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Global Ship Lease Q4 revenue $36.9 million

Staff writer |
Global Ship Lease announced its unaudited results for the fourth quarter and year ended December 31, 2014. Reported revenue was $36.9 million for Q4 2014.




Revenue for the year ended December 31, 2014 was $138.6 million. Reported net loss was $0.9 million for the fourth quarter 2014. For the year ended December 31, 2014, net income was $5 million after a $8.6 million gain on redemption of preferred shares together with a $1.9 million non-cash mark-to-market gain and non-cash $3 million accelerated write off of deferred financing costs.

Global Ship Lease generated $22.6 million of Adjusted EBITDA for the fourth quarter 2014. Adjusted EBITDA for the year ended December 31, 2014 was $83.3 million.

Normalized net loss for the fourth quarter 2014 was the same as the reported net loss of $0.9 million. Normalized net loss, which excludes certain non-cash items, was $2.5 million for the year ended December 31, 2014.

Extended the time charter with Sea Consortium, doing business as X-Press Feeders, on November 17, 2014 for Ville d'Aquarius, a 4,113 TEU vessel, at a gross rate of $8,390 per day for four to six months at charterer's option.

Purchased the OOCL Tianjin, an 8,063 TEU containership, from Orient Overseas Container Lines Limited (OOCL) for $55 million. Immediately upon delivery on October 28, 2014, the vessel commenced a fixed-rate time charter back to OOCL for a period of 36 to 39 months at $34,500 per day, which is expected to generate annual EBITDA of approximately $9.4 million and increases contracted revenue by between $37.7 million and $40.9 million.

Global Ship Lease agreed to purchase a 2004-built 8,063 TEU containership for $53.6 million.

Immediately upon delivery, which is expected to be no later than mid-March, the vessel will commence a fixed-rate time charter back to the seller for a period of 36 to 39 months at $34,500 per day, which is expected to generate annual EBITDA of approximately $9.4 million and increases contracted revenue by between $37.7 million and $40.9 million.


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