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CMA CGM 3Q18: Reprieve in Bunker Costs on the Way?

Earnings Note: 28 Nov 2018, 11:18 AM ET - CMA CGM reported 3Q18 results that continue to highlight positive growth in demand, offset by a drag on earnings due to the rise in fuel costs.

Hapag-Lloyd 3Q18: Fuel Recovery Plan On the Way

Earnings Note: 08 Nov 2018, 9:27 PM ET - Hapag-Lloyd reported solid results, and although market headwinds remain, remains cautiously optimistic and well positioned to react to potential headwinds on the horizon.
Focused

Global Ship Lease 3Q18: Poseidon Rescue

Earnings Note: 06 Nov 2018, 3:53 AM ET - The all-equity merger is a deleveraging event.

CMA CGM 2Q18: Fuel surcharges, M&A on the Horizon

Company Analysis: 11 Sep 2018, 8:05 AM ET - 2Q18 results were expected to be weak, but liquidity remains solid and 2H18 will improve sequentially as fuel surcharges kick in.
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Global Ship Lease: 1Q18 Results

Worth Watching: 30 Apr 2018, 1:58 PM ET - Global Ship Lease 1Q18 revenue slid down -9% YoY and -4% sequentially as charters in place slowly roll off into the lower spot market.  2Q18 revenue should be flat, but then 3Q18 starts to get interesting when four charters will reprice: the Del ..
Focused

Global Ship Lease 2017: New Bond, Same Old Fleet

Company Analysis: 09 Apr 2018, 10:55 PM ET - Undercollateralization will be a constant issue for the new bonds, up to and including maturity.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

CMA CGM: Taps 5.25s of 2025 for €150 mn

Worth Watching: 06 Nov 2017, 5:37 AM ET - CMA CGM (B3/B-) is tapping its €500 mn 5.25% 2025 senior unsecured notes for an additional €150 mn, less than one month after issuing the bond (see CMA CGM: Issuing €300m 7NC3 Bonds, IPT 5.5%-5.75%). This will take the total outstanding amount t ..
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Global Ship Lease: Preliminary 3Q17 Results

Worth Watching: 22 Oct 2017, 10:33 PM ET - Global Ship Lease released a peek at 3Q17 financial results concurrently with announcing proposed terms of its anticipated new senior note issue and a short charter with CMA as the OOCL Tianjin came off its three-year charter.  Revenue was essen ..
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Global Ship Lease: Insufficient V in LTV

HY Note: 15 Oct 2017, 10:39 PM ET - A successful new issue is the most positive outcome for current bondholders.
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Global Ship Lease: Charter Extensions, Lower Rates

Worth Watching: 11 Sep 2017, 10:21 PM ET - Global Ship Lease announced one-year charter extensions with CMA for the Julie Delmas and Delmas Keta at $7,000 per day, down from $18,000 of the expiring legacy charters—about $8 million of reduced annual revenue.  The elephant in the room is t ..

Hapag-Lloyd: 2Q17 Earnings

Worth Watching: 29 Aug 2017, 4:52 PM ET - Hapag-Lloyd reported solid results that benefitted from the improving pricing environment – although the consolidation of UASC, as well as the company's long term contract mix, has held the company back from posting even stronger improvements. ..
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Global Ship Lease 2Q17: Waiting for Tianjin

HY Note: 31 Jul 2017, 7:49 PM ET - Stable revenues until the Tianjin charter expires in October 2017. 
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Global Ship Lease: Avoid New Bond Offering

Worth Watching: 28 Jun 2017, 11:15 AM ET - Global Ship Lease (GSL: B3/B) announces a new $400 million secured bond offering to take out the existing $400 million 10s of 19.  A potentially great deal for current bondholders, transferring all the risk of lease roll offs into the weak marke ..

CMA CGM 1Q17: Riding the Recovery Wave

Earnings Note: 23 May 2017, 8:44 PM ET - CMA CGM reported strong 1Q17 results as the rise in freight rates, improvement in operating performance and NOL synergies more than offset the sharp rise in bunker fuel costs.

Hapag-Lloyd 1Q17: Fuel Costs Weigh on Margins

Earnings Note: 13 May 2017, 10:53 AM ET - Hapag-Lloyd reported results that were weighed down by the rise in bunker fuel costs, while freight rates continue to improve sequentially, but still remain down YoY.
Focused

Global Ship Lease: 1Q17 Results, Reiterate SELL

Worth Watching: 02 May 2017, 11:05 PM ET - Global Ship Lease revenues continued on their slow inexorable slide as vessels came off above-market charters with CMA into the current spot/spot-related market.  EBITDA fell off -4% YoY with operating and overhead expenses declining more than r ..
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Global Ship Lease: Collateral Dive

Company Analysis: 14 Mar 2017, 10:05 PM ET - Income statement peaked, now slowly deteriorating; assets increasingly overstated.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
Focused

Global Ship Lease 3Q16: Tick Tick Tick ...

Earnings Note: 30 Oct 2016, 7:14 PM ET - LTV issues worsen.

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