Global Ship Lease Reports Results For The Second Quarter Of 2010
Dividend Global Ship Lease has agreed with its lenders that it will not declare or pay any dividend to common shareholders until the later of November 30, 2010 and when loan-to-value is at or below 75%. The board of directors will review the dividend policy when appropriate.
Adjusted Cash From Operations
Adjusted cash from operations was $16.4 million for the three months ended June 30, 2010 compared to $14.8 million for the three months ended June 30, 2009.
Adjusted cash from operations was $33.3 million for the six months ended June 30, 2010 compared to $30.1 million for the six months ended June 30, 2009.Adjusted cash from operations is a non-US GAAP measure and is reconciled to the financial information further in this press release. The Company believes that it is a useful measure with which to assess the Company's operating performance as it adjusts for the effects of non-cash items. Fleet Utilization The table below shows fleet utilization for the three and six months ended June 30, 2010 and 2009 and for the year ended December 31, 2009. Unplanned offhire in the six months ended June 30, 2009 includes 18 days for drydock and associated repairs following a grounding and a seven day deviation to land a sick crew member.
|Three months ended||Six months ended||Year ended|
|Days||Jun 30, 2010||Jun 30, 2009||Increase||Jun 30, 2010||Jun 30, 2009||Increase||Dec 31, 2009|
|Planned offhire - scheduled drydock||--||--||--||--||(32)|
|Vessel Name||Capacity in TEUs (1)||Year Built||Purchase Date by GSL||Charter Remaining Duration (years)||Daily Charter Rate ($)|
|Ville d'Orion||4,113||1997||December 2007||2.50||$28,500|
|Ville d'Aquarius||4,113||1996||December 2007||2.50||$28,500|
|CMA CGM Matisse||2,262||1999||December 2007||6.50||$18,465|
|CMA CGM Utrillo||2,262||1999||December 2007||6.50||$18,465|
|Delmas Keta||2,207||2003||December 2007||7.50||$18,465|
|Julie Delmas||2,207||2002||December 2007||7.50||$18,465|
|Marie Delmas||2,207||2002||December 2007||7.50||$18,465|
|CMA CGM La Tour||2,272||2001||December 2007||6.50||$18,465|
|CMA CGM Manet||2,272||2001||December 2007||6.50||$18,465|
|CMA CGM Alcazar||5,100||2007||January 2008||10.50||$33,750|
|CMA CGM Chateau d'If||5,100||2007||January 2008||10.50||$33,750|
|CMA CGM Thalassa||10,960||2008||December 2008||15.50||$47,200|
|CMA CGM Jamaica||4,298||2006||December 2008||12.50||$25,350|
|CMA CGM Sambhar||4,045||2006||December 2008||12.50||$25,350|
|CMA CGM America||4,045||2006||December 2008||12.50||$25,350|
|CMA CGM Berlioz||6,627||2001||August 2009||11.25||$34,000|
|(1) Twenty-foot Equivalent Units.|
|Vessel Name||Capacity in TEUs (1)||Year Built||Estimated Delivery Date||Charterer||Charter Duration (years)||Daily Charter Rate ($)|
|Hull 789 (2)||4,250||2010||December 2010||ZIM||7-8 (3)||$28,000|
|Hull 790 (2)||4,250||2010||December 2010||ZIM||7-8 (3)||$28,000|
|(1) Twenty-foot Equivalent Units.|
|(2) Contracted to be purchased from German interests.|
|(3) Seven-year charter that could be extended to eight years at charterer's option.|
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