Global Ship Lease, Inc. (NYSE:GSL), a containership charter owner, announced today its unaudited results for the three months and year ended December 31, 2011. GSL's net income for the forth quarter totaled $10.9 million, revenue for the period fell $300ths to $39.7 million, the Company news release said.
The Company's net income for the year ended December 31, 2011 amounted to $9.1 million versus $4.0m in 2010. Revenue for the 2011's period was $156.3 million from $158.8m a year before.
Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During 2011, we generated sizeable and stable cash flows while continuing to focus on improving our financial position. Our fleet of vessels performed as expected, maintaining high utilization and generating EBITDA of $103.7 million for the full year. We continued to strengthen our balance sheet for the long-term benefit of Global Ship Lease and its shareholders, repaying $49.2 million of debt in 2011 and $115.5 million since August 2009. As we progress through 2012, we remain well positioned as a result of our long-term fixed rate contracts. We have no purchase obligations and will continue to pay down debt."
Mr. Webber continued, "During the fourth quarter, we worked with our lenders and drew on the strength of our business model, which generates predictable and stable cash flows, to waive our loan-to-value test until November 30, 2012. This success insulates the Company and its shareholders from near-term volatility in asset values. Importantly, our long-term time charters which have an average remaining duration on a weighted basis of over eight years representing contracted revenue of $1.2 billion, remain unaffected by asset values and the loan-to-value ratio."
Global Ship Lease (GSL) is a Marshall Islands Corporation with administrative offices in London. The Corp. is a containership lessor, publicly traded since 15th August 2008 on the New York Stock Exchange(GSL). GSL owns a fleet of containerships that are leased out under long-term, fixed-rate time charters.
The Company's net income for the year ended December 31, 2011 amounted to $9.1 million versus $4.0m in 2010. Revenue for the 2011's period was $156.3 million from $158.8m a year before.
Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During 2011, we generated sizeable and stable cash flows while continuing to focus on improving our financial position. Our fleet of vessels performed as expected, maintaining high utilization and generating EBITDA of $103.7 million for the full year. We continued to strengthen our balance sheet for the long-term benefit of Global Ship Lease and its shareholders, repaying $49.2 million of debt in 2011 and $115.5 million since August 2009. As we progress through 2012, we remain well positioned as a result of our long-term fixed rate contracts. We have no purchase obligations and will continue to pay down debt."
Mr. Webber continued, "During the fourth quarter, we worked with our lenders and drew on the strength of our business model, which generates predictable and stable cash flows, to waive our loan-to-value test until November 30, 2012. This success insulates the Company and its shareholders from near-term volatility in asset values. Importantly, our long-term time charters which have an average remaining duration on a weighted basis of over eight years representing contracted revenue of $1.2 billion, remain unaffected by asset values and the loan-to-value ratio."
Global Ship Lease (GSL) is a Marshall Islands Corporation with administrative offices in London. The Corp. is a containership lessor, publicly traded since 15th August 2008 on the New York Stock Exchange(GSL). GSL owns a fleet of containerships that are leased out under long-term, fixed-rate time charters.