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.