GLOBAL Ship Lease (GSL), the containership charter owner affiliated with CMA CGM, posted a 540 per cent year-on-year decline in net profit to US$5 million, drawn on revenues of $138.6 million, which fell 3.6 per cent.
The company also reported a fourth quarter net loss of $900,000 after a profit of $18.2 million in the corresponding quarter in 2013.
"For the year 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," said the company.
Global Ship Lease said it generated $22.6 million of Adjusted EBITDA for the fourth quarter 2014. Adjusted EBITDA for the year was $83.3 million.
"Normalised net loss for the fourth quarter was the same as the reported net loss of $900,000. Normalised net loss, which excludes certain non-cash items, was $2.5 million for the year," the company said.
Said CEO Ian Webber: "2014 was a transformational year, during which we seized multiple opportunities to enhance our financial flexibility, earnings power and future prospects."
The New York listed company appeared in 2007, the result of CMA CGM selling part of its fleet. The new company, registered in the Marshall Islands is based in London, according to a filing with the US Securities and Exchange Commission at the time.
It was expected to lease ships to Marseille-based to CMA CGM, for initial terms of between five and 17 years, but the goal was to broaden the portfolio to cover ships chartered to different lines, which it has since accomplished.
WORLD SHIPPING
06 March 2015 - 21:15
Global Ship Lease posts 540pc profit decline as revenues slip 3.6pc
GLOBAL Ship Lease (GSL), the containership charter owner affiliated with CMA CGM, posted a 540 per cent year-on-year decline in net profit to US$5 million, drawn on revenues of $138.6 million, which fell 3.6 per cent.
WORLD SHIPPING
06 March 2015 - 21:15
Global Ship Lease posts 540pc profit decline as revenues slip 3.6pc
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