For the year ended December 31, 2012, the realized loss from hedges was $18.4 million and the unrealized gain was $9.7 million. This compares to a realized loss of $19.4 million and an unrealized loss of $0.9 million in the year ended December 31, 2011.At December 31, 2012, interest rate derivatives totaled $580.0 million against floating rate debt of $470.7 million, including the preferred shares. As a consequence, the Company is over hedged. This arises from accelerated amortization of the credit facility debt and not incurring additional floating rate debt anticipated to be drawn in connection with the originally intended purchases of the two 4,250 TEU vessels at the end of 2011. $253.0 million of the interest rate derivatives at a fixed rate of 3.40% expire mid March 2013. The total mark-to-market unrealized loss recognized as a liability on the balance sheet at December 31, 2012 was $35.6 million.
Global Ship Lease Reports Results For The Fourth Quarter Of 2012
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