LONDON's global Ship Lease (GSL), owner of containerships, posted a 1.5 per cent year-on-year first quarter profit increase to US$4.2 million, drawn on revenues of $153.4 million, up 110 per cent, reports Hellenic Shipping News Worldwide.
'Global Ship Lease has delivered another quarter of earnings growth, even amid significant geopolitical activity, as additional highly attractive charters that we secured over the course of the last year have increasingly come into effect,' said Global Ship Lease chairman George Youroukos.
'Across the global chartered fleet, the vast majority of containerships are currently on extended charters, resulting in only very little current charter market activity,' said Mr Youroukos.
'However, what little chartering there has been has continued to demonstrate how tight the market is. Looking forward, we see constrained supply growth for all but the very largest containerships, and a high likelihood of continued supply chain disruption and congestion.
Said CEO Ian Webber: 'We have remained focused on utilising our increased financial strength to enhance our balance sheet.
'We have continued to eliminate our more expensive legacy debt, resulting in a reduction in our cost of debt from nearly eight per cent at the start of 2019 to 4.63 per cent now. Similarly, between late 2021 and the first quarter of this year, we have put in place interest rate caps for all of our debt, so we are now fully hedged against rising interest rates,' said Mr Webber.
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'Global Ship Lease has delivered another quarter of earnings growth, even amid significant geopolitical activity, as additional highly attractive charters that we secured over the course of the last year have increasingly come into effect,' said Global Ship Lease chairman George Youroukos.
'Across the global chartered fleet, the vast majority of containerships are currently on extended charters, resulting in only very little current charter market activity,' said Mr Youroukos.
'However, what little chartering there has been has continued to demonstrate how tight the market is. Looking forward, we see constrained supply growth for all but the very largest containerships, and a high likelihood of continued supply chain disruption and congestion.
Said CEO Ian Webber: 'We have remained focused on utilising our increased financial strength to enhance our balance sheet.
'We have continued to eliminate our more expensive legacy debt, resulting in a reduction in our cost of debt from nearly eight per cent at the start of 2019 to 4.63 per cent now. Similarly, between late 2021 and the first quarter of this year, we have put in place interest rate caps for all of our debt, so we are now fully hedged against rising interest rates,' said Mr Webber.
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