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LONDON, Feb. 12, 2014 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months and year ended December 31, 2013.
Fourth Quarter and Year To Date Highlights - Reported revenue of $36.1 million for the fourth quarter 2013. Revenue for the year ended December 31, 2013 was $143.2 million
- Reported net income of $7.9 million for the fourth quarter 2013, including a $2.5 million non-cash interest rate derivative mark-to-market gain. For the year ended December 31, 2013, net income was $32.5 million, after a $14.3 million non-cash mark-to-market gain
- Generated $22.9 million of Adjusted EBITDA
(1) for the fourth quarter 2013. Adjusted EBITDA for the year ended December 31, 2013 was $91.5 million
- Excluding the non-cash mark-to-market items, normalized net income
(1) was $5.4 million for the fourth quarter 2013 and $18.2 million for the year ended December 31, 2013
- Repaid $17.9 million of debt during the fourth quarter 2013 for a total repayment of $232.8 million since the fourth quarter 2009
- Agreed with lenders to extend the existing loan-to-value waiver until May 1, 2015
Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "In the fourth quarter of 2013, we once again benefitted from our strong contract coverage, which resulted in fleet utilization of more than 99% and Adjusted EBITDA of $22.9 million. Our stable cashflow generation enabled us to further de-lever our balance sheet during the fourth quarter, repaying debt in the amount of $17.9 million. For the full year 2013, fleet utilization was also in excess of 99%, generating Adjusted EBITDA of $91.5 million and resulting in debt repayment of $59.3 million for the year and a total debt repayment of $232.8 million since the fourth quarter of 2009. The ratio of net secured debt to 2013 Adjusted EBITDA is now 3.7 times."