Global Ship Lease Reports 4Q Loss
UK-based containership owner Global Ship Lease (GSL) has reported a fourth-quarter loss of $54.3 million, after reporting a profit in the same period a year earlier. It posted revenue of $41.4 million in the period.
Operating revenues for the year ended December 31, 2016 were $166.5 million. For the year, the company reported that its loss widened to $65.1 million.
Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "In 2016, we maintained a strong focus on maximizing the profitability of our long-term, fixed-rate time charters and ensuring our insulation and resilience in the face of a challenging market environment."
At December 31, 2016, Global Ship Lease owned 18 vessels with a total capacity of 82,312 TEU and an average age, weighted by TEU capacity of 12.0 years.
All vessels are currently fixed on time charters, 15 with CMA CGM. The average remaining term of the charters is 3.9 years or 4.0 years on a weighted basis.