Global Ship Lease Profits Slip in Q3 2013

MarineLink.com
Thursday, November 14, 2013
Chartered vessel: Image courtesy of GSL

Container ship charter owners Global Ship Lease (GSL) announce its unaudited results for the 3 months and 9 months ended September 30, 2013. The 17 vessel fleet generated revenue from fixed rate long-term time charters of $36.1 million in the three months ended September 30, 2013, down $3.4 million on revenue of $39.5 million for the comparative period in 2012.

Third Quarter and Year To Date Highlights

  • Reported revenue of $36.1 million for the third quarter 2013. Revenue for the nine months ended September 30, 2013 was $107.2 million
  • Reported net income of $7.3 million for the third quarter 2013, including a $1.4 million non-cash interest rate derivative mark-to-market gain. For the nine months ended September 30, 2013, net income was $24.6 million, after an $11.8 million non-cash mark-to-market gain
  • Generated $23.5 million of Adjusted EBITDA for the third quarter 2013. Adjusted EBITDA for the nine months ended September 30, 2013 was $68.6 million
  • Excluding the non-cash mark-to-market items, normalized net income was $5.9 million for the third quarter 2013 and $12.8 million for the nine months ended September 30, 2013
  • Repaid $15.8 million of debt during the third quarter 2013 for a total repayment of $214.8 million since the fourth quarter 2009

Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During the third quarter, our fleet achieved 100 percent utilization, giving maximum possible revenue and enabling the Company to generate $23.5 million of Adjusted EBITDA. We used our robust cashflow to reduce our debt, repaying $15.8 million during the quarter for a total of $214.8 million repaid since the fourth quarter of 2009. With a fully time chartered fleet and nearly $1 billion in contracted revenues and a de-levered balance sheet, we remain in a strong position to generate stable cash flow for shareholders and further strengthen our balance sheet."

The report adds that Global Ship Lease is not currently able to pay a dividend on common shares under the terms of the credit facility waiver.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Finance

Commodity Giant Steps out of the Shadows

A detailed new case study scrutinizing the risk-management Swiss-based Trafigura is the latest effort to "demystify" the once-secretive commodity trading industry,

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

Container Ships

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1451 sec (7 req/sec)