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Global Ship Lease Reports Results For The Second Quarter Of 2012

Stocks in this article: GSL

- Repaid $12.1 million in debt during the second quarter of 2012; repaid $23.9 million in the six months ended June 30, 2012 and $139.3 million since the fourth quarter 2009

Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "For the second quarter of 2012, our fleet of 17 vessels operating on long-term fixed rate charters generated EBITDA of $26.8 million and achieved utilization of 99%, during a challenging economic environment. In addition, our sizeable and stable cash flows enabled us to continue to strengthen our balance sheet at a time in which we have no purchase obligations. We reduced our debt by $12.1 million during the quarter, for a total repayment of $139.3 million since the fourth quarter of 2009."

Mr. Webber continued, "We have recently signed new time charters with CMA CGM for two of our vessels whose current contracts expire in September. Consistent with our business model of operating our fleet on fixed rate charters, these vessels will be chartered for approximately eight months at a rate of $9,962 per day. With these new agreements, we now have a contracted revenue stream of $1.1 billion with an average remaining term of 7.8 years. Notably, by keeping these ships with CMA CGM, we will not experience any offhire days, incur any costs associated with repositioning these vessels or pay any third party brokerage fees."

(thousands of U.S. dollars)    
  Three months ended June 30, 2012 Three months ended June 30, 2011 Six months ended June 30, 2012 Six months ended June 30, 2011
Revenue  39,233 38,774 77,583 77,878
Operating Income 16,623 2,102 31,822 18,378
Net Income (Loss) 7,514 (11,693) 15,464 (854)
EBITDA (1) 26,788 25,736 51,956 51,961
Normalised Net Income (1) 6,607 5,754 11,881 11,631

(1) EBITDA and Normalized net income are non-US Generally Accepted Accounting Principles (US GAAP) measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. Reconciliations of such non-GAAP measures to the interim unaudited financial information are provided in this Earnings Release.

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