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Energy Vault Updates Earnings Release Date to March 17,2025

Energy Vault Updates Earnings Release Date to March 17,2025

WESTLAKE VILLAGE, Calif.–(BUSINESS WIRE)–
Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a leader in sustainable grid-scale energy storage solutions, today announced it has rescheduled its previously announced earnings conference call on March 11, 2025 to Monday, March 17, 2025 at 4:30pm ET, to coincide with the filing of its Annual Report on Form 10-K the same day.

Participants may access the call at 1-877-704-4453, international callers may use 1-201-389-0920, and request to join the Energy Vault Holdings earnings call. A live webcast will also be available at https://investors.energyvault.com/events-and-presentations/events.

A telephonic replay of the call will be available shortly after the conclusion of the call and until Monday, March 31, 2025. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13750976. An archived replay of the call will also be available on the investors portion of the Energy Vault website at https://investors.energyvault.com/.

About Energy Vault

Energy Vault® develops and deploys utility-scale energy storage solutions designed to transform the world’s approach to sustainable energy storage. The Company’s comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.

Investors:

[email protected]

Media:

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Batteries Sustainability Environment Alternative Energy Energy Technology Green Technology Other Technology

MEDIA:

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Celanese Announces Cash Tender Offers for up to €500 Million Aggregate Principal Amount of 4.777% Senior Notes due 2026 and $250 Million Aggregate Principal Amount of 6.415% Senior Notes due 2027

PR Newswire


DALLAS
, March 5, 2025 /PRNewswire/ — Celanese Corporation (NYSE: CE) (“Celanese”), a global chemical and specialty materials company, today announced that its direct wholly-owned subsidiary Celanese US Holdings LLC (the “Company”) has commenced offers to purchase for cash any validly tendered (and not validly withdrawn) and accepted notes in an aggregate principal amount of up to (i) €500,000,000 of 4.777% Senior Notes due 2026 (the “EUR Notes”) and (ii) $250,000,000 of 6.415% Senior Notes due 2027 (the “USD Notes,” and together with the EUR Notes, the “Notes”) (which, in each case subject to applicable law, may be increased or decreased in the sole discretion of the Company (such amount for the applicable series of Notes, as the same may be increased or decreased, the “Series Cap”)) as described in the table below (the “Tender Offers”).

The Tender Offers are being made upon the terms and subject to the conditions set forth in the offer to purchase dated March 5, 2025 (the “Offer to Purchase”). Notes purchased in the Tender Offers will be retired and cancelled.  Terms not defined in this announcement have the meanings given to them in the Offer to Purchase. Copies of the Offer to Purchase are available to holders through the information and tender agent, D.F. King, at (212) 269-5550 (for banks and brokers) or (800) 207-3159 (all others, toll-free) in New York, or +44 (0) 207 920 9700, in London or by email at [email protected].


Title of
Security(a)


ISIN / CUSIP


Outstanding
Principal
Amount


Series Cap(c)


Interpolated
Mid-Swap
Rate /
Reference
Security(d)


Bloomberg
Reference
Page


Early
Tender
Payment
(per €1,000
or $1,000, as
applicable)(e)


Fixed
Spread
(basis
points)(f)

4.777%
Senior Notes
due 2026
(the “EUR
Notes“)

XS2497520705

€1,000,000,000

€500,000,000

Interpolated
Mid-Swap
Rate

IRSB EU

€50

60

6.415%
Senior Notes
due 2027
(the “USD
Notes“)(b)

US15089QAM69
/ 15089QAM6 

$2,000,000,000

$250,000,000

4.125% UST
due
02/28/2027

FIT 1

$50

105

    (a)

The Notes are guaranteed on a senior basis by Celanese and by each of the Company’s current and future domestic subsidiaries that guarantee the Company’s obligations under its senior credit facilities. As of the next interest payment date, the interest rate payable on the EUR Notes will be 5.277% and the interest rate payable on the USD Notes will be 6.665%.

    (b)

As of the date of the Offer to Purchase, the interest rate payable on the USD Notes has increased by 0.250% from the original stated coupon of 6.165%

    (c)

The Series Cap represents the maximum aggregate principal amount of each series of Notes that will be purchased.  The Company reserves the right, but is under no obligation, to increase, decrease or eliminate either or both Series Caps at any time, including at or after the Price Determination Time (as defined herein), subject to applicable law.

    (d)

The Interpolated Mid-Swap Rate will be used to calculate the applicable Total Consideration (as defined below) payable for the EUR Notes, and the Reference Security will be used to calculate the applicable Total Consideration payable for the USD Notes. The Total Consideration payable pursuant to the Tender Offers will be calculated and determined as set forth in the Offer to Purchase.

    (e)

Payable in cash per each €1,000 or $1,000 principal amount, as applicable, of the specified series of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time (as defined below) and accepted for purchase.  The Total Consideration, when calculated and determined in the manner set forth in the Offer to Purchase, already includes the Early Tender Payment (as defined below).

    (f)

The applicable Fixed Spread will be used to calculate the applicable Total Consideration payable for each series of Notes, which already includes the Early Tender Payment.  The Total Consideration payable pursuant to the Tender Offers will be calculated and determined as set forth in the Offer to Purchase.

The Tender Offers will expire at 5:00 p.m., New York City time, on April 2, 2025, unless extended or earlier terminated (such time and date, as the same may be extended, the “Expiration Time”).  Holders must validly tender and not validly withdraw their Notes prior to 5:00 p.m., New York City time, on March 18, 2025, unless extended (such time and date, as the same may be extended, the “Early Tender Time”), to be eligible to receive the applicable Total Consideration (as defined below) which already includes an amount in cash (the “Early Tender Payment”) equal to the applicable amount set forth in the table above under the heading “Early Tender Payment”, plus accrued and unpaid interest. Holders who validly tender their Notes after the Early Tender Time but at or prior to the Expiration Time will be eligible to receive only the applicable Tender Offer Consideration (as defined below), which is an amount equal to the applicable Total Consideration minus the applicable Early Tender Payment.

Notes tendered may be withdrawn at any time prior to, but not after, 5:00 p.m., New York City time, on March 18, 2025 (such time and date, as it may be extended, the “Withdrawal Deadline”).  The Tender Offers are subject to the satisfaction of certain conditions, as set forth in the Offer to Purchase; these conditions include the “Financing Condition”, by which is meant the completion of a concurrent offering by the Company of new debt securities that closes no later than the Early Settlement Date (as defined below), on terms satisfactory to the Company (in its discretion), including but not limited to the amount of net proceeds raised by such offering being sufficient to effect the repurchase of the Notes validly tendered and accepted for purchase pursuant to the Tender Offers.

The aggregate purchase price plus accrued and unpaid interest for Notes that are validly tendered and not validly withdrawn before the Early Tender Time and accepted for purchase will be paid by the Company in same day funds promptly following the Early Tender Time (the “Early Settlement Date”). The Company expects that the Early Settlement Date will be March 21, 2025, the third business day following the Early Tender Time. The aggregate purchase price plus accrued and unpaid interest for Notes that are validly tendered after the Early Tender Time and before the Expiration Time and accepted for purchase will be paid by the Company in same day funds promptly following the Expiration Time (the “Final Settlement Date”). The Company expects that the Final Settlement Date will be April 4, 2025, the second business day after the Expiration Time, assuming the applicable Series Cap with respect to a series of Notes is not reached at the Early Tender Time. No tenders will be valid if submitted after the Expiration Date.

The Company will only accept for purchase an amount of Notes of each series with an aggregate principal amount that will not exceed the Series Cap with respect to such series of Notes. Subject to applicable law, the Offeror reserves the right, but is under no obligation to, increase, decrease, or eliminate the Series Cap with respect to a series of Notes at any time, including at or after the Price Determination Time, without extending the Withdrawal Deadline or otherwise reinstating withdrawal rights of Holders. As more fully described in the Offer to Purchase, if the Series Cap with respect to a series of Notes is reached at or prior to the Early Tender Time, no Notes of such that are tendered after the Early Tender Time will be accepted for purchase, unless we increase the applicable Series Cap.

The purchase of any series of Notes is not conditioned upon the purchase of any other series of Notes.  Any Notes validly tendered (and not validly withdrawn) and accepted for purchase may be subject to proration as described in the Offer to Purchase.  Holders of Notes that are validly tendered and not validly withdrawn at or prior to the Early Tender Time and that are accepted for purchase will receive the applicable “Total Consideration”, which already includes the Early Tender Payment for the applicable series of Notes set forth in the table above.

Holders of any Notes that are validly tendered after the Early Tender Time but at or before the Expiration Time and that are accepted for purchase will receive the applicable Total Consideration minus the Early Tender Payment.  The applicable Total Consideration minus the applicable Early Tender Payment is referred to as the “Tender Offer Consideration”.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold their Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in the Tender Offers before the deadlines specified herein and in the Offer to Purchase.  The deadlines set by the clearing system for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Offer to Purchase.

Holders of EUR Notes who do not have access to an account, as described above, in either Euroclear or Clearstream, Luxembourg (either directly or through a direct participant or other intermediary), or who do not transfer the EUR Notes which they wish to tender to a direct participant in either clearing system, will not be able to submit a EUR Tender Instruction (as defined in the Offer to Purchase) to the Information and Tender Agent and will not be eligible to participate in the Tender Offers in the manner specified in the Offer to Purchase.

The Offeror has retained J.P. Morgan Securities plc as Lead Dealer Manager for the EUR Notes and J.P. Morgan Securities LLC as Lead Dealer Manager for the USD Notes, and BofA Securities and HSBC Securities (USA) Inc. as Co-Dealer Managers for the Tender Offers (collectively, the “Dealer Managers”). The Offeror has retained D.F. King as the Information and Tender Agent for the Tender Offers.

For additional information regarding terms and conditions of the Tender Offers please contact: J.P. Morgan Securities plc at +44 20 7134 2468 (collect) or J.P. Morgan Securities LLC at +1 (866) 834-4666 (toll-free) or +1 (212) 834-3554 (collect). Requests for documents and questions regarding tendering of securities may be directed to D.F. King  at +1 (212) 269-5550 (for banks and brokers only) or +1 (800) 207-3159 (for all others, toll-free) in New York, or +44 (0) 207 920 9700, in London, by email at [email protected] or to J.P. Morgan Securities plc or J.P. Morgan Securities LLC at their respective telephone numbers. Copies of the Offer to Purchase and other documents relating to the Tender Offers may also be obtained at https://clients.dfkingltd.com/CE.    

General

This announcement is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Tender Offers are made only by the Offer to Purchase, and the information in this announcement is qualified by reference to the Offer to Purchase dated March 5, 2025. There is no separate letter of transmittal in connection with the Offer to Purchase. None of the Company, Celanese, the Celanese Board of Directors, the Dealer Managers, the Tender Agent and Information Agent or the trustees with respect to any Notes is making any recommendation as to whether holders should tender any Notes in response to the Tender Offers, and neither Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.

Non-U.S. Distribution Restrictions


United Kingdom
.  The communication of this announcement, the Offer to Purchase and any other documents or materials relating to the Tender Offers is not being made by and such documents and/or materials have not been approved by an authorised person” for the purposes of section 21 of the Financial Services and Markets Act 2000 (the “FSMA“).  Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom.  The communication of such documents and/or materials is exempt from the restriction on financial promotions under section 21(1) of the FSMA on the basis that it is only directed at and may only be communicated to:  (1) persons who are outside of the United Kingdom; (2) investment professionals falling within the definition contained in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order“); (3) those persons who are existing members or creditors of the Company or other persons falling within Article 43(2) of the Order; or (4) any other persons to whom such documents and/or materials may lawfully be communicated in accordance with the Order (all such persons together being referred to as “relevant persons”).  This announcement, the Offer to Purchase and any other documents or materials relating to the Tender Offers are only available to relevant persons.  Any person who is not a relevant person should not act or rely on this document or any of its contents.


Italy
.  None of the Tender Offers, this announcement, the Offer to Purchase or any other documents or materials relating to the Tender Offers have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (“CONSOB“) pursuant to applicable Italian laws and regulations.  The Tender Offers are being carried out in the Republic of Italy (“Italy“) as exempted offers pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the “Financial Services Act“) and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999, as amended.  Holders or beneficial owners of the Notes that are resident or located in Italy can tender their Notes for purchase through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with any other applicable laws and regulations and with any requirements imposed by CONSOB or any other Italian authority.  Each intermediary must comply with applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Notes or the Offer to Purchase.


France
.  The Tender Offers are not being made, directly or indirectly, in the Republic of France (other than to qualified investors as described below).  This announcement, the Offer to Purchase and any other document or material relating to the Tender Offers have only been, and shall only be, distributed in the Republic of France to qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation“).  None of this announcement, the Offer to Purchase nor any other documents or materials relating to the Tender Offers have been or will be submitted for clearance to the Autorité des marchés financiers.


Belgium
.  None of this announcement, the Offer to Purchase nor any other documents or materials relating to the Tender Offers have been, or will be, submitted or notified to, or approved or recognized by, the Belgian Financial Services and Markets Authority (“Autorité des services et marchés financiers”/”Autoriteit voor Financiële Diensten en Markten”).  The Tender Offers are not being made in Belgium by way of a public offering within the meaning of Articles 3, §1, 1° and 6, §1 of the Belgian Law of 1 April 2007 on public takeover bids (“loi relative aux offres publiques d’acquisition”/ “wet op de openbare overnamebiedingen”), as amended or replaced from time to time.  Accordingly, the Tender Offers may not be, and are not being, advertised and the Tender Offers will not be extended and this announcement, the Offer to Purchase and any other documents or materials relating to the Tender Offers (including any memorandum, information circular, brochure or any similar documents) may not, have not, and will not, be distributed or made available, directly or indirectly, to any person in Belgium other than to “qualified investors” (“investisseur qualifié”/”gekwalificeerde belegger”) within the meaning of Article 2(e) of the Prospectus Regulation acting on their own account.  Insofar as Belgium is concerned, the Tender Offers are made only to qualified investors, as this term is defined above.  Accordingly, the information contained in this announcement, the Offer to Purchase or in any other documents or materials relating to the Tender Offers may not be used for any other purpose or disclosed or distributed to any other person in Belgium.

Legal Notices

None of the Dealer Managers (nor any of their respective directors, officers, employees, agents or affiliates) has any role in relation to any part of the Tender Offers made to Holders that are not Relevant Holders, where “Relevant Holders” means:

(i)     a Holder of EUR Notes that is:

    (a)

if resident or located in a member state of the European Union (the “EU”), an “eligible counterparty” or a “professional client”, each as defined in Directive No. 2014/65/EU on markets in financial instruments (as amended from time to time);

    (b)

if resident or located in the UK, an “eligible counterparty”, as defined in the FCA Handbook Conduct of Business Sourcebook, or a “professional client” as defined in point (8) of Article 2(1) of Regulation (EU) No. 600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018; or

    (c)

if resident or located in a jurisdiction outside of the EU and the UK, an institutional holder under applicable local law and not a retail holder; or

(ii)    a Holder of the USD Notes.

This announcement is for informational purposes only and is not an offer to sell or purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any securities.  There will there be no sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

This announcement does not describe all the material terms of the Tender Offers and no decision should be made by any Holder on the basis of this announcement.  The terms and conditions of the Tender Offers are described in the Offer to Purchase.  This announcement must be read in conjunction with the Offer to Purchase.  The Offer to Purchase contains important information which should be read carefully before any decision is made with respect to the Tender Offers.  If any Holder is in any doubt as to the contents of this announcement, or the Offer to Purchase, or the action it should take, it is recommended that the Holder seek its own financial and legal advice, including in respect of any tax consequences, immediately from its stockbroker, bank manager, solicitor, accountant or other independent financial, tax or legal adviser.  Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it wishes to tender such Notes pursuant to the Tender Offers.

None of the Company, the Dealer Managers or their affiliates, their respective boards of directors, the Information and Tender Agent, the trustee with respect to the USD Notes or any of their respective affiliates makes any recommendation, or has expressed an opinion, as to whether or not Holders should tender their Notes, or refrain from doing so, pursuant to the Tender Offers.  Each Holder should make its own decision as to whether to tender its Notes and if so, the principal amount of the Notes to tender.

The Company has not filed this announcement or the Offer to Purchase with, and they have not been reviewed by, any federal or state securities commission or regulatory authority of any country.  No authority has passed upon the accuracy or adequacy of the Tender Offers, and it is unlawful and may be a criminal offense to make any representation to the contrary.

The Offer to Purchase does not constitute an offer to purchase Notes in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such offer under applicable securities or blue sky laws.  The distribution of the Offer to Purchase in certain jurisdictions is restricted by law.  Persons into whose possession the Offer to Purchase comes are required by each of the Company, the Dealer Managers, the Information and Tender Agent to inform themselves about, and to observe, any such restrictions.


About Celanese


Celanese
Corporation is a global leader in chemistry, producing specialty material solutions used across most major industries and consumer applications. Our businesses use our chemistry, technology and commercial expertise to create value for our customers, employees and shareholders. We support sustainability by responsibly managing the materials we create and growing our portfolio of sustainable products to meet customer and societal demand. We strive to make a positive impact in our communities and to foster inclusivity across our teams. Celanese Corporation is a Fortune 500 company that employs approximately 12,200 employees worldwide with 2024 net sales of $10.3 billion.


Forward-Looking Statements

This announcement may contain “forward-looking statements,” which include information concerning the expected timing of the Tender Offers, our ability to complete the Tender Offers, other terms of the Tender Offers including the Financing Condition and the other conditions set forth in the Offer to Purchase, the successful completion of the concurrent notes offering, and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that Company will realize these expectations or that these beliefs will prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied by the forward-looking statements contained in this announcement. Numerous other factors, many of which are beyond Celanese’s control, could cause actual results to differ materially from those expressed as forward-looking statements. Other risk factors include those that are discussed in Celanese’s filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and neither the Company nor Celanese undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

Celanese Contacts:

Investor Relations

Bill Cunningham

Phone: +1 302 772 5231
[email protected] 

Media – U.S.

Jamaison Schuler

Phone: +1 972 443 4400
[email protected] 

Media – Europe
Petra Czugler
Phone: +49 69 45009 1206
[email protected] 

Source: Celanese Corporation

 

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SOURCE Celanese Corporation

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IPA to Report Financial Results and Recent Business Highlights for Third Quarter Fiscal Year 2025 on March 13, 2025

IPA to Report Financial Results and Recent Business Highlights for Third Quarter Fiscal Year 2025 on March 13, 2025

The Company to host an earnings conference call via webcast

AUSTIN, Texas–(BUSINESS WIRE)–
ImmunoPrecise Antibodies Ltd. (NASDAQ: IPA) (“IPA” or the “Company”), a global leader in AI-powered antibody discovery and development, today announced that it will host a conference call to discuss its quarterly results and recent business highlights for third quarter fiscal year 2025, on Thursday, March 13, 2025, at 10:30 am Eastern Time. The financial results will be issued in a press release prior to the call. ImmunoPrecise management will host the conference call followed by a question-and-answer period.

Conference Call and Webcast Details

The Company will host a live conference call and webcast to discuss these results and provide a corporate update on Thursday, March 13, 2025, at 10:30AM ET.

The conference call will be webcast live and available for replay via a link provided in the Events section of the Company’s IR pages at https://ir.ipatherapeutics.com/events-and-presentations/default.aspx.

***Participant Dial-In Details***

Participants call one of the allocated dial-in numbers (below) and advise the Operator of either the Conference ID 3224490 or Conference Name.

USA / International Toll +1 (646) 307-1963

USA – Toll-Free (800) 715-9871

Canada – Toll-Free (800) 715-9871

***Webcast Details***

Attendee URL:

https://events.q4inc.com/attendee/849565157

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.

Anyone listening to the call is encouraged to read the company’s periodic reports available on the company’s profile at www.sedarplus.com and www.sec.gov, including the discussion of risk factors and historical results of operations and financial condition in those reports.

About ImmunoPrecise Antibodies Ltd.

ImmunoPrecise Antibodies Ltd. is a biotechnology company that leverages multi-omics modeling and complex artificial intelligence through a series of proprietary and patented technologies. The Company owns an integrated end-to-end suite of capabilities to support the development of therapeutic antibodies and are known for solving very complex industry challenges. IPA has several subsidiaries in North America and Europe including entities such as Talem Therapeutics LLC, BioStrand BV, ImmunoPrecise Antibodies (Canada) Ltd. and ImmunoPrecise Antibodies (Europe) B.V. (collectively, the “IPA Family”).

Investor Relations

[email protected]

KEYWORDS: United States North America Canada Texas

INDUSTRY KEYWORDS: Research Technology Medical Devices Infectious Diseases Software Biotechnology Pharmaceutical Health Science Artificial Intelligence

MEDIA:

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Lifeward and MYOLYN Expand Partnership to Enhance Patient Access to MyoCycle FES Cycling Therapy System for Home Use

New Agreement Expands Distribution Rights to Lifeward to Include Referral Sales for Home Use Applications

MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel and GAINESVILLE, Fla., March 05, 2025 (GLOBE NEWSWIRE) — Lifeward Ltd., (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global leader in innovative medical technology to transform the lives of people with physical limitations or disabilities, and MYOLYN, Inc. (“MYOLYN”) a leading medical technology company specializing in functional electrical stimulation (“FES”) therapy, jointly announced today that the companies are expanding their exclusive contract to increase patient access to the MyoCycle FES Cycling Therapy System (“MyoCycle”) for home use through the Lifeward organization.

MYOLYN is best known for its innovative, affordable, and easy-to-use MyoCycle, a stationary exercise bike with integrated electrical stimulation to the user’s muscles to provide therapeutic exercise for individuals experiencing muscle weakness or paralysis caused by disorders like spinal cord injury, multiple sclerosis, and stroke. Based on the new contract, Lifeward will add management of referrals and sales of the MyoCycle Home product for patients that are transitioning from clinical use to home use. This expanded contract builds upon the existing distribution agreement between the two companies, under which Lifeward has been managing all hospital and clinic-based sales of the MyoCycle Pro product nationwide, as well as home use sales for individuals with VA and Workers’ Compensation benefits. The new agreement will expand the partnership to include sales to individuals referred by their therapist for home use of the MyoCycle Home. MYOLYN will continue to directly service patients who are already discharged from therapy and want to maximize their health and recovery with a home FES cycling program.

“We are so pleased to grow and strengthen our partnership with MYOLYN,” said Larry Jasinski, CEO of Lifeward. “We see great opportunity to better serve the patients who have completed their therapy in the clinic and want to continue their rehabilitation at home. This agreement will significantly expand Lifeward’s ability to continue to serve these patients, and Lifeward has already built the significant case management infrastructure necessary to support the anticipated growth in the MyoCycle product line, due to the shared nature of these internal resources between the MyoCycle and the ReWalk Exoskeleton.”

“Our mission has always been to make our products accessible to those who need them,” said Alan Hamlet, Co-Founder and CEO of MYOLYN. “By expanding our partnership with Lifeward, we can help more patients receive the care they need and assist them in the transition from clinical to home use.”

For more information, please visit GoLifeward.com and www.myolyn.com.

About Lifeward

Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity System, the ReStore Exo-Suit, and the MyoCycle FES System. Founded in 2001, Lifeward has operations in the United States, Israel, and Germany.

Lifeward®, ReWalk®, ReStore®, and Alter G® are registered trademarks of Lifeward Ltd. and/or its affiliates.

About MYOLYN

MYOLYN is an innovative medical technology company dedicated to improving health and human performance by empowering people to move. The company designs, manufactures, and distributes devices that leverage electrical stimulation to improve muscle performance. The company’s flagship product, the MyoCycle FES Cycling Therapy System, enables patients with paralysis to perform therapeutic cycling exercise, maximizing recovery, preventing secondary health consequences, and improving quality of life.

Forward-Looking Statements

In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding the Company’s future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “should,” “would,” “seek” and similar terms or phrases. The forward-looking statements contained in this press release are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements include, among others: the Company’s ability to realize the anticipated benefits of the acquisition of AlterG, including the possibility that the expected benefits of the acquisition will not be realized within the expected time period or at all; the effect of the AlterG acquisition on the ability of the Company to retain customers and key personnel and to maintain relationships with suppliers, distributors and other key business relations; potential litigation in connection with the AlterG acquisition; uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; the Company’s ability to have sufficient funds to meet certain future capital requirements, which could impair the Company’s efforts to develop and commercialize existing and new products; the Company’s ability to maintain and grow its reputation and the market acceptance of its products; the Company’s ability to achieve reimbursement from third-party payors, including CMS, for its products; the Company’s limited operating history and its ability to leverage its sales, marketing and training infrastructure; the Company’s expectations as to its clinical research program and clinical results; the Company’s expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; the Company’s ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; the Company’s ability to navigate any difficulties associated with moving production of its AlterG Anti-Gravity Systems to a contract manufacturer; the Company’s ability to improve its products and develop new products; the Company’s compliance with medical device reporting regulations to report adverse events involving the Company’s products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on the Company’s ability to market and sell its products; the Company’s ability to gain and maintain regulatory approvals; the Company’s ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company’s IT systems significantly disrupting its business operations; the Company’s ability to use effectively the proceeds of its offerings of securities; and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 10-K, as amended, for the year ended December 31, 2023 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Lifeward Media Relations:

Kathleen O’Donnell
Vice President, Marketing & New Business Development
Lifeward Ltd.
E: [email protected]

Lifeward Investor Contact:
Mike Lawless
Chief Financial Officer
Lifeward Ltd.
E: [email protected]



Posted on

Opus Genetics Announces Presentations at Association for Research in Vision and Ophthalmology (ARVO) 2025 Meeting

New Data from First Three Adult Patients in Phase 1/2 Trial with OPGx-LCA5 Showed that Subjective and Objective Signs of Efficacy Persisted for One Year

Durham, NC., March 05, 2025 (GLOBE NEWSWIRE) — Opus Genetics, Inc. (Nasdaq: IRD), a clinical-stage ophthalmic biotechnology company developing gene therapies for the treatment of inherited retinal diseases (IRDs) and other ophthalmologic disorders, today announced that three abstracts on its investigational gene therapy candidates have been accepted for presentation at the Association for Research in Vision and Ophthalmology (ARVO) 2025 Meeting, to take place May 4-8, 2025 in Salt Lake City, UT. The abstracts feature 12-month data from the first three adult patients in our ongoing Phase 1/2 trial of OPGx-LCA5, as well as pre-clinical results on OPGx-MERTK and OPGx-RDH12.

An abstract summarizing a subset analysis from the previously completed LYNX-1 Phase 3 trial of Phentolamine Ophthalmic Solution 75% has also been accepted for presentation. The full abstracts are available in the ARVO Online Planner, which can be accessed here.

“We are pleased to have the opportunity to share data on our gene therapy candidates and to engage with the global ophthalmology community at ARVO 2025,” said George Magrath, M.D., Chief Executive Officer at Opus Genetics. “We look forward to presenting the 12-month data on adult patients being treated in the ongoing Phase 1/2 trial of our most advanced gene therapy candidate OPGx-LCA5. Assuming continued safety and efficacy in the current study, we plan to advance OPGx-LCA5 into a pivotal Phase 3 trial and we are hopeful that, if successful in Phase 3, and approved, OPGx-LCA5 may offer a potentially life-changing therapeutic option for individuals living with LCA5.”


Abstract details

Title: Recovery of cone mediated vision in severe ciliopathy after gene augmentation; One year results from a Phase I/II trial of LCA5-LCA (OPGx-LCA5)
Author: Tomas Aleman, M.D., Schele Eye Institute, University of Pennsylvania et al
Presentation time: May 4, 2025 from 4:30 PM to 4:45 PM MT
Location: Room 255E
   

OPGx-LCA5 is an investigational gene therapy for the treatment of Leber congenital amaurosis (LCA). The candidate is being evaluated in an ongoing non-randomized single ascending Phase 1/2 dose escalation study. Previously announced results showed OPGx-LCA5 to be well tolerated, with all three adult patients showing visual improvement at six months. New data from the study, to be presented at ARVO, show that subjective and objective signs of efficacy persisted for a year.

Title: Evaluation of MERTK gene therapy in RCS rats following a single bilateral subretinal injection
Author: Mayur Choudhary, PhD., Opus Genetics et al
Presentation time: May 8, 2025 from 11:45 AM to 1:30 PM MT
Posterboard Number: 5944 – A0009
   

OPGx-MERTK is a gene therapy being developed by Opus Genetics to treat patients impacted by MERTK-related retinitis pigmentosa (RP). Results from a pre-clinical study which evaluated OPGx-MERTK in a rat model of RP will be presented at ARVO.

Title: Evaluation of ocular tolerability of OPGx-RDH12 by subretinal delivery in cynomolgus primates
Author: Ash Jayagopal, PhD., Opus Genetics et al
Presentation time: May 5, 2025 from 8:30 AM to 10:15 AM MT
Posterboard Number: 1621 – B0205
   

OPGx-RDH12 is a gene therapy being developed to treat Leber congenital amaurosis 13 (LCA13), a genetic retinal dystrophy caused by mutations in the RDH12 gene. This pre-clinical study was conducted to evaluate the tolerability of OPGx-RDH12 in primates. Results from this pre-clinical study will be presented at ARVO.

Title: LYNX-1 Phase 3 trial of the safety and efficacy of phentolamine ophthalmic solution for the treatment of reduced mesopic low contrast vision: A subset analysis of keratorefractive subjects
Author: Kostas Charizanis, PhD., Opus Genetics et al
Presentation time: May 4, 2025 from 8:00 AM to 9:45 AM MT
Posterboard Number: 173 – A0289
   

LYNX-1 was a randomized, double-masked, placebo-controlled trial of the safety and efficacy of Phentolamine Ophthalmic Solution 0.75% in subjects with dim light disturbances (DLD) of various etiologies. Top-line results were announced in 2022. The results to be presented at ARVO are from a subset analysis of the 25 post-LASIK subjects in LYNX-1 who had reduced mesopic low contrast visual acuity (mLCVA) and photic complaints in order to inform patient population selection for ongoing and future Phase 3 studies.

About Opus Genetics

Opus Genetics is a clinical-stage ophthalmic biotechnology company developing gene therapies to treat patients with inherited retinal diseases (IRDs) and other treatments for ophthalmic disorders. The pipeline includes adeno-associated virus (AAV)-based investigational gene therapies that address mutations in genes that cause different forms of bestrophinopathy, Leber congenital amaurosis (LCA) and retinitis pigmentosa. Our most advanced investigational gene therapy program is designed to address mutations in the LCA5 gene, which encodes the lebercilin protein and is currently being evaluated in a Phase 1/2 open-label, dose-escalation trial, with encouraging early data. BEST1 investigational gene therapy is designed to address mutations in the BEST1 gene, which is associated with retinal degeneration; we expect that a Phase 1/2 study will be initiated in 2025. The pipeline also includes Phentolamine Ophthalmic Solution 0.75%, a non-selective alpha-1 and alpha-2 adrenergic antagonist being investigated to reduce pupil size, and APX3330, a novel small-molecule inhibitor of Ref-1 being investigated to slow the progression of non-proliferative diabetic retinopathy. Phentolamine Ophthalmic Solution 0.75% is currently being evaluated in Phase 3 trials for treatment of presbyopia and reduced dim (mesopic) light low contrast vision following keratorefractive surgery. FDA Fast Track Designation has been granted for Phentolamine Ophthalmic Solution 0.75% as treatment of significant chronic night driving impairment in keratorefractive patients with reduced mesopic vision. We have reached agreement with the FDA on a SPA for a Phase 3 trial to evaluate oral APX3330 for the treatment of DR. For more information, please visit www.opusgtx.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning data from and future enrollment for our clinical trials and our pipeline of additional indications.

These forward-looking statements relate to us, our business prospects and our results of operations and are subject to certain risks and uncertainties posed by many factors and events that could cause our actual business, prospects and results of operations to differ materially from those anticipated by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those described under the heading “Risk Factors” included in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and in our other filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “aim,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. We undertake no obligation to revise any forward-looking statements in order to reflect events or circumstances that might subsequently arise.

These forward-looking statements are based upon our current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation:

  • Our ability to successfully integrate the business of former Opus Genetics Inc. and manage our expanded combined product pipeline;
  • Our ability to develop and obtain regulatory approval for newly acquired gene therapies to treat inherited retinal diseases;
  • Our ability to obtain and maintain orphan drug designation or rare pediatric disease designation for our current and future product candidates;
  • The success and timing of regulatory submissions and pre-clinical and clinical trials, including enrollment and data readouts;
  • Regulatory requirements or developments;
  • Changes to or unanticipated events in connection with clinical trial designs and regulatory pathways;
  • Delays or difficulties in the enrollment of patients in clinical trials;
  • Substantial competition, including from generic versions of our product candidates;
  • Rapid technological change;
  • Our development of sales and marketing infrastructure;
  • Future revenue losses and profitability;
  • Changes in capital resource requirements;
  • Risks related to our inability to obtain sufficient additional capital to continue to advance our product candidates and our preclinical programs;
  • Domestic and worldwide legislative, regulatory, political and economic developments;
  • Our dependency on key personnel;
  • Changes in market opportunities and acceptance;
  • Reliance on third parties to conduct our clinical trials and supply and manufacture drug supplies;
  • Future, potential product liability and securities litigation;
  • System failures, unplanned events, or cyber incidents;
  • The substantial number of shares subject to potential issuance associated with our equity line of credit arrangement;
  • Risks that our licensing or partnership arrangements may not facilitate the commercialization or market acceptance of our product candidates;
  • Future fluctuations in the market price of our common stock;
  • Actions by activist stockholders;
  • The success and timing of commercialization of any of our product candidates;
  • Obtaining and maintaining our intellectual property rights; and
  • The success of mergers and acquisitions.

The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive. Readers are urged to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the Securities and Exchange Commission that advise interested parties of the risks and factors that may affect our business. All forward-looking statements contained in this press release speak only as of the date on which they were made. We undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Contacts

Corporate Investor Relations
Nirav Jhaveri
CFO
[email protected]		 Corey Davis, Ph.D.
LifeSci Advisors
[email protected]



Posted on

Global Ship Lease Reports Results for the Fourth Quarter of 2024

Forward contract cover locked in for 89% of 2025 days and 66% of 2026 days

Annualized Dividend to increase to $2.10 per Class A Common Share

ATHENS, Greece, March 05, 2025 (GLOBE NEWSWIRE) — Global Ship Lease, Inc. (NYSE: GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three months and year ended December 31, 2024.

Full Year and Fourth Quarter of 2024 Highlights and Other Recent Developments

– 4Q 2024 operating revenue of $182.4 million; full year operating revenue of $711.1 million, up 5.4% on 2023.

– 4Q 2024 net income available to common shareholders of $90.2 million, or $2.54 Earnings per Share (EPS); full year 2024 net income of $344.1 million, or $9.74 EPS, up 16.6% on net income of 2023.

– 4Q 2024 normalized net income3 of $90.4 million, or $2.55 normalized EPS³; full year 2024 normalized net income of $352.7 million, or $9.99 normalized EPS³, up 10.3% on normalized net income of 2023.

– 4Q 2024 Adjusted EBITDA3 of $123.7 million; full year 2024 Adjusted EBITDA of $494.7 million, up 7.1% on 2023.

– Purchased four high-reefer, ECO-9,000 TEU containerships (the “Newly Acquired Vessels”), with charters attached, for an aggregate price of $274 million, and agreed 10-year financing priced at SOFR + 2.50%. Three of these vessels were delivered to us in December 2024 and the fourth in January 2025.

– Sold three older ships, consistent with our fleet renewal strategy. Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) are contracted for sale for an aggregate price of $54.5 million (compared to an aggregate book value at December 31, 2024 of $24.9 million). The sale of Tasman was agreed in December 2024, while those of Keta and Akiteta were agreed in February 2025. Akiteta was delivered to her new owners on February 19th, 2025 and the remaining two ships are scheduled for delivery to their new owners in first half 2025.

– Added $884.8 million of contracted revenues during 2024 and the first two months of 2025, bringing contracted revenues as of December 31, 2024 to $1.88 billion, over a weighted average remaining duration of 2.3 years.

– Declared a dividend of $0.45 per Class A common share for the fourth quarter of 2024, to be paid on or about March 6, 2025 to common shareholders of record as of February 24, 2025. Paid a dividend of $0.45 per Class A common share for the third quarter of 2024 on December 4, 2024.

– Board of Directors determined that sustained market demand for GSL’s fleet and the Company’s progress on securing forward fixtures at attractive levels supports a $0.075 per share increase in our quarterly supplemental dividend, amounting to a 16.7% increase in total annualized dividends per share to $2.10 ($0.525 per quarter), which is expected to commence with the dividend that is declared for the first quarter 2025 and payable in June 2025.

– Repurchased an aggregate of 251,772 Class A common shares during 2024, for a total consideration of approximately $5.0 million; all such repurchases were executed in the first quarter. Since third quarter 2021, the Company has invested $57.0 million in repurchasing an aggregate of 3,076,725 common shares, at an average price of $18.52 per share. Approximately $33.0 million of capacity remains under the Company’s opportunistic share buy-back authorization.

– On August 16, 2024, entered into a new equity distribution agreement with Evercore Group L.L.C. to opportunistically offer and sell Class A common shares having an aggregate offering price of up to $100.0 million. 27,106 Class A common shares were issued at an average price of $27.02 during the third quarter for total gross proceeds of $0.7 million; as at the date of this press release no further shares have since been issued.

George Youroukos, our Executive Chairman, stated: “Demand for our well-specified, fuel-efficient vessels was very firm throughout 2024, and remains so today. We have taken advantage of these tailwinds to secure extended charter coverage across our fleet, adding $885 million of contracted revenues to our already-substantial backlog. In many cases, we have been able to secure attractive, multi-year coverage even for our oldest ships. Additionally, in December, our financial strength and industry position enabled us to move quickly to acquire four highly specified younger vessels, on charter to Hapag-Lloyd, further increasing our revenue backlog and lowering our average fleet age, with terms and financing that de-risked the transaction upfront. We are also rotating out three of our older ships, all of which are contracted to be sold on attractive terms. In a highly volatile and uncertain geopolitical environment, we benefit from the optionality and deployment flexibility represented by our fleet of mid-sized and smaller containerships. As we closely track developments around the world, we are confident that we are well-positioned now, and in the future, to sustain our track record of creating shareholder value through operational excellence, capital allocation discipline, and opportunistic acquisitions.”

Thomas Lister, our Chief Executive Officer, stated: “As we look at a geopolitical environment and global trade landscape that is as complex, unpredictable, and dynamic as any that we have encountered, we are confident that our consistent focus on building balance sheet strength and maintaining a long-term perspective has positioned us well to manage risks and to pounce on opportunities as they arise. Over several years, we have sustained and greatly benefited from the shipping up-cycle, capitalizing on our strong cashflow and forward visibility to opportunistically refinance, extend our debt maturities, and reduce our borrowing costs, thereby further improving our competitiveness, financial strength, and ability to move nimbly and selectively on the right deals. From this robust platform, we are well placed to execute on value-maximizing opportunities in whatever market environment prevails in the quarters and years ahead. Meanwhile, we have the opportunity and confidence to share the uplift in our contracted revenues with our shareholders through an increase in our supplemental dividend, bringing our total annualized dividend to $2.10 per common share, up 40% from $1.50 per common share at this time last year.”

SELECTED FINANCIAL DATA – UNAUDITED

(thousands of U.S. dollars)

  Three Three    
  months ended months ended Year ended Year ended
  December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
         
Operating Revenues (1)   182,433 178,894 711,055 674,795
Operating Income 96,009 78,854 379,139 343,218
Net Income (2)   90,180 64,665 344,092 294,964
Adjusted EBITDA (3)   123,671 127,137 494,732 462,058
Normalized Net Income (3)   90,393 87,830 352,688 319,725
         

(1) Operating Revenues are net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities, the effect of the straight lining of time charter modifications and the compensation from charterers for drydock and for other capitalized expenses installation. Brokerage commissions are included in “Time charter and voyage expenses” (see below).

(2) Net Income available to common shareholders.

(3) Adjusted EBITDA, Normalized Net Income, and Normalized Earnings per Share are non-U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.

Operating Revenues and Utilization

Operating revenues derived from fixed-rate, mainly long-term, time-charters were $182.4 million in the fourth quarter of 2024, up $3.5 million (or 2.0%) on operating revenues of $178.9 million in the prior year period. The period-on-period increase in operating revenues was principally due to (i) charter renewals at higher rates on a number of vessels, (ii) a non-cash $2.8 million increase in the effect from straight lining time charter modifications and (iii) the addition of three of the four Newly Acquired Vessels, offset by an increase in off hire days. There were 347 days of offhire and idle time in the fourth quarter of 2024 of which 288 were for scheduled drydockings, compared to 120 days of offhire and idle time in the prior year period of which 74 were for scheduled drydockings. Utilization for the fourth quarter of 2024 was 94.5% compared to utilization of 98.1% in the prior year period.

For the year ended December 31, 2024, operating revenues were $711.1 million, up $36.3 million (or 5.4%) on operating revenues of $674.8 million in the comparative period, mainly due to: (i) the addition of four vessels which were delivered to us in the second quarter of 2023 (the “Four Vessels”) and the addition of three of the four Newly Acquired Vessels in December 2024, and (ii) due to charter renewals at higher rates on a number of vessels partially offset by a non-cash $4.8 million decrease in the effect from straight lining time charter modifications. There were 966 days of offhire and idle time in the year ended December 31, 2024 of which 807 were for scheduled drydockings, compared to 996 days of offhire and idle time in the prior year of which 701 were for scheduled drydockings. Utilization for the year ended December 31, 2024 was 96.1% compared to utilization of 95.9% in the prior year period.

The table below shows fleet utilization for the three months ended December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023, 2022 and 2021.

  Three months ended   Year Ended  
  Dec 31,   Dec 31,     Dec 31,     Dec 31,   Dec 31,   Dec 31,  
Days 2024   2023     2024     2023   2022   2021  
                 
Ownership days 6,305   6,256     24,937     24,285   23,725   19,427  
Planned offhire – scheduled drydock (288 ) (74 )   (807 )   (701 ) (581 ) (752 )
Unplanned offhire (46 ) (26 )   (144 )   (233 ) (460 ) (260 )
Idle time (13 ) (20 )   (15 )   (62 ) (30 ) (88 )
Operating days 5,958   6,136     23,971     23,289   22,654   18,327  
                 
Utilization 94.5 % 98.1 %   96.1 %   95.9 % 95.5 % 94.3 %
                             

As of December 31, 2024, four regulatory drydocking were in progress. In 2025, 13 regulatory drydockings are anticipated.

Vessel Operating Expenses

Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 5.5% to $49.6 million for the fourth quarter of 2024, compared to $47.0 million in the prior year period. The increase of $2.6 million was mainly due to (i) the addition of three of the four Newly Acquired Vessels in December 2024, (ii) an increase in repairs, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery due to timing of planned schedule, and (iii) the impact of inflation on fees and expenses, including management fees. The average cost per ownership day in the quarter was $7,871, compared to $7,505 for the prior year period, up $366 per day, or 4.9%.

For the year ended December 31, 2024, vessel operating expenses were $191.3 million, or an average of $7,670 per day, compared to $179.2 million in the comparative period, or $7,380 per day, an increase of $290 per ownership day, or 3.9%. The increase of $12.1 million was mainly due to (i) the acquisition of the Four Vessels in the second quarter of 2023 and of three of the four Newly Acquired Vessels, (ii) an increase in repairs, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery due to timing of planned schedule, (iii) an increased cost of insurance due to increased premiums as asset values rose over the period, and (iv) the impact of inflation on fees and expenses, including management fees.

Time Charter and Voyage Expenses

Time charter and voyage expenses comprise mainly commission paid to ship brokers, the cost of bunker fuel for owner’s account when a ship is off-hire or idle and miscellaneous owner’s costs associated with a ship’s voyage. Time charter and voyage expenses were $6.5 million for the fourth quarter of 2024, compared to $5.4 million in the prior year period. The increase was mainly due to an increase in bunkering expenses due to higher off hire days.

For the year ended December 31, 2024, time charter and voyage expenses were $23.5 million, or an average of $944 per day, compared to $23.6 million in the comparative period, or $971 per day, a decrease of $27 per ownership day, or 2.8% mainly due to a decrease in voyage administration costs and operational requests from charterers offset by increased commissions on charter renewals at higher rates.

Depreciation and Amortization

Depreciation and amortization for the fourth quarter of 2024 was $26.2 million, compared to $24.4 million in the prior year period. The increase was mainly due to the 12 drydockings completed in 2024 and the addition of three of the four Newly Acquired Vessels in December 2024.

Depreciation and amortization for the year ended December 31, 2024 was $100.0 million, compared to $91.7 million in the comparative period, mainly due to the factors noted above plus the acquisition of the Four Vessels in the second quarter of 2023.

Impairment of vessels

A non-cash impairment loss of $18.8 million was recorded in the fourth quarter of 2023 on two vessels. No impairment was recorded in 2024.

General and Administrative Expenses

General and administrative expenses were $4.1 million in the fourth quarter of 2024, compared to $4.5 million in the prior year period. The movement was mainly due to the decrease in payroll expenses following the retirement of our former Chief Executive Officer effective March 31, 2024 plus a reduction in the non-cash charge for stock-based compensation expense. The average general and administrative expenses per ownership day for the fourth quarter of 2024 was $649, compared to $714 in the prior year period, a decrease of $65 or 9.1%.

For the year ended December 31, 2024, general and administrative expenses were $17.1 million, compared to $18.2 million in the comparative period. The movement was mainly due to a decrease in the non-cash charge for stock-based compensation expense. Average general and administrative expenses per ownership day for the year ended December 31, 2024 was $687, compared to $750 in the comparative period, a decrease of $63 or 8.4%.

Adjusted EBITDA

1

Adjusted EBITDA was $123.7 million for the fourth quarter of 2024, down from $127.1 million for the prior year period, with the net decrease being mainly due to increase in vessel operating expenses and bunkering expenses.

Adjusted EBITDA for the year ended December 31, 2024 was $494.7 million, compared to $462.1 million for the comparative period, an increase of $32.6 million or 7.1% mainly due to increased revenue from charter renewals at higher rates and the acquisition of the Four Vessels in the second quarter of 2023.

Interest Expense and Interest Income

Debt as at December 31, 2024 totaled $691.1 million, comprising $371.9 million of secured bank debt collateralized by vessels, $231.9 million of investment grade rated 5.69% Senior Secured Notes due 2027 (the “2027 Secured Notes”) collateralized by vessels, and $87.3 million under sale and leaseback financing transactions. As of December 31, 2024, 18 of our vessels were unencumbered.

Debt as at December 31, 2023 totaled $823.2 million, comprising $431.5 million of secured bank debt collateralized by vessels, $284.4 million of 2027 Secured Notes collateralized by vessels, and $107.3 million under sale and leaseback financing transactions. As of December 31, 2023, five vessels were unencumbered.

Interest and other finance expenses for the fourth quarter of 2024 was $7.8 million, down from $11.2 million for the prior year period. The decrease was mainly due to our blended cost of debt, which, taking into account our interest rate caps, has significantly decreased from approximately 4.55% for the fourth quarter of 2023 to 3.85% for the fourth quarter of 2024 mainly due to our recent refinancing activity. In December 2024, we entered into two sale and leaseback agreements with Minsheng Financial Leasing Co., Ltd. (“Minsheng”) for $44.5 million each, to finance two of the Newly Acquired Vessels, one having closed in December 2024 and the other in January 2025. The agreements are priced at SOFR + 2.50% and have a maturity of ten years. In January 2025, we entered into two additional sale and leaseback agreements with Minsheng for $44.5 million each, to finance our acquisition of the remaining two Newly Acquired Vessels on the same terms.

Interest and other finance expenses for the year ended December 31, 2024 was $40.7 million, down from $44.8 million for the comparative period mainly due to the factors mentioned above offset by (i) the non-cash write off of deferred financing costs of $2.7 million on the full repayments of six of our credit facilities and two of our sale and leaseback agreements, (ii) a prepayment fee of $0.7 million on the full repayment of the sale and leaseback agreement with CMB Financial Leasing Co. Ltd and (iii) a prepayment fee of $0.2 million on the partial repayment of the Macquarie Credit Facility.

Interest income for the fourth quarter of 2024 was $4.2 million, up from $2.9 million for the prior year period mainly due to higher invested amounts.

Interest income for the year ended December 31, 2024 was $16.7 million, compared to $9.8 million for the comparative period.

Other income, net

Other income, net was $0.4 million in the fourth quarter of 2024, compared to $1.3 million in the prior year period.

Other income, net was $3.6 million for the year ended December 31, 2024, compared to $2.1 million for the comparative period.

Fair value adjustment on derivatives

In December 2021, we entered into a USD 1 month LIBOR interest rate cap of 0.75% through the fourth quarter of 2026 on $484.1 million of floating rate debt, which reduces over time in line with anticipated debt amortization and represented approximately half of the outstanding floating rate debt. In February 2022, we entered into two additional USD 1-month LIBOR interest rate caps of 0.75% through the fourth quarter of 2026 on the remaining balance of $507.9 million of floating rate debt. As a result of the discontinuation of LIBOR, on July 1, 2023, our interest rate caps automatically transited to 1 month Compounded SOFR at a net rate of 0.64%. A negative fair value adjustment of $0.2 million for the fourth quarter of 2024 was recorded through the statement of income. The negative fair value adjustment for the year ended December 31, 2024 was $5.2 million.

Earnings Allocated to Preferred Shares

Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the fourth quarter of 2024 was $2.4 million, the same as in the prior year period.

The cost for the year ended December 31, 2024 was $9.5 million, the same as for the comparative period.

Net Income Available to Common Shareholders

Net income available to common shareholders for the fourth quarter of 2024 was $90.2 million. Net income available to common shareholders for the prior year period was $64.7 million.

Earnings per share for the fourth quarter of 2024 was $2.54, an increase of 38.0% from the earnings per share for the prior year period, which was $1.84.

For the year ended December 31, 2024, net income available to common shareholders was $344.1 million. Net income available to common shareholders for the year ended December 31, 2023 was $295.0 million.

Earnings per share for the year ended December 31, 2024 was $9.74, an increase of 16.9% from the earnings per share for the comparative period, which was $8.33.

Normalized net income 1 for the fourth quarter of 2024 was $90.4 million. Normalized net income for the prior year period was $87.8 million.

Normalized net income1 for the year ended December 31, 2024 was $352.7 million, as compared to $319.7 for the comparative period.

Normalized earnings per share1 for the fourth quarter of 2024 was $2.55, an increase of 2.4% from Normalized earnings per share for the prior year period, which was $2.49.

Normalized earnings per share1 for the year ended December 31, 2024 was $9.99, an increase of 10.6% from Normalized earnings per share for the comparative period, which was $9.03.

1 Adjusted EBITDA, Normalized net income, and Normalized earnings per share are non-U.S. GAAP financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.

Fleet

As of December 31, 2024, we had 71 containerships in our fleet, with the fourth Newly Acquired Vessel (Czech) delivered in January 2025. As of February 28, 2025, three of our older vessels (Tasman, Keta, and Akiteta) were contracted for sale. Akiteta was delivered to her new owners on February 19, 2025 and the remaining two are scheduled for delivery to their new owners in first half 2025. Charters agreed up until February 28, 2025 are detailed in the table below.

 

Vessel Name

 Capacity in TEUs Lightweight (tons) Year Built Charterer Earliest Charter Expiry Date Latest Charter Expiry Date
(2) 		Daily Charter Rate $
                 
  CMA CGM Thalassa 11,040 38,577 2008 CMA CGM 3Q28 4Q28 47,200 (3)
  ZIM Norfolk (1)   9,115 31,764 2015 ZIM 2Q27 4Q27 65,000
  Anthea Y (1) 9,115 31,890 2015 MSC 3Q25 4Q25 Footnote (4)
  ZIM Xiamen (1) 9,115 31,820 2015 ZIM 3Q27 4Q27 65,000
  Sydney Express (1) 9,019 31,254 2016 Hapag-Lloyd (5) 1Q26 4Q29 Footnote (5)
  Istanbul Express (1) 9,019 31,380 2016 Hapag-Lloyd (5) 3Q26 2Q30 Footnote (5)
  Bremerhaven Express (1) 9,019 31,199 2015 Hapag Lloyd (5) 1Q26 3Q29 Footnote (5)
  Czech 9,019 31,319 2015 Hapag-Lloyd (5) 4Q26 3Q30 Footnote (5)
  MSC Tianjin 8,603 34,243 2005 MSC (6) 3Q27 4Q27 Footnote (6)
  MSC Qingdao 8,603 34,585 2004 MSC (6) 3Q27 4Q27 Footnote (6)
  GSL Ningbo 8,603 34,340 2004 MSC 3Q27 1Q28 Footnote (7)
  GSL Alexandra 8,544 37,809 2004 Maersk 2Q26 3Q26 Footnote (8)
  GSL Sofia 8,544 37,777 2003 Maersk 3Q26 3Q26 Footnote (8)
  GSL Effie 8,544 37,777 2003 Maersk 3Q26 3Q26 Footnote (8)
  GSL Lydia 8,544 37,777 2003 Maersk 2Q26 3Q26 Footnote (8)
  GSL Eleni 7,847 29,261 2004 Maersk 4Q27 2Q29 Footnote (9)
  GSL Kalliopi 7,847 29,261 2004 Maersk 1Q28 2Q29 Footnote (9)
  GSL Grania 7,847 29,261 2004 Maersk 1Q28 3Q29 17,750 (9)
  Colombia Express (ex Mary) (1) 7,072 23,424 2013 Hapag-Lloyd (10) 4Q28 1Q31 Footnote (10)
  Panama Express (ex Kristina) (1) 7,072 23,421 2013 Hapag-Lloyd (10) 4Q29 4Q31 Footnote (10)
  Costa Rica Express (ex Katherine) (1) 7,072 23,403 2013 Hapag-Lloyd (10) 2Q29 3Q31 Footnote (10)
  Nicaragua Express (ex Alexandra) (1) 7,072 23,348 2013 Hapag-Lloyd (10) 3Q29 4Q31 Footnote (10)
  CMA CGM Berlioz 7,023 26,776 2001 CMA CGM 4Q25 2Q26 37,750
  Mexico Express (ex Alexis) (1) 6,910 23,970 2015 Footnote (10) 3Q29 4Q31 Footnote (10)
  Jamaica Express (ex Olivia I) (1) 6,910 23,915 2015 Hapag-Lloyd (10) 3Q29 4Q31 Footnote (10)
  GSL Christen 6,858 27,954 2002 Maersk 4Q27 1Q28 Footnote (11)
  GSL Nicoletta 6,858 28,070 2002 Maersk 1Q28 2Q28 Footnote (11)
  Agios Dimitrios 6,572 24,931 2011 MSC (6) 2Q27 3Q27 Footnote (6)
  GSL Vinia 6,080 23,737 2004 Maersk 1Q28 4Q29 13,250 (12)
  GSL Christel Elisabeth 6,080 23,745 2004 Maersk 1Q28 3Q29 13,250 (12)
  GSL Arcadia 6,008 24,858 2000 Maersk 3Q25 1Q26 12,900 (13)
  GSL Violetta 6,008 24,873 2000 Maersk 2Q25 4Q25 12,900 (13)
  GSL Maria 6,008 24,414 2001 Maersk 4Q25 1Q27 12,900 (13)
  GSL MYNY 6,008 24,876 2000 Maersk 2Q25 1Q26 12,900 (13)
  GSL Melita 6,008 24,859 2001 Maersk 1Q26 3Q26 12,900 (13)
  GSL Tegea 5,994 24,308 2001 Maersk 1Q26 3Q26 12,900 (13)
  GSL Dorothea 5,994 24,243 2001 Maersk 1Q26 3Q26 12,900 (13)
  Tasman(20) 5,936 25,010 2000 Maersk 1Q25 1Q25 21,500
  Dimitris Y (ex Zim Europe) 5,936 25,010 2000 ONE 2Q25 3Q25 33,900
  Ian H 5,936 25,128 2000 COSCO 4Q27 4Q27 Footnote (14)
  GSL Tripoli 5,470 22,109 2009 Maersk 3Q27 4Q27 17,250
  GSL Kithira 5,470 22,259 2009 Maersk 4Q27 1Q28 17,250
  GSL Tinos 5,470 22,068 2010 Maersk 3Q27 4Q27 17,250
  GSL Syros 5,470 22,099 2010 Maersk 4Q27 4Q27 17,250
  Dolphin II 5,095 20,596 2007 OOCL 1Q25 3Q25 53,500
  Orca I 5,095 20,633 2006 Maersk 2Q25 4Q25 21,000
  CMA CGM Alcazar 5,089 20,087 2007 CMA CGM 3Q26 1Q27 35,500
  GSL Château d’If 5,089 19,994 2007 CMA CGM 4Q26 1Q27 35,500
  GSL Susan 4,363 17,309 2008 CMA CGM 3Q27 1Q28 Footnote (15)
  CMA CGM Jamaica 4,298 17,272 2006 CMA CGM 1Q28 2Q28 Footnote (15)
  CMA CGM Sambhar 4,045 17,355 2006 CMA CGM 1Q28 2Q28 Footnote (15)
  CMA CGM America 4,045 17,355 2006 CMA CGM 1Q28 2Q28 Footnote (15)
  GSL Rossi 3,421 16,420 2012 ZIM 1Q26 3Q26 35,311 (16)
  GSL Alice 3,421 16,543 2014 CMA CGM 2Q28 3Q28 20,500 (3)
  GSL Eleftheria 3,421 16,642 2013 Maersk 3Q25 4Q25 37,975
  GSL Melina 3,404 16,703 2013 Maersk 4Q26 4Q26 29,900
  Athena 2,980 13,538 2003 MSC 2Q25 3Q25 17,500
  GSL Valerie 2,824 11,971 2005 ZIM 3Q27 4Q27 32,000 (17)
  GSL Mamitsa (ex Matson Molokai) 2,824 11,949 2007 Matson 2Q25 3Q25 36,600
  GSL Lalo 2,824 11,950 2006 MSC 2Q25 3Q25 18,000
  GSL Mercer 2,824 11,970 2007 ONE 1Q27 2Q27 35,750 (18)
  GSL Elizabeth 2,741 11,530 2006 Maersk 2Q26 2Q26 20,360
  GSL Chloe (ex Beethoven) 2,546 12,212 2012 ONE 1Q27 2Q27 33,000 (18)
  GSL Maren 2,546 12,243 2014 OOCL 1Q26 2Q26 16,500
  Maira 2,506 11,453 2000 CMA CGM 4Q26 1Q27 26,000
  Nikolas 2,506 11,370 2000 CMA CGM 4Q26 1Q27 26,000
  Newyorker 2,506 11,463 2001 Maersk 1Q25 2Q25 17,250
  Manet 2,288 11,534 2001 OOCL 3Q26 4Q26 24,000
  Kumasi 2,220 11,652 2002 Wan Hai 1Q25 2Q25 38,000
  Akiteta (20) 2,220 11,592 2002 OOCL 1Q25 1Q25 32,000
  Keta (20) 2,207 11,731 2003 CMA CGM 1Q25 1Q25 25,000
  Julie 2,207 11,731 2002 MSC 2Q25 3Q25 Footnote (19)

(1) Modern design, high reefer capacity, fuel-efficient “ECO” vessel.
(2) In many instances charterers have the option to extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time (“Offhire Extension”) is computed at the end of the initially contracted charter period. The Latest Charter Expiry Dates shown in this table have been adjusted to reflect offhire accrued up to December 31, 2024, plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers – may exceed the Latest Charter Expiry Dates indicated.
(3) CMA CGM Thalassa and GSL Alice were both forward fixed for 36 months +/-45 days. CMA CGM Thalassa and GSL Alice new charters are expected to commence in 4Q2025 and 2Q2025, respectively, and to generate annualized Adjusted EBITDA of approximately $14.2 million and $8.4 million, respectively.
(4) Anthea Y. The charter is expected to generate annualized Adjusted EBITDA of approximately $11.8 million.
(5) Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately $9.5 million per ship;
(6) MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate annualized Adjusted EBITDA of approximately $6.9 million, $8.1 million, and $5.9 million, respectively. MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (“scrubbers”).
(7) GSL Ningbo is chartered at a rate expected to generate annualized Adjusted EBITDA of approximately $16.5 million.
(8) GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia delivered in 2Q 2023. Contract cover for each vessel is for a minimum firm period of 24 months from the date each vessel was delivered, with charterers holding one year extension options. GSL Sofia and GSL Effie options were exercised in January 2025. GSL Alexandra and GSL Lydia options were exercised in February 2025. The vessels are expected to generate average annualized Adjusted EBITDA of approximately $9.7 million per ship over the median firm period and average annualized Adjusted EBITDA of $4.9 million per ship if one year option is exercised.
(9) GSL Eleni, GSL Kalliopi and GSL Grania, were forward fixed for 35 – 38 months to commence after drydocking, after which the charterer has the option to extend each charter for a further 12 – 16 months. As of December 31, 2024, all three vessels were under drydocking. Each new charter is expected to commence in 1Q2025 and to generate annualized Adjusted EBITDA of approximately $9.6 million for the firm period.
(10) Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/-45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.
(11) GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship.
(12) GSL Vinia and GSL Christel Elizabeth were both forward fixed for 36 – 40 months to commence after drydocking, after which the charterer has the option to extend each charter for a further 12 – 15 months. The new charters are both scheduled to commence in 1Q 2025. The charters are expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per ship.
(13) GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, with charterers holding a one-year extension option on each charter (at a rate of $12,900 per day), followed by a second option (at a rate of $12,700 per day) with the period determined by – and terminating prior to – each vessel’s 25th year drydocking & special survey. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea.
(14) Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately $10.3 million.
(15) GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per vessel.
(16) GSL Rossi. Chartered at an average rate of $35,311 per day, $38,000 to 1Q 2025 and $35,000 for the remaining period.
(17) GSL Valerie was forward fixed in direct continuation for 24 – 27 months to commence after drydocking. The new charter is expected to generate average annualized Adjusted EBITDA of approximately $6.6 million.
(18) GSL Mercer and GSL Chloe were both forward fixed for 23.5 – 26 months. The new charters are both expected to commence in 1Q 2025. The new charters are expected to generate average annualized Adjusted EBITDA of approximately $5.8 million per vessel.
(19) Julie. Chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $2.0 million.
(20) In December 2024, Tasman was contracted to be sold. In February 2025, Keta and Akiteta were also contracted to be sold. Aggregate sale price agreed for all three vessels is $54.5 million, v. aggregate book value at December 31, 2024 of $24.9 million. Akiteta was delivered to her new owners on February 19, 2025 and the remaining two are scheduled for delivery to their new owners in first half 2025.
   

Conference Call and Webcast

Global Ship Lease will hold a conference call to discuss the Company’s results for the three months and year ended December 31, 2024 today, Wednesday, March 5, 2025 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:

(1) Dial-in: (646) 307-1963 or (800) 715-9871; Event ID: 2916262

Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.

(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com

The webcast will also be archived on the Company’s website: http://www.globalshiplease.com.

Annual Report on Form 20-F

The Company’s Annual Report for 2023 was filed with the Securities and Exchange Commission (the “Commission”) on March 20, 2024. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company’s website at http://www.globalshiplease.com or on the Commission’s website at www.sec.gov. Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at [email protected] or by writing to Global Ship Lease, Inc, c/o GSL Enterprises Ltd., 9 Irodou Attikou Street, Kifisia, Athens, 14561.

About Global Ship Lease

Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008.

Our fleet of 71 vessels as of December 31, 2024 had an average age weighted by TEU capacity of 17.6 years. In November 2024, we agreed to purchase the Newly Acquired Vessels. Three were delivered in December 2024 and the fourth in January 2025. In addition, during December 2024 we agreed to sell an older vessel Tasman (5,936 TEU built 2000) with expected delivery in late March 2025. In February 2025, we agreed to sell two more vessels Akiteta (2,220 TEU built 2002) which was delivered to her new owners on February 19th, 2025 and Keta (2,207 TEU, built 2003) with expected delivery in March 2025. As of the date of this release, we have 71 vessels with an average age weighted by TEU capacity of 17.5 years. 40 ships are wide-beam Post-Panamax.

As of December 31, 2024, including the last Newly Acquired Vessel, Czech, delivered on January 9, 2025 and all charters agreed during 2024 and through February 28, 2025, the average remaining term of the Company’s charters, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.3 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.88 billion. Contracted revenue was $2.37 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 2.9 years.

Reconciliation of Non-U.S. GAAP Financial Measures

To supplement our financial information presented in accordance with U.S. GAAP, we use certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe that the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations, and therefore a more complete understanding of factors affecting our business and financial performance than U.S. GAAP measures alone. In addition, we believe that the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items such as impairment charges, contract termination costs or items outside of our control.

We believe that the presentation of the following non-U.S. GAAP financial measures is useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

A.   Adjusted EBITDA

Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, income taxes, depreciation and amortization of drydocking net costs, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for share based compensation, fair value adjustment on derivatives, the effect of the straight lining of time charter modifications, and impairment losses. Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of our ability to generate cash from our operations. We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry.

Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable U.S. GAAP measure due to the inherent difficulty in accurately forecasting and quantifying certain amounts necessary for such reconciliation, and we are not able to provide such reconciliation of such forward-looking non-U.S. GAAP financial measure without unreasonable effort and expense.

ADJUSTED EBITDA – UNAUDITED

(thousands of U.S. dollars)

    Three   Three          
    months   months   Year   Year  
    ended   ended   ended   ended  
    December 31,   December 31,   December 31,   December 31,  
    2024   2023   2024   2023  
           
Net income available to Common Shareholders 90,180   64,665   344,092   294,964  
           
Adjust: Depreciation and amortization 26,216   24,391   99,991   91,727  
  Impairment of vessels –   18,830   –   18,830  
  Amortization of intangible liabilities (1,003 ) (1,517 ) (5,526 ) (8,080 )
  Fair value adjustment on derivative asset 213   4,335   5,170   5,372  
  Interest income (4,203 ) (2,882 ) (16,735 ) (9,777 )
  Interest expense 7,793   11,201   40,676   44,824  
  Share based compensation 2,122   2,505   8,704   10,189  
  Earnings allocated to preferred shares 2,384   2,384   9,536   9,536  
  Income tax –   443   1   448  
  Effect from straight lining time charter modifications (31 ) 2,782   8,823   4,025  
Adjusted EBITDA 123,671   127,137   494,732   462,058  
                 

B.   Normalized net income

Normalized net income represents net income available to common shareholders after adjusting for certain non-recurring items. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry.

NORMALIZED NET INCOME – UNAUDITED

(thousands of U.S. dollars)

    Three Three      
    months months Year   Year
    ended ended ended   ended
    December 31, December 31, December 31,   December 31,
    2024 2023 2024   2023
           
Net income available to Common Shareholders 90,180 64,665 344,092   294,964
           
Adjust: Fair value adjustment on derivative assets 213 4,335 5,170   5,372
  Impairment of vessels – 18,830 –   18,830
  Acceleration of deferred financing costs on full repayment of Credit Facilities/Sale and Leaseback agreements – – 2,757   –
  Prepayment fee on full repayment of Sale and Leaseback Agreement-CMBFL-$54,000 – – 685   –
  Prepayment fee on partial repayment of Macquarie Credit Facility – – 185   –
  Accelerated write off of deferred financing costs related to partial repayment of HCOB-CACIB Credit Facility – – –   108
  Forfeit of certain stock-based compensation awards – – –   451
  Effect from new share-based compensation awards plus acceleration and forfeit of certain share-based compensation awards – – (201 ) –
           
Normalized net income 90,393 87,830 352,688   319,725
           

C.   Normalized Earnings per Share

Normalized Earnings per Share represents Earnings per Share after adjusting for certain non-recurring items. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry.

NORMALIZED EARNINGS PER SHARE – UNAUDITED

    Three Three    
    months months Year Year
    ended ended ended ended
    December 31, December 31, December 31, December 31,
    2024 2023 2024 2023
           
EPS as reported (USD) 2.54 1.84 9.74 8.33
Normalized net income adjustments-Class A common shares (in thousands USD) 213 23,165 8,596 24,761
Weighted average number of Class A Common shares 35,446,899 35,203,657 35,316,495 35,405,458
Adjustment on EPS (USD) 0.01 0.65 0.25 0.70
Normalized EPS (USD) 2.55 2.49 9.99 9.03
         

Dividend Policy

The declaration and payment of dividends will be subject at all times to the discretion of the Company’s Board of Directors. The timing and amount of dividends, if any, will depend on the Company’s earnings, financial condition, cash flow, capital requirements, growth opportunities, restrictions in its loan agreements and financing arrangements, the provisions of Marshall Islands law affecting the payment of dividends, and other factors. For further information on the Company’s dividend policy, please see its most recent Annual Report on Form 20-F.

Safe Harbor Statement

This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease’s current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “ongoing”, “plan”, “potential”, “predict”, “should”, “project”, “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.
The risks and uncertainties include, but are not limited to:

  • future operating or financial results;
  • expectations regarding the strength of future growth of the container shipping industry, including the rates of annual demand and supply growth;
  • geo-political events such as the continuing wars between Russia and Ukraine and Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between the U.S. and China, and ongoing political unrest and conflicts in the Middle East and other regions throughout the world;
  • the potential disruption of shipping routes, including due to lower water levels in the Panama Canal and the ongoing attacks by Houthis in the Red Sea;
  • public health threats, pandemics, epidemics, and other disease outbreaks around the world and governmental responses thereto;
  • the financial condition of our charterers and their ability and willingness to pay charterhire to us in accordance with the charters and our expectations regarding the same;
  • the overall health and condition of the U.S. and global financial markets;
  • changes in tariffs, trade barriers, and embargos, including recently imposed tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries;
  • our financial condition and liquidity, including our ability to obtain additional financing to fund capital expenditures, vessel acquisitions and for other general corporate purposes and our ability to meet our financial covenants and repay our borrowings;
  • our expectations relating to dividend payments and expectations of our ability to make such payments including the availability of cash and the impact of constraints under our loan agreements;         
  • future acquisitions, business strategy and expected capital spending;
  • operating expenses, availability of key employees, crew, number of off-hire days, drydocking and survey requirements, costs of regulatory compliance, insurance costs and general and administrative costs;
  • general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
  • assumptions regarding interest rates and inflation;
  • changes in the rate of growth of global and various regional economies;
  • risks incidental to vessel operation, including piracy, discharge of pollutants and vessel accidents and damage including total or constructive total loss;
  • estimated future capital expenditures needed to preserve our capital base;
  • our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;
  • our continued ability to enter into or renew charters including the re-chartering of vessels on the expiry of existing charters, or to secure profitable employment for our vessels in the spot market;
  • our ability to realize expected benefits from our acquisition of secondhand vessels;
  • our ability to capitalize on our management’s and directors’ relationships and reputations in the containership industry to its advantage;
  • changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities;
  • expectations about the availability of insurance on commercially reasonable terms;
  • changes in laws and regulations (including environmental rules and regulations);
  • potential liability from future litigation; and
  • other important factors described from time to time in the reports we file with the U.S. Securities and Exchange Commission (the “SEC”).

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease’s filings with the SEC. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.

Investor and Media Contacts:
IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438

Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated
Balance Sheets

(Expressed in thousands of U.S. dollars except share data)
 
    As of,
    December 31, 2024     December 31, 2023
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents $ 141,375   $ 138,640
Time deposits   26,150     14,000
Restricted cash   55,583     56,803
Accounts receivable, net   12,501     4,741
Inventories   18,905     15,764
Prepaid expenses and other current assets   31,949     40,464
Derivative assets   14,437     24,639
Due from related parties   342     626
Total current assets $ 301,242     295,677
NON – CURRENT ASSETS          
Vessels in operation $ 1,884,640     1,664,101
Advances for vessels’ acquisitions and other additions   18,634     12,210
Deferred dry dock and special survey costs, net   91,939     73,720
Other non – current assets   20,155     23,935
Derivative assets, net of current portion   5,969     16,867
Restricted cash, net of current portion   50,666     85,270
Total non – current assets   2,072,003     1,876,103
TOTAL ASSETS $ 2,373,245     2,171,780
LIABILITIES AND SHAREHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Accounts payable $ 26,334     17,601
Accrued liabilities   46,926     28,538
Current portion of long-term debt   145,276     193,253
Current portion of deferred revenue   44,742     40,331
Due to related parties   723     717
Total current liabilities $ 264,001     280,440
LONG-TERM LIABILITIES          
Long – term debt, net of current portion and deferred financing costs $ 538,781     619,175
Intangible liabilities-charter agreements   49,431     5,662
Deferred revenue, net of current portion   57,551     82,115
Total non – current liabilities   645,763     706,952
Total liabilities $ 909,764     987,392
Commitments and Contingencies   –     –
SHAREHOLDERS’ EQUITY          
Class A common shares – authorized 214,000,000 shares with a $0.01 par value 35,447,370 shares issued and outstanding (2023 – 35,188,323 shares) $ 355     351
Series B Preferred Shares – authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2023 – 43,592 shares)   –     –
Additional paid in capital   680,743     676,592
Retained earnings   773,759     488,105
Accumulated other comprehensive income   8,624     19,340
Total shareholders’ equity   1,463,481     1,184,388
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 2,373,245     2,171,780
           

Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated
Statements of Income

(Expressed in thousands of U.S. dollars)
 
  Three months ended December 31,   Years ended December 31,
  2024     2023     2024     2023  
OPERATING REVENUES                      
Time charter revenues $ 181,430     $ 177,377     $ 705,529     $ 666,715  
Amortization of intangible liabilities-charter agreements   1,003       1,517       5,526       8,080  
Total Operating Revenues   182,433       178,894       711,055       674,795  
                       
OPERATING EXPENSES:                      
Vessel operating expenses (include related party vessel operating expenses of $5,515 and $5,014 for each of the three month periods ended December 31, 2024 and 2023, respectively, and $21,804 and $19,086 for each of the years ended Decmber 31, 2024 and 2023, respectively)   49,629       46,953       191,257       179,221  
Time charter and voyage expenses (include related party time charter and voyage expenses of $2,136 and $2,194 for each of the three month periods ended December 31, 2024 and 2023, respectively, and $8,610 and $7,995 for each of the years ended December 31, 2024 and 2023, respectively)   6,485       5,397       23,536       23,582  
Depreciation and amortization   26,216       24,391       99,991       91,727  
Impairment of vessels   –       18,830       –       18,830  
General and administrative expenses   4,094       4,469       17,132       18,217  
Operating Income   96,009       78,854       379,139       343,218  
                       
NON-OPERATING INCOME/(EXPENSES)                      
Interest income   4,203       2,882       16,735       9,777  
Interest and other finance expenses   (7,793 )     (11,201 )     (40,676 )     (44,824 )
Other income, net   358       1,292       3,601       2,149  
Fair value adjustment on derivative asset   (213 )     (4,335 )     (5,170 )     (5,372 )
Total non-operating expenses   (3,445 )     (11,362 )     (25,510 )     (38,270 )
Income before income taxes   92,564       67,492       353,629       304,948  
Income taxes   –       (443 )     (1 )     (448 )
Net Income   92,564       67,049       353,628       304,500  
Earnings allocated to Series B Preferred Shares   (2,384 )     (2,384 )     (9,536 )     (9,536 )
Net Income available to Common Shareholders $ 90,180     $ 64,665     $ 344,092     $ 294,964  
                               

Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in thousands of U.S. dollars)
 
    Three months ended December 31,     Years ended December 31,
    2024       2023       2024       2023  
Cash flows from operating activities:                      
Net income $ 92,564     $ 67,049     $ 353,628     $ 304,500  
Adjustments to reconcile net income to net cash provided by operating activities:                      
Depreciation and amortization $ 26,216     $ 24,391     $ 99,991     $ 91,727  
Impairment of vessels   –       18,830       –       18,830  
Amounts reclassified to other comprehensive income   –       294       877       214  
Amortization of derivative assets’ premium   1,113       1,186       4,586       4,271  
Amortization of deferred financing costs   908       1,411       6,828       5,526  
Amortization of intangible liabilities-charter agreements   (1,003 )     (1,517 )     (5,526 )     (8,080 )
Fair value adjustment on derivative asset   213       4,335       5,170       5,372  
Prepayment fees on debt repayment   –       –       870       –  
Stock-based compensation expense   2,122       2,505       8,704       10,189  
Changes in operating assets and liabilities:         –             –  
Decrease/(increase) in accounts receivable and other assets $ 1,698     $ 2,842     $ 4,535     $ (669 )
Increase in inventories   (3,148 )     (1,650 )     (3,141 )     (3,527 )
Increase in derivative asset   (140 )     –       (249 )     –  
Increase/(decrease) in accounts payable and other liabilities   5,295       208       16,244       (5,890 )
Decrease in related parties’ balances, net   169       192       290       192  
Decrease in deferred revenue   (4,540 )     (8,838 )     (20,153 )     (9,306 )
Payments for drydocking and special survey costs   (15,627 )     (5,779 )     (42,506 )     (38,341 )
Unrealized foreign exchange gain   (1 )     –       (2 )     –  
Net cash provided by operating activities $ 105,839     $ 105,459     $ 430,146     $ 375,008  
Cash flows from investing activities:                      
Acquisition of vessels $ (205,500 )   $ –     $ (205,500 )   $ (123,300 )
Cash paid for vessel expenditures   (3,490 )     (7,017 )     (12,840 )     (19,586 )
Advances for vessel acquisitions and other additions   (12,161 )     (2,801 )     (24,154 )     (9,587 )
Net proceeds from sale of vessel   –       –       –       5,940  
Time deposits withdrawal/(acquired)   300       –       (12,150 )     (5,450 )
Net cash used in investing activities $ (220,851 )   $ (9,818 )   $ (254,644 )   $ (151,983 )
Cash flows from financing activities:                      
Proceeds from drawdown of credit facilities   44,500       –       344,500       76,000  
Repayment of credit facilities/sale and leaseback   (41,393 )     (51,081 )     (185,438 )     (202,348 )
Repayment of refinanced debt, including prepayment fees   –       –       (292,010 )     –  
Deferred financing costs paid   (495 )     –       (3,120 )     (1,140 )
Net proceeds from offering of Class A common shares, net of offering costs   (207 )     –       445       –  
Cancellation of Class A common shares   –       (1,548 )     (4,994 )     (21,969 )
Class A common shares-dividend paid   (16,004 )     (13,258 )     (58,438 )     (53,249 )
Series B preferred shares-dividend paid   (2,384 )     (2,384 )     (9,536 )     (9,536 )
Net cash used in financing activities $ (15,983 )   $ (68,270 )   $ (208,591 )   $ (212,242 )
Net (decrease)/increase in cash and cash equivalents and restricted cash   (130,995 )     27,370       (33,089 )     10,783  
Cash and cash equivalents and restricted cash at beginning of the period   378,619       253,343       280,713       269,930  
Cash and cash equivalents and restricted cash at end of the period $ 247,624     $ 280,713     $ 247,624     $ 280,713  
Supplementary Cash Flow Information:                      
Cash paid for interest   12,141       16,985       55,421       67,997  
Cash received from interest rate caps   5,829       8,169       27,027       32,549  
Non-cash investing activities:                      
Acquisition of vessels and intangibles   49,295       –       49,295       –  
Non-cash financing activities:                      
Unrealized loss on derivative assets/FX option   (1,218 )     (11,014 )     (16,179 )     (16,625 )



Posted on

Homes sell for $5,600 more when they are listed in late May

PR Newswire

New Zillow research identifies the best time to sell a home in the nation’s largest metropolitan areas

  • A Zillow analysis of 2024 home sales finds that homes listed in the second two weeks of May sold for 1.6% more. 
  • The best time to list can be as early as the second half of March in San Diego and Austin, and as late as November in Phoenix.
  • Homeowners can sell their home for even more by maximizing exposure, focusing on screen appeal and highlighting in-demand features.


SEATTLE
, March 5, 2025 /PRNewswire/ — Spring home sellers who listed their home for sale in the second half of May maximized their home’s sale price last year. A new Zillow® analysis found that homes listed in the last two weeks of May sold for 1.6% more, a $5,600 boost on a typical U.S. home.1  

Search activity typically peaks before Memorial Day, as shoppers get serious about house hunting before their summer vacation and the new school year in the fall. By targeting late spring, sellers can get their home listed when the most shoppers are looking. When more buyers are competing for homes, sellers can command a higher price. 

One big caveat: It’s not certain that this year’s spring home shopping season will follow last year’s pattern. With persistently low inventory, volatile mortgage rates are creating their own seasonality in the housing market.

“In the past few years, mortgage rate fluctuations upended the traditional spring home shopping season,” said Orphe Divounguy, a senior economist at Zillow. “Buyers who are on the edge of qualifying for a loan jump in and out of the market depending on what’s happening with rates. When rates fall, more buyers rush in, putting upward pressure on prices, which could happen at any time of year. ”   

Mortgage rates have been impacting affordability and sale prices since they began rising rapidly three years ago. In 2022, sellers nationwide saw the highest sale premium when they listed their home in late March, right before rates barreled past 5% and continued climbing. A year later, sellers commanded the highest prices in early June, as many buyers had sat out the prior months hoping that rates would go down. Last year marked a return to pre-pandemic seasonal norms, with the highest premiums commanded in May.

Zillow’s research finds the best time to list can vary widely by metropolitan area. It was as early as the second half of March in San Diego and Austin, and as late as the second half of November in Phoenix. An experienced real estate agent can help sellers identify the right time to list based on inventory and demand in their local market.  

Zillow also found a wide range in the sale price premiums associated with homes listed during their metro area’s peak period. San Jose sellers who listed their home for sale in the second half of March were able to pocket 5.3% more than any other time of year — an additional $93,200 on a typical Silicon Valley home. Orlando homes, however, only sold for 0.9% more during its peak period in early May. 

The reality is that most sellers don’t have the luxury of being able to wait for the right week and the right month to sell. Timing aside, sellers can still take advantage of other seller strategies to reach the most potential buyers. They can net top dollar by maximizing exposure, focusing on screen appeal and highlighting in-demand features.

  • More eyeballs = more money: Sellers should make sure their agent lists their home on the Multiple Listing Service (MLS) right away. This puts their listing in front of millions of home shoppers, maximizing exposure. Some agents will try to persuade sellers to market their home only to buyers using agents in their brokerage. But the data clearly shows that homes that are not on the MLS sell for a median of 1.5% less, a loss of nearly $5,000 for a typical seller. 
  • Flaunt the right features: Today’s home buyers are willing to pay as much as 3.1% more for certain backyard luxuries. Zillow research finds that a typical U.S. home equipped with an outdoor TV can sell for $10,749 more than similar homes. If sellers also happen to have a pizza oven, outdoor shower or bluestone patio, they should highlight those features in their listing description to add thousands to their sale price. 
  • Invest in screen appeal: Zillow research finds that buyers pay more for listings that have a complete, immersive online media package. Zillow Showcase listings that have high-resolution images, 3D Home® virtual tours and interactive floor plans sell for 2% more than similar homes. That’s a bonus of more than $9,000 on a typical home.


Metropolitan area


Best time to list


Price premium


Dollar boost on a typical home

United States

Second half of May

1.6 %

$5,600

New York, NY

First half of May

1.4 %

$9,600

Los Angeles, CA

First half of April

3.9 %

$39,300

Chicago, IL

Second half of May

3.0 %

$10,000

Dallas, TX

First half of April

1.9 %

$7,000

Houston, TX

Second half of April

1.1 %

$3,300

Washington, DC

Second half of April

2.4 %

$14,600

Philadelphia, PA

First half of June

2.2 %

$8,100

Miami, FL

Second half of July

2.0 %

$11,500

Atlanta, GA

First half of June

1.2 %

$4,700

Boston, MA

Second half of May

2.9 %

$20,800

Phoenix, AZ

Second half of November

1.4 %

$6,400

San Francisco, CA

Second half of April

3.2 %

$38,600

Riverside, CA

Second half of June

1.5 %

$8,600

Detroit, MI

Second half of May

3.2 %

$8,000

Seattle, WA

Second half of March

3.1 %

$24,000

Minneapolis, MN

Second half of May

2.9 %

$11,100

San Diego, CA

Second half of March

2.0 %

$20,100

Tampa, FL

First half of October

1.8 %

$6,900

Denver, CO

First half of May

2.6 %

$15,500

Baltimore, MD

Second half of June

2.0 %

$7,900

St. Louis, MO

Second half of May

3.3 %

$8,300

Orlando, FL

First half of May

0.9 %

$3,700

Charlotte, NC

First half of May

1.5 %

$5,700

San Antonio, TX

First half of May

1.3 %

$3,500

Portland, OR

First half of June

2.0 %

$10,900

Sacramento, CA

First half of May

1.7 %

$9,900

Pittsburgh, PA

Second half of May

2.6 %

$5,500

Cincinnati, OH

Second half of May

2.3 %

$6,900

Austin, TX

Second half of March

2.3 %

$10,400

Las Vegas, NV

First half of May

1.6 %

$7,100

Kansas City, MO

First half of May

3.4 %

$10,400

Columbus, OH

First half of May

3.4 %

$11,100

Indianapolis, IN

First half of June

2.0 %

$5,400

Cleveland, OH

Second half of June

3.7 %

$8,600

San Jose, CA

Second half of March

5.3 %

$93,200

About Zillow Group
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences. 

Zillow Group’s affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce® and Follow Up Boss®. 

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate.

1 This analysis included 1.6 million transactions closed in 2024 for which complete data was available, including a listing history that could be matched to the transaction and a reliable Zestimate history. For complete methodology, please contact [email protected].

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/homes-sell-for-5-600-more-when-they-are-listed-in-late-may-302392695.html

SOURCE Zillow Group, Inc.

Posted on

EpicQuest Education’s EduGlobal College Signs Agreement to Further Propel International Student Recruitment

PR Newswire

The Agreement is a Key Element of EEIQ’s Growth Plan of Internationalization


MIDDLETOWN, Ohio
, March 5, 2025 /PRNewswire/ — EpicQuest Education Group International Limited (NASDAQ: EEIQ), (“EpicQuest Education”, “EEIQ” or the “Company”), a provider of comprehensive education solutions for domestic and  international students seeking college and university degrees in the US, Canada and the UK, today announced that on March 3, 2025, EduGlobal College (“EduGlobal”) entered into an agreement (the “Agreement”) with Northern Lights College (“Northern Lights“). The Agreement is designed to provide an expanded pathway for international students seeking to transition from English language studies at EduGlobal to diploma and degree programs at Northern Light’s campuses in British Columbia.

Jeff Romonko, Vice President of Operations and Strategic Development of EduGlobal College, commented, “We are pleased to enter into this Agreement as it furthers our mission of providing our international students with the best possible options to further their academic journeys and professional development. EduGlobal is renowned for providing the very best of English proficiency courses, providing international students the linguistic skill set needed in both academic and professional settings.”

“The Agreement is expected to provide expansive international recruitment opportunities for EduGlobal while also supporting Northern Light’s enrollment efforts. Students completing the English for Academic Purposes (EAP) program at EduGlobal will gain the academic preparation and language proficiency necessary for success in Northern Light’s diploma programs in such fields as business and technology. We feel strongly that our greatest reward is the ongoing success of our students and their ability to find fulfillment in their personal and professional lives,” EduGlobal’s Jeff Romonko concluded.

Under the Agreement, EduGlobal’s EAP program will serve as an approved pathway for students to meet the English language proficiency requirements for admission into Northern Light’s diploma programs. Further, students who successfully complete EduGlobal’s EAP Level 2 program will be eligible to enroll directly in programs at Northern Lights without the need for additional standardized language testing.

EpicQuest Education’s
Strategy of Internationalization

EpicQuest Education’s strategic growth plan is to achieve sustainable growth through internationalization through its owned and operated Davis University and EduGlobal College. The two schools have become increasingly focused on international recruiting and enrollment as they provide enhanced globalized learning to their students as well as pathways to achieve university degrees. The Company’s foundational programs essentially exports its academic programming internationally at an affordable cost: international students can study in their home countries while earning course credits prior to their attendance at the Company’s two institutions of higher learning in the US and Canada. A vital component of EpicQuest Education’s strategic growth plan is to become increasingly engaged with international collaborations in order to leverage its distinct academic programming and unique culture of learning.

About Northern Lights College

Northern Lights College (“Northern Lights“) is a public college located in Northern British Columbia, Canada. Its programs provide students with a diverse range of in-person and online courses for a successful transition into further education and the workforce. Northern Lights currently has campuses, access and training centers in seven communities across the northern third of British Columbia, with administration located at the Dawson Creek campus. Northern Lights is a member of British Columbia Colleges, a provincial group made up of 11 colleges that has a long history of collaboration with industry, employers, communities and policy makers. Northern Lights is named after the Aurora Borealis that are often seen throughout its region.  For more information, please visit https://www.nlc.bc.ca/.

About EduGlobal College

EduGlobal College is a private college located in the Metro Vancouver area, British Columbia. EduGlobal College provides English language programs for international students who are seeking academic and career advancement and specializes in English for Academic Purposes (EAP) programs that focus on helping international students acquire the advanced competencies in academic English necessary for them to complete their degree programs. In tandem with its EAP program, EduGlobal College offers first-year university courses and a Master’s Academic Preparation Program to help prepare international students who have completed a bachelor’s degree and aspire to pursue graduate studies at a Canadian university. EduGlobal College also offers students an innovative model for bridging the gap between private and public sector post-secondary education in Canada through its pathway programs. EduGlobal College is approved by The Private Training Institutions Branch (PTIB) of the Ministry of Advanced Education and Skills Training in the Province of British Columbia. For more information, please visit https://eduglobalcollege.com/.

About EpicQuest Education Group International Limited 

EpicQuest Education Group International Limited (“EpicQuest Education” or the “Company”) provides comprehensive education solutions for domestic and international students seeking university and college degrees in the US, Canada and the UK. The Company owns and operates EduGlobal College, based in British Columbia, Canada, which focuses on English proficiency educational programming for students pursuing academic degrees. The Company operates and is a 70% owner of Davis College, a career training college located in Toledo, Ohio. In addition, the Company has a recruiting relationship with the Miami University Regional campuses, where it maintains residential facilities, a full-service cafeteria, recreational facilities, shuttle buses and an office for the regional campuses that provides study abroad and post-study services for its students; these facilities are not owned, maintained, operated or are a part of Miami University. The Company is also a recruiting agent for the University of the West of Scotland (through The Education Group (London) Ltd) and Coventry University, both of which are located in the UK. EpicQuest Education has also established a wholly owned subsidiary, Gilmore Inv LLC, in Ohio, that will offer international educational programs related to kinesiology and recreation education. The Company also established a company in Ohio, SouthGilmore LLC that has been formed to organize sports-related entertainment projects, which is 40% owned by Gilmore. For more information, please visit www.epicquesteducation.com/.

Safe Harbor Statement

Certain of the statements made in this press release are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our most recent Form 20-F and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

Contacts:

EpicQuest Education Group International Limited
+1 513-649-8350
[email protected] 

Investor Relations:

Precept Investor Relations LLC

David Rudnick

+1 646-694-8538
[email protected] 

Source: EpicQuest Education Group International Limited

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SOURCE EpicQuest Education Group International Limited

Posted on

The J.M. Smucker Co. to Participate in the BofA Securities 2025 Consumer and Retail Conference

PR Newswire


ORRVILLE, Ohio
, March 5, 2025 /PRNewswire/ — The J.M. Smucker Co. (NYSE: SJM) today announced that Mark Smucker, Chair of the Board, President and Chief Executive Officer, and Tucker Marshall, Chief Financial Officer, will participate in a fireside chat at the BofA Securities 2025 Consumer and Retail Conference on Tuesday, March 11, 2025, at 8:00 a.m. Eastern Time.

A listen-only live webcast of the fireside chat can be accessed on the Company’s website: investors.jmsmucker.com. A replay of the webcast will be available following the event.

About The J.M. Smucker Co.

At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse family of brands available across North America. We are proud to lead in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories by offering brands consumers trust for themselves and their families each day, including Folgers®, Dunkin’®, Café Bustelo®, Jif®, Uncrustables®, Smucker’s®, Hostess®, Milk-Bone®, and Meow Mix®. Through our unwavering commitment to producing quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business while making a positive impact on society. For more information, please visit jmsmucker.com.

The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for Dunkin’®, which is a trademark of DD IP Holder LLC. The Dunkin’® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels, such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels. This information does not pertain to products for sale in Dunkin’® restaurants.

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SOURCE The J.M. Smucker Co.

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Veralto Announces Quarterly Dividend

PR Newswire


WALTHAM, Mass.
, March 5, 2025 /PRNewswire/ — Veralto (NYSE: VLTO), a global leader in essential water and product quality solutions dedicated to Safeguarding the World’s Most Vital Resources™, announced today that its board of directors has approved a quarterly cash dividend of $0.11 per share of its common stock, payable on April 30, 2025 to holders of record as of the close of business on March 31, 2025.

About Veralto

With annual sales of over $5 billion, Veralto is a global leader in essential technology solutions with a proven track record of solving some of the most complex challenges we face as a society. Our industry-leading companies with globally recognized brands help billions of people around the world access clean water, safe food and trusted essential goods. Headquartered in Waltham, Massachusetts, our global team of nearly 17,000 associates is committed to making an enduring positive impact on our world and united by a powerful purpose: Safeguarding the World’s Most Vital Resources™.

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SOURCE Veralto