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Global Ship Lease Reports Results For The Fourth Quarter Of 2010

In connection with the amended credit facility Global Ship Lease may not pay dividends to common shareholders, instead using its cash flow to prepay borrowings under the credit facility. Global Ship Lease can resume dividends after November 30, 2010 and once the loan-to-value is at or below 75%, when the prepayment of borrowings becomes fixed at $10 million per quarter.  

In the year ended December 31, 2010 a total of $55.4 million has been prepaid leaving a balance outstanding of $532.8 million. The Company estimates that a further $44.5 million will be prepaid in the year ending December 31, 2011. 

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.

Fleet Utilization The table below shows fleet utilization for the three months and year ended December 31, 2010 and for the three months and year ended December 31, 2009 and for the year ended December 31, 2008. Unplanned offhire in the year ended December 31, 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 Year ended ended
  Dec 31, Dec 31,   Dec 31, Dec 31,   Dec 31,
Days 2010 2009 Increase 2010 2009 Increase 2008
Ownership days 1,564 1,564 0% 6,205 5,968 4% 4,416
Planned offhire - scheduled drydock -- (16)   -- (32)   (15)
Unplanned offhire (1) --   (3) (42)   (30)
Operating days 1,563 1,548 1% 6,202 5,894 5% 4,371
Utilization 99.9% 99.0%   100.0% 98.8%   99.0%

Seven vessels are scheduled to be drydocked in 2011 and six in 2012. This will lead to increased planned offhire.

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