LONDON, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months and six months ended June 30, 2013.
Second Quarter and Year To Date Highlights
- Reported revenue of $35.9 million for the second quarter 2013. Revenue for the six months ended June 30, 2013 was $71.1 million
- Reported net income of $10.1 million for the second quarter 2013, including a $5.0 million non-cash interest rate derivative mark-to-market gain. For the six months ended June 30, 2013, net income was $17.4 million, after a $10.4 million non-cash mark-to-market gain.
- Generated $22.9 million of Adjusted EBITDA (1) for the second quarter 2013. Adjusted EBITDA for the six months ended June 30, 2013 was $45.1 million
- Excluding the non-cash mark-to-market items, normalized net income (1) was $5.1 million for the second quarter 2013 and $6.9 million for the six months ended June 30, 2013
- Repaid $10.8 million debt during the second quarter of 2013 for a total repayment of $199.0 million since the fourth quarter 2009
- Commenced one-year charters for two 4,113 TEU vessels at $7,000 per vessel per day. The new charters expire on April 30, 2014 plus/minus 30 days at charterer's option
Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "With utilization of our fully time charted fleet of 17 vessels close to 100%, we generated Adjusted EBITDA of $22.9 million in the second quarter 2013, allowing us to continue to de-lever the Company."Mr. Webber continued, "We successfully re-chartered two vessels in the quarter, thereby maintaining a strong and uninterrupted revenue stream, supporting $45.1 million of Adjusted EBITDA and $25.6 million of debt repayment in the first half of 2013. With contracted revenue of approximately $1 billion and an average remaining charter term of seven years, we continue to be well positioned to generate stable cash flow and further amortize our debt despite near-term industry challenges. As we continue to pay down debt, we are actively exploring opportunities to enhance our financial flexibility."
|SELECTED FINANCIAL DATA – UNAUDITED|
|(thousands of U.S. dollars)|
|June 30,||June 30,||June 30,||June 30,|
|Adjusted EBITDA (1)||22,922||26,788||45,097||51,956|
|Normalised Net Income (1)||5,140||6,607||6,919||11,881|