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Global Ship Lease Reports Results For The Second Quarter Of 2012

Revenue and Utilization The 17 vessel fleet generated revenue from fixed rate long-term time charters of $39.2 million in the three months ended June 30, 2012, up $0.4 million on revenue of $38.8 million for the comparative period in 2011 due mainly to 11 days less offhire from one fewer drydocking.  During the three months ended June 30, 2012, there were 1,547 ownership days, the same as the comparable period in 2011. The 21 days offhire in the three months ended June 30, 2012, including 12 for planned drydockings, gives a utilization of 98.6%.  In the comparable period of 2011, there were 32 days offhire, including 27 for planned drydockings and five unplanned days offhire, for utilization of 97.9%.

For the six months ended June 30, 2012, revenue was $77.6 million, down $0.3 million on revenue of $77.9 million in the comparative period, mainly due to 35 days of additional offhire offset by17 additional ownership days in 2012 due to the leap year.

The table below shows fleet utilization for the three and six months ended June 30, 2012 and 2011 and for the years ended December 31, 2011, 2010 and 2009.

  Three months ended Six months ended    
Days June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011   Dec 31, 2011 Dec 31, 2010 Dec 31, 2009
Ownership days 1,547 1,547 3,094 3,077   6,205 6,205 5,968
Planned offhire - scheduled drydock (12) (27) (60) (30)   (95) 0 (32)
Unplanned offhire (9) (5) (10) (5)   (11) (3) (42)
Operating days 1,526 1,515 3,024 3,042   6,099 6,202 5,894
Utilization 98.6% 97.9% 97.7% 98.9%   98.3% 99.9% 98.8%

The drydocking of four vessels had been completed by June 30, 2012. Three further drydockings are anticipated before December 31, 2012 for a total of seven vessels to be drydocked in the year. Two drydockings are scheduled for each of 2013 and 2014, and none in 2015.

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