Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | GSL |
Entity Registrant Name | Global Ship Lease, Inc. |
Entity Central Index Key | 0001430725 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Shares, Shares Outstanding | 9,017,205 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Shares, Shares Outstanding | 925,745 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 82,059 | $ 73,266 |
Restricted cash | 2,186 | 0 |
Accounts receivable, net | 1,927 | 72 |
Inventories | 5,769 | 742 |
Prepaid expenses and other current assets | 6,214 | 1,376 |
Due from related parties | 817 | 1,932 |
Total current assets | 98,972 | 77,388 |
NON - CURRENT ASSETS | ||
Vessels in operation | 1,112,766 | 586,520 |
Other fixed assets | 5 | 10 |
Intangible assets - charter agreements | 5,400 | 700 |
Intangible assets - other | 0 | 7 |
Deferred charges, net | 9,569 | 11,259 |
Other non - current assets | 948 | 0 |
Restricted cash, net of current portion | 5,827 | 0 |
Total non - current assets | 1,134,515 | 598,496 |
TOTAL ASSETS | 1,233,487 | 675,884 |
CURRENT LIABILITIES | ||
Accounts payable | 9,586 | 1,486 |
Accrued liabilities | 15,407 | 8,788 |
Current portion of long - term debt | 64,088 | 40,000 |
Deferred revenue | 3,118 | 2,178 |
Due to related parties | 3,317 | 2,813 |
Total current liabilities | 95,516 | 55,265 |
LONG - TERM LIABILITIES | ||
Long - term debt, net of current portion and deferred financing costs | 813,130 | 358,515 |
Intangible liability charter agreements | 8,470 | 10,482 |
Deferred tax liability | 9 | 17 |
Total non - current liabilities | 821,609 | 369,014 |
Total liabilities | 917,125 | 424,279 |
Commitments and Contingencies | ||
SHAREHOLDERS' EQUITY | ||
Additional paid in capital | 512,379 | 387,229 |
Accumulated deficit | (196,119) | (135,693) |
Total shareholders' equity | 316,362 | 251,605 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,233,487 | 675,884 |
Common Class A [Member] | ||
SHAREHOLDERS' EQUITY | ||
Common shares | 90 | 60 |
Common Class B [Member] | ||
SHAREHOLDERS' EQUITY | ||
Common shares | 9 | 9 |
Series B Preferred Shares [Member] | ||
SHAREHOLDERS' EQUITY | ||
Preferred shares | 0 | 0 |
Series C Preferred Shares [Member] | ||
SHAREHOLDERS' EQUITY | ||
Preferred shares | $ 3 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common Class A [Member] | |||
Common shares, shares authorized | 214,000,000 | 214,000,000 | |
Common shares, par value | $ 0.01 | $ 0.01 | 0.01 |
Common shares, shares issued | 9,017,205 | 5,951,217 | |
Common shares, shares outstanding | 9,017,205 | 5,951,217 | |
Common Class B [Member] | |||
Common shares, shares authorized | 20,000,000 | 20,000,000 | |
Common shares, par value | $ 0.01 | $ 0.01 | 0.01 |
Common shares, shares issued | 925,745 | 925,745 | |
Common shares, shares outstanding | 925,745 | 925,745 | |
Series B Preferred Shares [Member] | |||
Preferred shares, shares authorized | 16,100 | 16,100 | |
Preferred shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred shares, shares issued | 14,000 | 14,000 | |
Preferred shares, shares outstanding | 14,000 | 14,000 | |
Series C Preferred Shares [Member] | |||
Preferred shares, shares authorized | 250,000 | 0 | |
Preferred shares, par value | $ 0.01 | ||
Preferred shares, shares issued | 250,000 | 0 | |
Preferred shares, shares outstanding | 250,000 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING REVENUES | |||
Time charter revenue | $ 30,890 | $ 35,334 | $ 37,881 |
Time charter revenue - related party | 126,207 | 123,944 | 128,956 |
Total operating revenue | 157,097 | 159,278 | 166,837 |
OPERATING EXPENSES: | |||
Vessel operating expenses | 47,584 | 41,098 | 43,757 |
Vessel operating expenses - related parties | 1,689 | 1,599 | 1,599 |
Time charter and voyage expenses | 1,352 | 962 | 705 |
Time charter and voyage expenses - related party | 222 | 0 | 0 |
Depreciation and amortization | 35,455 | 37,981 | 42,805 |
Impairment of vessels | 71,834 | 87,624 | 92,422 |
General and administrative expenses | 9,221 | 5,367 | 6,224 |
Operating Loss | (10,260) | (15,353) | (20,675) |
NON OPERATING INCOME/(EXPENSES) | |||
Interest income | 1,425 | 489 | 198 |
Interest and other finance expenses | (48,686) | (59,413) | (44,788) |
Other income, net | 212 | 51 | 216 |
Total non operating expenses | (47,049) | (58,873) | (44,374) |
Loss before income taxes | (57,309) | (74,226) | (65,049) |
Income taxes | (55) | (40) | (46) |
Net Loss | (57,364) | (74,266) | (65,095) |
Earnings allocated to Series B Preferred Shares | (3,062) | (3,062) | (3,062) |
Net Loss available to Common Shareholders | $ (60,426) | $ (77,328) | $ (68,157) |
Common Class A [Member] | |||
Weighted average number of common shares outstanding | |||
Basic and diluted | 6,514,390 | 5,996,986 | 5,981,794 |
Net loss per common share | |||
Basic and diluted | $ (7.42) | $ (12.89) | $ (11.39) |
Common Class B [Member] | |||
Weighted average number of common shares outstanding | |||
Basic and diluted | 925,745 | 925,745 | 925,745 |
Net loss per common share | |||
Basic and diluted | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flows from operating activities: | ||||
Net loss | $ (57,364) | $ (74,266) | $ (65,095) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 35,455 | 37,981 | 42,805 | |
Vessel impairment | 71,834 | 87,624 | 92,422 | |
Gain on repurchase of secured notes | 0 | 0 | (2,865) | |
Amortization of deferred financing costs | 4,629 | 7,772 | 3,622 | |
Amortization of original issue discount/premium on repurchase of notes | 1,207 | 11,570 | 2,184 | |
Amortization of intangible asset/liability - charter agreements | (1,305) | (1,807) | (2,104) | |
Share based compensation | 50 | 272 | 283 | |
Changes in operating assets and liabilities: | ||||
Decrease (increase) in accounts receivable and other assets | 5,019 | (441) | 219 | |
(Increase) decrease in inventories | (2,250) | (188) | 57 | |
Decrease in accounts payable and other liabilities | (9,117) | (3,030) | (1,751) | |
(Decrease) increase in related parties' balances | (625) | 1,138 | 738 | |
Increase in deferred revenue | 214 | 238 | 1,144 | |
Unrealized foreign exchange (gain) loss | (5) | 2 | 26 | |
Net cash provided by operating activities | 47,742 | 66,865 | 71,685 | |
Cash flows from investing activities: | ||||
Acquisition of vessels | (11,436) | 0 | 0 | |
Net proceeds from sale of vessels | 14,504 | 0 | (254) | |
Cash paid for vessel improvements | (239) | (255) | 0 | |
Cash paid for other assets | 0 | (8) | (6) | |
Cash paid for drydockings | (2,636) | (4,632) | (6,681) | |
Cash acquired in Poseidon Transaction, net of capitalized expenses | 24,037 | 0 | 0 | |
Net cash provided by/(used in) investing activities | 24,230 | (4,895) | (6,941) | |
Cash flows from financing activities: | ||||
Proceeds from issuance of secured notes | 0 | 356,400 | 0 | |
Repurchase of secured notes | (20,400) | (374,835) | (51,530) | |
Proceeds from drawdown of credit facilities | 8,125 | 54,800 | 0 | |
Repayment of credit facilities | (37,771) | (63,575) | (9,500) | |
Deferred financing costs paid | (2,058) | (12,675) | 0 | |
Series B Preferred Shares - dividends paid | (3,062) | (3,062) | (3,062) | |
Net cash used in financing activities | (55,166) | (42,947) | (64,092) | |
Net increase in cash and cash equivalents and restricted cash | 16,806 | 19,023 | 652 | |
Cash and cash equivalents and restricted cash at beginning of the year | 73,266 | 54,243 | 53,591 | |
Cash and cash equivalents and restricted cash at end of the year | 90,072 | 73,266 | 54,243 | |
Supplementary Cash Flow Information: | ||||
Cash paid for interest | 42,390 | 43,152 | 43,134 | |
Cash paid for income taxes | 84 | 46 | 50 | |
Non-cash investing activities: | ||||
Unpaid capitalized expenses | (826) | [1] | 0 | 0 |
Working capital acquired | (11,331) | 0 | 0 | |
Vessels and other intangibles acquired | 622,925 | 0 | 0 | |
Debt acquired | (509,673) | 0 | 0 | |
Non-cash financing activities: | ||||
Issuance of shares | (125,133) | |||
Common Class A [Member] | ||||
Non-cash financing activities: | ||||
Issuance of shares | (23,564) | 0 | 0 | |
Series C Preferred Shares [Member] | ||||
Non-cash financing activities: | ||||
Issuance of shares | $ (101,569) | $ 0 | $ 0 | |
[1] | Unpaid fees related to the Poseidon Transaction (see note 1) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Shares [Member] | Preferred Shares [Member]Series B Preferred Shares [Member] | Preferred Shares [Member]Series C Preferred Shares [Member] | Additional Paid In Capital [Member] | Retained Earnings/ (Accumulated Deficit) [Member] |
Balance at Dec. 31, 2015 | $ 396,766 | $ 68 | $ 0 | $ 0 | $ 386,906 | $ 9,792 |
Balance, shares at Dec. 31, 2015 | 6,868,430 | 14,000 | 0 | |||
Restricted Stock Units (Note 16) | 283 | 283 | ||||
Class A common shares issued, value (Note 15) | 1 | $ 1 | ||||
Class A common shares issued, shares (Notes 15) | 4,266 | |||||
Net Loss for the year | (65,095) | (65,095) | ||||
Series B Preferred Shares dividend (Note 15) | (3,062) | (3,062) | ||||
Balance at Dec. 31, 2016 | 328,893 | $ 69 | $ 0 | $ 0 | 387,189 | (58,365) |
Balance, shares at Dec. 31, 2016 | 6,872,696 | 14,000 | 0 | |||
Restricted Stock Units (Note 16) | 40 | 40 | ||||
Class A common shares issued, shares (Notes 15) | 4,266 | |||||
Net Loss for the year | (74,266) | (74,266) | ||||
Series B Preferred Shares dividend (Note 15) | (3,062) | (3,062) | ||||
Balance at Dec. 31, 2017 | 251,605 | $ 69 | $ 0 | $ 0 | 387,229 | (135,693) |
Balance, shares at Dec. 31, 2017 | 6,876,962 | 14,000 | 0 | |||
Restricted Stock Units (Note 16) | 50 | 50 | ||||
Class A common shares issued, value (Note 15) | 23,564 | $ 30 | 23,534 | |||
Class A common shares issued, shares (Notes 15) | 3,065,988 | |||||
Series C Preferred Shares issued, value (Note 15) | 101,569 | $ 3 | 101,566 | |||
Series C Preferred Shares issued, shares (Note 15) | 250,000 | |||||
Net Loss for the year | (57,364) | (57,364) | ||||
Series B Preferred Shares dividend (Note 15) | (3,062) | (3,062) | ||||
Balance at Dec. 31, 2018 | $ 316,362 | $ 99 | $ 0 | $ 3 | $ 512,379 | $ (196,119) |
Balance, shares at Dec. 31, 2018 | 9,942,950 | 14,000 | 250,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Series B Preferred Shares [Member] | |||
Preferred shares, par value | 0.01 | $ 0.01 | $ 0.01 |
Series C Preferred Shares [Member] | |||
Preferred shares, par value | $ 0.01 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
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. (“Marathon”), a company then listed on The American Stock Exchange. Under the merger agreement, Marathon, a U.S. corporation, first merged with its wholly owned Marshall Islands subsidiary, GSL Holdings, Inc. (“Holdings”), with Holdings continuing as the surviving company. Global Ship Lease, Inc., at that time a subsidiary of CMA CGM S.A. (“CMA CGM”), then merged with Holdings, with Holdings again being the surviving company. Holdings was renamed Global Ship Lease, Inc. and became listed on the New York Stock Exchange on August 15, 2008 (the “Marathon Merger”). On November 15, 2018, the Company completed the acquisition of 20 containerships, one of which, the Argos, was contracted to be sold which sale was completed in December 2018, from Poseidon Containers Holdings LLC and K&T Marine LLC (together, “Poseidon Containers”) and the transaction (the “Poseidon Transaction”). References herein to “GSL Fleet” are to the 19 vessels that were owned by the Company prior to the consummation of the Poseidon Transaction, and references to “Poseidon Fleet” are to the 19 vessels that were acquired by the Company from Poseidon Containers upon consummation of the Poseidon Transaction, excluding the one additional vessel acquired but held for sale and was delivered to its new owner on December 19, 2018. 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 periods presented. The Company’s business is to own and charter out containerships to leading liner companies. As of December 31, 2018, the Company owned 38 vessels with average age weighted by TEU capacity of 11.0 years. The following table provides information about the vessels: Company Name (1) Fleet (2),(3) Country of Incorporation Vessel Name Capacity in TEUs (4) Year Built Earliest Charter Expiry Date Global Ship Lease 3 Limited GSL Cyprus CMA CGM Matisse 2,262 1999 3Q19 Global Ship Lease 4 Limited GSL Cyprus CMA CGM Utrillo 2,262 1999 3Q19 Global Ship Lease 5 Limited GSL Cyprus GSL Keta 2,207 2003 2Q19 Global Ship Lease 6 Limited GSL Cyprus GSL Julie 2,207 2002 1Q19 Global Ship Lease 7 Limited GSL Cyprus Kumasi 2,207 2002 4Q19 Global Ship Lease 8 Limited GSL Cyprus Marie Delmas 2,207 2002 4Q19 Global Ship Lease 9 Limited GSL Cyprus CMA CGM La Tour 2,272 2001 3Q19 Global Ship Lease 10 Limited GSL Cyprus CMA CGM Manet 2,272 2001 3Q19 Global Ship Lease 12 Limited GSL Cyprus CMA CGM Château d’If 5,089 2007 4Q20 Global Ship Lease 13 Limited GSL Cyprus CMA CGM Thalassa 11,040 2008 4Q25 Global Ship Lease 14 Limited GSL Cyprus CMA CGM Jamaica 4,298 2006 3Q22 Global Ship Lease 15 Limited GSL Cyprus CMA CGM Sambhar 4,045 2006 3Q22 Global Ship Lease 16 Limited GSL Cyprus CMA CGM America 4,045 2006 3Q22 Global Ship Lease 20 Limited GSL Hong Kong GSL Tianjin 8,667 2005 2Q19 Global Ship Lease 21 Limited GSL Hong Kong OOCL Qingdao 8,667 2004 1Q19 Global Ship Lease 22 Limited GSL Hong Kong GSL Ningbo 8,667 2004 2Q19 Global Ship Lease 23 Limited GSL Hong Kong CMA CGM Berlioz 6,621 2001 2Q21 Global Ship Lease 26 Limited GSL Hong Kong GSL Valerie 2,824 2005 2Q19 GSL Alcazar Inc. GSL Marshall Islands CMA CGM Alcazar 5,089 2007 4Q20 Aris Marine LLC Poseidon Marshall Islands Maira 2,506 2000 1Q19 Aphrodite Marine LLC Poseidon Marshall Islands Nikolas 2,506 2000 1Q19 Athena Marine LLC Poseidon Marshall Islands Newyorker 2,506 2001 1Q19 Hephaestus Marine LLC Poseidon Marshall Islands Dolphin II 5,095 2007 2Q19 Pericles Marine LLC Poseidon Marshall Islands Athena 2,762 2003 1Q19 Zeus One Marine LLC Poseidon Marshall Islands Orca I 5,095 2006 2Q19 Leonidas Marine LLC Poseidon Marshall Islands Agios Dimitrios 6,572 2011 3Q19 Alexander Marine LLC Poseidon Marshall Islands Mary 6,927 2013 3Q23 Hector Marine LLC Poseidon Marshall Islands Kristina 6,927 2013 2Q19(6) Ikaros Marine LLC Poseidon Marshall Islands Katherine 6,927 2013 1Q24 Tasman Marine LLC Poseidon Marshall Islands Tasman 5,936 2000 1Q19 Hudson Marine LLC Poseidon Marshall Islands Dimitris Y 5,936 2000 2Q19 Drake Marine LLC Poseidon Marshall Islands Ian H 5,936 2000 2Q19 Phillipos Marine LLC Poseidon Marshall Islands Alexandra 6,927 2013 1Q19(6) Aristoteles Marine LLC Poseidon Marshall Islands UASC Bubiyan 6,882 2015 1Q19(6) Menelaos Marine LLC(5) Poseidon Marshall Islands UASC Yas 6,882 2015 1Q24 Laertis Marine LLC Poseidon Marshall Islands UASC Al Khor 9,115 2015 1Q19 Penelope Marine LLC Poseidon Marshall Islands Maira XL 9,115 2015 2Q20 Telemachus Marine LLC Poseidon Marshall Islands Anthea Y 9,115 2015 2Q20 (1) All subsidiaries are 100% owned, either directly or indirectly; (2) The GSL Fleet comprises the 19 vessels wholly owned by the Company prior to completion of the Poseidon Transaction; (3) The Poseidon Fleet comprises the 19 vessels wholly owned by Poseidon Containers as at the completion of the Poseidon Transaction, excluding one additional vessel held for sale; (4) Twenty-foot Equivalent Units; (5) Renamed Olivia I, effective March 19, 2019; (6) Thereafter, five years to CMA CGM at $25,910 per day. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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”). Certain comparative figures have been reclassified to conform to changes in presentation in the current year. Adoption of new accounting standards On January 1, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers” and the related amendments (“ASC 606” or “the new revenue standard”) using the modified retrospective method, requiring the Company to recognize the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of retained earnings and not retrospectively adjusting prior periods. Under the new guidance, there is a five-step model to apply to revenue recognition. The five-steps consist of: (1) determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights and obligations, exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when (or as) the performance obligation is satisfied. The adoption of this standard did not have any effect on the retained earnings or on the financial results for year ended December 31, 2018 of the Company since all the Company’s vessels generated revenues from time charter agreements. The Company expects the impact of the adoption of the new revenue standard to be immaterial to its net income on an ongoing basis. On January 1, 2018, the Company adopted ASU 2016-18, “Restricted Cash” (“ASU 2016-18”), which updated ASC Topic 230, “Statement of Cash Flows.” ASU 2016-18 required companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The recognition and measurement guidance for restricted cash is not affected. The Company applied this guidance retrospectively to all prior periods presented in the Company’s financial statements. The reclassification of restricted cash in the statements of cash flows does not impact net income as previously reported or any prior amounts reported on the statements of comprehensive income, or balance sheets. There was no effect of the retrospective application of this change in accounting principle on the Company’s statements of cash flows, as the Company did not have restricted cash for the years ended December 31, 2017 or December 31, 2016. On January 1, 2018, the Company adopted ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). The FASB issued ASU 2016-15 to decrease the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statements of cash flows. The amendments in this update provide guidance on eight specific cash flow issues. The effect of the retrospective application of this change in accounting principle on the Company’s statements of cash flows for the years ended December 31, 2017 and 2016 resulted in an increase in net cash provided by operating activities of $9,047 and $533, respectively and an increase in net cash used in financing activities of $9,047 and $533, respectively. Counterparty risk The majority of the Company’s revenues are derived from charters to CMA CGM. The Company is consequently highly dependent on the performance by CMA CGM of its obligations under these charters. The container shipping industry is volatile and is currently experiencing a sustained cyclical downturn. Many container shipping companies have reported financial losses. If CMA CGM ceases doing business or fails to perform its obligations under the charters, the Company’s business, financial position and results of operations would be materially adversely affected as it is probable that, even if the Company was able to find replacement charters, such replacement charters would be at significantly lower daily rates and shorter durations. If such events occur, there would be significant uncertainty about the Company’s ability to continue as a going concern. These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, nor to the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. (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 The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions and/or conditions. (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. (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. (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. (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, 2018 (2017: $ nil). (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. 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 less any negative goodwill, if applicable. 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 capitalized interest for the years ended December 31, 2018 or 2017. Other borrowing costs are expensed as incurred. Vessels are stated less accumulated depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the straight-line method over their estimated useful lives which are reviewed on an ongoing basis to ensure they reflect current technology, service potential and vessel structure. The useful lives are estimated to be 30 years from original delivery by the shipyard. 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. Vessels acquisitions The Poseidon Transaction has been accounted for under ASU 2017-01 as an asset acquisition. The vessels acquired on November 15, 2018, described in note 1, were recorded at their fair value, based on valuations obtained from third party independent ship brokers, less negative goodwill arising as a result of the accounting for the overall Poseidon Transaction, allocated pro-rata. The following table summarizes the accounting for the Poseidon Transaction, including the fair value of the stock-based consideration given: Assets and Liabilities Acquired Amount Vessels fair value as of November 15, 2018 $ 761,248 Negative goodwill allocated pro-rata to the vessels acquired (143,726) Vessels fair value recognized as of November 15, 2018 (see note 4) 617,522 Cash and cash equivalents 35,044 Fair value of time charter contracts attached, net of pro-rata allocation of negative goodwill (see note 6) 5,404 Debt assumed (509,673) Working capital (excluding cash and cash equivalents) (11,331) Total $ 136,966 Fair Value of Consideration Given Amount Share price as of November 15, 2018 (as adjusted for reverse stock split) $ 7.84 Fair value of stock-based consideration 125,133 Capitalized transaction expenses 11,833 Total consideration $ 136,966 (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. Any remaining unamortized balance from the previous drydocking is written-off. 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 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 asset is recorded, being based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being 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 assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company’s vessels and the Company’s weighted average cost of capital. 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. (l) Impairment of Long-lived assets Tangible fixed assets, such as vessels, are reviewed individually for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Undiscounted projected operating cash flows are determined for each vessel group, which comprises of 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 applicable (together the “vessel group”) and compared to the carrying value of the vessel group (step one). Within the shipping industry, vessels can be purchased with a charter attached. The value of the charter may be favorable or unfavorable when comparing the contracted charter rate to then current market rates. An impairment charge is recognized when the sum of the expected undiscounted future cash flows from the vessel group over its estimated remaining useful life is less than its carrying amount (step one) and is recorded equal to the amount by which the vessel group’s carrying amount exceeds its fair value, including any applicable charter. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers (step two). The assumptions used involve a considerable degree of estimation. Actual conditions may differ significantly from the assumptions and thus actual cash flows may be significantly different to those estimated with a material effect on the recoverability of each vessel’s carrying amount. The most significant assumptions made for the determination of expected cash flows are (i) 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 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. Whilst charter rates in the spot market and asset values saw overall improvements through 2018, 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 fleet-wide review for impairment as at December 31, 2018 for the 19 vessels in the GSL Fleet. As a result, our management performed step one of the impairment assessment of each of the vessel groups in the GSL Fleet by comparing the undiscounted projected net operating cash flows for each vessel group to the carrying value of the vessel group. During the three months ended December 31, 2018, our assessment concluded that step two of the impairment analysis was required for three of our vessels groups that were held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, an impairment loss of $71,834 was recorded for three vessels, shown as “Impairment of vessels” in the Consolidated Statements of Income, being the difference between the fair value of the vessel group (which included the charter attached) and the vessel group’s carrying value. No impairment test was performed for the vessels comprising the Poseidon Fleet as at December 31, 2018, as no events or circumstances existed indicating that their carrying value may not be recoverable. The carrying value of the vessels at December 31, 2018 was significantly lower than their fair value, mainly as a result of the allocation of negative goodwill arising from the accounting for the Poseidon Transaction. The assessment performed for 2017 and 2016 resulted in impairment charges of $87,624 and $92,422, respectively. (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. Arrangement fees for revolving credit facilities are shown within “Other non-current assets”. (n) Preferred shares The Series B Preferred Shares have been included within Equity in the Consolidated Balance Sheets, from their issue in August 2014, and the dividends are presented as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of 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% on the original issue price and rank senior to the common shares with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company . The Series C Preferred Shares have been included within Equity in the Consolidated Balance Sheets, from their issue on November 15, 2018. The Class C Preferred Shares are convertible in certain circumstances to Class A common shares and they are entitled to a dividend only should such a dividend be declared on the Class A common shares. (o) Other comprehensive income/ (loss) Other comprehensive income/ (loss), which is reported in the Consolidated Statements of Shareholders’ Equity, consists of net income (loss) and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income (loss). 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. As the Company does not, to date, have other comprehensive income, the accompanying Consolidated Financial Statements only include Consolidated Statements of Income. (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. Any difference between the charter rate invoiced and the time charter revenue recognized is classified as, or released from, deferred revenue within the Consolidated Balance Sheets. 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. (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 may award restricted stock units to its management and Directors as part of their compensation. The fair value of restricted stock unit grants is determined by reference to the share price on the date of grant, adjusted for estimated dividends forgone until the restricted stock units vest. Compensation expense is recognized based on a graded expense model over the expected vesting period. (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 subsidiary in the United Kingdom, where the principal rate of corporate income tax is 19% (2017: 19%, 2016: 20%). The Company accounts for deferred income taxes using the liability method which requires the determination of deferred tax assets and liabilities, based upon temporary timing differences that arise between the financial statement and tax bases of recorded assets and liabilities, using enacted tax rates in effect for the year in which differences are expected to reverse. The net deferred tax asset is adjusted by a valuation allowance where appropriate, if, based on the weight of available evidence, it is more likely than not that some portion or all of the net deferred tax asset will not be realized. At December 31, 2018 a deferred tax liability of $9 (2017: $17) was recognized relating to stock based compensation costs charged to the Consolidated Statements of Income in respect of unvested shares and timing differences between the carrying amounts of assets for financial reporting purposes and their tax bases. 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. (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 “Dividends payable”. (u) Earnings/ (Loss) per share Basic earnings/ (loss) per common share are based on income/ (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock units. Diluted income/ (loss) 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 CMA CGM and other liner companies which are exposed to the cyclicality of the container shipping industry. (ii) There is a concentration of credit risk with respect to cash and cash equivalents at December 31, 2018, to the extent that substantially all of the amounts are deposited with eight banks (2017; three banks). However, the Company believes this risk is remote as the banks are high credit quality financial institutions. (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 reportable segment. (x) Fair Value Measurement and Financial Instruments Financial instruments carried on the balance sheet include cash and cash equivalents, 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 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. As at December 31, 2018, the Company’s three vessel groups that were held and used with a total aggregate carrying amount of $165,334 were written down to their fair value of $93,500 resulting in a non-cash impairment charge of $71,834 which was allocated to the respective vessels’ carrying values (see note 4) and was included in Consolidated Statements of Income for the year ended December 31, 2018. The estimated fair value, measured on a non-recurring basis, of the Company’s relevant three vessel groups that are held and used is calculated with the assistance of valuation obtained by third party independent ship brokers. Therefore, the Company has categorized the fair value of these vessels as Level II in the fair value hierarchy. Financial Risk Management: Credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable and cash and cash equivalents. 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) Recently issued accounting standards In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will apply to both types of leases-capital (or finance) leases and operating leases. According to the new Accounting Standard, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU 2016-02 is effective for fiscal years which began after December 15, 2018, including interim periods within those fiscal years. Early application was permitted. This guidance requires companies to identify lease and non-lease components of a lease agreement. Lease components relate to the right to use the leased asset and non-lease components relate to payments for goods or services that are transferred separately from the right to use the underlying asset. Total lease consideration is allocated to lease and non-lease components on a relative standalone basis. The recognition of revenues related to lease components will be governed by ASC 842 while revenue related to non-lease components will be subject to ASC 606. In March 2018, the FASB tentatively approved a proposed amendment to ASU 842, that would provide an entity the optional transition method to initially account for the impact of the adoption with a cumulative adjustment to retained earnings on the effective date of the ASU, January 1, 2019 rather than January 1, 2017, which would eliminate the need to restate amounts presented prior to January 1, 2019. In addition, lessors can elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on their relative standalone selling prices. As adopted by the Accounting Standards Update No. 2018-11 in July 2018, this practical expedient will allow lessors to elect and account for the combined component based on its predominant characteristic. ASC 842 provides practical expedients that allow entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. In July 2018, the FASB issued Accounting Standards Update No. 2018-10, “Codification Improvements to Topic 842, Leases” and in December 2018 the Accounting Standards Update No. 2018-20 “Narrow-scope improvements for lessors”, which further improve and clarify ASU 2016-02. The Company plans to adopt the standard as of January 1, 2019 and expects to elect the use of all practical expedients. Based on a preliminary assessment, the Company is expecting that the adoption will not have a material effect on its consolidated financial statements since the Company is primarily a lessor and the changes to the lessor model are fairly minor. The Company currently does not have any other miscellaneous leases that are greater than 12 months and the Company is the lessee that would be impacted by the adoption of this standard. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. In December 2018, the FASB issued Accounting Standards Update No. 2018-19 “Codification improvements to Topic 326”, which clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The ASU 2016-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements. The Company does not believe that any other 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, 2018 | |
Restricted Cash [Abstract] | |
Restricted Cash | 3. Restricted Cash Restricted cash as of December 31, 2018 and 2017 consisted of the following: December 31, 2018 December 31, 2017 Retention accounts $ 2,186 $ — Total Current Restricted Cash $ 2,186 $ — Cash Collateral $ 5,190 $ — Blocked bank deposits 637 Total Non - Current Restricted Cash 5,827 — Total Current and Non - Current Restricted Cash $ 8,013 $ — |
Vessels in Operation
Vessels in Operation | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Vessels in Operation | 4. Vessels in Operation Vessels in Operation as of December 31, 2018 and 2017 consisted of the following: Vessel Cost, as adjusted for Accumulated Net Book impairment charges Depreciation Value As of January 1, 2017 $ 916,809 $ (209,481) $ 707,328 Additions 310 — 310 Depreciation — (33,494) (33,494) Impairment loss (182,585) 94,961 (87,624) As of December 31, 2017 $ 734,534 $ (148,014) $ 586,520 Additions 11,675 — 11,675 Acquisitions through the Poseidon Transaction 617,522 — 617,522 Depreciation — (31,117) (31,117) Impairment loss (139,354) 67,520 (71,834) As of December 31, 2018 $ 1,224,377 $ (111,611) $ 1,112,766 On June 18, 2018, the Company took delivery of a 2005-built, 2,824 TEU containership, now named GSL Valerie, for a total cost of $11,436. On November 15, 2018, the Company completed the Poseidon Transaction, acquiring 20 containerships, one of which, the Argos, was contracted to be sold which sale was completed in December 2018. The Poseidon vessels were recorded at their fair value, less negative goodwill arising as a result of the accounting for the Poseidon Transaction, allocated pro-rata at that date. The vessel contracted to be sold at the date of the transaction was classified as an asset held-for-sale and was held at a fair value which equaled the agreed sale price. As a result, no gain or loss has been recognized in the Company’s Consolidated Statements of Income. Whilst charter rates in the spot market and asset values saw overall improvements through 2018, 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 of the GSL Fleet for impairment as at December 31, 2018. The impairment review resulted in an impairment charge on three vessels, totaling $71,834, being recognized during the year ended December 31, 2018. No impairment test was performed for the vessels comprising the Poseidon Fleet as at December 31, 2018, as no events or circumstances existed indicating that their carrying value may not be recoverable. The carrying value of the vessels at December 31, 2018, was significantly lower than their fair value, in part as a result of the allocation of negative goodwill arising from the accounting for the Poseidon Transaction. The impairment review as at December 31, 2017 and 2016 gave rise to an impairment charge of $87,624 and $92,422 on five and six vessels, respectively in the GSL Fleet. As of December 31, 2018, 18 vessels of the GSL Fleet were pledged as collateral under the 2022 Notes and the Citi Super Senior Term Loan (“Citi Credit Facility”), and one vessel of the GSL Fleet was pledged as collateral under the Hayfin Credit Facility. Additionally, the loan facilities of Poseidon Fleet are collateralized by preferred mortgages over the 19 Poseidon vessels (see note 11). |
Deferred charges, net
Deferred charges, net | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred charges, net | 5. Deferred charges, net Deferred charges, net as of December 31, 2018 and 2017 consisted of the following: Dry - docking Costs As of January 1, 2017 $ 11,782 Additions 3,949 Amortization (4,472) As of December 31, 2017 $ 11,259 Additions 2,635 Amortization (4,200) Write - off (125) As of December 31, 2018 $ 9,569 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. Any remaining unamortized balance from the previous dry-docking are written-off. |
Intangible Assets_Liabilities -
Intangible Assets/Liabilities - Charter Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangible Assets/Liabilities - Charter Agreements | 6. Intangible Assets/Liabilities – Charter Agreements Intangible Liabilities – Charter Agreements as of December 31, 2018 and 2017 consisted of the following: December 31, December 31, 2018 2017 Opening balance $ 10,482 $ 12,527 Amortization in period (2,012) (2,045) Closing balance $ 8,470 $ 10,482 Intangible liabilities relate to 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, which are related to five vessels as at December 31, 2018, are being amortized over the remaining term of the relevant charter, giving rise to an increase in time charter revenue. Intangible Assets – Charter Agreements as of December 31, 2018 and 2017 consisted of the following: December 31, December 31, 2018 2017 Opening balance $ 700 $ 937 Additions through the Poseidon Transaction 5,404 — Amortization in the year (704) (237) Closing balance $ 5,400 $ 700 Intangible assets relate to management’s estimate of the fair value of two above-market charters on August 14, 2008, the date of the Marathon Merger (see note 1). These intangible assets are amortized over the remaining term of the relevant charters, giving rise to a reduction in time charter revenue. In addition, following the completion of the Poseidon Transaction (see note 1) on November 15, 2018, intangible assets were recognized. These assets were derived from the management’s estimate of the fair value of above-market charters. These intangible assets, which are related to two vessels, are 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 as of December 31, 2018, will be fully amortized during the second quarter of 2020. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
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 of December 31, 2018 and December 31, 2017 consisted of the following: December 31, 2018 December 31, 2017 Insurance and other claims $ 1,761 $ 348 Advances to suppliers and other assets 2,128 68 Prepaid vessel expenditure 840 327 Prepaid insurances 787 418 Other 698 215 Total $ 6,214 $ 1,376 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories Inventories as of December 31, 2018 and December 31, 2017 consisted of the following: December 31, 2018 December 31, 2017 Bunkers $ 443 $ — Lubricants 4,958 742 Stores 192 — Victualling 176 — Total $ 5,769 $ 742 |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Payable [Member] | |
Accounts Payable | 9. Accounts Payable Accounts payable as of December 31, 2018 and 2017 consisted of the following: December 31, 2018 December 31, 2017 Suppliers, repairers $ 8,561 $ 1,207 Insurers, agents and brokers 358 — Payables to charterers 368 — Other creditors 299 279 Total $ 9,586 $ 1,486 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities [Member] | |
Accrued Liabilities | 10. Accrued Liabilities Accrued liabilities as of December 31, 2018 and 2017 consisted of the following: December 31, 2018 December 31, 2017 Accrued expenses $ 7,154 $ 2,764 Accrued interest 8,253 6,024 Total $ 15,407 $ 8,788 |
Long - Term Debt
Long - Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long - Term Debt | 11.Long - Term Debt Long- term debt as of December 31, 2018 and 2017 consisted of the following: Facilities December 31, 2018 December 31, 2017 2022 Notes $ 360,000 $ 360,000 Less repurchase of Notes (20,000) — Less original issue discount (3,600) (3,600) Accumulated amortization of original issue discount 941 133 2022 Notes (a) $ 337,341 $ 356,533 Poseidon - DVB Credit Facility (b) 51,063 — Poseidon - Credit Agricole Credit Facility (c) 53,069 — Poseidon - Blue Ocean Credit Facility (d) 23,830 — Poseidon - ABN-AMRO Credit Facility (e) 62,189 — Poseidon - ATB Credit Facility (f) 17,100 — Poseidon - Credit Agricole Credit Facility (g) 80,000 — Poseidon - Blue Ocean Credit Facility (h) 38,500 — Poseidon - Deutsche, CIT, Entrust Credit Facility (i) 180,500 — Citi Credit Facility (j) 34,800 54,800 Hayfin Credit Facility (k) 8,125 — Less: Deferred financing costs (n) (9,299) (12,818) Total $ 877,218 $ 398,515 Less: Current portion of 2022 Notes (a) (20,000) — Less: Current portion of Poseidon - DVB Credit Facility (b) (2,231) — Less: Current portion of Poseidon - Credit Agricole Credit Facility (c) (405) — Less: Current portion of Poseidon - ABN - AMRO Credit Facility (e) (129) — Less: Current portion of Poseidon - ATB Credit Facility (f) (1,628) — Less: Current portion of Poseidon - Credit Agricole Credit Facility (g) (6,000) — Less: Current portion of Poseidon - Deutsche, CIT, Entrust Credit Facility (i) (13,695) — Less: Current portion of Citi Credit Facility (j) (20,000) (40,000) Non - current portion of Long - Term Debt $ 813,130 $ 358,515 a)9.875% First Priority Secured Notes due 2022 On October 31, 2017, the Company completed the sale of $360,000 in aggregate principal amount of its 9.875% First Priority Secured Notes (the “2022 Notes”) which mature on November 15, 2022. Proceeds after the deduction of the original issue discount, but before expenses, amounted to $356,400. Interest on the 2022 Notes is payable semi-annually on May 15 and November 15 of each year, commencing on May 15, 2018. As at December 31, 2018 the 2022 Notes were secured by first priority ship mortgages on the 18 vessels in the GSL Fleet and by assignments of earnings and insurances, pledges over certain bank accounts, as well as share pledges over each subsidiary owning a Mortgaged Vessel. In addition, the 2022 Notes are fully and unconditionally guaranteed, jointly and severally, by the Company’s 18 vessel owning subsidiaries and Global Ship Lease Services Limited. The Company is required to have a minimum cash balance of $20,000 on each test date, being March 31, June 30, September 30 and December 31 in each year. The original issue discount is being amortized on an effective interest rate basis over the life of the 2022 Notes. The Company is required to repay $40,000 each year for the first three years and $35,000 thereafter, across both the 2022 Notes and the new Citi Credit Facility – see 12(j) below. The Citi Credit Facility has minimum fixed amortization whereas as long as amounts are outstanding under that Facility amortization of the 2022 Notes is at the option of the noteholders, who can accept or reject an annual tender offer the Company is obliged to make. In December 2018, the tender offer was accepted in full and the Company repurchased $20,000 of the 2022 Notes at a purchase price of 102%. Around the second anniversary of the issue of the 2022 Notes, the Company will further offer to redeem $20,000 of the 2022 Notes at a purchase price of 102%. Any such offer not accepted will be applied to repay the Citi Credit Facility at par. Should the amount outstanding under the Citi Credit Facility be insufficient to absorb the total amount to be repaid, the excess will be mandatorily redeemed against the 2022 Notes at 102%. Around the third anniversary of the issue of the 2022 Notes, the Company will mandatorily redeem $40,000 of the 2022 Notes at a purchase price of 102%, less any amount remaining under the Citi Credit Facility. Around the fourth anniversary of the issue of the 2022 Notes, the Company will mandatorily redeem $35,000 of the 2022 Notes at a purchase price of 102%. On December 20, 2018, the Company entered into a first supplemental indenture for the 2022 Notes according to which the date beginning on which the Company is permitted to pay dividends to common shareholders in an aggregate amount per year equal to 50% of the consolidated net profit after taxes of the Company for the preceding financial year, was brought forward from January 1, 2021 to January 1, 2020. Also, certain restrictions were agreed in the increase in the permitted transfer basket and the immediate increase in dividend capacity as a result of completing the Poseidon Transaction, and certain other provisions of the Indenture, among other things, the restricted payment covenant, the arm’s length transaction covenant and the reporting covenant were amended. As of December 31, 2018, the outstanding balance was $337,341, net of the outstanding balance of the original issue discount. b)$52.6 Million DVB Credit Facility In connection with the Poseidon Transaction, the Company assumed debt from the four vessel owning companies of Maira, Nikolas, Newyorker and Mary, on the date of completion of the transaction of $51,063 with DVB Bank SE (“DVB”). The agreement is dated July 18, 2017, with initial drawdown amount of $52,625 and final maturity of December 31, 2020. The facility has a repayment schedule along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance of the facility and will be specifically applied to the prepayment of the balloon instalment up to a specific amount. Tranches A and B each amounting to $5,500 is scheduled to be repaid in four consecutive quarterly instalments of $267 starting from March 31, 2020 and a balloon payment of $4,429 payable in December 31, 2020. Tranche C amounting to $5,800 is scheduled to be repaid in four consecutive quarterly instalments of $267 starting from March 31, 2020 and a balloon payment of $4,734 payable in December 31, 2020. Tranche D of the remaining $35,800 is scheduled to be repaid in four consecutive quarterly instalments of $1,083 starting from March 31, 2020 and a balloon payment of $31,500 payable also in December 31, 2020. In addition to the repayment schedule of all tranches and the cash sweep mechanism, certain financial covenants will apply starting from January 1, 2020. The facility bears interest at LIBOR plus a margin of 2.85% per annum. As of December 31, 2018, the outstanding balance on this facility was $51,063. c)$55.7 Million Credit Agricole Credit Facility In connection with the Poseidon Transaction, the Company assumed debt from the three vessel owning companies of Dolphin II, Kristina and Athena, on the date of completion of the transaction of $54,025 with Credit Agricole Corporate and Investment Bank (“Credit Agricole”). The agreement is dated August 11, 2017, with initial drawdown amount of $55,650 and final maturity of December 31, 2020. The facility has a repayment schedule along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance of the facility and will be specifically applied to the prepayment of the balloon instalment up to a specific amount. Tranche A amounting to $19,400 is scheduled to be repaid in four consecutive quarterly instalments of $350 starting from March 31, 2020 and a balloon payment of $18,000 payable in December 31, 2020. Tranche B amounting to $10,500 is scheduled to be repaid in four consecutive quarterly instalments of $200 starting from March 31, 2020 and a balloon payment of $9,700 payable in December 31, 2020. Tranche C amounting to $25,750 is scheduled to be repaid in four consecutive quarterly instalments of $850 starting from March 31, 2020 and a balloon payment of $22,350 payable also in December 31, 2020. In addition to the repayment schedule of all tranches and the cash sweep mechanism, certain financial covenants will apply starting from January 1, 2020. This facility bears interest at LIBOR plus a margin of 2.75% per annum. As of December 31, 2018, the outstanding balance on this facility was $53,069. d)$24.5 Million Blue Ocean Credit Facility In connection with the Poseidon Transaction, the Company assumed debt from the vessel owning company of Agios Dimitrios on the date of completion of the transaction of $24,231 with Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, Blue Ocean Investments SPC One and Blue Ocean Investments SPC Three ( together, “Blue Ocean”). The agreement is dated August 11, 2017, with initial drawdown amount of $24,500 and final maturity of December 31, 2020. The facility has a following repayment schedule along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance on the facility and will be specifically applied to the prepayment of the balloon instalment up to a specific amount. The facility is scheduled to be repaid in four consecutive quarterly instalments of $650 starting from March 31, 2020 and a balloon payment of $21,900 payable in December 31, 2020. This facility bears interest on $18,830 of principal at LIBOR plus a margin of 4.0% per annum. As of December 31, 2018, the outstanding balance on this facility was $23,830. e)$65.3 Million ABN AMRO Credit Facility In connection with the Poseidon Transaction, the Company assumed debt from the two vessel owning companies of Orca II and Katherine, on the date of completion of the transaction of $64,254 with ABN AMRO Bank N.V. The agreement is dated August 30, 2017, with initial drawdown amount of $65,300 and final maturity of December 31, 2020. The facility has a following repayment schedule along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance on the facility and will be specifically applied to the prepayment of the balloon instalment up to a specific amount. The facility is scheduled to be repaid in four consecutive instalments in the amount of $1,125 starting from March 31, 2020 plus a balloon instalment of $60,800 at the maturity date, December 31, 2020. This facility bears interest at LIBOR plus a margin of 3.42% per annum up to March 31, 2019 and afterwards 3.50% per annum. As of December 31, 2018, the outstanding balance on this facility was $62,189. f)$17.1 Million Amsterdam Trade Bank (“ATB”) Credit Facility In connection with the Poseidon Transaction, the Company assumed debt from THD Maritime Co. Limited, a holding company of the three vessel owning companies of Tasman, Dimitris Y and Ian H, on the date of completion of the transaction of $17,100 with Amsterdam Trade Bank N.V. The agreement is dated October 9, 2018 with initial drawdown amount of $17,100 divided in three tranches of $5,700 each and final maturity of December 31, 2020. The facility has a following repayment schedule along with a cash sweep clause, whereby the excess cash flows will be used against the outstanding balance on the facility and will be specifically applied to the prepayment of the balloon instalment up to a specific amount. Each Tranche is scheduled to be repaid in four consecutive quarterly instalments of $110 each, with the first being due on March 31, 2020 and the final together with a balloon payment of $5,260 on December 31, 2020. This facility bears interest at LIBOR plus a margin of 3.90% per annum. As of December 31, 2018, the outstanding balance on this facility was $17,100. g)$80.0 Million Credit Agricole Credit Facility In connection with the Poseidon Transaction, the Company assumed debt from the three vessel owning companies of Alexandra, UASC Bubiyan and UASC Yas on the date of completion of the transaction of $80,000 with Credit Agricole. The agreement is dated October 3, 2018, with initial drawdown amount of $80,000 and final maturity of June 30, 2020. The Facility shall be repaid in seven equal quarterly instalments of $1,500 each, the first such instalment due three months from the utilization date, plus a final balloon of $69,500 payable together with the last 7th instalment. This facility bears interest at LIBOR plus a margin of 3.00% per annum for the first 6 months, 3.25% for the following 12 months and 3.50% thereafter payable quarterly in arrears. As of December 31, 2018, the outstanding balance on this facility was $80,000. h)$38.5 Million Blue Ocean Credit Facility In connection with the Poseidon Transaction, the Company assumed debt from the three vessel owning companies of Alexandra, UASC Bubiyan and UASC Yas on the date of completion of the transaction of $38,500 with Blue Ocean. The agreement is dated October 3, 2018, with initial drawdown amount of $38,500 and final maturity of October 3, 2023. The Facility is scheduled to be repaid in one instalment at maturity date and bears interest at 10.0% fixed payable quarterly in arrears. As of December 31, 2018, the outstanding balance on this facility was $38,500. i)$180.5 Million Deutsche, CIT, Entrust 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 with Deutsche Bank AG. The agreement is dated November 9, 2018, with initial drawdown amount of $180,500 and final maturity of June 30, 2022. On December 31, 2018, the Company entered into 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 (“Senior Facility”) and a junior facility in an amount of $38,600 (“Junior Facility”). The Lenders of the Senior Facility are Deutsche Bank AG and CIT Bank N.A and the Lenders of the Junior Facility are Deutsche Bank AG, Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, Entrustpermal ICAV, Blue Ocean Investments SPC one and Blue Ocean Investments SPC for three. The final maturity of both Facilities (Senior and Junior) will be June 30, 2022. In addition to the repayment schedule a cash sweep mechanism based on a DSCR ratio of 1.10:1 (DSCR ratio is the ratio of Cash Flow to the Cash Flow Debt Service) will apply pro rata against the Senior Facility and the Junior Facility. Senior Facility The Senior Facility comprised of three Tranches. Tranche A relates to Al Khor and is scheduled to be repaid in 14 instalments of $868, the first such instalment due three months from the utilization date, and a final instalment of $35,148. Tranche B relates to Anthea Y and is scheduled to be repaid in 14 instalments of $863, the first such instalment due three months from the utilization date, and a final instalment of $35,218. Tranche C relates to Maira XL and is scheduled to be repaid in 14 instalments of $858, the first such instalment due three months from the utilization date, and a final instalment of $35,288. The Senior Facility bears interest at LIBOR plus 3.0% payable quarterly in arrears. As of December 31, 2018, the outstanding balance on the Senior Facility was $141,900. Junior Facility The Junior Facility comprised of three Tranches. Tranche A relates to Al Khor and is scheduled to be repaid in 14 instalments of $236, the first such instalment due three months from the utilization date, and a final instalment of $9,563. Tranche B relates to Anthea Y and is scheduled to be repaid in 14 instalments of $235, the first such instalment due three months from the utilization date, and a final instalment of $9,577. Tranche C relates to Maira XL and is scheduled to be repaid in 14 instalments of $233, the first such instalment due three months from the utilization date, and a final instalment of $9,604. The Junior Facility bears interest at LIBOR plus 10.0% payable quarterly in arrears. As of December 31, 2018, the outstanding balance on the Junior Facility was $38,600. j)$54.8 Million Citi Credit Facility On October 26, 2017, and in connection with the 2022 Notes, the Company entered into a new $54,800 loan with Citibank N.A. The loan was drawn down in full on October 31, 2017 and matures no later than October 31, 2020. The interest rate is USD LIBOR plus a margin of 3.25% and is payable at least quarterly. Amortization, which may be increased as described in note 11(a) above, is payable semi-annually and is a minimum of $20,000 in each of the first and second years with the balance to be repaid in the third year. The collateral provided to the 2022 Notes also secures on a first priority basis the Citi Credit Facility. The Company is required to have a minimum cash balance of $20,000 on each test date, being March 31, June 30, September 30 and December 31 in each year. As of December 31, 2018, the outstanding balance on this facility was $34,800. k)$65.0 Million Hayfin Credit Facility On September 7, 2018, the Company and certain subsidiaries entered into a facility agreement with Hayfin Services LLP (the “Lenders”) which provides for a secured term loan facility of up to $65,000. The Hayfin Credit Facility is to be borrowed in tranches and is to be used in connection with the acquisition of vessels as specified in the Hayfin Credit Facility or as otherwise agreed with the Lenders. Hayfin Credit Facility, which is non-amortizing, is available for drawing until May 10, 2019 and has a final maturity date of July 16, 2022. The interest rate is USD LIBOR plus a margin of 5.5% and is payable at each quarter end date. A commitment fee of 2.0% per annum is due on the undrawn commitments until May 10, 2019. Any debt drawn under the Hayfin Credit Facility will be secured by first priority ship mortgage on the acquired vessel (the “Facility Mortgaged Vessel”) and by assignments of earnings and insurances, pledges over certain bank accounts, as well as share pledges over each subsidiary owning a Facility Mortgaged Vessel. In addition, the Hayfin Credit Facility is fully and unconditionally guaranteed, jointly and severally, by the Company, GSL Holdings, Inc. and Facility Mortgaged Vessel owning subsidiaries. An initial tranche of $8,125 was drawn on September 10, 2018 in connection with the acquisition of the GSL Valerie. Any future tranche cannot exceed 65% of the charter free market value of the vessel to be acquired. The Company is required to have a minimum cash balance of $20,000, on a consolidated basis, on each test date, being March 31, June 30, September 30 and December 31 in each year. The Company is also required to hold, at all times, a cash balance of $500 per Facility Mortgaged Vessel and a reserve for dry docking costs of the Facility Mortgaged Vessels; these are both shown in the Balance Sheets as Restricted Cash. As of December 31, 2018, the outstanding balance of this facility was $8,125. l)$14.35 Million DVB Argos Credit Facility On November 14, 2018, the vessel owning company of Argos entered into a deed of amendment and restatement of a loan agreement on a $14,300 facility with DVB Bank. This facility was fully repaid on December 19, 2018 following the sale of Argos. m)Repayment Schedule Maturities of long - term debt for the years subsequent to December 31, 2018 are as follows: Payment due by period ended December 31, 2018 2019 $ 64,088 2020 330,033 2021 48,176 2022 408,379 2023 38,500 $ 889,176 n)Deferred Financing Costs December 31, 2018 December 31, 2017 Opening balance $ 12,818 $ 7,100 Expenditure in the period 307 13,177 Amortization included within interest expense (3,826 ) (7,459) Closing balance $ 9,299 $ 12,818 Costs amounting to $307 were incurred in connection with the Hayfin Credit Facility for the acquisition of GSL Valerie. These are being amortized on an effective interest rate basis over the life of the financings for which they were incurred. In addition, fees amounting to $2,055 were incurred in connection with the above mentioned loan and the unamortized balance is presented within “Other non - current assets”. o)Debt covenants - securities Amounts drawn under the facilities listed above are secured by first priority mortgages on the Company’s vessels and other collateral. The majority of 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; 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 debt 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. As of December 31, 2018 and 2017, the Company was in compliance with its debt covenants. |
Time charter revenue
Time charter revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Time charter revenue | 12. Time charter revenue Time charter revenue as of December 31, 2018, 2017 and 2016 consisted of the following: December 31, 2018 December 31, 2017 December 31, 2016 Time charter revenue $ 30,890 $ 35,334 $ 37,881 Time charter revenue-related party 126,207 123,944 128,956 $ 157,097 $ 159,278 $ 166,837 Operating revenue from significant customers (constituting more than 10% of total time charter revenue) was as follows: Year Ended December 31, Charterer 2018 2017 2016 CMA CGM 80.41% 77.82% 77.29% OOCL Under 10% 22.18% 22.71% |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions CMA CGM is presented as a related party due to the fact that on December 31, 2018, 2017 and 2016 it was a significant shareholder of the Company, owning Class A and Class B common shares representing 15.55%, 44.4% and 44.4%, respectively of voting rights in the Company. Amounts due to and from CMA CGM companies are shown within amounts due to or from related parties in the Consolidated Balance Sheets. Time Charter Agreements A number of the Company’s time charter arrangements are with CMA CGM. Under these time charters, hire is payable in advance and the daily rate is fixed for the duration of the charter. Revenues generated from charters to CMA CGM are shown separately in the Consolidated Statements of Income. The outstanding receivables due from CMA CGM are presented in the Consolidated Balance Sheets under "Due from related parties" totaling $817 and $1,932 as of December 31, 2018 and 2017, respectively. 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 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 vessel operating necessities, including the arrangement and management of drydocking. For the 19 vessels of Poseidon Fleet, the ship management agreements were effective at the date of the completion of the Poseidon Transaction, while for the GSL Fleet, the agreements will be effective upon the transfer of management of each vessel to Technomar. At December 31, 2018, the Company outsourced day-to-day technical management of seven of its vessels in the GSL Fleet to CMA Ships Limited (“CMA Ships”), a wholly owned subsidiary of CMA CGM. The Company pays CMA Ships an annual management fee of $123 per vessel (2017: $123, 2016: $123) and reimburses costs incurred by CMA Ships on its behalf, mainly being for the provision of crew, lubricating oils and routine maintenance. Such reimbursement is subject to a cap per day per vessel, depending on the vessel. The impact of the cap is determined annually on a vessel by vessel basis for so long as the initial charters remain in place; no claims have been made under the cap agreement. The management fees charged to the Company by Technomar and CMA Ships for the year ended December 31, 2018 amounted to $722 and $967, respectively (2017: CMA Ships-$1,599) and are shown in vessel operating expenses-related parties in the Consolidated Statements of Income. As of December 31, 2018, these outstanding fees due to Technomar and CMA Ships are presented in the Consolidated Balance Sheets under "Due to related parties" totaling $1,362 and $1,829 respectively (2017: CMA Ships-$2,813). 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 a significant shareholder. 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 of Poseidon Fleet, the agreements were effective from the date of the completion of the Poseidon Transaction; for the GSL Fleet, the agreements will come into effect when new charters are entered into and applied to two vessels during 2018. The fees charged to the Company by Conchart for the year ended December 31, 2018 amounted to $222 and are disclosed within time charter and voyage costs – related parties in the Consolidated Statements of Income. These outstanding fees due to Conchart are presented in the Consolidated Balance Sheets under "Due to related parties" totaling $126 and $nil as of December 31, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14.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 offhire, assuming expiry at earliest possible dates and assuming options callable by the Company included in the charters are not exercised, for the 38 vessels as at December 31, 2018 is as follows: Amount 2019 206,682 2020 141,577 2021 104,775 2022 91,783 2023 and thereafter 103,418 Total minimum lease revenue, net of address commissions 648,235 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Share Capital | 15. Share Capital On March 25, 2019, the Company effected a one-for-eight reverse stock split of the Company’s issued Class A common shares (Note 1). The reverse stock split ratio and the implementation and timing of the reverse stock split were determined by the Company’s Board of Directors, following approval of shareholders at a Special Meeting on March 20, 2019. The reverse stock split did not change the authorized number of shares or par value of the Company’s common shares. At December 31, 2018, the Company had two classes of common shares. The rights of holders of Class B common shares were identical to those of holders of Class A common shares, except that the dividend rights of holders of Class B common shares were subordinated to those of holders of Class A common shares. As a consequence of the completion of the Poseidon Transaction, the outstanding shares of Class B common shares converted to Class A common shares on a one-for-one basis on January 2, 2019 and were also retrospectively adjusted for the one-for-eight reverse stock split. On completion of the Poseidon Transaction on November 15, 2018, the Company issued 3,005,603 Class A common shares and 250,000 new Series C Preferred Shares of par value $0.01. Each Series C Preferred Share carries 38.75 votes and are convertible in certain circumstances to a total of 12,955,187 Class A common shares. They are entitled to a dividend only should such a dividend be declared on the Class A common shares. As a consequence of the completion of the Poseidon Transaction, all outstanding restricted stock units vested on November 15, 2018 and as a result a total of 60,425 Class A common shares were also issued. On August 20, 2014, the Company issued 1,400,000 depositary shares, each of which represents 1/100 th of one share of the Company’s 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the “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. 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). 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 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. Restricted 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 16). During each of the years ended December 31, 2017 and 2016, 4,266 Class A common shares were issued under the 2015 Plan, representing 20% of directors’ base fee for 2017 and 2016, respectively. The number of shares to be issued was determined on the basis of a notional value per share of $32.00 rather than market values. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share - Based Compensation | 16. Share - Based Compensation In August 2015, the Company’s Board adopted the 2015 Equity Incentive Plan (the “2015 Plan”), which enabled management, consultants and Directors of the Company and its subsidiaries to receive options, stock appreciation rights, stock grants, stock units and dividend equivalents. Under the 2015 Plan, restricted stock units were granted to four members of management on March 3, 2016 and were divided into two tranches. The first tranche (12,500 restricted stock units) would vest when the individual left employment, provided that this was after December 31, 2016 and was not for cause. The second tranche (12,500 restricted stock units) also vested after December 31, 2016 on the same terms, but, in addition, only if and when the stock price had been at or above $40.00 for 20 consecutive trading days and provided that this had occurred before December 31, 2019. Restricted stock units were granted to five members of management on January 8, 2018 under the 2015 Plan, as part of their 2017 remuneration, divided into two tranches. The first tranche (12,500 restricted stock units) would vest when the individual left employment, provided that this was after March 31, 2018 and was not for cause. The second tranche (12,500 restricted stock units) would also vests after March 31, 2018 on the same terms, but, in addition, only if and when the share price had been at or above $24.00 for 20 consecutive trading days and provided that this had occurred before December 31, 2020. Restricted stock units were granted to five members of management on March 1, 2018 under the 2015 Plan, as part of their 2018 remuneration, divided into two tranches. The first tranche (12,500 restricted stock units) would vest when the individual leaves employment, provided that this was after March 31, 2019 and was not for cause. The second tranche (12,500 restricted stock units) would also vests after March 31, 2019 on the same terms, but, in addition, only if and when the share price had been at or above $24.00 for 20 consecutive trading days and provided that this had occurred before December 31, 2021. No restricted stock units were granted during 2017. As a consequence of the completion of the Poseidon Transaction, all outstanding restricted stock units vested on November 15, 2018 and as a result a total of 60,425 Class A common shares were issued. On February 4, 2019, the 2019 Omnibus Incentive Plan (the “2019 Plan”) was adopted, and the 2015 Plan and its predecessor plan from 2008 were terminated. 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-year term is 1,812,500. The maximum number of Class A common shares with respect to which awards may be granted to any non-employee director in any one calendar year is 12,500 shares or $100,000. No awards have been made under the 2019 Plan. Share based awards since January 1, 2016, are summarized as follows: Restricted Stock Units Number of Units Management Directors Weighted Average Fair Value on Grant Date Actual Fair Value on Vesting Date Unvested as at January 1, 2016 37,500 — $ 26.00 n/a Granted in March 3, 2016 25,000 — 9.44 n/a Unvested as at December 31, 2016 62,500 — $ 19,36 n/a Granted in 2017 — — — n/a Unvested as at December 31, 2017 62,500 — $ 19.36 n/a Granted in January 8, 2018 25,000 — 9.28 n/a Granted in March 1, 2018 25,000 — 9.04 n/a Vested on November 15, 2018 (112,500 ) — n/a 7.92 Unvested as at December 31, 2018 — — $ — — Using the graded vesting method of expensing the restricted 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 restricted 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, which is discounted for dividends forfeited over the vesting period. The Company has not factored any anticipated forfeiture into these calculations based on the limited number of participants. On November 15, 2018, as a consequence of the completion of the Poseidon Transaction, all 112,500 unvested restricted stock units vested and as a result, 60,425 Class A common shares were issued, with the balance being retained by the Company to fund individual’s personal tax liabilities under UK tax legislation, based on a fair value per share of $7.92. During each of the years ended December 31, 2017 and 2016, 4,266 shares were issued under the 2015 Plan, representing 20% of directors’ base fee for 2017 and 2016 respectively. The number of shares to be issued was determined based on a notional value per share of $32.00 rather than market values. During the year ended December 31, 2018, the company recognized a total of $50 (2017: $272, 2016: $283) in respect of stock based compensation. |
Earnings_(Loss) per Share
Earnings/(Loss) per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) per Share | 17.Earnings/(loss) per Share Basic earnings/(loss) per common share is presented under the two-class method and is computed by dividing the earnings/(loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Under the two-class method, net income/(loss), 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 Class B common shareholders’ dividend rights are subordinated to those of holders of Class A common shares (see note 15). Net income/(loss) for the relevant period is allocated based on the contractual rights of each class of security and as there was insufficient net income to allow any dividend on the Class B common shares no earnings were allocated to Class B common shares. The net loss allocated to Class A and Series C share was based on an as converted basis utilizing the two-class method. Losses are only allocated to participating securities in a period of net loss if, based on the contractual terms, the relevant common shareholders have an obligation to participate in such losses. No such obligation exists for Class B common shareholders and, accordingly, losses would only be allocated to the Class A common shareholders and Series C preferred shareholders. Net loss should only be allocated to Class A common shareholders and Series C preferred shareholders. At December 31, 2018, there were no unvested awards under any of the Company’s incentive Plans. As at December 31, 2017, there were 62,500 restricted stock units granted and unvested as part of management’s equity incentive plan. As of December 31, 2018, only Class A and B common shares and Series C preferred shares were participating securities. Numerator: December 31, 2018 December 31, 2017 December 31, 2016 Net loss attributable to common shareholders $ (60,426) $ (77,328) $ (68,157) Undistributed loss attributable to Series C participating preferred shares 12,110 — — Net loss available to common shareholders, basic and diluted (48,316) (77,328) (68,157) Net Loss available to: Class A, basic and diluted (48,316) (77,328) (68,157) Class B, basic and diluted — — — Denominator: Class A Common shares Basic weighted average number of common shares outstanding $ 6,514,390 $ 5,946,986 $ 5,944,294 Weighted average number of RSUs without service conditions — 50,000 37,500 Common share and common share equivalents, basic and diluted 6,514,390 5,996,986 5,981,794 Class B Common shares Basic weighted average number of common shares outstanding 925,745 925,745 925,745 Common shares, basic and diluted $ 925,745 $ 925,745 $ 925,745 Basic and diluted common loss per share: Class A (7.42) (12.89) (11.39) Class B — — — Series C Preferred Shares-basic and diluted loss per share: Undistributed loss attributable to Series C participating preferred shares (12,110) — — Basic and diluted weighted average number of Series C Preferred shares outstanding, as converted $ 1,632,709 $ — $ — Basic and diluted loss per share (7.42) — — |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent events | 18. Subsequent events On January 2, 2019, as a consequence of completing the Poseidon Transaction, all outstanding Class B common shares converted one-for-one to Class A common shares. On February 4, 2019, the 2019 Omnibus Incentive Plan was adopted and the 2015 Plan and 2008 Plan were terminated (see note 16). On February 28, 2019, a dividend of $0.546875 per Series B Preferred Share was announced for the first quarter 2019. On March 25, 2019, the Company effected a one-for-eight reverse stock split of its Class A common shares, which was authorized at a special meeting of shareholders held on March 20, 2019. There was no change to the trading symbol, number of authorized shares, or par value of the Class A common shares in connection with the reverse stock split. All share and per share amounts disclosed in these financial statements give effect to the reverse stock split retroactively, for all periods presented, which resulted in the number of issued and outstanding common shares reducing from 79,543,921 as at December 31, 2018 to 9,942,950. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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”). Certain comparative figures have been reclassified to conform to changes in presentation in the current year. Adoption of new accounting standards On January 1, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers” and the related amendments (“ASC 606” or “the new revenue standard”) using the modified retrospective method, requiring the Company to recognize the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of retained earnings and not retrospectively adjusting prior periods. Under the new guidance, there is a five-step model to apply to revenue recognition. The five-steps consist of: (1) determination of whether a contract, an agreement between two or more parties that creates legally enforceable rights and obligations, exists; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when (or as) the performance obligation is satisfied. The adoption of this standard did not have any effect on the retained earnings or on the financial results for year ended December 31, 2018 of the Company since all the Company’s vessels generated revenues from time charter agreements. The Company expects the impact of the adoption of the new revenue standard to be immaterial to its net income on an ongoing basis. On January 1, 2018, the Company adopted ASU 2016-18, “Restricted Cash” (“ASU 2016-18”), which updated ASC Topic 230, “Statement of Cash Flows.” ASU 2016-18 required companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The recognition and measurement guidance for restricted cash is not affected. The Company applied this guidance retrospectively to all prior periods presented in the Company’s financial statements. The reclassification of restricted cash in the statements of cash flows does not impact net income as previously reported or any prior amounts reported on the statements of comprehensive income, or balance sheets. There was no effect of the retrospective application of this change in accounting principle on the Company’s statements of cash flows, as the Company did not have restricted cash for the years ended December 31, 2017 or December 31, 2016. On January 1, 2018, the Company adopted ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). The FASB issued ASU 2016-15 to decrease the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statements of cash flows. The amendments in this update provide guidance on eight specific cash flow issues. The effect of the retrospective application of this change in accounting principle on the Company’s statements of cash flows for the years ended December 31, 2017 and 2016 resulted in an increase in net cash provided by operating activities of $9,047 and $533, respectively and an increase in net cash used in financing activities of $9,047 and $533, respectively. Counterparty risk The majority of the Company’s revenues are derived from charters to CMA CGM. The Company is consequently highly dependent on the performance by CMA CGM of its obligations under these charters. The container shipping industry is volatile and is currently experiencing a sustained cyclical downturn. Many container shipping companies have reported financial losses. If CMA CGM ceases doing business or fails to perform its obligations under the charters, the Company’s business, financial position and results of operations would be materially adversely affected as it is probable that, even if the Company was able to find replacement charters, such replacement charters would be at significantly lower daily rates and shorter durations. If such events occur, there would be significant uncertainty about the Company’s ability to continue as a going concern. These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, nor to the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. |
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 The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions and/or conditions. |
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. |
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. |
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. |
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, 2018 (2017: $ nil). |
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. 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 less any negative goodwill, if applicable. 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 capitalized interest for the years ended December 31, 2018 or 2017. Other borrowing costs are expensed as incurred. Vessels are stated less accumulated depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the straight-line method over their estimated useful lives which are reviewed on an ongoing basis to ensure they reflect current technology, service potential and vessel structure. The useful lives are estimated to be 30 years from original delivery by the shipyard. 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. Vessels acquisitions The Poseidon Transaction has been accounted for under ASU 2017-01 as an asset acquisition. The vessels acquired on November 15, 2018, described in note 1, were recorded at their fair value, based on valuations obtained from third party independent ship brokers, less negative goodwill arising as a result of the accounting for the overall Poseidon Transaction, allocated pro-rata. The following table summarizes the accounting for the Poseidon Transaction, including the fair value of the stock-based consideration given: Assets and Liabilities Acquired Amount Vessels fair value as of November 15, 2018 $ 761,248 Negative goodwill allocated pro-rata to the vessels acquired (143,726) Vessels fair value recognized as of November 15, 2018 (see note 4) 617,522 Cash and cash equivalents 35,044 Fair value of time charter contracts attached, net of pro-rata allocation of negative goodwill (see note 6) 5,404 Debt assumed (509,673) Working capital (excluding cash and cash equivalents) (11,331) Total $ 136,966 Fair Value of Consideration Given Amount Share price as of November 15, 2018 (as adjusted for reverse stock split) $ 7.84 Fair value of stock-based consideration 125,133 Capitalized transaction expenses 11,833 Total consideration $ 136,966 |
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. Any remaining unamortized balance from the previous drydocking is written-off. 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 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 asset is recorded, being based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where charter rates are less than market charter rates, a liability is recorded, being 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 assumed liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates, expected future charter rates, the level of utilization of the Company’s vessels and the Company’s weighted average cost of capital. 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. |
Impairment of Long - lived assets | (l)Impairment of Long-lived assets Tangible fixed assets, such as vessels, are reviewed individually for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. Undiscounted projected operating cash flows are determined for each vessel group, which comprises of 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 applicable (together the “vessel group”) and compared to the carrying value of the vessel group (step one). Within the shipping industry, vessels can be purchased with a charter attached. The value of the charter may be favorable or unfavorable when comparing the contracted charter rate to then current market rates. An impairment charge is recognized when the sum of the expected undiscounted future cash flows from the vessel group over its estimated remaining useful life is less than its carrying amount (step one) and is recorded equal to the amount by which the vessel group’s carrying amount exceeds its fair value, including any applicable charter. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers (step two). The assumptions used involve a considerable degree of estimation. Actual conditions may differ significantly from the assumptions and thus actual cash flows may be significantly different to those estimated with a material effect on the recoverability of each vessel’s carrying amount. The most significant assumptions made for the determination of expected cash flows are (i) 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 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. Whilst charter rates in the spot market and asset values saw overall improvements through 2018, 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 fleet-wide review for impairment as at December 31, 2018 for the 19 vessels in the GSL Fleet. As a result, our management performed step one of the impairment assessment of each of the vessel groups in the GSL Fleet by comparing the undiscounted projected net operating cash flows for each vessel group to the carrying value of the vessel group. During the three months ended December 31, 2018, our assessment concluded that step two of the impairment analysis was required for three of our vessels groups that were held and used, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, an impairment loss of $71,834 was recorded for three vessels, shown as “Impairment of vessels” in the Consolidated Statements of Income, being the difference between the fair value of the vessel group (which included the charter attached) and the vessel group’s carrying value. No impairment test was performed for the vessels comprising the Poseidon Fleet as at December 31, 2018, as no events or circumstances existed indicating that their carrying value may not be recoverable. The carrying value of the vessels at December 31, 2018 was significantly lower than their fair value, mainly as a result of the allocation of negative goodwill arising from the accounting for the Poseidon Transaction. The assessment performed for 2017 and 2016 resulted in impairment charges of $87,624 and $92,422, respectively. |
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. Arrangement fees for revolving credit facilities are shown within “Other non-current assets”. |
Preferred shares | (n)Preferred shares The Series B Preferred Shares have been included within Equity in the Consolidated Balance Sheets, from their issue in August 2014, and the dividends are presented as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of 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% on the original issue price and rank senior to the common shares with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company . The Series C Preferred Shares have been included within Equity in the Consolidated Balance Sheets, from their issue on November 15, 2018. The Class C Preferred Shares are convertible in certain circumstances to Class A common shares and they are entitled to a dividend only should such a dividend be declared on the Class A common shares. |
Other comprehensive income/ (loss) | (o)Other comprehensive income/ (loss) Other comprehensive income/ (loss), which is reported in the Consolidated Statements of Shareholders’ Equity, consists of net income (loss) and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income (loss). 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. As the Company does not, to date, have other comprehensive income, the accompanying Consolidated Financial Statements only include Consolidated Statements of Income. |
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. Any difference between the charter rate invoiced and the time charter revenue recognized is classified as, or released from, deferred revenue within the Consolidated Balance Sheets. 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. |
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 may award restricted stock units to its management and Directors as part of their compensation. The fair value of restricted stock unit grants is determined by reference to the share price on the date of grant, adjusted for estimated dividends forgone until the restricted stock units vest. Compensation expense is recognized based on a graded expense model over the expected vesting period. |
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 subsidiary in the United Kingdom, where the principal rate of corporate income tax is 19% (2017: 19%, 2016: 20%). The Company accounts for deferred income taxes using the liability method which requires the determination of deferred tax assets and liabilities, based upon temporary timing differences that arise between the financial statement and tax bases of recorded assets and liabilities, using enacted tax rates in effect for the year in which differences are expected to reverse. The net deferred tax asset is adjusted by a valuation allowance where appropriate, if, based on the weight of available evidence, it is more likely than not that some portion or all of the net deferred tax asset will not be realized. At December 31, 2018 a deferred tax liability of $9 (2017: $17) was recognized relating to stock based compensation costs charged to the Consolidated Statements of Income in respect of unvested shares and timing differences between the carrying amounts of assets for financial reporting purposes and their tax bases. 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 “Dividends payable”. |
Earnings/ (Loss) per share | (u)Earnings/ (Loss) per share Basic earnings/ (loss) per common share are based on income/ (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock units. Diluted income/ (loss) 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 CMA CGM and other liner companies which are exposed to the cyclicality of the container shipping industry. (ii) There is a concentration of credit risk with respect to cash and cash equivalents at December 31, 2018, to the extent that substantially all of the amounts are deposited with eight banks (2017; three banks). However, the Company believes this risk is remote as the banks are high credit quality financial institutions. |
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 reportable segment. |
Fair Value Measurement and Financial Instruments | (x)Fair Value Measurement and Financial Instruments Financial instruments carried on the balance sheet include cash and cash equivalents, 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 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. As at December 31, 2018, the Company’s three vessel groups that were held and used with a total aggregate carrying amount of $165,334 were written down to their fair value of $93,500 resulting in a non-cash impairment charge of $71,834 which was allocated to the respective vessels’ carrying values (see note 4) and was included in Consolidated Statements of Income for the year ended December 31, 2018. The estimated fair value, measured on a non-recurring basis, of the Company’s relevant three vessel groups that are held and used is calculated with the assistance of valuation obtained by third party independent ship brokers. Therefore, the Company has categorized the fair value of these vessels as Level II in the fair value hierarchy. Financial Risk Management: Credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable and cash and cash equivalents. 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: |
Recently issued accounting standards | (y)Recently issued accounting standards In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 will apply to both types of leases-capital (or finance) leases and operating leases. According to the new Accounting Standard, lessees will be required to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. ASU 2016-02 is effective for fiscal years which began after December 15, 2018, including interim periods within those fiscal years. Early application was permitted. This guidance requires companies to identify lease and non-lease components of a lease agreement. Lease components relate to the right to use the leased asset and non-lease components relate to payments for goods or services that are transferred separately from the right to use the underlying asset. Total lease consideration is allocated to lease and non-lease components on a relative standalone basis. The recognition of revenues related to lease components will be governed by ASC 842 while revenue related to non-lease components will be subject to ASC 606. In March 2018, the FASB tentatively approved a proposed amendment to ASU 842, that would provide an entity the optional transition method to initially account for the impact of the adoption with a cumulative adjustment to retained earnings on the effective date of the ASU, January 1, 2019 rather than January 1, 2017, which would eliminate the need to restate amounts presented prior to January 1, 2019. In addition, lessors can elect, as a practical expedient, not to allocate the total consideration to lease and non-lease components based on their relative standalone selling prices. As adopted by the Accounting Standards Update No. 2018-11 in July 2018, this practical expedient will allow lessors to elect and account for the combined component based on its predominant characteristic. ASC 842 provides practical expedients that allow entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. In July 2018, the FASB issued Accounting Standards Update No. 2018-10, “Codification Improvements to Topic 842, Leases” and in December 2018 the Accounting Standards Update No. 2018-20 “Narrow-scope improvements for lessors”, which further improve and clarify ASU 2016-02. The Company plans to adopt the standard as of January 1, 2019 and expects to elect the use of all practical expedients. Based on a preliminary assessment, the Company is expecting that the adoption will not have a material effect on its consolidated financial statements since the Company is primarily a lessor and the changes to the lessor model are fairly minor. The Company currently does not have any other miscellaneous leases that are greater than 12 months and the Company is the lessee that would be impacted by the adoption of this standard. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. In December 2018, the FASB issued Accounting Standards Update No. 2018-19 “Codification improvements to Topic 326”, which clarifies that impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. The ASU 2016-13 is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the impact of the new standard on the Company’s consolidated financial statements. The Company does not believe that any other recently issued, but not yet effective, accounting pronouncements would have a material impact on its consolidated financial statements. |
Description of Business, Schedu
Description of Business, Schedule of Vessels (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Vessels | Company Name (1) Fleet (2),(3) Country of Incorporation Vessel Name Capacity in TEUs (4) Year Built Earliest Charter Expiry Date Global Ship Lease 3 Limited GSL Cyprus CMA CGM Matisse 2,262 1999 3Q19 Global Ship Lease 4 Limited GSL Cyprus CMA CGM Utrillo 2,262 1999 3Q19 Global Ship Lease 5 Limited GSL Cyprus GSL Keta 2,207 2003 2Q19 Global Ship Lease 6 Limited GSL Cyprus GSL Julie 2,207 2002 1Q19 Global Ship Lease 7 Limited GSL Cyprus Kumasi 2,207 2002 4Q19 Global Ship Lease 8 Limited GSL Cyprus Marie Delmas 2,207 2002 4Q19 Global Ship Lease 9 Limited GSL Cyprus CMA CGM La Tour 2,272 2001 3Q19 Global Ship Lease 10 Limited GSL Cyprus CMA CGM Manet 2,272 2001 3Q19 Global Ship Lease 12 Limited GSL Cyprus CMA CGM Château d’If 5,089 2007 4Q20 Global Ship Lease 13 Limited GSL Cyprus CMA CGM Thalassa 11,040 2008 4Q25 Global Ship Lease 14 Limited GSL Cyprus CMA CGM Jamaica 4,298 2006 3Q22 Global Ship Lease 15 Limited GSL Cyprus CMA CGM Sambhar 4,045 2006 3Q22 Global Ship Lease 16 Limited GSL Cyprus CMA CGM America 4,045 2006 3Q22 Global Ship Lease 20 Limited GSL Hong Kong GSL Tianjin 8,667 2005 2Q19 Global Ship Lease 21 Limited GSL Hong Kong OOCL Qingdao 8,667 2004 1Q19 Global Ship Lease 22 Limited GSL Hong Kong GSL Ningbo 8,667 2004 2Q19 Global Ship Lease 23 Limited GSL Hong Kong CMA CGM Berlioz 6,621 2001 2Q21 Global Ship Lease 26 Limited GSL Hong Kong GSL Valerie 2,824 2005 2Q19 GSL Alcazar Inc. GSL Marshall Islands CMA CGM Alcazar 5,089 2007 4Q20 Aris Marine LLC Poseidon Marshall Islands Maira 2,506 2000 1Q19 Aphrodite Marine LLC Poseidon Marshall Islands Nikolas 2,506 2000 1Q19 Athena Marine LLC Poseidon Marshall Islands Newyorker 2,506 2001 1Q19 Hephaestus Marine LLC Poseidon Marshall Islands Dolphin II 5,095 2007 2Q19 Pericles Marine LLC Poseidon Marshall Islands Athena 2,762 2003 1Q19 Zeus One Marine LLC Poseidon Marshall Islands Orca I 5,095 2006 2Q19 Leonidas Marine LLC Poseidon Marshall Islands Agios Dimitrios 6,572 2011 3Q19 Alexander Marine LLC Poseidon Marshall Islands Mary 6,927 2013 3Q23 Hector Marine LLC Poseidon Marshall Islands Kristina 6,927 2013 2Q19(6) Ikaros Marine LLC Poseidon Marshall Islands Katherine 6,927 2013 1Q24 Tasman Marine LLC Poseidon Marshall Islands Tasman 5,936 2000 1Q19 Hudson Marine LLC Poseidon Marshall Islands Dimitris Y 5,936 2000 2Q19 Drake Marine LLC Poseidon Marshall Islands Ian H 5,936 2000 2Q19 Phillipos Marine LLC Poseidon Marshall Islands Alexandra 6,927 2013 1Q19(6) Aristoteles Marine LLC Poseidon Marshall Islands UASC Bubiyan 6,882 2015 1Q19(6) Menelaos Marine LLC(5) Poseidon Marshall Islands UASC Yas 6,882 2015 1Q24 Laertis Marine LLC Poseidon Marshall Islands UASC Al Khor 9,115 2015 1Q19 Penelope Marine LLC Poseidon Marshall Islands Maira XL 9,115 2015 2Q20 Telemachus Marine LLC Poseidon Marshall Islands Anthea Y 9,115 2015 2Q20 (1) All subsidiaries are 100% owned, either directly or indirectly; (2) The GSL Fleet comprises the 19 vessels wholly owned by the Company prior to completion of the Poseidon Transaction; (3) The Poseidon Fleet comprises the 19 vessels wholly owned by Poseidon Containers as at the completion of the Poseidon Transaction, excluding one additional vessel held for sale; (4) Twenty-foot Equivalent Units; (5) Renamed Olivia I, effective March 19, 2019; (6) Thereafter, five years to CMA CGM at $25,910 per day. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Noncash or Part Noncash Acquisition, Net Nonmonetary Assets Acquired (Liabilities Assumed) [Abstract] | |
Schedule of Noncash or Part Noncash Acquisitions | Assets and Liabilities Acquired Amount Vessels fair value as of November 15, 2018 $ 761,248 Negative goodwill allocated pro-rata to the vessels acquired (143,726) Vessels fair value recognized as of November 15, 2018 (see note 4) 617,522 Cash and cash equivalents 35,044 Fair value of time charter contracts attached, net of pro-rata allocation of negative goodwill (see note 6) 5,404 Debt assumed (509,673) Working capital (excluding cash and cash equivalents) (11,331) Total $ 136,966 Fair Value of Consideration Given Amount Share price as of November 15, 2018 (as adjusted for reverse stock split) $ 7.84 Fair value of stock-based consideration 125,133 Capitalized transaction expenses 11,833 Total consideration $ 136,966 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restricted Cash | December 31, 2018 December 31, 2017 Retention accounts $ 2,186 $ — Total Current Restricted Cash $ 2,186 $ — Cash Collateral $ 5,190 $ — Blocked bank deposits 637 Total Non - Current Restricted Cash 5,827 — Total Current and Non - Current Restricted Cash $ 8,013 $ — |
Vessels in Operation (Tables)
Vessels in Operation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessels in Operation, Less Accumulated Depreciation | Vessel Cost, as adjusted for Accumulated Net Book impairment charges Depreciation Value As of January 1, 2017 $ 916,809 $ (209,481) $ 707,328 Additions 310 — 310 Depreciation — (33,494) (33,494) Impairment loss (182,585) 94,961 (87,624) As of December 31, 2017 $ 734,534 $ (148,014) $ 586,520 Additions 11,675 — 11,675 Acquisitions through the Poseidon Transaction 617,522 — 617,522 Depreciation — (31,117) (31,117) Impairment loss (139,354) 67,520 (71,834) As of December 31, 2018 $ 1,224,377 $ (111,611) $ 1,112,766 |
Deferred charges, net (Tables)
Deferred charges, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred charges, net | Dry - docking Costs As of January 1, 2017 $ 11,782 Additions 3,949 Amortization (4,472) As of December 31, 2017 $ 11,259 Additions 2,635 Amortization (4,200) Write - off (125) As of December 31, 2018 $ 9,569 |
Intangible Assets_Liabilities_2
Intangible Assets/Liabilities - Charter Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible liabilities - Charter Agreements | December 31, December 31, 2018 2017 Opening balance $ 10,482 $ 12,527 Amortization in period (2,012) (2,045) Closing balance $ 8,470 $ 10,482 |
Intangible assets - Charter Agreements | December 31, December 31, 2018 2017 Opening balance $ 700 $ 937 Additions through the Poseidon Transaction 5,404 — Amortization in the year (704) (237) Closing balance $ 5,400 $ 700 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | December 31, 2018 December 31, 2017 Insurance and other claims $ 1,761 $ 348 Advances to suppliers and other assets 2,128 68 Prepaid vessel expenditure 840 327 Prepaid insurances 787 418 Other 698 215 Total $ 6,214 $ 1,376 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | December 31, 2018 December 31, 2017 Bunkers $ 443 $ — Lubricants 4,958 742 Stores 192 — Victualling 176 — Total $ 5,769 $ 742 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable | December 31, 2018 December 31, 2017 Suppliers, repairers $ 8,561 $ 1,207 Insurers, agents and brokers 358 — Payables to charterers 368 — Other creditors 299 279 Total $ 9,586 $ 1,486 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | December 31, 2018 December 31, 2017 Accrued expenses $ 7,154 $ 2,764 Accrued interest 8,253 6,024 Total $ 15,407 $ 8,788 |
Long - Term Debt (Tables)
Long - Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long - Term Debt | Facilities December 31, 2018 December 31, 2017 2022 Notes $ 360,000 $ 360,000 Less repurchase of Notes (20,000) — Less original issue discount (3,600) (3,600) Accumulated amortization of original issue discount 941 133 2022 Notes (a) $ 337,341 $ 356,533 Poseidon - DVB Credit Facility (b) 51,063 — Poseidon - Credit Agricole Credit Facility (c) 53,069 — Poseidon - Blue Ocean Credit Facility (d) 23,830 — Poseidon - ABN-AMRO Credit Facility (e) 62,189 — Poseidon - ATB Credit Facility (f) 17,100 — Poseidon - Credit Agricole Credit Facility (g) 80,000 — Poseidon - Blue Ocean Credit Facility (h) 38,500 — Poseidon - Deutsche, CIT, Entrust Credit Facility (i) 180,500 — Citi Credit Facility (j) 34,800 54,800 Hayfin Credit Facility (k) 8,125 — Less: Deferred financing costs (n) (9,299) (12,818) Total $ 877,218 $ 398,515 Less: Current portion of 2022 Notes (a) (20,000) — Less: Current portion of Poseidon - DVB Credit Facility (b) (2,231) — Less: Current portion of Poseidon - Credit Agricole Credit Facility (c) (405) — Less: Current portion of Poseidon - ABN - AMRO Credit Facility (e) (129) — Less: Current portion of Poseidon - ATB Credit Facility (f) (1,628) — Less: Current portion of Poseidon - Credit Agricole Credit Facility (g) (6,000) — Less: Current portion of Poseidon - Deutsche, CIT, Entrust Credit Facility (i) (13,695) — Less: Current portion of Citi Credit Facility (j) (20,000) (40,000) Non - current portion of Long-Term Debt $ 813,130 $ 358,515 |
Repayment schedule | Payment due by period ended December 31, 2018 2019 $ 64,088 2020 330,033 2021 48,176 2022 408,379 2023 38,500 $ 889,176 |
Schedule of Deferred Financing Costs | December 31, 2018 December 31, 2017 Opening balance $ 12,818 $ 7,100 Expenditure in the period 307 13,177 Amortization included within interest expense (3,826 ) (7,459) Closing balance $ 9,299 $ 12,818 |
Time charter revenue (Tables)
Time charter revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Time charter revenue | December 31, 2018 December 31, 2017 December 31, 2016 Time charter revenue $ 30,890 $ 35,334 $ 37,881 Time charter revenue-related party 126,207 123,944 128,956 $ 157,097 $ 159,278 $ 166,837 |
Operating revenue from significant customers | Year Ended December 31, Charterer 2018 2017 2016 CMA CGM 80.41% 77.82% 77.29% OOCL Under 10% 22.18% 22.71% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Charter Hire Receivable | Amount 2019 206,682 2020 141,577 2021 104,775 2022 91,783 2023 and thereafter 103,418 Total minimum lease revenue, net of address commissions 648,235 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share - Based Awards | Restricted Stock Units Number of Units Management Directors Weighted Average Fair Value on Grant Date Actual Fair Value on Vesting Date Unvested as at January 1, 2016 37,500 — $ 26.00 n/a Granted in March 3, 2016 25,000 — 9.44 n/a Unvested as at December 31, 2016 62,500 — $ 19,36 n/a Granted in 2017 — — — n/a Unvested as at December 31, 2017 62,500 — $ 19.36 n/a Granted in January 8, 2018 25,000 — 9.28 n/a Granted in March 1, 2018 25,000 — 9.04 n/a Vested on November 15, 2018 (112,500 ) — n/a 7.92 Unvested as at December 31, 2018 — — $ — — |
Earnings_(Loss) per Share (Tabl
Earnings/(Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) per Share | Numerator: December 31, 2018 December 31, 2017 December 31, 2016 Net loss attributable to common shareholders $ (60,426) $ (77,328) $ (68,157) Undistributed loss attributable to Series C participating preferred shares 12,110 — — Net loss available to common shareholders, basic and diluted (48,316) (77,328) (68,157) Net Loss available to: Class A, basic and diluted (48,316) (77,328) (68,157) Class B, basic and diluted — — — Denominator: Class A Common shares Basic weighted average number of common shares outstanding $ 6,514,390 $ 5,946,986 $ 5,944,294 Weighted average number of RSUs without service conditions — 50,000 37,500 Common share and common share equivalents, basic and diluted 6,514,390 5,996,986 5,981,794 Class B Common shares Basic weighted average number of common shares outstanding 925,745 925,745 925,745 Common shares, basic and diluted $ 925,745 $ 925,745 $ 925,745 Basic and diluted common loss per share: Class A (7.42) (12.89) (11.39) Class B — — — Series C Preferred Shares-basic and diluted loss per share: Undistributed loss attributable to Series C participating preferred shares (12,110) — — Basic and diluted weighted average number of Series C Preferred shares outstanding, as converted $ 1,632,709 $ — $ — Basic and diluted loss per share (7.42) — — |
Description of Business (Detail
Description of Business (Details) | 3 Months Ended | 11 Months Ended | 12 Months Ended |
Mar. 25, 2019 | Nov. 15, 2018Vessel | Dec. 31, 2018USD ($)Vessel | |
Number of vessels Owned | 19 | 38 | |
Weighted average age, weighted by TEU capacity | 11 years | ||
Poseidon Transaction [Member] | |||
Number of vessels purchased | 20 | ||
Number of vessels Owned | 19 | ||
All Subsidiaries [Member] | |||
Ownership Interest | 100.00% | ||
Argos [Member] | Poseidon Transaction [Member] | |||
Number of vessels to be sold | 1 | ||
Reverse Stock Split [Member] | Common Shares [Member] | Subsequent Event [Member] | |||
Shareholders' 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. | ||
Shareholders' Equity Note, Reverse Stock Split, Conversion Ratio | 8 | ||
CMA CGM [Member] | |||
Duration of agreement | 5 years | ||
Charter hire daily rate | $ | $ 25,910 |
Description of Business - Sched
Description of Business - Schedule of Vessels (Table) (Details) | 12 Months Ended | |
Dec. 31, 2018Unit | ||
Global Ship Lease 3 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM Matisse | |
Capacity in TEUs | 2,262 | [3] |
Year Built | 1999 | |
Earliest Charter Expiry Date | 3Q19 | |
Global Ship Lease 4 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM Utrillo | |
Capacity in TEUs | 2,262 | [3] |
Year Built | 1999 | |
Earliest Charter Expiry Date | 3Q19 | |
Global Ship Lease 5 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | GSL Keta | |
Capacity in TEUs | 2,207 | [3] |
Year Built | 2003 | |
Earliest Charter Expiry Date | 2Q19 | |
Global Ship Lease 6 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | GSL Julie | |
Capacity in TEUs | 2,207 | [3] |
Year Built | 2002 | |
Earliest Charter Expiry Date | 1Q19 | |
Global Ship Lease 7 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | Kumasi | |
Capacity in TEUs | 2,207 | [3] |
Year Built | 2002 | |
Earliest Charter Expiry Date | 4Q19 | |
Global Ship Lease 8 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | Marie Delmas | |
Capacity in TEUs | 2,207 | [3] |
Year Built | 2002 | |
Earliest Charter Expiry Date | 4Q19 | |
Global Ship Lease 9 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM La Tour | |
Capacity in TEUs | 2,272 | [3] |
Year Built | 2001 | |
Earliest Charter Expiry Date | 3Q19 | |
Global Ship Lease 10 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM Manet | |
Capacity in TEUs | 2,272 | [3] |
Year Built | 2001 | |
Earliest Charter Expiry Date | 3Q19 | |
Global Ship Lease 12 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM Château d’If | |
Capacity in TEUs | 5,089 | [3] |
Year Built | 2007 | |
Earliest Charter Expiry Date | 4Q20 | |
Global Ship Lease 13 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM Thalassa | |
Capacity in TEUs | 11,040 | [3] |
Year Built | 2008 | |
Earliest Charter Expiry Date | 4Q25 | |
Global Ship Lease 14 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM Jamaica | |
Capacity in TEUs | 4,298 | [3] |
Year Built | 2006 | |
Earliest Charter Expiry Date | 3Q22 | |
Global Ship Lease 15 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM Sambhar | |
Capacity in TEUs | 4,045 | [3] |
Year Built | 2006 | |
Earliest Charter Expiry Date | 3Q22 | |
Global Ship Lease 16 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Cyprus | |
Vessel Name | CMA CGM America | |
Capacity in TEUs | 4,045 | [3] |
Year Built | 2006 | |
Earliest Charter Expiry Date | 3Q22 | |
Global Ship Lease 20 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Hong Kong | |
Vessel Name | GSL Tianjin | |
Capacity in TEUs | 8,667 | [3] |
Year Built | 2005 | |
Earliest Charter Expiry Date | 2Q19 | |
Global Ship Lease 21 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Hong Kong | |
Vessel Name | OOCL Qingdao | |
Capacity in TEUs | 8,667 | [3] |
Year Built | 2004 | |
Earliest Charter Expiry Date | 1Q19 | |
Global Ship Lease 22 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Hong Kong | |
Vessel Name | GSL Ningbo | |
Capacity in TEUs | 8,667 | [3] |
Year Built | 2004 | |
Earliest Charter Expiry Date | 2Q19 | |
Global Ship Lease 23 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Hong Kong | |
Vessel Name | CMA CGM Berlioz | |
Capacity in TEUs | 6,621 | [3] |
Year Built | 2001 | |
Earliest Charter Expiry Date | 2Q21 | |
Global Ship Lease 26 Limited [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Hong Kong | |
Vessel Name | GSL Valerie | |
Capacity in TEUs | 2,824 | [3] |
Year Built | 2005 | |
Earliest Charter Expiry Date | 2Q19 | |
GSL Alcazar Inc. [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | GSL | [1],[2] |
Country of incorporation | Marshall Islands | |
Vessel Name | CMA CGM Alcazar | |
Capacity in TEUs | 5,089 | [3] |
Year Built | 2007 | |
Earliest Charter Expiry Date | 4Q20 | |
Aris Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Maira | |
Capacity in TEUs | 2,506 | [3] |
Year Built | 2000 | |
Earliest Charter Expiry Date | 1Q19 | |
Aphrodite Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Nikolas | |
Capacity in TEUs | 2,506 | [3] |
Year Built | 2000 | |
Earliest Charter Expiry Date | 1Q19 | |
Athena Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Newyorker | |
Capacity in TEUs | 2,506 | [3] |
Year Built | 2001 | |
Earliest Charter Expiry Date | 1Q19 | |
Hephaestus Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Dolphin II | |
Capacity in TEUs | 5,095 | [3] |
Year Built | 2007 | |
Earliest Charter Expiry Date | 2Q19 | |
Pericles Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Athena | |
Capacity in TEUs | 2,762 | [3] |
Year Built | 2003 | |
Earliest Charter Expiry Date | 1Q19 | |
Zeus One Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Orca I | |
Capacity in TEUs | 5,095 | [3] |
Year Built | 2006 | |
Earliest Charter Expiry Date | 2Q19 | |
Leonidas Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Agios Dimitrios | |
Capacity in TEUs | 6,572 | [3] |
Year Built | 2011 | |
Earliest Charter Expiry Date | 3Q19 | |
Alexander Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Mary | |
Capacity in TEUs | 6,927 | [3] |
Year Built | 2013 | |
Earliest Charter Expiry Date | 3Q23 | |
Hector Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Kristina | |
Capacity in TEUs | 6,927 | [3] |
Year Built | 2013 | |
Earliest Charter Expiry Date | 2Q19 | [5] |
Ikaros Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Katherine | |
Capacity in TEUs | 6,927 | [3] |
Year Built | 2013 | |
Earliest Charter Expiry Date | 1Q24 | |
Tasman Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Tasman | |
Capacity in TEUs | 5,936 | [3] |
Year Built | 2000 | |
Earliest Charter Expiry Date | 1Q19 | |
Hudson Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Dimitris Y | |
Capacity in TEUs | 5,936 | [3] |
Year Built | 2000 | |
Earliest Charter Expiry Date | 2Q19 | |
Drake Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Ian H | |
Capacity in TEUs | 5,936 | [3] |
Year Built | 2000 | |
Earliest Charter Expiry Date | 2Q19 | |
Phillipos Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Alexandra | |
Capacity in TEUs | 6,927 | [3] |
Year Built | 2013 | |
Earliest Charter Expiry Date | 1Q19 | [5] |
Aristoteles Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | UASC Bubiyan | |
Capacity in TEUs | 6,882 | [3] |
Year Built | 2015 | |
Earliest Charter Expiry Date | 1Q19 | [5] |
Menelaos Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4],[6] |
Country of incorporation | Marshall Islands | |
Vessel Name | UASC Yas | |
Capacity in TEUs | 6,882 | [3] |
Year Built | 2015 | |
Earliest Charter Expiry Date | 1Q24 | |
Laertis Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | UASC Al Khor | |
Capacity in TEUs | 9,115 | [3] |
Year Built | 2015 | |
Earliest Charter Expiry Date | 1Q19 | |
Penelope Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Maira XL | |
Capacity in TEUs | 9,115 | [3] |
Year Built | 2015 | |
Earliest Charter Expiry Date | 2Q20 | |
Telemachus Marine LLC [Member] | ||
Nature Of Operations [Line Items] | ||
Fleet | Poseidon | [1],[4] |
Country of incorporation | Marshall Islands | |
Vessel Name | Anthea Y | |
Capacity in TEUs | 9,115 | [3] |
Year Built | 2015 | |
Earliest Charter Expiry Date | 2Q20 | |
[1] | All subsidiaries are 100% owned, either directly or indirectly; | |
[2] | The GSL Fleet comprises the 19 vessels wholly owned by the Company prior to completion of the Poseidon Transaction; | |
[3] | Twenty-foot Equivalent Units; | |
[4] | The Poseidon Fleet comprises the 19 vessels wholly owned by Poseidon Containers as at the completion of the Poseidon Transaction, excluding one additional vessel held for sale; | |
[5] | Thereafter, five years to CMA CGM at $25,910 per day. | |
[6] | Renamed Olivia I, effective March 19, 2019; |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies, Poseidon Transaction (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 15, 2018 | |
Assets and Liabilities Acquired | ||||
Vessels fair value as of November 15, 2018 | $ 761,248 | |||
Negative goodwill allocated pro-rata to the vessels acquired | (143,726) | |||
Vessels fair value recognized as of November 15, 2018 (see note 4) | 617,522 | |||
Cash and cash equivalents | 35,044 | |||
Fair value of time charter contracts attached, net of pro-rata allocation of negative goodwill (see note 6) | 5,404 | $ 0 | ||
Debt assumed | (509,673) | 0 | $ 0 | |
Working capital (excluding cash and cash equivalents) | (11,331) | $ 0 | $ 0 | |
Total | 136,966 | |||
Fair Value of Consideration Given | ||||
Share price as of November 15, 2018 (as adjusted for reverse stock split) | $ 7.84 | |||
Fair value of stock-based consideration | 125,133 | |||
Capitalized transaction expenses | 11,833 | |||
Total consideration | $ 136,966 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)VesselUnitSubsidiary | Dec. 31, 2017USD ($)VesselUnitSubsidiary | Dec. 31, 2016USD ($)VesselSubsidiary | |
Significant Accounting Policies [Line Items] | |||
Allowances for doubtful accounts | $ 0 | $ 0 | |
Capitalized interest | $ 0 | $ 0 | |
Depreciation method | straight-line | ||
Vessel estimated useful life | 30 years | ||
Period between scheduled regulatory drydockings | 5 years | ||
Forecast Rate Period following charter expiry | 4 years | ||
Future charter rate assumptions | 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 for each vessel thereafter | ||
Number of vessels tested for impairment | Vessel | 19 | ||
Number of vessels on which impairment charge is recognized | Vessel | 3 | 5 | 6 |
Vessel impairment charges | $ 71,834 | $ 87,624 | $ 92,422 |
Deferred tax liability recognized | $ 9 | $ 17 | |
Number of banks holding deposits | Unit | 8 | 3 | |
Number of Reportable Segments | Unit | 1 | ||
Property, Plant and Equipment, Net | $ 1,112,766 | $ 586,520 | |
Restatement Adjustment [Member] | Accounting Standards Update 2016-15 [Member] | |||
Significant Accounting Policies [Line Items] | |||
Effect in net cash provided by operating activities | 9,047 | 533 | |
Effect in net cash used in financing activities | $ 9,047 | $ 533 | |
UNITED KINGDOM | |||
Significant Accounting Policies [Line Items] | |||
Number of subsidiaries owned by the Company | Subsidiary | 1 | 1 | 1 |
Principal rate of corporate income tax | 19.00% | 19.00% | 20.00% |
Three Vessel Groups [Member] | |||
Significant Accounting Policies [Line Items] | |||
Vessel impairment charges | $ 71,834 | ||
Property, Plant and Equipment, Net | 165,334 | ||
Property, Plant, and Equipment, Fair Value Disclosure | $ 93,500 | ||
Impaired Long-Lived Assets Held and Used, Asset Description | Three vessel groups that are held and used | ||
Impaired Long-Lived Assets Held and Used, Method for Determining Fair Value | The estimated fair value, measured on a non - recurring basis, of the Company’s relevant three vessel groups that are held and used is calculated with the assistance of valuation obtained by third party independent ship brokers. Therefore, the Company has categorized the fair value of these vessels as Level II in the fair value hierarchy. | ||
Series B Preferred Shares [Member] | |||
Significant Accounting Policies [Line Items] | |||
Preferred shares dividend rate percentage | 8.75% |
Restricted Cash (Table) (Detail
Restricted Cash (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents [Abstract] | ||
Retention amounts | $ 2,186 | $ 0 |
Total Current Restricted Cash | 2,186 | 0 |
Cash Collateral | 5,190 | 0 |
Blocked bank deposits | 637 | 0 |
Total Non - Current Restricted Cash | 5,827 | 0 |
Total Current and Non - Current Restricted Cash | $ 8,013 | $ 0 |
Vessels in Operation - Schedule
Vessels in Operation - Schedule of Vessels in Operation (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Balance | $ 586,520 | ||
Additions | 11,675 | ||
Acquisitions through the Poseidon Transaction | 617,522 | ||
Depreciation | (31,117) | ||
Impairment loss | (71,834) | $ (87,624) | $ (92,422) |
Balance | 1,112,766 | 586,520 | |
Vessel Cost, as adjusted for impairment charges [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 734,534 | 916,809 | |
Additions | 11,675 | 310 | |
Acquisitions through the Poseidon Transaction | 617,522 | ||
Impairment loss | (139,354) | (182,585) | |
Balance | 1,224,377 | 734,534 | 916,809 |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | (148,014) | (209,481) | |
Depreciation | (31,117) | (33,494) | |
Impairment loss | 67,520 | 94,961 | |
Balance | (111,611) | (148,014) | (209,481) |
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 586,520 | 707,328 | |
Additions | 11,675 | 310 | |
Acquisitions through the Poseidon Transaction | 617,522 | ||
Depreciation | (31,117) | (33,494) | |
Impairment loss | (71,834) | (87,624) | |
Balance | $ 1,112,766 | $ 586,520 | $ 707,328 |
Vessels in Operation (Details)
Vessels in Operation (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 18, 2018USD ($) | Dec. 31, 2018USD ($)Vessel | Dec. 31, 2017USD ($)Vessel | Dec. 31, 2016USD ($)Vessel | Nov. 15, 2018Vessel | |
Property, Plant and Equipment [Line Items] | |||||
Vessel acquisition cost | $ | $ 11,675 | ||||
Number of vessels on which impairment charge is recognized | 3 | 5 | 6 | ||
Vessel impairment charges | $ | $ 71,834 | $ 87,624 | $ 92,422 | ||
Poseidon Transaction [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels purchased | 20 | ||||
GSL Valerie [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Vessel delivery date | Jun. 18, 2018 | ||||
Year built | 2005 | ||||
Capacity in TEUs | 2,824 | ||||
Vessel acquisition cost | $ | $ 11,436 | ||||
Argos [Member] | Poseidon Transaction [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels to be sold | 1 | ||||
Hayfin Credit Facility [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels pledged as collateral | 1 | ||||
Loan Facilities of Poseidon Fleet [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels pledged as collateral | 19 | ||||
2022 Notes [Member] | Citi Super Senior Term Loan [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels pledged as collateral | 18 |
Deferred charges, net (Table) (
Deferred charges, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Costs, Noncurrent [Abstract] | ||
Balance | $ 11,259 | $ 11,782 |
Additions | 2,635 | 3,949 |
Amortization | (4,200) | (4,472) |
Write - off | (125) | |
Balance | $ 9,569 | $ 11,259 |
Deferred charges, net (Details)
Deferred charges, net (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Noncurrent [Abstract] | |
Period between scheduled regulatory drydockings | 5 years |
Intangible Assets_Liabilities_3
Intangible Assets/Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible Liability Disclosure [Abstract] | ||
Opening balance | $ 10,482 | $ 12,527 |
Amortization in period | (2,012) | (2,045) |
Closing balance | $ 8,470 | $ 10,482 |
Intangible Assets_Liabilities_4
Intangible Assets/Liabilities - Charter Agreements - Schedule of Intangible Assets (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Opening balance | $ 700 | $ 937 |
Additions through the Poseidon Transaction | 5,404 | 0 |
Amortization in the year | (704) | (237) |
Closing balance | $ 5,400 | $ 700 |
Intangible Assets_Liabilities_5
Intangible Assets/Liabilities - Charter Agreements (Details) | 12 Months Ended |
Dec. 31, 2018Vessel | |
Poseidon Transaction [Member] | |
FiniteLivedIntangibleAssetsAndLiabilitiesLineItems [Line Items] | |
Number of vessels related to intangible assets | 2 |
At Merger [Member] | |
FiniteLivedIntangibleAssetsAndLiabilitiesLineItems [Line Items] | |
Number of vessels related to intangible liabilities | 5 |
Number of vessels related to intangible assets | 2 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid Expense, Current [Abstract] | ||
Insurance and other claims | $ 1,761 | $ 348 |
Advances to suppliers and other assets | 2,128 | 68 |
Prepaid vessel expenditure | 840 | 327 |
Prepaid insurances | 787 | 418 |
Other | 698 | 215 |
Total | $ 6,214 | $ 1,376 |
Inventories (Table) (Details)
Inventories (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory, Net [Abstract] | ||
Bunkers | $ 443 | $ 0 |
Lubricants | 4,958 | 742 |
Stores | 192 | 0 |
Victualling | 176 | 0 |
Total | $ 5,769 | $ 742 |
Accounts Payable (Table) (Detai
Accounts Payable (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Payable, Current [Abstract] | ||
Suppliers, repairers | $ 8,561 | $ 1,207 |
Insurers, agents and brokers | 358 | 0 |
Payables to charterers | 368 | 0 |
Other creditors | 299 | 279 |
Total | $ 9,586 | $ 1,486 |
Accrued Liabillities (Table) (D
Accrued Liabillities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
Accrued expenses | $ 7,154 | $ 2,764 |
Accrued interest | 8,253 | 6,024 |
Total | $ 15,407 | $ 8,788 |
Long - Term Debt - Schedule of
Long - Term Debt - Schedule of Long Term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Outstanding amount | $ 889,176 | |
Less original issue discount | (3,600) | $ (3,600) |
Accumulated amortization of original issue discount | 941 | 133 |
Less: Deferred financing costs | (9,299) | (12,818) |
Total | 877,218 | 398,515 |
Less: Current portion | (64,088) | (40,000) |
Non - current portion of Long-Term Debt | 813,130 | 358,515 |
2022 Notes [Member] | ||
Debt Instrument [Line Items] | ||
2022 Notes | 360,000 | 360,000 |
Less repurchase of Notes | (20,000) | 0 |
Less original issue discount | (3,600) | (3,600) |
Accumulated amortization of original issue discount | 941 | 133 |
2022 Notes | 337,341 | 356,533 |
Less: Current portion of 2022 Notes | (20,000) | 0 |
DVB Credit Facility [Member] | Poseidon [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 51,063 | 0 |
Less: Current portion | (2,231) | 0 |
Credit Agricole Credit Facility [Member] | Poseidon [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 53,069 | 0 |
Less: Current portion | (405) | 0 |
Blue Ocean Credit Facility [Member] | Poseidon [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 23,830 | 0 |
ABN-AMRO Credit Facility [Member] | Poseidon [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 62,189 | 0 |
Less: Current portion | (129) | 0 |
ATB Credit Facility [Member] | Poseidon [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 17,100 | 0 |
Less: Current portion | (1,628) | 0 |
Credit Agricole Credit Facility [Member] | Poseidon [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 80,000 | 0 |
Less: Current portion | (6,000) | 0 |
Blue Ocean Credit Facility [Member] | Poseidon [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 38,500 | 0 |
Deutsche, CIT, Entrust Credit Facility [Member] | Poseidon [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 180,500 | 0 |
Less: Current portion | (13,695) | 0 |
Citi Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | 34,800 | 54,800 |
Less: Current portion | (20,000) | (40,000) |
Hayfin Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding amount | $ 8,125 | $ 0 |
Long - Term Debt - Repayment Sc
Long - Term Debt - Repayment Schedule (Table) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2019 | $ 64,088 |
2020 | 330,033 |
2021 | 48,176 |
2022 | 408,379 |
2023 | 38,500 |
Total | $ 889,176 |
Long - Term Debt - Deferred Fin
Long - Term Debt - Deferred Financing Costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Issuance Costs, Net [Abstract] | ||
Opening balance | $ 12,818 | $ 7,100 |
Expenditure in the period | 307 | 13,177 |
Amortization included within interest expense | (3,826) | (7,459) |
Closing balance | $ 9,299 | $ 12,818 |
Long - Term Debt - 9.875% First
Long - Term Debt - 9.875% First Priority Secured Notes due 2022 (Details) $ in Thousands | Oct. 31, 2017USD ($) | Nov. 15, 2018Vessel | Dec. 31, 2018USD ($)Vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||
Proceeds from debt issuance, net of costs | $ 0 | $ 356,400 | $ 0 | ||
Number of vessels owned | Vessel | 19 | 38 | |||
Repayment of long term debt, first year | $ 64,088 | ||||
Repayment of long term debt, second year | 330,033 | ||||
Repayment of long term debt, third year | 48,176 | ||||
Repayment of long term debt, thereafter | 408,379 | ||||
9.875 % First Priority Secured Notes Due 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Issuance of secured notes | $ 360,000 | ||||
Issuance date of debt instrument | Oct. 31, 2017 | ||||
Debt instrument, interest rate | 9.875% | ||||
Debt instrument, maturity date | Nov. 15, 2022 | ||||
Proceeds from debt issuance, net of costs | $ 356,400 | ||||
Number of vessels secured to notes | Vessel | 18 | ||||
Number of vessels owned | Vessel | 18 | ||||
Interest on notes | Interest on the 2022 Notes is payable semi - annually on May 15 and November 15 of each year | ||||
Date of first required payment | May 15, 2018 | ||||
Debt Instrument, Repurchased Face Amount | $ 20,000 | ||||
Debt Instrument, Repurchase Price Percentage | 102.00% | ||||
Minimum cash balance requirement | $ 20,000 | ||||
Debt Instrument, Restrictive Covenants | On December 20, 2018, the Company entered into a first supplemental indenture for the 2022 Notes according to which the date beginning on which the Company is permitted to pay dividends to common shareholders in an aggregate amount per year equal to 50% of the consolidated net profit after taxes of the Company for the preceding financial year, was brought forward from January 1, 2021 to January 1, 2020. | ||||
Outstanding balance | $ 337,341 | ||||
9.875 % First Priority Secured Notes Due 2022 [Member] | Citi Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of long term debt, first year | 40,000 | ||||
Repayment of long term debt, second year | 40,000 | ||||
Repayment of long term debt, third year | 40,000 | ||||
Repayment of long term debt, thereafter | $ 35,000 | ||||
9.875 % First Priority Secured Notes Due 2022 [Member] | Second Anniversary [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 102.00% | ||||
Debt Instrument Redemption Amount | $ 20,000 | ||||
9.875 % First Priority Secured Notes Due 2022 [Member] | Third Anniversary [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 102.00% | ||||
Debt Instrument Redemption Amount | $ 40,000 | ||||
9.875 % First Priority Secured Notes Due 2022 [Member] | Fourth Anniversary [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 102.00% | ||||
Debt Instrument Redemption Amount | $ 35,000 |
Long - Term Debt - Credit Facil
Long - Term Debt - Credit Facilities 1 (Details) $ in Thousands | 11 Months Ended | 12 Months Ended |
Nov. 15, 2018USD ($)Vessel | Dec. 31, 2018USD ($)Vessel | |
Line of Credit Facility [Line Items] | ||
Number of vessels owned | Vessel | 19 | 38 |
Outstanding amount | $ 889,176 | |
$52.6 Million DVB Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of vessels owned | Vessel | 4 | |
Line of credit facility issuance date | Jul. 18, 2017 | |
Line of credit facility maximum borrowing capacity | $ 52,625 | |
Outstanding amount | $ 51,063 | $ 51,063 |
Line of Credit Facility, Expiration Date | Dec. 31, 2020 | |
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |
Loan margin percentage | 2.85% | |
$52.6 Million DVB Credit Facility [Member] | Tranche A [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 5,500 | |
Line of Credit Facility, Periodic Payment | $ 267 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,429 | |
$52.6 Million DVB Credit Facility [Member] | Tranche B [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum borrowing capacity | 5,500 | |
Line of Credit Facility, Periodic Payment | $ 267 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,429 | |
$52.6 Million DVB Credit Facility [Member] | Tranche C [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum borrowing capacity | 5,800 | |
Line of Credit Facility, Periodic Payment | $ 267 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,734 | |
$52.6 Million DVB Credit Facility [Member] | Tranche D [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum borrowing capacity | 35,800 | |
Line of Credit Facility, Periodic Payment | $ 1,083 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 31,500 | |
$55.7 Million Credit Agricole Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of vessels owned | Vessel | 3 | |
Line of credit facility issuance date | Aug. 11, 2017 | |
Line of credit facility maximum borrowing capacity | $ 55,650 | |
Outstanding amount | $ 54,025 | $ 53,069 |
Line of Credit Facility, Expiration Date | Dec. 31, 2020 | |
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |
Loan margin percentage | 2.75% | |
Number of vessels financed | 3 | |
$55.7 Million Credit Agricole Credit Facility [Member] | Tranche A [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding amount | $ 19,400 | |
Line of Credit Facility, Periodic Payment | $ 350 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,000 | |
$55.7 Million Credit Agricole Credit Facility [Member] | Tranche B [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding amount | 10,500 | |
Line of Credit Facility, Periodic Payment | $ 200 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,700 | |
$55.7 Million Credit Agricole Credit Facility [Member] | Tranche C [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding amount | 25,750 | |
Line of Credit Facility, Periodic Payment | $ 850 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 22,350 |
Long - Term Debt - Credit Fac_2
Long - Term Debt - Credit Facilities 2 (Details) $ in Thousands | 11 Months Ended | 12 Months Ended |
Nov. 15, 2018USD ($)Vessel | Dec. 31, 2018USD ($)UnitVessel | |
Line of Credit Facility [Line Items] | ||
Number of vessels owned | Vessel | 19 | 38 |
Outstanding amount | $ 889,176 | |
$24.5 Million Blue Ocean Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility issuance date | Aug. 11, 2017 | |
Line of credit facility maximum borrowing capacity | $ 24,500 | |
Outstanding amount | $ 24,231 | $ 23,830 |
Line of Credit Facility, Expiration Date | Dec. 31, 2020 | |
Line of Credit Facility, Periodic Payment | $ 650 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 21,900 | |
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |
Loan margin percentage | 4.00% | |
Long-Term Debt Principal Amount Bearing Interest | $ 18,830 | |
$65.3 Million ABN AMRO Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of vessels owned | Vessel | 2 | |
Line of credit facility issuance date | Aug. 30, 2017 | |
Line of credit facility maximum borrowing capacity | $ 65,300 | |
Outstanding amount | $ 64,254 | $ 62,189 |
Line of Credit Facility, Expiration Date | Dec. 31, 2020 | |
Line of Credit Facility, Periodic Payment | $ 1,125 | |
Line of Credit Facility, Number of Repayment Instalments | Unit | 4 | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 60,800 | |
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |
$65.3 Million ABN AMRO Credit Facility [Member] | Up to March 31, 2019 [Member] | ||
Line of Credit Facility [Line Items] | ||
Loan margin percentage | 3.42% | |
$65.3 Million ABN AMRO Credit Facility [Member] | From March 31, 2019 and Afterwards [Member] | ||
Line of Credit Facility [Line Items] | ||
Loan margin percentage | 3.50% |
Long - Term Debt - Credit Fac_3
Long - Term Debt - Credit Facilities 3 (Details) $ in Thousands | 11 Months Ended | 12 Months Ended |
Nov. 15, 2018USD ($)Vessel | Dec. 31, 2018USD ($)Vessel | |
Line of Credit Facility [Line Items] | ||
Number of vessels owned | Vessel | 19 | 38 |
Outstanding amount | $ 889,176 | |
$17.1 Million Amsterdam Trade Bank ("ATB") Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of vessels owned | Vessel | 3 | |
Line of credit facility issuance date | Oct. 9, 2018 | |
Line of credit facility maximum borrowing capacity | $ 17,100 | |
Outstanding amount | $ 17,100 | $ 17,100 |
Line of Credit Facility, Expiration Date | Dec. 31, 2020 | |
Number of loan tranches | 3 | |
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |
Loan margin percentage | 3.90% | |
$17.1 Million Amsterdam Trade Bank ("ATB") Credit Facility [Member] | Each Tranche [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 5,700 | |
Line of Credit Facility, Periodic Payment | $ 110 | |
Line of Credit Facility, Number of Repayment Instalments | 4 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Date of First Required Payment | Mar. 31, 2020 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 5,260 | |
$80.0 Million Credit Agricole Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Number of vessels owned | Vessel | 3 | |
Line of credit facility issuance date | Oct. 3, 2018 | |
Line of credit facility maximum borrowing capacity | $ 80,000 | |
Outstanding amount | $ 80,000 | $ 80,000 |
Line of Credit Facility, Expiration Date | Jun. 30, 2020 | |
Line of Credit Facility, Periodic Payment | $ 1,500 | |
Line of Credit Facility, Number of Repayment Instalments | 7 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 69,500 | |
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |
$80.0 Million Credit Agricole Credit Facility [Member] | For the first 6 months [Member] | ||
Line of Credit Facility [Line Items] | ||
Loan margin percentage | 3.00% | |
$80.0 Million Credit Agricole Credit Facility [Member] | For the following 12 months [Member] | ||
Line of Credit Facility [Line Items] | ||
Loan margin percentage | 3.25% | |
$80.0 Million Credit Agricole Credit Facility [Member] | Thereafter [Member] | ||
Line of Credit Facility [Line Items] | ||
Loan margin percentage | 3.50% |
Long - Term Debt - Credit Fac_4
Long - Term Debt - Credit Facilities 4 (Details) $ in Thousands | 11 Months Ended | 12 Months Ended |
Nov. 15, 2018USD ($)Vessel | Dec. 31, 2018USD ($)Vessel | |
Number of vessels owned | Vessel | 19 | 38 |
Outstanding amount | $ 889,176 | |
$38.5 Million Blue Ocean Credit Facility [Member] | ||
Number of vessels owned | Vessel | 3 | |
Line of credit facility issuance date | Oct. 3, 2018 | |
Line of credit facility maximum borrowing capacity | $ 38,500 | |
Outstanding amount | $ 38,500 | $ 38,500 |
Line of Credit Facility, Expiration Date | Oct. 3, 2023 | |
Line of Credit Facility, Number of Repayment Instalments | 1 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |
$180.5 Million Deutsche, CIT, Entrust Credit Facility [Member] | ||
Number of vessels owned | Vessel | 3 | |
Line of credit facility issuance date | Nov. 9, 2018 | |
Line of credit facility maximum borrowing capacity | $ 180,500 | |
Outstanding amount | $ 180,500 | |
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | |
Senior Facility [Member] | ||
Outstanding amount | $ 141,900 | |
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | |
Number of loan tranches | 3 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Interest Rate Description | LIBOR | |
Loan margin percentage | 3.00% | |
Debt Service Coverage Ratio (DSCR) | 110.00% | |
Senior Facility [Member] | Tranche A [Member] | ||
Line of Credit Facility, Periodic Payment | $ 868 | |
Line of Credit Facility, Number of Repayment Instalments | 14 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,148 | |
Senior Facility [Member] | Tranche B [Member] | ||
Line of Credit Facility, Periodic Payment | $ 863 | |
Line of Credit Facility, Number of Repayment Instalments | 14 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,218 | |
Senior Facility [Member] | Tranche C [Member] | ||
Line of Credit Facility, Periodic Payment | $ 858 | |
Line of Credit Facility, Number of Repayment Instalments | 14 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,288 | |
Junior Facility [Member] | ||
Outstanding amount | $ 38,600 | |
Line of Credit Facility, Expiration Date | Jun. 30, 2022 | |
Number of loan tranches | 3 | |
Line of Credit Facility, Frequency of Payments | quarterly | |
Line of Credit Facility, Interest Rate Description | LIBOR | |
Loan margin percentage | 10.00% | |
Debt Service Coverage Ratio (DSCR) | 110.00% | |
Junior Facility [Member] | Tranche A [Member] | ||
Line of Credit Facility, Periodic Payment | $ 236 | |
Line of Credit Facility, Number of Repayment Instalments | 14 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,563 | |
Junior Facility [Member] | Tranche B [Member] | ||
Line of Credit Facility, Periodic Payment | $ 235 | |
Line of Credit Facility, Number of Repayment Instalments | 14 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,577 | |
Junior Facility [Member] | Tranche C [Member] | ||
Line of Credit Facility, Periodic Payment | $ 233 | |
Line of Credit Facility, Number of Repayment Instalments | 14 | |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,604 |
Long - Term Debt - Credit Fac_5
Long - Term Debt - Credit Facilities 5 (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||||
Amount drawn down | $ 8,125 | $ 54,800 | $ 0 | |
Repayment of long term debt, first year | 64,088 | |||
Repayment of long term debt, second year | 330,033 | |||
Outstanding amount | $ 889,176 | |||
$54.8 Million Citi Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility issuance date | Oct. 26, 2017 | |||
Line of credit facility maximum borrowing capacity | $ 54,800 | |||
Amount drawn down | $ 54,800 | |||
Line of Credit Facility, Expiration Date | Oct. 31, 2020 | |||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||
Loan margin percentage | 3.25% | |||
Line of Credit Facility, Frequency of Payments | at least quarterly | |||
Minimum cash balance requirement | $ 20,000 | |||
Outstanding amount | 34,800 | |||
$54.8 Million Citi Credit Facility [Member] | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Repayment of long term debt, first year | 20,000 | |||
Repayment of long term debt, second year | $ 20,000 |
Long - Term Debt - Credit Fac_6
Long - Term Debt - Credit Facilities 6 (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |||
Sep. 10, 2018 | Dec. 31, 2018 | Dec. 19, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |||||
Outstanding amount | $ 889,176 | ||||
Amount drawn down | $ 8,125 | $ 54,800 | $ 0 | ||
$65.0 Million Hayfin Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility issuance date | Sep. 7, 2018 | ||||
Line of credit facility maximum borrowing capacity | $ 65,000 | ||||
Outstanding amount | $ 8,125 | ||||
Line of Credit Facility, Expiration Date | Jul. 16, 2022 | ||||
Line of Credit Facility, Frequency of Payments | each quarter end date | ||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | ||||
Loan margin percentage | 5.50% | ||||
Unused Capacity, Commitment Fee Percentage | 2.00% | ||||
Minimum cash balance requirement | $ 20,000 | ||||
Debt Instrument, Restrictive Covenants | Any future tranche cannot exceed 65% of the charter free market value of the vessel to be acquired. The Company is required to have a minimum cash balance of $20,000, on a consolidated basis, on each test date, being March 31, June 30, September 30 and December 31 in each year. | ||||
Maximum Borrowing Capacity, Percentage of the charter free market value of the vessel | 65.00% | ||||
$65.0 Million Hayfin Credit Facility [Member] | Initial Tranche [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Amount drawn down | $ 8,125 | ||||
$65.0 Million Hayfin Credit Facility [Member] | Per Facility Mortgaged Vessel [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Minimum cash balance requirement | $ 500 | ||||
$14.35 Million DVB Argos Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility issuance date | Nov. 14, 2018 | ||||
Line of credit facility maximum borrowing capacity | $ 14,300 | ||||
Repayments of Debt | $ 14,300 |
Long - Term Debt - Deferred F_2
Long - Term Debt - Deferred Financing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Fees and related costs deferred | $ 307 | $ 13,177 | |
Debt Issuance Costs, Net | 9,299 | $ 12,818 | $ 7,100 |
Hayfin Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Fees and related costs deferred | 307 | ||
Debt Issuance Costs, Net | $ 2,055 |
Long - Term Debt, Debt covenant
Long - Term Debt, Debt covenants - securities (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instruments [Abstract] | |
Debt Instrument, Covenant Description | Amounts drawn under the facilities listed above are secured by first priority mortgages on the Company’s vessels and other collateral. The majority of 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; 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 debt 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. |
Debt Instrument, Covenant Compliance | As of December 31, 2018 and 2017, the Company was in compliance with its debt covenants. |
Time charter revenue (Table) (D
Time charter revenue (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING REVENUES | |||
Time charter revenue | $ 30,890 | $ 35,334 | $ 37,881 |
Time charter revenue-related party | 126,207 | 123,944 | 128,956 |
Total operating revenue | $ 157,097 | $ 159,278 | $ 166,837 |
Time charter revenue, Operating
Time charter revenue, Operating revenue (Table) (Details) - Sales Revenue, Net [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CMA CGM [Member] | |||
Percentage of revenue | 80.41% | 77.82% | 77.29% |
OOCL [Member] | |||
Percentage of revenue | 22.18% | 22.71% |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Vessel$ / yr | Dec. 31, 2017USD ($)$ / yr | Dec. 31, 2016USD ($)$ / yr | |
Related Party Transaction [Line Items] | |||
Due from related parties | $ 817 | $ 1,932 | |
Due to related parties | 3,317 | 2,813 | |
Time charter and voyage expenses - related party | $ 222 | $ 0 | $ 0 |
CMA CGM [Member] | |||
Related Party Transaction [Line Items] | |||
Voting interest | 15.55% | 44.40% | 44.40% |
Due from related parties | $ 817 | $ 1,932 | |
Technomar [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 1,362 | ||
Management fees | $ 722 | ||
Technomar [Member] | Poseidon Transaction [Member] | |||
Related Party Transaction [Line Items] | |||
Number of vessels under technical management | Vessel | 19 | ||
CMA Ships [Member] | |||
Related Party Transaction [Line Items] | |||
Annual ship management fee per vessel | $ / yr | 123 | 123 | 123 |
Number of vessels under technical management | Vessel | 7 | ||
Due to related parties | $ 1,829 | $ 2,813 | |
Management fees | $ 967 | 1,599 | |
Conchart [Member] | |||
Related Party Transaction [Line Items] | |||
Number of vessels under technical management | Vessel | 2 | ||
Due to related parties | $ 126 | $ 0 | |
Time charter and voyage expenses - related party | $ 222 | ||
Conchart [Member] | Poseidon Transaction [Member] | |||
Related Party Transaction [Line Items] | |||
Number of vessels under technical management | 19 |
Commitments and Contingencies_2
Commitments and Contingencies (Table) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 206,682 |
2020 | 141,577 |
2021 | 104,775 |
2022 | 91,783 |
2023 and thereafter | 103,418 |
Total minimum lease revenue, net of address commissions | $ 648,235 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Vessel | 11 Months Ended | 12 Months Ended |
Nov. 15, 2018 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Number of vessels owned | 19 | 38 |
Share Capital (Details)
Share Capital (Details) $ / shares in Units, $ in Thousands | Aug. 20, 2014USD ($)shares | Mar. 25, 2019 | Nov. 15, 2018shares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares |
Class of Stock [Line Items] | ||||||
Classes of common shares | 2 | |||||
Common Shares, Conversion Basis | As a consequence of the completion of the Poseidon Transaction, the outstanding shares of Class B common shares converted to Class A common shares on a one-for-one basis on January 2, 2019 and were also retrospectively adjusted for the one-for-eight reverse stock split. | |||||
Common Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares Issued During Period, Shares, New Issues | shares | 3,005,603 | 3,065,988 | ||||
Shares Issued During Period, Shares, Share-based Compensation | shares | 4,266 | 4,266 | ||||
Common Shares [Member] | Reverse Stock Split [Member] | Subsequent Event [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shareholders' Equity Note, Reverse Stock Split, Conversion Ratio | 8 | |||||
Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Convertible Preferred Shares, Shares to be Issued upon Conversion | shares | 12,955,187 | |||||
Common Class A [Member] | Director [Member] | 2015 Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued | shares | 60,425 | 4,266 | 4,266 | |||
Shares issued as percentage of directors base fee | 20.00% | 20.00% | ||||
Shares issued notional value per share | $ / shares | $ 32 | $ 32 | ||||
Series B Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Depositary shares issued | shares | 1,400,000 | |||||
Preferred shares dividend rate percentage | 8.75% | |||||
Preferred shares issuance term description | On August 20, 2014, the Company issued 1,400,000 depositary shares, each of which represents 1/100th of one share of the Company’s 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”). | |||||
Preferred Shares, 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). | |||||
Redemption price per share | $ / shares | $ 2,500 | |||||
Redemption price per depositary share | $ / shares | 25 | |||||
Net proceeds from issuance | $ | $ 33,497 | |||||
Preferred shares, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Series B Preferred Shares [Member] | Third Quarter, 2014 [Member] | ||||||
Class of Stock [Line Items] | ||||||
Dividend declaration date | Sep. 22, 2014 | |||||
Series C Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares, par value | $ / shares | $ 0.01 | |||||
Series C Preferred Shares [Member] | Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Series C Preferred shares issued | shares | 250,000 | |||||
Preferred shares, par value | $ / shares | $ 0.01 | |||||
Preferred Shares Number Of Voting Rights | 38.75 | |||||
Convertible Preferred Shares, Terms of Conversion | Each Series C Preferred Share carries 38.75 votes and are convertible in certain circumstances to a total of 12,955,187 Class A common shares. |
Share-Based Compensation (Tab_2
Share-Based Compensation (Table) (Details) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Weighted Average Fair Value on Grant Date, opening balance | $ 19.36 | $ 26 |
Granted, Weighted Average Fair Value on Grant Date | 9.44 | |
Vested, Actual Fair Value on Vesting Date | 7.92 | |
Unvested, Weighted Average Fair Value on Grant Date, closing balance | $ 0 | $ 19.36 |
Management [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested, Number of Units, opening balance | 62,500 | 37,500 |
Granted, Number of Units | 25,000 | |
Vested, Number of Units | (112,500) | |
Unvested, Number of Units, closing balance | 0 | 62,500 |
Management [Member] | First Grant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of Units | 25,000 | |
Granted, Weighted Average Fair Value on Grant Date | $ 9.28 | |
Management [Member] | Second Grant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of Units | 25,000 | |
Granted, Weighted Average Fair Value on Grant Date | $ 9.04 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) $ / shares in Units, $ in Thousands | Mar. 01, 2018Unit$ / sharesshares | Jan. 08, 2018MemberTranche$ / sharesshares | Mar. 03, 2016MemberTranche$ / sharesshares | Nov. 15, 2018shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized share based compensation expenses | $ | $ 50 | $ 272 | $ 283 | ||||
Restricted Stock Units [Member] | Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation, Grants in Period | 25,000 | ||||||
2015 Plan [Member] | Director [Member] | Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued | 60,425 | 4,266 | 4,266 | ||||
Shares issued as percentage of directors base fee | 20.00% | 20.00% | |||||
Shares issued notional value per share | $ / shares | $ 32 | $ 32 | |||||
2015 Plan [Member] | Restricted Stock Units [Member] | Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of members granted with restricted stock units | 5 | 5 | 4 | ||||
Number of tranches | 2 | 2 | 2 | ||||
2015 Plan [Member] | Restricted Stock Units [Member] | First Tranche [Member] | Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting date | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2016 | ||||
Share-based Compensation, Grants in Period | 12,500 | 12,500 | 12,500 | ||||
2015 Plan [Member] | Restricted Stock Units [Member] | Second Tranche [Member] | Management [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting date | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2016 | ||||
Share-based Compensation, Grants in Period | 12,500 | 12,500 | 12,500 | ||||
Number of consecutive trading days | 20 days | 20 days | 20 days | ||||
2015 Plan [Member] | Restricted Stock Units [Member] | Second Tranche [Member] | Management [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share price | $ / shares | $ 24 | $ 24 | $ 40 | ||||
2019 Plan [Member] | Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Term of Equity Incentive Plan | 10 years | ||||||
Maximum number of shares approved under Equity Incentive Plan | 1,812,500 | ||||||
2019 Plan [Member] | Maximum [Member] | Common Class A [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum Number of shares granted in any one calendar year | 12,500 | ||||||
Maximum Value of shares granted in any one calendar year | $ | $ 100,000 |
Earnings_(Loss) per Share (Ta_2
Earnings/(Loss) per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||
Net loss attributable to common shareholders | $ (60,426) | $ (77,328) | $ (68,157) |
Undistributed loss attributable to Series C participating preferred shares | 12,110 | 0 | 0 |
Net loss available to common shareholders, basic and diluted | (48,316) | (77,328) | (68,157) |
Net Loss available to: | |||
Net loss available to common shareholders, basic and diluted | (48,316) | (77,328) | (68,157) |
Common Class A [Member] | |||
Numerator: | |||
Net loss available to common shareholders, basic and diluted | (48,316) | (77,328) | (68,157) |
Net Loss available to: | |||
Net loss available to common shareholders, basic and diluted | $ (48,316) | $ (77,328) | $ (68,157) |
Denominator: | |||
Basic weighted average number of common shares outstanding | 6,514,390 | 5,946,986 | 5,944,294 |
Weighted average number of RSUs without service conditions | 0 | 50,000 | 37,500 |
Weighted average number of shares, basic and diluted | 6,514,390 | 5,996,986 | 5,981,794 |
Basic and diluted loss per share: | |||
Basic and diluted loss per share | $ (7.42) | $ (12.89) | $ (11.39) |
Common Class B [Member] | |||
Numerator: | |||
Net loss available to common shareholders, basic and diluted | $ 0 | $ 0 | $ 0 |
Net Loss available to: | |||
Net loss available to common shareholders, basic and diluted | $ 0 | $ 0 | $ 0 |
Denominator: | |||
Basic weighted average number of common shares outstanding | 925,745 | 925,745 | 925,745 |
Weighted average number of shares, basic and diluted | 925,745 | 925,745 | 925,745 |
Basic and diluted loss per share: | |||
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 |
Series C Preferred Shares [Member] | |||
Numerator: | |||
Undistributed loss attributable to Series C participating preferred shares | $ 12,110 | $ 0 | $ 0 |
Denominator: | |||
Weighted average number of shares, basic and diluted | 1,632,709 | 0 | 0 |
Basic and diluted loss per share: | |||
Basic and diluted loss per share | $ (7.42) | $ 0 | $ 0 |
Earnings_(Loss) per Share (Deta
Earnings/(Loss) per Share (Details) - shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Stock Units [Member] | Management [Member] | ||||
Class of Stock [Line Items] | ||||
Unvested restricted stock units | 0 | 62,500 | 62,500 | 37,500 |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 02, 2019 | Feb. 28, 2019$ / shares | Mar. 25, 2019 | Dec. 31, 2018shares |
Subsequent Event [Member] | Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Common Shares Conversion Features | all outstanding Class B common shares converted one - for - one to Class A common shares | |||
Installment 1 - FY 2019 [Member] | Subsequent Event [Member] | Series B Preferred Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.546875 | |||
Dividends Payable, Date Declared | Feb. 28, 2019 | |||
Reverse Stock Split [Member] | Subsequent Event [Member] | Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Shareholders' Equity Note, Reverse Stock Split, Conversion Ratio | 8 | |||
Before Reverse Stock Split [Member] | Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Common shares, shares issued | 79,543,921 | |||
Common shares, shares outstanding | 79,543,921 | |||
After Reverse Stock Split [Member] | Common Shares [Member] | ||||
Subsequent Event [Line Items] | ||||
Common shares, shares issued | 9,942,950 | |||
Common shares, shares outstanding | 9,942,950 |