36,675) | 0 | |
Less: Deferred financing costs (s) | (16,714) | (11,203) | $ (14,095) |
Non-current portion of Long-Term Debt | 880,134 | 692,775 | |
Sale and Leaseback Agreement CMBFL - $120,000 (o) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 115,238 | 0 | |
Sale and Leaseback Agreement CMBFL - $54,000 (p) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 49,950 | 0 | |
Sale and Leaseback Agreement - Neptune $14,735 (q) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 13,147 | 0 | |
Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Total borrowings | 907,241 | 781,939 | |
Long-term Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Less: Current portion of long-term debt | (153,641) | (50,441) | |
2022 Notes (n) [Member] | |||
Line of Credit Facility [Line Items] | |||
Notes | 0 | 233,436 | |
2022 Notes | 233,436 | 322,723 | |
Less redemptions and repurchases | (233,436) | (89,287) | |
Less: Current portion of 2022 Notes (n) | 0 | (26,240) | |
Plus/(Less): Original issue premium/(discount) | 0 | (1,133) | |
2024 Notes (h) [Member] | |||
Line of Credit Facility [Line Items] | |||
Plus/(Less): Original issue premium/(discount) | 1,588 | (147) | |
Sinopac Credit Facility (a) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 11,580 | 0 | |
HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (b) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 132,000 | 0 | |
Deutsche Credit Facility (c) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 49,345 | 0 | |
HCOB Credit Facility (d) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 56,844 | 0 | |
CACIB, Bank Sinopac, CTBC Credit Facility (e) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 49,150 | 0 | |
New Hayfin Credit Facility (f) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 204,129 | 0 | |
Chailease Credit Facility (g) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 5,568 | 7,596 | |
2024 Notes (h) [Member] | |||
Line of Credit Facility [Line Items] | |||
Notes | 117,520 | 59,819 | |
Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (i) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 213,200 | 238,000 | |
Blue Ocean Junior Credit Facility (i, j) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 26,205 | 38,500 | |
Hellenic Bank Credit Facility (k) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 41,700 | 49,700 | |
Deutsche, First-Citizens & Trust Company, HCOB, Entrust, Blue Ocean Credit Facility (l) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 0 | 149,055 | |
Hayfin Credit Facility (m) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | $ 0 | $ 5,833 |
Long-Term Debt - Repayment Sche
Long-Term Debt - Repayment Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
December 31, 2022 | $ 190,316 | |
December 31, 2023 | 153,572 | |
December 31, 2024 | 274,940 | |
December 31, 2025 | 92,968 | |
December 31, 2026 | 316,175 | |
December 31, 2027 and thereafter | 57,605 | |
Total | $ 1,085,576 | $ 781,939 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Deferred Financing Costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Opening balance | $ 11,203 | $ 14,095 |
Expenditure in the period | 13,790 | 1,193 |
Amortization included within interest expense | (8,279) | (4,085) |
Closing balance | $ 16,714 | $ 11,203 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) | 1 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | 13 Months Ended | |||||||||||||||||||
Jan. 19, 2022USD ($) | Jan. 20, 2021USD ($) | Jan. 19, 2021USD ($) | Feb. 10, 2020USD ($) | Apr. 30, 2021USD ($) | May 31, 2021USD ($) | May 20, 2021USD ($) | May 24, 2019USD ($) | Jun. 30, 2021USD ($) | Jul. 31, 2021USD ($) | Sep. 04, 2019USD ($) | Sep. 10, 2018USD ($) | Oct. 13, 2021USD ($) | Sep. 30, 2021USD ($) | Oct. 03, 2019USD ($) | Sep. 24, 2019USD ($) | Sep. 23, 2019USD ($) | Nov. 09, 2018USD ($) | Oct. 31, 2017USD ($) | Dec. 10, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 20, 2021USD ($) | May 12, 2021USD ($) | May 06, 2021USD ($) | Apr. 13, 2021USD ($) | Nov. 27, 2019USD ($) | Nov. 19, 2019USD ($) | Dec. 31, 2018USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 744,506,000 | $ 47,000,000 | $ 327,500,000 | |||||||||||||||||||||||||||
Repayments of Debt | 149,632,000 | 44,366,000 | 262,810,000 | |||||||||||||||||||||||||||
Long-term Debt | $ 1,085,576,000 | 781,939,000 | ||||||||||||||||||||||||||||
Number of vessels secured to notes | 65 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 13,790,000 | $ 1,193,000 | ||||||||||||||||||||||||||||
Debt Instrument, Covenant Description | Amounts drawn under the facilities listed above are secured by first priority mortgages on certain of the Company’s vessels and other collateral. The credit facilities contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness; charging, pledging or encumbering the vessels; and changing the flag, class, management or ownership of the vessel owning entities. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, specific credit facilities require compliance with a number of financial covenants including asset cover ratios and minimum liquidity and corporate guarantor requirements. Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with, or remedied | |||||||||||||||||||||||||||||
Debt Instrument, Covenant Compliance | As of December 31, 2021, and December 31, 2020, the Company was in compliance with its debt covenants | |||||||||||||||||||||||||||||
$120.0 Million - Four Sale and Leaseback agreements CMBFL Four Vessels [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Finance Lease Liability Periodic Payment Terms, Balloon Payment to be Paid | $ 7,000,000 | |||||||||||||||||||||||||||||
$54.0 Million Sale and Leaseback agreement CMBFL [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 54,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 3.25% | |||||||||||||||||||||||||||||
Outstanding amount | $ 49,950,000 | |||||||||||||||||||||||||||||
Repayments of Debt | $ 46,624,000 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Date | May 20, 2021 | |||||||||||||||||||||||||||||
Finance Lease, Liability | $ 54,000,000 | |||||||||||||||||||||||||||||
Finance Lease Liability Periodic Payment Terms, Balloon Payment to be Paid | $ 19,980,000 | |||||||||||||||||||||||||||||
Finance Lease Liability Maturity Date | May 2028 | |||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | 75,000,000 | |||||||||||||||||||||||||||||
Advance hire | 21,000,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 945,000 | |||||||||||||||||||||||||||||
$14.7 Million Sale and Leaseback agreement Neptune Maritime Leasing [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Description | to finance the acquisition of GSL Violetta delivered in April 2021 | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 4.64% | |||||||||||||||||||||||||||||
Outstanding amount | $ 13,147,000 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Date | May 12, 2021 | |||||||||||||||||||||||||||||
Finance Lease, Liability | $ 14,735,000 | |||||||||||||||||||||||||||||
Finance Lease Liability Periodic Payment Terms, Balloon Payment to be Paid | $ 950,000 | |||||||||||||||||||||||||||||
Finance Lease Liability Maturity Date | February 2026 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 14,735,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 191,000 | |||||||||||||||||||||||||||||
Twelve Vessels [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 233,890,000 | |||||||||||||||||||||||||||||
8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Issuance Date | Nov. 19, 2019 | |||||||||||||||||||||||||||||
Issuance of notes | $ 4,125,000 | $ 27,500,000 | ||||||||||||||||||||||||||||
Debt instrument, interest rate | 8.00% | |||||||||||||||||||||||||||||
Debt instrument, maturity date | Dec. 31, 2024 | |||||||||||||||||||||||||||||
Interest on notes | Interest on the 2024 Notes is payable on the last day of February, May, August and November of each year | |||||||||||||||||||||||||||||
Date of first required payment | Feb. 29, 2020 | |||||||||||||||||||||||||||||
Notes Payable, Fair Value Disclosure | $ 117,520,000 | |||||||||||||||||||||||||||||
Long-term Debt | $ 119,108,000 | |||||||||||||||||||||||||||||
8.00% Senior Unsecured Notes Due 2024 [Member] | Twelve Vessels [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Payments for advances | $ 233,890,000 | |||||||||||||||||||||||||||||
Net proceeds from issuance | 35,000,000 | |||||||||||||||||||||||||||||
9.875 % First Priority Secured Notes Due 2022 [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Issuance Date | Oct. 31, 2017 | |||||||||||||||||||||||||||||
Issuance of notes | $ 360,000,000 | |||||||||||||||||||||||||||||
Debt instrument, interest rate | 9.875% | |||||||||||||||||||||||||||||
Debt instrument, maturity date | Nov. 15, 2022 | |||||||||||||||||||||||||||||
Interest on notes | Interest on the 2022 Notes was payable semi-annually on May 15 and November 15 of each year | |||||||||||||||||||||||||||||
Date of first required payment | May 15, 2018 | |||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 98.98% | 102.469% | ||||||||||||||||||||||||||||
Proceeds from Issuance of Secured Debt | $ 356,400,000 | |||||||||||||||||||||||||||||
Number of vessels secured to notes | 16 | |||||||||||||||||||||||||||||
Number of vessels owned | 16 | |||||||||||||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 233,436,000 | $ 46,000,000 | $ 15,287 | $ 233,436,000 | ||||||||||||||||||||||||||
Debt Instrument, Repurchase Amount | 239,200,000 | $ 48,271,000 | $ 239,200,000 | |||||||||||||||||||||||||||
Debt Instrument, Repurchase Price Percentage | 104.938% | |||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 10,642,000 | |||||||||||||||||||||||||||||
First of the three tranches of $180,500 Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | |||||||||||||||||||||||||||||
Repayments of Debt | $ 48,527,000 | |||||||||||||||||||||||||||||
Second of the three tranches of $180,500 Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | |||||||||||||||||||||||||||||
Repayments of Debt | $ 48,648,000 | |||||||||||||||||||||||||||||
Tranche A E F [Member] | $64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 32,100,000 | |||||||||||||||||||||||||||||
Maturity date | April 2025 | |||||||||||||||||||||||||||||
Tranches B and D [Member] | $64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 21,400,000 | |||||||||||||||||||||||||||||
Maturity date | May 2025 | |||||||||||||||||||||||||||||
Tranche C [Member] | $64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | 10,700,000 | |||||||||||||||||||||||||||||
Maturity date | July 2025 | |||||||||||||||||||||||||||||
On or after December 31, 2021 and prior to December 31, 2022 [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102.00% | |||||||||||||||||||||||||||||
On or after December 31, 2022 and prior to December 31, 2023 [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||||||||||||||||||||||||||||
On or after December 31, 2023 and prior to maturity [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||||||||||||||||
Eight Instalments [Member] | $54.0 Million Sale and Leaseback agreement CMBFL [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Repayment installments | 8 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 2,025,000 | |||||||||||||||||||||||||||||
Twenty Instalments [Member] | $54.0 Million Sale and Leaseback agreement CMBFL [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 891,000 | |||||||||||||||||||||||||||||
Fifteen Instalments [Member] | $14.7 Million Sale and Leaseback agreement Neptune Maritime Leasing [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Repayment installments | 15 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 793,870 | |||||||||||||||||||||||||||||
Four Instalments [Member] | $14.7 Million Sale and Leaseback agreement Neptune Maritime Leasing [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Repayment installments | 4 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 469,120 | |||||||||||||||||||||||||||||
$12.0 Million Sinopac Capital International Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Aug. 27, 2021 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000,000 | |||||||||||||||||||||||||||||
Amount drawn down | $ 12,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | partially used to fully refinance the Hayfin Credit Facility | |||||||||||||||||||||||||||||
Maturity date | September 2026 | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 420,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,600,000 | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR | |||||||||||||||||||||||||||||
Loan margin percentage | 3.25% | |||||||||||||||||||||||||||||
Outstanding amount | $ 11,580,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 252,000 | |||||||||||||||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Jul. 6, 2021 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 140,000,000 | |||||||||||||||||||||||||||||
Amount drawn down | $ 140,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | to finance the acquisition of the Twelve Vessels | |||||||||||||||||||||||||||||
Maturity date | July 2026 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,600,000 | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR | |||||||||||||||||||||||||||||
Loan margin percentage | 3.25% | |||||||||||||||||||||||||||||
Outstanding amount | $ 132,000,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 2,852,000 | |||||||||||||||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | First Six Installments [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 8,000,000 | |||||||||||||||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | Next Eight Installments [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,400,000 | |||||||||||||||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | Last Six Installments [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 2,200,000 | |||||||||||||||||||||||||||||
$51.7 Million Deutsche Bank AG Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | May 6, 2021 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 51,670,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,162,450 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 28,421,000 | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 3.25% | |||||||||||||||||||||||||||||
Outstanding amount | $ 49,345,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 777,000 | |||||||||||||||||||||||||||||
$64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Apr. 15, 2021 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 64,200,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | in order to finance the acquisition of six out of the Seven Vessels | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 3.50% | |||||||||||||||||||||||||||||
Outstanding amount | $ 56,844,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 1,386,000 | |||||||||||||||||||||||||||||
$64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | Each Tranche [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 16 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 668,750 | |||||||||||||||||||||||||||||
$51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Apr. 13, 2021 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 51,700,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility | |||||||||||||||||||||||||||||
Maturity date | April 2026 | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,275,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 26,200,000 | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 2.75% | |||||||||||||||||||||||||||||
Outstanding amount | $ 49,150,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 984,000 | |||||||||||||||||||||||||||||
$236.2 Million Senior secured loan facility with Hayfin Management, LLP [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Jan. 7, 2021 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 236,200,000 | |||||||||||||||||||||||||||||
Amount drawn down | $ 236,200,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | The proceeds from the New Hayfin Credit Facility, along with cash on hand, were used to optionally redeem in full the outstanding 2022 Notes on January 20, 2021 | |||||||||||||||||||||||||||||
Maturity date | January 2026 | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 6,560,000 | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 7.00% | |||||||||||||||||||||||||||||
Outstanding amount | $ 204,129,000 | |||||||||||||||||||||||||||||
Repayments of Debt | $ 5,831,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Collateral | The New Hayfin Credit Facility is secured by, among other things, first priority ship mortgages over 21 of the Company’s vessels, assignments of earnings and insurances of the mortgaged vessels, pledges over certain bank accounts, as well as share pledges over the equity interests of each mortgaged vessel-owning subsidiary | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 4,049,000 | |||||||||||||||||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Feb. 26, 2020 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | was used for the refinance of DVB Credit Facility | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,314,000 | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 4.20% | |||||||||||||||||||||||||||||
Outstanding amount | $ 5,568,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | 320,000 | |||||||||||||||||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | 36 Installments [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | monthly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 156,000 | |||||||||||||||||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | 24 Installments [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | monthly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 86,000 | |||||||||||||||||||||||||||||
At Market Issuance Sales Agreement [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Notes Payable, Fair Value Disclosure | 85,895,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | 434,000 | 776,000 | ||||||||||||||||||||||||||||
New Syndicated Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 140,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | refinance its outstanding Syndicated Senior Secured Credit Facility, which extended the maturity date from September 2024 to December 2026, amended certain covenants in the Company’s favor at an unchanged rate of LIBOR + 3.00% (see note 19) | |||||||||||||||||||||||||||||
$268.0 Million Syndicated Senior Secured Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Sep. 19, 2019 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 224,310,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | in order to refinance existing credit facilities | |||||||||||||||||||||||||||||
Maturity date | December 2020 | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin of 3.00% and is payable at each quarter end date | |||||||||||||||||||||||||||||
Loan margin percentage | 3.00% | |||||||||||||||||||||||||||||
Outstanding amount | $ 213,200,000 | |||||||||||||||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||||||||||||||
Fees and related costs deferred | 67,000 | |||||||||||||||||||||||||||||
$268.0 Million Syndicated Senior Secured Credit Facility [Member] | Tranche A [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 230,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,200,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 126,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Sep. 24, 2024 | |||||||||||||||||||||||||||||
$268.0 Million Syndicated Senior Secured Credit Facility [Member] | Tranche B [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 38,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,000,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Sep. 24, 2024 | |||||||||||||||||||||||||||||
$38.5 Million Blue Ocean Junior Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Sep. 19, 2019 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 38,500,000 | |||||||||||||||||||||||||||||
Amount drawn down | $ 38,500,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | in order to refinance that existing facility | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 1 | |||||||||||||||||||||||||||||
Outstanding amount | $ 26,205,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Sep. 24, 2024 | |||||||||||||||||||||||||||||
Repayments of Debt | $ 26,205,000 | $ 12,295,000 | ||||||||||||||||||||||||||||
Debt instrument, interest rate | 10.00% | |||||||||||||||||||||||||||||
Fees on repayments of debt | $ 3,968,000 | $ 1,618,000 | ||||||||||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | May 23, 2019 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 37,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | be used in connection with the acquisition of the vessels GSL Eleni, GSL Grania and GSL Kalliopi | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 3.90% | |||||||||||||||||||||||||||||
Outstanding amount | $ 41,700,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 30,000 | |||||||||||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | Tranche A [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 13,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 450,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000,000 | |||||||||||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | Tranche B [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 12,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 400,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000,000 | |||||||||||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | Tranche C [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 12,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 400,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000,000 | |||||||||||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | Amended and restated loan agreement [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Dec. 10, 2019 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,000,000 | |||||||||||||||||||||||||||||
Amount drawn down | $ 22,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | be used in connection with the acquisition of the vessels GSL Vinia and GSL Christel Elisabeth | |||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 375,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,500,000 | |||||||||||||||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||||||||||||||
$180.5 Million Deutsche, First-Citizens & Trust Company, HCOB, Entrust, Blue Ocean Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Nov. 9, 2018 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 180,500,000 | |||||||||||||||||||||||||||||
Amount drawn down | $ 180,500,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | |||||||||||||||||||||||||||||
Senior Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 141,900,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR | |||||||||||||||||||||||||||||
Loan margin percentage | 3.00% | |||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | |||||||||||||||||||||||||||||
Number of loan tranches | 3 | |||||||||||||||||||||||||||||
Debt Service Coverage Ratio (DSCR) | 1.10:1 | |||||||||||||||||||||||||||||
Senior Facility [Member] | $54.0 Million Sale and Leaseback agreement - CMBFL [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Date | May 20, 2021 | |||||||||||||||||||||||||||||
Finance Lease, Liability | $ 54,000,000 | |||||||||||||||||||||||||||||
Finance Lease Liability, Maturity Date | Jun. 30, 2022 | |||||||||||||||||||||||||||||
Senior Facility [Member] | Tranche A [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 14 | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 868,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,148,000 | |||||||||||||||||||||||||||||
Senior Facility [Member] | Tranche B [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 14 | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 863,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,218,000 | |||||||||||||||||||||||||||||
Senior Facility [Member] | Tranche C [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 14 | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 858,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,288,000 | |||||||||||||||||||||||||||||
Junior Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 38,600,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR | |||||||||||||||||||||||||||||
Loan margin percentage | 10.00% | |||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | |||||||||||||||||||||||||||||
Number of loan tranches | 3 | |||||||||||||||||||||||||||||
Debt Service Coverage Ratio (DSCR) | 1.10:1 | |||||||||||||||||||||||||||||
Junior Facility [Member] | Tranche A [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 14 | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 236,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,563,000 | |||||||||||||||||||||||||||||
Junior Facility [Member] | Tranche B [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 14 | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 235,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,577,000 | |||||||||||||||||||||||||||||
Junior Facility [Member] | Tranche C [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 14 | |||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 233,000 | |||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,604,000 | |||||||||||||||||||||||||||||
New Secured Credit Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 51,670,000 | $ 51,700,000 | ||||||||||||||||||||||||||||
$65.0 Million Hayfin Secured Term Loan Facility [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Issuance date of debt instrument | Sep. 7, 2018 | |||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | to be used in connection with the acquisition of vessels as specified in the Hayfin Credit Facility or as otherwise agreed with the Lenders | |||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | each quarter end date | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 5.50% | |||||||||||||||||||||||||||||
Outstanding amount | $ 0 | |||||||||||||||||||||||||||||
Line of Credit Facility, Expiration Date | Jul. 16, 2022 | |||||||||||||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 2.00% | |||||||||||||||||||||||||||||
$65.0 Million Hayfin Secured Term Loan Facility [Member] | Initial Tranche [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 8,125,000 | |||||||||||||||||||||||||||||
New Secured Credit Facility August 2021 [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | to refinance the existing Hayfin Credit Facility | |||||||||||||||||||||||||||||
Maturity date | July 2022 | |||||||||||||||||||||||||||||
$120.0 Million - Four Sale and Leaseback agreements CMBFL Four Vessels [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Amount drawn down | $ 90,000,000 | |||||||||||||||||||||||||||||
Line of Credit Facility, Description | to finance the acquisition of the Four Vessels | |||||||||||||||||||||||||||||
Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||||||||||
Loan margin percentage | 3.25% | |||||||||||||||||||||||||||||
Outstanding amount | $ 115,238 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Date | August 26, 2021 | |||||||||||||||||||||||||||||
Finance Lease, Liability | $ 30,000,000 | |||||||||||||||||||||||||||||
Repayment installments | 4 | |||||||||||||||||||||||||||||
Amount drawn down | $ 30,000,000 | |||||||||||||||||||||||||||||
Fees and related costs deferred | $ 1,920,000 | |||||||||||||||||||||||||||||
$120.0 Million - Four Sale and Leaseback agreements CMBFL Four Vessels [Member] | First Twelve Quarterly Installments [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Repayment installments | 12 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 1,587,500 | |||||||||||||||||||||||||||||
$120.0 Million - Four Sale and Leaseback agreements CMBFL Four Vessels [Member] | Next Twelve Quarterly Installments [Member] | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||||||||||
Repayment installments | 12 | |||||||||||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 329,200 |
Time charter revenue - Operatin
Time charter revenue - Operating revenue (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CMA CGM [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
[custom:ConcentrationRiskPercentage] | 33.83% | 50.60% | 57.18% |
COSCO [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
[custom:ConcentrationRiskPercentage] | 5.96% | 6.85% | 10.88% |
MAERSK [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
[custom:ConcentrationRiskPercentage] | 22.81% | 14.13% | 0.00% |
MSC [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
[custom:ConcentrationRiskPercentage] | 7.54% | 12.86% | 0.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Due from related parties | $ 2,897 | $ 1,472 | |
Due to related parties | 543 | 225 | |
Time charter and voyage expenses-related parties | $ 3,583 | $ 2,446 | $ 1,845 |
CMA CGM [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of revenue | 33.83% | 50.60% | 57.18% |
CMA CGM [Member] | Common Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Voting Interest | 8.40% | 11.13% | |
CMA CGM [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of revenue | 33.80% | ||
Due from related parties | $ 1,202 | $ 1,278 | |
Due to related parties | 502 | 0 | |
Third Party Managers [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees | 834 | 0 | |
Technomar [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 1,785 | 184 | |
Due to related parties | 0 | 0 | |
Management fees | 15,294 | 12,580 | $ 9,160 |
CMA Ships [Member] | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 10 | 10 | |
Management fees | 0 | 0 | 720 |
Conchart [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 41 | 225 | |
Time charter and voyage expenses-related parties | $ 3,583 | $ 2,446 | $ 1,845 |
Commitments and Contingencies -
Commitments and Contingencies - Charter Hire Receivable (Table) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
December 31, 2022 | $ 573,189 |
December 31, 2023 | 503,819 |
December 31, 2024 | 341,800 |
December 31, 2025 | 129,092 |
Thereafter | 78,439 |
[custom:OperatingLeasesFutureMinimumPaymentsReceivable1-0] | $ 1,626,339 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Number of Vessels owned | 65 |
Share Capital (Details Narrativ
Share Capital (Details Narrative) $ / shares in Units, $ in Thousands | Nov. 02, 2021USD ($)$ / shares | Jan. 26, 2021USD ($)$ / sharesshares | Jan. 20, 2021shares | Jan. 17, 2021USD ($) | Feb. 17, 2021shares | Mar. 25, 2019 | May 10, 2021USD ($)$ / shares | Apr. 30, 2020shares | Aug. 05, 2021USD ($)$ / shares | Sep. 01, 2021shares | Aug. 20, 2014USD ($)shares | Oct. 01, 2019USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Jun. 30, 2021shares | Apr. 13, 2021$ / sharesshares | Jan. 11, 2021$ / shares |
Class of Stock [Line Items] | ||||||||||||||||||
Classes of common shares | 1 | |||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 67,549 | $ (74) | $ 50,710 | |||||||||||||||
American Deposit Share [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Shares Issued | 2,076,992 | 839,442 | 42,756,000 | |||||||||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ | $ 51,234 | $ 18,847 | $ 856 | |||||||||||||||
January 2021 Equity Offering [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 13 | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 70,200 | $ 67,758 | ||||||||||||||||
Stock issued during the period | 5,400,000 | 141,959 | ||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,541,959 | 184,270 | 7,613,788 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 184,270 | |||||||||||||||||
Stock issued during the period | 931,874 | |||||||||||||||||
Cancellation of common shares | 521,650 | (521,650) | ||||||||||||||||
Reverse Stock Split [Member] | Common Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 | |||||||||||||||||
Common Class A [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 7,613,788 | 747,604 | ||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 7.25 | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 55,200 | |||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 50,710 | |||||||||||||||||
Dividends Payable amount per Share | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.12 | ||||||||||||||
Common Stock, Shares, Outstanding | 36,464,109 | 17,741,008 | ||||||||||||||||
Dividends Payable, Date of Record | Nov. 22, 2021 | May 24, 2021 | Aug. 23, 2021 | |||||||||||||||
Dividends | $ | $ 9,235 | $ 9,347 | $ 9,358 | |||||||||||||||
Dividends Payable, Date to be Paid | Dec. 2, 2021 | Jun. 3, 2021 | Sep. 3, 2021 | |||||||||||||||
Common Class A [Member] | Kelso [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Conversion of Stock, Shares Converted | 12,955,188 | |||||||||||||||||
Common Class A [Member] | Kelso and Maas Capital Investments [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 12.50 | |||||||||||||||||
Number of shares sold | 5,175,000 | |||||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 250,000 | ||||||||||||||||
Series C Preferred Stock [Member] | Kelso [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Conversion of Stock, Shares Converted | 250,000 | |||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 43,592 | 22,822 | 43,592 | |||||||||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ | $ 33,497 | |||||||||||||||||
Preferred shares issuance term description | On August 20, 2014, the Company issued 1,400,000 Series B Preferred Shares. The net proceeds from the offering were $33,497. Dividends are payable at 8.75% per annum in arrears on a quarterly basis | |||||||||||||||||
Depositary shares issued | 1,400,000 | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.75% | |||||||||||||||||
Preferred Stock, Redemption Terms | At any time after August 20, 2019 (or within 180 days after the occurrence of a fundamental change), the Series B Preferred Shares may be redeemed, at the discretion of the Company, in whole or in part, at a redemption price of $2,500.00 per share (equivalent to $25.00 per depositary share). | |||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 2,500,000 | |||||||||||||||||
Redemption price per depositary share | $ / shares | $ 25 | |||||||||||||||||
Series B Preferred Stock [Member] | American Deposit Share [Member] | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Preferred Stock, Shares Outstanding | 20,770 | 8,394 | 428 |
Share-Based Compensation (Tab_2
Share-Based Compensation (Table) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested, Weighted Average Fair Value on Grant Date, opening balance | $ 3.79 | $ 3.79 | |
Vested , Number of Units | (55,175) | ||
Vested, Actual Fair Value on Vesting Date | $ 16.59 | 4.45 | |
Unvested, Weighted Average Fair Value on Grant Date, opening balance | $ 10.51 | $ 3.79 | $ 3.79 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested, Number of Units, opening balance | 928,908 | 1,246,096 | |
Vested , Number of Units | (1,063,428) | (317,188) | (113,279) |
Unvested, Number of Units, opening balance | 1,549,825 | 928,908 | 1,246,096 |
Restricted Stock Units (RSUs) [Member] | First Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted , Number of Units | 61,625 | ||
Vested, Actual Fair Value on Vesting Date | $ 11.72 | ||
Restricted Stock Units (RSUs) [Member] | Second Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted , Number of Units | 17,720 | ||
Vested, Actual Fair Value on Vesting Date | $ 16.93 | ||
Restricted Stock Units (RSUs) [Member] | Third Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted , Number of Units | 1,605,000 | ||
Vested, Actual Fair Value on Vesting Date | $ 10.51 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) $ / shares in Units, $ in Thousands | 4 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 30, 2020shares | Jul. 31, 2021shares | Sep. 29, 2021$ / sharesshares | Oct. 01, 2019shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 55,175 | ||||||
Share-based Payment Arrangement, Noncash Expense | $ | $ 3,510 | $ 1,998 | $ 1,717 | ||||
Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,438,720 | 430,467 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 184,270 | ||||||
Stock Issued During Period, Shares, New Issues | 5,541,959 | 184,270 | 7,613,788 | ||||
Stock issued during the period | 931,874 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,063,428 | 317,188 | 113,279 | ||||
Part of Restricted Stock Units RSU [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,008,253 | ||||||
Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 7,613,788 | 747,604 | |||||
2019 Plan [Member] | Incentive Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares approved under Equity Incentive Plan | 1,421,000 | ||||||
Number of tranches | 4 | ||||||
2019 Plan [Member] | Management [Member] | Minimum [Member] | Incentive Stock [Member] | Second Tranche [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price | $ / shares | $ 8 | ||||||
Number of consecutive trading days | 60 days | ||||||
2019 Plan [Member] | Management [Member] | Minimum [Member] | Incentive Stock [Member] | Third Tranche [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price | $ / shares | $ 11 | ||||||
Number of consecutive trading days | 60 days | ||||||
2019 Plan [Member] | Management [Member] | Minimum [Member] | Incentive Stock [Member] | Fourth Tranche [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price | $ / shares | $ 14 | ||||||
Number of consecutive trading days | 60 days | ||||||
2019 Plan [Member] | Common Class A [Member] | Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Maximum number of shares approved under Equity Incentive Plan | 1,812,500 | ||||||
2019 Plan [Member] | Common Class A [Member] | Management [Member] | Incentive Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares approved under Equity Incentive Plan | 1,421,000 | ||||||
Share-based Compensation, Grants in Period | 17,720 | 61,625 | |||||
2019 Plan [Member] | Common Class A [Member] | Management [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares approved under Equity Incentive Plan | 12,500 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments | $ | $ 100,000 | ||||||
New 2021 Plan [Member] | Incentive Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of tranches | 3 | ||||||
New 2021 Plan [Member] | Management [Member] | Minimum [Member] | Incentive Stock [Member] | Second Tranche [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price | $ / shares | $ 27 | ||||||
Number of consecutive trading days | 60 days | ||||||
New 2021 Plan [Member] | Management [Member] | Minimum [Member] | Incentive Stock [Member] | Third Tranche [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price | $ / shares | $ 30 | ||||||
Number of consecutive trading days | 60 days | ||||||
New 2021 Plan [Member] | Common Class A [Member] | Tranche A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Commenced date | Oct. 1, 2021 | ||||||
New 2021 Plan [Member] | Common Class A [Member] | Second and Third [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Commenced date | Sep. 30, 2025 | ||||||
New 2021 Plan [Member] | Common Class A [Member] | Management [Member] | Incentive Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares approved under Equity Incentive Plan | 1,500,000 | ||||||
Share-based Compensation, Grants in Period | 1,600,000 | ||||||
New 2021 Plan [Member] | Common Class A [Member] | Non Executive Directors [Member] | Incentive Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum number of shares approved under Equity Incentive Plan | 105,000 |
Earnings_(Loss) per Share (Tabl
Earnings/(Loss) per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income attributable to common shareholders | $ 163,232 | $ 37,568 | $ 36,757 |
Undistributed income attributable to Series C participating preferred shares | 0 | (15,883) | (19,190) |
Class A, basic and diluted | 163,232 | 21,685 | 17,567 |
Diluted earnings per share: | |||
Undistributed income attributable to Series C participating preferred shares | $ 0 | $ 15,883 | $ 19,190 |
Common Class A [Member] | |||
Denominator: | |||
Weighted Average Number of Shares Outstanding, Basic | 35,125,003 | 17,687,137 | 11,859,506 |
Plus weighted average number of RSUs with service conditions | 383,012 | 65,388 | 47,400 |
Weighted Average Number of Shares Outstanding, Diluted | 35,508,015 | 17,752,525 | 11,906,906 |
Basic earnings per share: | |||
Basic earnings/(loss) per share | $ 4.65 | $ 1.23 | $ 1.48 |
Diluted earnings per share: | |||
Diluted earnings/(loss) per share | $ 4.60 | $ 1.22 | $ 1.48 |
Series C Preferred Stock [Member] | |||
Numerator: | |||
Undistributed income attributable to Series C participating preferred shares | $ 0 | $ (15,883) | $ (19,190) |
Denominator: | |||
Weighted Average Number of Shares Outstanding, Basic | 0 | 12,955,187 | 12,955,187 |
Plus weighted average number of RSUs with service conditions | 0 | 47,895 | 51,780 |
Weighted Average Number of Shares Outstanding, Diluted | 0 | 13,003,082 | 13,006,967 |
Basic earnings per share: | |||
Basic earnings/(loss) per share | $ 0 | $ 1.23 | $ 1.48 |
Diluted earnings per share: | |||
Diluted earnings/(loss) per share | $ 0 | $ 1.22 | $ 1.48 |
Undistributed income attributable to Series C participating preferred shares | $ 0 | $ 15,883 | $ 19,190 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested restricted stock units | 1,549,825 | 928,908 | 1,246,096 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||
Jan. 31, 2022USD ($) | Mar. 04, 2022USD ($) | Feb. 28, 2022USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2022$ / shares | Mar. 02, 2022USD ($) | |
Subsequent Event [Line Items] | ||||||||
Proceeds from Lines of Credit | $ 744,506,000 | $ 47,000,000 | $ 327,500,000 | |||||
Repayments of Debt | 149,632,000 | 44,366,000 | $ 262,810,000 | |||||
Payable Premium Amount | $ 7,000,000 | $ 0 | ||||||
Redeemed Notes [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Repurchased Face Amount | $ 28,500,000 | |||||||
Debt Instrument, Redemption Price, Percentage | 102.00% | |||||||
Debt Instrument, Repurchase Amount | $ 89,020,000 | |||||||
Interest Rate Caps [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Derivative, Cap Interest Rate | 0.75% | |||||||
Derivative, Notional Amount | $ 484,100,000 | |||||||
Payable Premium Amount | 7,000,000 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 40,000,000 | |||||||
Subsequent Event [Member] | Interest Rate Caps [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Derivative, Inception Date | February 2022 | |||||||
Derivative, Cap Interest Rate | 0.75% | |||||||
Derivative, Notional Amount | $ 507,900,000 | |||||||
Payable Premium Amount | $ 15,370,000 | |||||||
New Syndicated Senior Secured Debt Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000,000 | |||||||
Maturity date | July 2026 | |||||||
Number of loan tranches | 3 | |||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin of 2.75% | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||
Repayments of Debt | $ 26,205,000 | |||||||
Fees on repayment of debt | $ 3,968,000 | |||||||
New Syndicated Senior Secured Debt Facility [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from Lines of Credit | $ 60,000,000 | |||||||
Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.25 | $ 0.375 | ||||||
Dividends Payable, Date to be Paid | Mar. 4, 2022 | |||||||
Dividends Payable, Date of Record | Feb. 22, 2022 |