LONDON, ENGLAND--(Marketwire - May 11, 2010) - Global Ship Lease, Inc. (NYSE:GSL) (NYSE:GSL.U) (NYSE:GSL.WS), a containership charter owner, announced today its unaudited results for the three months ended March 31, 2010.
First Quarter Highlights
- Generated $17.0 million of cash in the first quarter of 2010, up 11% on $15.3 million of cash generated in first quarter 2009
- Reported revenue of $39.2 million for the first quarter of 2010, up 12% on $35.0 million for the first quarter 2009 due to the purchase of one additional vessel in August 2009
- Reported normalized net earnings of $8.2 million, or $0.15 per A and B Common share, for the first quarter of 2010, excluding a $4.9 million non-cash interest rate derivative mark-to-market loss. Normalized net earnings for first quarter 2009 was $6.8 million, or $0.13 per A and B Common share, excluding $4.3 million non-cash mark-to-market gain
- Including the non-cash mark-to-market items, reported net income was $3.3 million, or $0.06 income per share, for the first quarter of 2010 compared to $11.2 million, or $0.21 income per share, for the first quarter 2009
Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "During the first quarter, we achieved utilization of 99.9%, reflecting less than two days unplanned off-hire. Our strong utilization is directly related to our entire 17-vessel fleet operating on long-term, fixed rate time charter contracts throughout the quarter. While conditions remain challenging in the container shipping sector, we are beginning to see positive signs including improved volumes and freight rates. In addition, reduced surplus capacity, and the subsequent firming of spot charter rates and asset values, has contributed to a nascent improvement in industry dynamics. However, the recovery remains fragile."
Mr. Webber continued, "Since amending our credit facility in August 2009, we have paid down $15 million in debt. We are committed to continuing to strengthen our financial position and expect to repay a further $79 million of debt over the next twelve months. The Company continues to be protected from short-term volatility in asset prices as we have no loan-to-value covenant assessments until end April 2011."
SELECTED FINANCIAL DATA - UNAUDITED
(thousands of U.S. dollars except per share data)
Three Three
months ended months ended
Mar 31, 2010 Mar 31, 2009
----------------------------------------------------------------------
Revenue 39,151 35,008
Operating Income 18,404 13,416
Net Income 3,281 11,153
Earnings per A and B share 0.06 0.21
Normalised net earnings (1) 8,160 6,844
Normalised earnings per A and B share (1) 0.15 0.13
Adjusted Cash From Operations (1) 16,984 15,302
(1) Normalized net earnings, normalized earnings per share, and adjusted cash from operations are non-US Generally Accepted Accounting Principles (US GAAP) measures, as explained further in this press release, and reconciliations are provided to the interim unaudited financial information.
Revenue and Utilization
The 17-vessel fleet generated revenue from fixed rate long-term time charters of $39.2 million in the three months ended March 31, 2010, up 12% on revenue of $35.0 million for the comparative period in 2009 when one fewer vessel was deployed. During the three months ended March 31, 2010, there were 1,530 ownership days, up 90 or 6% on 1,440 ownership days in the comparable period in 2009. There were no dry-dockings in the three months ended March 31, 2010 and only an aggregate of two unplanned off-hire days, giving an overall utilization of 99.9%. In the comparable period of 2009, there were 34 unplanned off-hire days, representing utilization of 97.6%.
Vessel Operating Expenses
Vessel operating expenses, which include costs of crew, lubricating oil, spares and insurance, were $9.6 million for the three months ended March 31, 2010. The average cost per ownership day was $6,269 compared to the average daily cost of $6,299 for the previous quarter and down 11% from the average daily cost of $7,076 (excluding nonrecurring insurance related costs) for the comparative period in 2009. The reduction on the prior year is due to lower crew costs from slightly reduced manning levels and lower lubricating oil consumption from slow steaming and following installation of alpha lubricating equipment on a number of vessels.
Vessel operating expenses are at less than the capped amounts included in Global Ship Lease's ship management agreements.
Depreciation
Depreciation was $9.9 million for the three months ended March 31, 2010, including the effect of the purchase of one additional vessel in August 2009, compared to $8.8 million for the comparative period in 2009.
General and Administrative Costs
General and administrative costs incurred were $1.8 million in the three months ended March 31, 2010, including $0.3 million non-cash charge for stock based incentives, compared to $2.1 million for the comparable period in 2009, including $0.7 million non-cash charge for stock based incentives.
Interest Expense
Interest expense, excluding the effect of interest rate derivatives which do not qualify for hedge accounting, for the three months ended March 31, 2010 was $5.9 million. The Company's borrowings under its credit facility averaged $586.3 million during first quarter and were $584.1 million at March 31, 2010 after repayment in February 2010 of $4.1 million. There were $48.0 million preferred shares throughout the period. Interest expense in the comparative period in 2009 was $4.7 million based on average borrowings, including the preferred shares, of $590.1 million in the quarter.
Interest income for the three months ended March 31, 2010 was $35,000 and was $142,000 in the comparative 2009 period.
Change in Fair Value of Financial Instruments
The Company hedges the majority of its interest rate exposure by entering into derivatives that swap floating rate debt for fixed rate debt to provide long-term stability and predictability to cash flows. As these hedges do not qualify for hedge accounting under US GAAP, the outstanding hedges are marked to market at each period end with any change in the fair value being booked to the income and expenditure account. The Company's derivative hedging instruments gave a $9.3 million loss in the three months ended March 31, 2010, reflecting primarily movements in the forward curve for interest rates. Of this amount, $4.4 million was a realized loss for settlements of swaps in the period and $4.9 million was unrealized loss for revaluation of the balance sheet position. This compares to a $2.3 million gain in the three months ended March 31, 2009 of which $2.0 million was realized loss and $4.3 million was unrealized gain.
At March 31, 2010, the total mark-to-market unrealized loss recognized as a liability was $34.0 million.
Unrealized mark-to-market adjustments have no impact on operating performance or cash generation.
Net Earnings
Normalized net earnings was $8.2 million, or $0.15 per Class A and B common share, for the three months ended March 31, 2010 excluding the $4.9 million non-cash interest rate derivative mark-to-market loss. Including the mark-to-market loss, reported net income was $3.3 million or $0.06 income per Class A and B common share.
Normalized net earnings and normalized earnings per share are non-US GAAP measures and are reconciled to the financial information included in this press release. We believe that they are useful measures with which to assess the Company's financial performance as they adjust for non-cash items that do not affect the Company's ability to generate cash.
Credit Facility
On August 20, 2009, the Company entered into an amendment to its credit facility, whereby the loan-to-value covenant has been waived up to and including November 30, 2010 with the next loan-to-value test scheduled for April 30, 2011. Further, Global Ship Lease was able to borrow sufficient funds under the credit facility to allow the purchase of the CMA CGM Berlioz in August 2009. Amounts borrowed under the amended credit facility bear interest at LIBOR plus a fixed interest margin of 3.50% up to November 30, 2010. Thereafter, the margin will be between 2.50% and 3.50% depending on the loan-to-value ratio.
In connection with the amended credit facility, all undrawn commitments of approximately $200 million were cancelled and Global Ship Lease may not pay dividends to common shareholders, instead using its cash flow to prepay borrowings under the credit facility. Global Ship Lease will be able to resume dividends after November 30, 2010 and once the loan-to-value is at or below 75%, when the prepayment of borrowings becomes fixed at $10 million per quarter. As part of the amendment, CMA CGM has agreed to defer redemption of the $48 million preferred shares it holds until after the final maturity of the credit facility in August 2016 and retain its current holding of approximately 24.4 million common shares at least until November 30, 2010.
Dividend
Global Ship Lease has agreed with its lenders that it will not declare or pay any dividend to common shareholders until the later of November 30, 2010 and when loan-to-value is at or below 75%. The board of directors will review the dividend policy when appropriate.
Adjusted Cash From Operations
Adjusted cash from operations was $17.0 million for the three months ended March 31, 2010 compared to $15.3 million for the three months ended March 31, 2009. Adjusted cash from operations is a non-US GAAP measure and is reconciled to the financial information further in this press release. The Company believes that it is a useful measure with which to assess the Company's operating performance as it adjusts for the effects of non-cash items.
Fleet Utilization
The table below shows fleet utilization for the three months ended March 31, 2010 and 2009 and for year ended December 31, 2009. Unplanned offhire in the three months ended March 31, 2009 includes 18 days for drydock and associated repairs following a grounding and a seven day deviation to land a sick crew member.
Year
Three months ended ended
-------------------------------------------------------------------------
Mar 31, Mar 31, Dec 31,
Days 2010 2009 Increase 2009
-------------------------------------------------------------------------
Ownership days 1,530 1,440 6% 5,968
Planned offhire - scheduled drydock - - (32)
Unplanned offhire (2) (34) (42)
--------------------------------------
Operating days 1,528 1,406 9% 5,894
Utilization 99.9% 97.6% 98.8%
Fleet
The following table provides information about the on-the-water fleet of
17 vessels chartered to CMA CGM.
Charter
Remaining Daily
Vessel Capacity Year Purchase Date Duration Charter
Name in TEUs(1) Built by GSL (years) Rate ($)
------------------------------------------------------------------------
Ville d'Orion 4,113 1997 December 2007 2.75 $28,500
Ville d'Aquarius 4,113 1996 December 2007 2.75 $28,500
CMA CGM Matisse 2,262 1999 December 2007 6.75 $18,465
CMA CGM Utrillo 2,262 1999 December 2007 6.75 $18,465
Delmas Keta 2,207 2003 December 2007 7.75 $18,465
Julie Delmas 2,207 2002 December 2007 7.75 $18,465
Kumasi 2,207 2002 December 2007 7.75 $18,465
Marie Delmas 2,207 2002 December 2007 7.75 $18,465
CMA CGM La Tour 2,272 2001 December 2007 6.75 $18,465
CMA CGM Manet 2,272 2001 December 2007 6.75 $18,465
CMA CGM Alcazar 5,100 2007 January 2008 10.75 $33,750
CMA CGM Chateau d'If 5,100 2007 January 2008 10.75 $33,750
CMA CGM Thalassa 10,960 2008 December 2008 15.75 $47,200
CMA CGM Jamaica 4,298 2006 December 2008 12.75 $25,350
CMA CGM Sambhar 4,045 2006 December 2008 12.75 $25,350
CMA CGM America 4,045 2006 December 2008 12.75 $25,350
CMA CGM Berlioz 6,627 2001 August 2009 11.50 $34,000
1. Twenty-foot Equivalent Units.
The following table provides information about the contracted fleet.
Charter Daily
Vessel Capacity Year Estimated Duration Charter
Name in TEUs (1) Built Delivery Date Charterer (years) Rate($)
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Hull 789 (2) 4,250 2010 December 2010 ZIM 7-8 (3) $28,000
Hull 790 (2) 4,250 2010 December 2010 ZIM 7-8 (3) $28,000
1. Twenty-foot Equivalent Units.
2. Contracted to be purchased from German interests.
3. Seven-year charter that could be extended to eight years at charterer's
option.
Conference Call and Webcast
Global Ship Lease will hold a conference call to discuss the Company's results for the three months ended March 31, 2010 today, Tuesday, May 11, 2010 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:
(1) Dial-in: (877) 491-0064 or (334) 323-6201; Passcode: 864755
Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.
(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com
If you are unable to participate at this time, a replay of the call will be available through Tuesday, May 25, 2010 at (888) 365-0240 or (954) 334-0342. Enter the code 864755 to access the audio replay. The webcast will also be archived on the Company's website: http://www.globalshiplease.com.
About Global Ship Lease
Global Ship Lease is a containership charter owner. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under long-term, fixed rate charters to world class container liner companies.
Global Ship Lease owns 17 vessels with a total capacity of 66,297 TEU with a weighted average age at March 31, 2010 of 5.6 years. All of the current vessels are fixed on long-term charters to CMA CGM with an average remaining term of 8.9 years. The Company has contracts in place to purchase two 4,250 TEU newbuildings from German interests for approximately $77 million each that are scheduled to be delivered in the fourth quarter of 2010. The Company has agreements to charter out these newbuildings to Zim Integrated Shipping Services Limited for seven or eight years at charterer's option.
Reconciliation of Non-U.S. GAAP Financial Measures
A. Adjusted Cash From Operations
Adjusted cash from operations is a non-US GAAP measure and is reconciled to the financial information below. It represents net earnings adjusted for non-cash items including depreciation, amortization of deferred financing charges, accretion of earnings for intangible liabilities, charge for equity based incentive awards and change in fair value of derivatives. We also deduct an allowance for the cost of future drydockings, which due to their substantial and periodic nature could otherwise distort quarterly adjusted cashflow. There is no adjustment for movements in working capital. Adjusted cash from operations is a non-US GAAP quantitative measure used to assist in the assessment of the Company's ability to generate cash. Adjusted cash from operations is not defined in accounting principles generally accepted in the United States and should not be considered to be an alternate to net earnings or any other financial metric required by such accounting principles. We believe that adjusted cash from operations is a useful measure with which to assess the Company's operating performance as it adjusts for the effects of non-cash items.
ADJUSTED CASH FROM OPERATIONS - UNAUDITED
(thousands of U.S. dollars)
Three Three
months months
ended ended
Mar 31, 2010 Mar 31, 2009
--------------------------------------------------------------------------
Net income 3,281 11,153
Adjust: Depreciation 9,871 8,786
Charge for equity incentive awards 311 716
Amortization of deferred financing fees 226 374
Change in value of derivatives 4,879 (4,309)
Allowance for future dry-docks (975) (900)
Revenue accretion for intangible liabilities (530) (311)
Deferred taxation (79) (207)
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Adjusted cash from operations 16,984 15,302
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B. Normalized net earnings
Normalized net earnings is a non-US GAAP measure and is reconciled to the financial information below. It represents net earnings adjusted for the change in fair value of derivatives and the accelerated write off of a portion of deferred financing costs. Normalized net earnings is a non-GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net earnings for non-operating items such as change in fair value of derivatives to eliminate the effect of non cash non-operating items that do not affect operating performance or cash generated. Normalized net earnings is not defined in accounting principles generally accepted in the United States and should not be considered to be an alternate to net earnings or any other financial metric required by such accounting principles. Normalized net earnings per share is calculated based on normalized net earnings and the weighted average number of shares in the relevant period.
NORMALIZED NET EARNINGS - UNAUDITED
(thousands of U.S. dollars except share and per share data)
Three Three
months months
ended ended
Mar 31, 2010 Mar 31, 2009
---------------------------------------------------------------------------
Net income as reported 3,281 11,153
Adjust:Change in value of derivatives 4,879 (4,309)
---------------------------------------------------------------------------
Normalized net earnings 8,160 6,844
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Weighted average number of Class A and B
common shares outstanding (1)
Basic 54,236,423 53,786,150
Diluted 54,343,502 53,786,150
Net income per share on reported earnings
Basic 0.06 0.21
Diluted 0.06 0.21
Normalized net income per share
Basic 0.15 0.13
Diluted 0.15 0.13
(1) The weighted average number of shares (basic and diluted) for the three months ended March 31, 2010 and 2009 excludes the effect of outstanding warrants and for the three months ended March 31, 2009 stock based incentive awards as these were anti dilutive.
Safe Harbor Statement
This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease's current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease's expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.The risks and uncertainties include, but are not limited to:
- future operating or financial results;
- expectations regarding the future growth of the container shipping industry, including the rates of annual demand and supply growth;
- the financial condition of CMA CGM, our charterer and sole source of operating revenue, and its ability to pay charterhire in accordance with the charters;
- Global Ship Lease's financial condition and liquidity, including its ability to obtain additional waivers which might be necessary under the existing credit facility or obtain additional financing to fund capital expenditures, contracted and yet to be contracted vessel acquisitions including the two newbuildings to be purchased from German interests in the fourth quarter of 2010, and other general corporate purposes;
- Global Ship Lease's ability to meet its financial covenants and repay its credit facility;
- Global Ship Lease's expectations relating to dividend payments and forecasts of its ability to make such payments including the availability of cash and the impact of constraints under its credit facility;
- future acquisitions, business strategy and expected capital spending;
- operating expenses, availability of crew, number of off-hire days, drydocking and survey requirements and insurance costs;
- general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
- assumptions regarding interest rates and inflation;
- changes in the rate of growth of global and various regional economies;
- risks incidental to vessel operation, including piracy, discharge of pollutants and vessel accidents and damage including total or constructive total loss;
- estimated future capital expenditures needed to preserve its capital base;
- Global Ship Lease's expectations about the availability of ships to purchase, the time that it may take to construct new ships, or the useful lives of its ships;
- Global Ship Lease's continued ability to enter into or renew long-term, fixed-rate charters;
- the continued performance of existing long-term, fixed-rate time charters;
- Global Ship Lease's ability to capitalize on its management team's and board of directors' relationships and reputations in the containership industry to its advantage;
- changes in governmental and classification societies' rules and regulations or actions taken by regulatory authorities;
- expectations about the availability of insurance on commercially reasonable terms;
- unanticipated changes in laws and regulations including taxation;
- potential liability from future litigation.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease's actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease's filings with the SEC. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.
Global Ship Lease, Inc.
Interim Unaudited Consolidated Statements of Income
(Expressed in thousands of U.S. dollars except share data)
Three months ended March 31,
2010 2009
Operating Revenues
Time charter revenue $ 39,151 $ 35,008
---------------------------------------------------------------------------
Operating Expenses
Vessel operating expenses 9,592 10,722
Depreciation 9,871 8,786
General and administrative 1,836 2,140
Other operating (income) (552) (56)
---------------------------------------------------------------------------
Total operating expenses 20,747 21,592
---------------------------------------------------------------------------
Operating Income 18,404 13,416
Non Operating Income (Expense)
Interest income 35 142
Interest expense (5,856) (4,654)
Realized and unrealized (loss) gain on interest
rate derivatives (9,274) 2,275
---------------------------------------------------------------------------
Income before Income Taxes 3,309 11,179
Income taxes (28) (26)
---------------------------------------------------------------------------
Net Income $ 3,281 $ 11,153
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Weighted average number of Class A common
shares outstanding
Basic 46,830,467 46,380,194
Diluted 46,937,546 46,380,194
Net Income in $ per Class A common share
Basic $ 0.07 $ 0.23
Diluted $ 0.07 $ 0.23
Weighted average number of Class B common
shares outstanding
Basic and diluted 7,405,956 7,405,956
Net income in $ per Class B common share
Basic and diluted $ nil $ 0.07
Global Ship Lease, Inc.
Interim Unaudited Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
March 31, December 31,
2010 2009
Assets
Cash and cash equivalents $ 41,356 $ 30,810
Restricted cash 3,026 3,026
Accounts receivable 7,130 7,838
Prepaid expenses 991 685
Other receivables 1,118 613
Deferred tax 336 285
Deferred financing costs 903 903
---------------------------------------------------------------------------
Total current assets 54,860 44,160
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Vessels in operation 952,003 961,708
Vessel deposits 16,390 16,243
Other fixed assets 6 9
Deferred tax 189 161
Deferred financing costs 4,850 5,077
---------------------------------------------------------------------------
Total non-current assets 973,438 983,198
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Total Assets $ 1,028,298 $ 1,027,358
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Liabilities and Stockholders' Equity
Liabilities
Intangible liability - charter agreements $ 2,119 $ 2,119
Current portion of long term debt 79,500 68,300
Accounts payable 13 3,502
Accrued expenses 5,167 4,589
Derivative instruments 14,874 15,971
---------------------------------------------------------------------------
Total current liabilities 101,673 94,481
---------------------------------------------------------------------------
Long term debt 504,600 519,892
Preferred shares 48,000 48,000
Intangible liability - charter agreements 23,759 24,288
Derivative instruments 19,119 13,142
---------------------------------------------------------------------------
Total long-term liabilities 595,478 605,322
---------------------------------------------------------------------------
Total Liabilities $ 697,151 $ 699,803
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Commitments and contingencies - -
Stockholders' Equity
Class A Common stock - authorized
214,000,000 shares with a $0.01 par
value; 46,830,467 shares issued and
outstanding $ 468 $ 467
Class B Common stock - authorized
20,000,000 shares with a $0.01 par value;
7,405,956 shares issued and outstanding 74 74
Retained deficit (23,305) (65,679)
Net income for the period 3,281 42,374
Additional paid in capital 350,629 350,319
---------------------------------------------------------------------------
Total Stockholders' Equity 331,147 327,555
---------------------------------------------------------------------------
Total Liabilities and Stockholders' Equity $ 1,028,298 $ 1,027,358
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Global Ship Lease, Inc.
Interim Unaudited Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
Three months ended March 31,
2010 2009
Cash Flows from Operating Activities
Net income $ 3,281 $ 11,153
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities
Depreciation 9,871 8,786
Amortization of deferred financing costs 226 374
Change in fair value of certain
derivative instruments 4,879 (4,309)
Amortization of intangible liability (530) (311)
Settlements of hedges which do not qualify for
hedge accounting 4,395 2,034
Share based compensation 311 716
(Increase) decrease in other receivables
and other assets (195) 386
(Decrease) in accounts payable and
other liabilities (2,772) (1,531)
Costs relating to drydocks (164) -
Unrealized foreign exchange loss 39 -
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Net Cash Provided by Operating Activities 19,341 17,298
---------------------------------------------------------------------------
Cash Flows from Investing Activities
Settlements of hedges which do not
qualify for hedge accounting (4,395) (2,034)
Cash paid for purchases of vessels, vessel
prepayments and vessel deposits (308) (580)
---------------------------------------------------------------------------
Net Cash (Used in) Investing Activities (4,703) (2,614)
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Cash Flows from Financing Activities
Repayments of debt (4,092) -
Issuance costs of debt - (3,293)
Dividend payments - (12,371)
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Net Cash Used in Financing Activities (4,092) (15,664)
---------------------------------------------------------------------------
Net Increase (Decrease) in Cash and
Cash Equivalents 10,546 (980)
Cash and Cash Equivalents at start of Period 30,810 26,363
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Cash and Cash Equivalents at end of Period $ 41,356 $ 25,383
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FOR FURTHER INFORMATION PLEASE CONTACT:
The IGB Group
Michael Cimini
Investor and Media Contacts
212-477-8261