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Global Ship Lease Reports Results For The Fourth Quarter Of 2010

Stocks in this article: GSL

Vessel Operating Expenses Vessel operating expenses, which include costs of crew, lubricating oil, spares and insurance, were $11.4 million for the three months ended December 31, 2010. The average cost per ownership day was $7,278 in the fourth quarter 2010 compared to $6,992 for the third quarter 2010, up $286 or 4% due mainly to the phasing of purchasing of supplies. The fourth quarter 2010 average daily cost was up 16% from the average daily cost of $6,299 for the comparative period in 2009 due to higher spend on supplies and increased crew costs and fourth quarter 2009 benefitting from rebilling of certain items for the charterer's account.

For the year ended December 31, 2010 vessel operating expenses were $42.1 million or an average cost per vessel per day of $6,780 compared to a total of $41.4 million or an average of $6,932 in the previous year. Average cost in 2010 was 2% down on 2009 mainly due to lower lubricating oil consumption following the installation of electronically timed cylinder lubrication oil injection system on eight vessels.

Vessel operating expenses continue to be at less than the capped amounts included in Global Ship Lease's ship management agreements.

Depreciation Depreciation of $10.1 million for the three months ended December 31, 2010 was the same as in the comparative period in 2009 as there were no changes to the fleet.

Depreciation was $40.1 million for the year ended December 31, 2010, including the effect of the purchase of one additional vessel in August 2009, compared to $37.3 million for the comparative period in 2009.

General and Administrative Costs General and administrative costs incurred were $2.4 million in the three months ended December 31, 2010, including $0.1 million non-cash charge for stock based incentives, compared to $2.2 million for the comparable period in 2009, including $0.4 million non-cash charge for stock based incentives.

In the year ended December 31, 2010 general and administrative costs were $8.3 million, including $1.0 million non-cash charge for stock based incentives, compared to $8.7 million for the comparable period in 2009, including $2.5 million non-cash charge for stock based incentives.

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