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Global Ship Lease Reports Results For The Fourth Quarter Of 2012

Stocks in this article: GSL

For the year ended December 31, 2012, revenue was $153.2 million, down $3.1 million on revenue of $156.3 million in the comparative period, mainly due to lower charter rates on two vessels as noted above. Offhire days were 98, including 82 for planned drydockings, 8 fewer days offhire than in 2011. There were 17 additional ownership days in 2012 due to the leap year.

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

  Three months ended Year ended
  Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31,
Days 2012 2011 2012 2011 2010 2009
Ownership days 1,564 1,564 6,222 6,205 6,205 5,968
Planned offhire - scheduled drydock (10) (7) (82) (95) 0 (32)
Unplanned offhire (6) (5) (16) (11) (3) (42)
Operating days 1,548 1,552 6,124 6,099 6,202 5,894
Utilization 99.0% 99.2% 98.4% 98.3% 99.9% 98.8%

The drydocking of six vessels was completed in the year ended December 31, 2012. Three drydockings are scheduled for 2013, two in 2014, and none in 2015.

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