Global Ship Lease Reports Results For The Third 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.
EBITDA was $26.8 million the third quarter 2010 compared to $25.6 million for the third quarter 2009 and was $82.5 million for the nine months ended September 30, 2010 compared to $71.1 million for the nine months ended September 30, 2009.
EBITDA 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 reflects its ability to generate cash.Adjusted Cash From Operations Adjusted cash from operations was $15.5 million for the three months ended September 30, 2010 compared to $15.4 million for the three months ended September 30, 2009. Adjusted cash from operations was $48.9 million for the nine months ended September 30, 2010 compared to $45.5 million for the nine months ended September 30, 2009. Adjusted cash from operations is a non-US GAAP measure and is reconciled to the financial information further in this press release. The Company believes that it is a useful measure with which to assess the Company's operating performance as it adjusts for the effects of non-cash items. Fleet Utilization The table below shows fleet utilization for the three and nine months ended September 30, 2010 and 2009 and for year ended December 31, 2009. Unplanned offhire in the nine months ended September 30, 2009 includes 18 days for drydock and associated repairs following a grounding and a seven day deviation to land a sick crew member.
|Three months ended||Nine months ended|
|Days||Sept 30, 2010||Sept 30, 2009||Increase||Sept 30, 2010||Sept 30, 2009||Increase||Dec 31, 2009|
|Planned offhire - scheduled drydock||--||(16)||--||(16)||(32)|
|Vessel Name||Capacity in TEUs (1)||Year Built||Purchase Date by GSL||Charter Remaining Duration (years)||Daily Charter Rate ($)|
|Ville d'Orion||4,113||1997||December 2007||2.25||$28,500|
|Ville d'Aquarius||4,113||1996||December 2007||2.25||$28,500|
|CMA CGM Matisse||2,262||1999||December 2007||6.25||$18,465|
|CMA CGM Utrillo||2,262||1999||December 2007||6.25||$18,465|
|Delmas Keta||2,207||2003||December 2007||7.25||$18,465|
|Julie Delmas||2,207||2002||December 2007||7.25||$18,465|
|Marie Delmas||2,207||2002||December 2007||7.25||$18,465|
|CMA CGM La Tour||2,272||2001||December 2007||6.25||$18,465|
|CMA CGM Manet||2,272||2001||December 2007||6.25||$18,465|
|CMA CGM Alcazar||5,100||2007||January 2008||10.25||$33,750|
|CMA CGM Château d'If||5,100||2007||January 2008||10.25||$33,750|
|CMA CGM Thalassa||10,960||2008||December 2008||15.25||$47,200|
|CMA CGM Jamaica||4,298||2006||December 2008||12.25||$25,350|
|CMA CGM Sambhar||4,045||2006||December 2008||12.25||$25,350|
|CMA CGM America||4,045||2006||December 2008||12.25||$25,350|
|CMA CGM Berlioz||6,627||2001||August 2009||11.00||$34,000|
|(1) Twenty-foot Equivalent Units.|
|Vessel Name||Capacity in TEUs (1)||Year Built||Potential Delivery Date||Charterer||Charter Duration (years)||Daily Charter Rate ($)|
|Hull 789 (2)||4,250||2010||December 2011||ZIM||7-8 (3)||$28,000|
|Hull 790 (2)||4,250||2010||December 2011||ZIM||7-8 (3)||$28,000|
|(1) Twenty-foot Equivalent Units.|
|(2) Option to purchase from German interests.|
|(3) Seven-year charter from December 2010 that could be extended to eight years at charterer's option.|
(1) Dial-in: (888) 935-4577 or (718) 354-1389; Passcode: 4714492
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV