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Global Ship Lease Reports Results For The Second Quarter Of 2012

Stocks in this article: GSL

The purchase options were to be declared by September 16, 2011 for one vessel and October 4, 2011 for the other, with the purchases to be completed approximately 90 days later. The purchase of these vessels was always predicated on achieving a strong return for shareholders by acquiring the vessels, which had time charters attached, at an attractive price and securing financing on favorable terms.   As obtaining committed finance on acceptable terms was going to be challenging, the Company wrote off the intangible assets relating to these purchase options. Subsequently, both purchase options were allowed to expire.

Other Operating Income

Other operating income in the three months ended June 30, 2012 was $0.1 million, the same as in the second quarter of 2011 period.

For the six months ended June 30, 2012, other operating income was $0.2 million, the same as for the comparative period. 

EBITDA

As a result of the above, EBITDA was $26.8 million for the three months ended June 30, 2012 up slightly from $25.7 million for the three months ended June 30, 2011.

EBITDA for the six months ended June 30, 2012 was $52.0 million, the same as in 2011.

Interest Expense Interest expense, excluding the effect of interest rate derivatives which do not qualify for hedge accounting, for the three months ended June 30, 2012 was $5.3 million.  The Company's borrowings under its credit facility averaged $471.8 million during the three months ended June 30, 2012. There were $48.0 million preferred shares throughout the period giving total average borrowings through the three months ended June 30, 2012 of $519.8 million. Interest expense in the comparative period in 2011 was $5.1 million on average borrowings, including the preferred shares, of $567.0 million.

For the six months ended June 30, 2012, interest expense, excluding the effect of interest rate derivatives which do not qualify for hedge accounting, was $10.8 million. The Company's borrowings under its credit facility and including the $48.0 million preferred shares, averaged $525.7 million during the six months ended June 30, 2012. Interest expense for the six months ended June 30, 2011 was $10.7 million based on average borrowings in that period, including the preferred shares, of $573.8 million.

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