Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months and six months ending on June 30, 2018.
Second Quarter and Year To Date Highlights
- Reported operating revenues of $35.0 million for the second quarter 2018. Revenue for the six months ended June 30, 2018 was $71.1 million
- Reported net income available to common shareholders of $4.0 million for the second quarter 2018. For the six months ended June 30, 2018, net income was $8.2 million
- Generated $23.4 million of Adjusted EBITDA(1) for the second quarter 2018. Adjusted EBITDA for the six months ended June 30, 2018 was $47.0 million
- Took delivery on June 18, 2018 of GSL Valerie, a 2005-built, 2,824 TEU containership. Shortly after delivery, the vessel commenced charter employment with CMA CGM for a period of 12 months at a fixed rate of $9,000 per day.
Ian Webber, Chief Executive Officer of Global Ship Lease, stated, “Our fully contracted fleet of mid-sized and smaller containerships generated consistent cashflows from top-tier counterparties throughout the quarter. Our existing fleet of 18 vessels continued to operate in a highly stable and predictable manner. Further, we took delivery of our nineteenth ship, the GSL Valerie, on June 18, 2018, with pre-agreed charter employment with CMA CGM commencing on July 1. Global Ship Lease is in a strong position to continue benefitting from our substantial contracted revenues, established relationships with industry leaders, and ability to capitalize on attractive growth opportunities.”
Mr. Webber added, “Despite concerns around global trade tensions, the charter rates and asset values for the mid-sized and smaller containership segments – which remain the focus of GSL’s fleet – have continued to strengthen significantly in 2018 on the back of positive supply/demand fundamentals. We maintain our long-expressed thesis that these fleet segments hold the best upside prospects and continue to explore opportunities to grow our fleet on an accretive, highly disciplined basis for the benefit of our shareholders.”
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Source: Nasdaq
