Global Ship Lease reports loss
Global Ship Lease, a company that owns containerships chartered by CMA CGM, reported a second quarter net loss of $11.7 million compared to a $5 million loss in the same 2010 period.
GSL, which has a fleet of 17 vessels, said it had revenue of $38.8 million for quarter ending June 30 compared to $39.6 million in the same 2010 period.
Ian Webber, chief executive officer of Global Ship Lease, said while there is a slowdown in the recovery of containerized shipping, “our business model insulates us from the direct impact of volatile freight markets. The average remaining term of our charters is more than 8.8 years on a weighted basis with no renewals until the end of 2012; our fleet represents a total contracted revenue stream of $1.3 billion. We continue to believe that the company’s business model supports the delivery of dividends to shareholders over the long term, and the board will continue to evaluate the dividend policy on a quarterly basis.”
He added, “We do not have any purchase obligations and have continued to use our cash flow to pay down debt. Since August 2009, we have paid down $90.1 million including $23.9 million year-to-date. We remain committed to maintaining a strong balance sheet for the benefit of our shareholders.”
Global Ship Lease reports loss