First Quarter 2022
- Reported operating revenue of
- Reported net income available to common shareholders of
- Generated
- Earnings per share for the three months ended
- Declared a dividend of
- Authorized a program of
- On
- In
- In
- Chartered the only vessel to come open year-to-date, our feeder Kumasi, for 37 – 39 months to
Across the global chartered fleet, the vast majority of containerships are currently on extended charters, resulting in only very little current charter market activity. However, what little chartering there has been has continued to demonstrate how tight the market is. Looking forward, we continue to see highly constrained supply growth for all but the very largest containerships, and a high likelihood of continued supply chain disruption and congestion, which - almost regardless of demand growth - give us confidence about our ability to continue securing and extending long-term, reliable, contracted revenues from our high-quality fleet.
I would like to take this opportunity to thank
SELECTED FINANCIAL DATA – UNAUDITED
(thousands of
Three | Three | |
months ended | months ended | |
Operating Revenue (1) | 153,631 | 72,980 |
Operating Income | 86,116 | 30,272 |
Net Income (2) | 70,182 | 4,159 |
Adjusted EBITDA (3) | 94,538 | 44,241 |
Normalized Net Income (3) | 69,669 | 17,765 |
(1) Operating Revenue is net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities. Brokerage commissions are included in “Time charter and voyage expenses”.
(2) Net Income available to common shareholders.
(3) Adjusted EBITDA, Normalized Net Income and Normalized Earnings Per Share are non-
Revenue and Utilization
Revenue from fixed-rate, mainly long-term, time-charters was
The table below shows fleet utilization for the three months ended
Three months ended | Year ended | ||||||
Days | 2022 | 2021 | 2021 | 2020 | 2019 | 2018 | |
Ownership days | 5,850 | 3,870 | 19,427 | 16,044 | 14,326 | 7,675 | |
Planned offhire - scheduled drydock | (227) | (27) | (752) | (687) | (537) | (34) | |
Unplanned offhire | (82) | (25) | (260) | (95) | (105) | (17) | |
Idle time | - | (15) | (88) | (338) | (164) | (47) | |
Operating days | 5,541 | 3,803 | 18,327 | 14,924 | 13,520 | 7,577 | |
Utilization | 94.7% | 98.3% | 94.3% | 93.0% | 94.4% | 98.7% |
Four drydockings to meet regulatory requirements were completed in the first quarter 2022 and, as of
Vessel Operating Expenses
Vessel operating expenses, which primarily include costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 62.4% to
Time Charter and Voyage Expenses
Time charter and voyage expenses comprise mainly commission paid to ship brokers, the cost of bunker fuel for owner’s account when a ship is off-hire or idle and miscellaneous owner’s costs associated with a ship’s voyage. Time charter and voyage expenses were
Depreciation and Amortization
Depreciation and amortization for the first quarter 2022 was
General and Administrative Expenses
General and administrative expenses were
Adjusted EBITDA
Adjusted EBITDA was
Interest Expense and Interest Income
Debt as at
Debt as at
Interest and other finance expenses for the first quarter 2022 were
Interest income for the first quarter 2022 was
Other Income, Net
Other income, net was
Fair value adjustment on derivatives
In
Earnings Allocated to Preferred Shares
Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the first quarter 2022 was
Net Income Available to Common Shareholders
Net income available to common shareholders for the three months ended
Earnings per share for the three months ended
Normalized net income (a non-GAAP financial measure) for the three months ended
Normalized earnings per share for the three months ended
Fleet
As at
Vessel Name |
Capacity in TEUs |
Lightweight (tons) |
Year Built |
Charterer | Earliest Charter Expiry Date |
Latest Charter Expiry Date(2) |
Daily Charter Rate $ |
CMA CGM Thalassa | 11,040 | 38,577 | 2008 | 4Q25 | 2Q26 | 47,200 | |
UASC Al Khor(1) | 9,115 | 31,764 | 2015 | Hapag-Lloyd(3) | 2Q27(3) | 4Q27(3) | 34,000(3) |
Anthea Y(1) | 9,115 | 31,890 | 2015 | COSCO | 3Q23 | 4Q23 | 38,000 |
Maira XL(1) | 9,115 | 31,820 | 2015 | ONE(3) | 3Q27(3) | 4Q27(3) | 31,650(3) |
MSC |
8,603 | 34,325 | 2005 | MSC | 2Q24 | 3Q24 | 19,000 |
MSC |
8,603 | 34,609 | 2004 | MSC | 2Q24 | 1Q25 | 23,000 |
GSL Ningbo | 8,603 | 34,340 | 2004 | MSC | 1Q23 | 3Q23 | 22,500 |
GSL Eleni | 7,847 | 29,261 | 2004 | Maersk | 3Q24 | 4Q24(5) | 16,500(5) |
GSL Kalliopi | 7,847 | 29,105 | 2004 | Maersk | 4Q22 | 4Q24(5) | 14,500(5) |
GSL Grania | 7,847 | 29,190 | 2004 | Maersk | 3Q22 | 4Q24(5) | 14,500(5) |
Mary(1) | 6,927 | 23,424 | 2013 | 3Q23 | 1Q24 | 25,910 | |
Kristina(1) | 6,927 | 23,421 | 2013 | 2Q24 | 3Q24 | 25,910 | |
Katherine(1) | 6,927 | 23,403 | 2013 | 1Q24 | 2Q24 | 25,910 | |
Alexandra(1) | 6,927 | 23,348 | 2013 | 1Q24 | 3Q24 | 25,910 | |
Alexis(1) | 6,882 | 23,919 | 2015 | 1Q24 | 3Q24 | 25,910 | |
Olivia I(1) | 6,882 | 23,864 | 2015 | 1Q24 | 2Q24 | 25,910 | |
GSL Christen | 6,840 | 27,954 | 2002 | Maersk | 3Q23 | 1Q24 | 35,000 |
GSL Nicoletta | 6,840 | 28,070 | 2002 | Maersk | 3Q24 | 1Q25 | 35,750 |
CMA CGM Berlioz | 6,621 | 26,776 | 2001 | 4Q25 | 2Q26 | 37,750 | |
Agios Dimitrios(4) | 6,572 | 24,931 | 2011 | MSC | 4Q23 | 3Q24 | 20,000 |
GSL Vinia | 6,080 | 23,737 | 2004 | Maersk | 3Q24 | 2Q25 | 13,250 |
GSL Christel Elisabeth | 6,080 | 23,745 | 2004 | Maersk | 2Q24 | 1Q25 | 13,250 |
GSL Dorothea | 5,992 | 24,243 | 2001 | Maersk | 3Q24 | 3Q26 | 18,600(6) |
GSL Arcadia | 6,008 | 24,858 | 2000 | Maersk | 2Q24 | 1Q26 | 18,600(6) |
GSL Violetta | 6,008 | 24,873 | 2000 | Maersk | 4Q24 | 4Q25 | 18,600(6) |
GSL Maria | 6,008 | 24,414 | 2001 | Maersk | 4Q24 | 1Q27 | 18,600(6) |
GSL MYNY | 6,008 | 24,873 | 2000 | Maersk | 3Q24 | 1Q26 | 18,600(6) |
GSL Melita | 6,008 | 24,848 | 2001 | Maersk | 3Q24 | 3Q26 | 18,600(6) |
GSL Tegea | 5,992 | 24,308 | 2001 | Maersk | 3Q24 | 3Q26 | 18,600(6) |
5,936 | 25,010 | 2000 | Maersk | 2Q22 | 4Q23 | 12,500(7) | |
ZIM |
5,936 | 25,010 | 2000 | ZIM | 1Q24 | 2Q24 | 14,500(8) |
Ian H | 5,936 | 25,128 | 2000 | ZIM | 2Q24 | 4Q24 | 32,500(8) |
GSL Tripoli | 5,470 | 22,259 | 2009 | Maersk | 4Q24 | 4Q27 | 36,500(9) |
GSL Kithira | 5,470 | 22,108 | 2009 | Maersk | 4Q24 | 4Q27 | 36,500(9) |
GSL Tinos | 5,470 | 22,067 | 2010 | Maersk | 4Q24 | 4Q27 | 36,500(9) |
GSL Syros | 5,470 | 22,098 | 2010 | Maersk | 4Q24 | 4Q27 | 36,500(9) |
Dolphin II | 5,095 | 20,596 | 2007 | OOCL | 1Q25 | 2Q25 | 53,500(10) |
Orca I | 5,095 | 20,633 | 2006 | Maersk | 2Q24 | 4Q25 | 21,000(11) |
CMA CGM Alcazar | 5,089 | 20,087 | 2007 | 3Q26 | 4Q26 | 35,500 | |
GSL Château d’If | 5,089 | 19,994 | 2007 | 4Q26 | 1Q27 | 35,500 | |
GSL Susan | 4,363 | 17,309 | 2008 | 3Q22 | 4Q22 | 22,000 | |
CMA CGM Jamaica | 4,298 | 17,272 | 2006 | 3Q22 | 2Q23 | 25,350 | |
CMA CGM Sambhar | 4,045 | 17,429 | 2006 | 3Q22 | 2Q23 | 25,350 | |
4,045 | 17,428 | 2006 | 3Q22 | 2Q23 | 25,350 | ||
GSL Rossi | 3,421 | 16,420 | 2012 | 1Q26 | 3Q26 | 38,875(12) | |
GSL Alice | 3,421 | 16,543 | 2014 | 1Q23 | 2Q23 | 21,500 | |
GSL Eleftheria | 3,404 | 16,642 | 2013 | Maersk | 3Q25 | 4Q25 | 37,975 |
GSL Melina | 3,404 | 16,703 | 2013 | Maersk | 2Q23 | 3Q23 | 24,500 |
GSL Valerie | 2,824 | 11,971 | 2005 | ZIM | 2Q25 | 3Q25 | 35,600(13) |
Matson Molokai | 2,824 | 11,949 | 2007 | Matson | 2Q25 | 4Q25 | 20,250(14) |
GSL Lalo | 2,824 | 11,950 | 2006 | ONE | 4Q22 | 1Q23 | 18,500 |
GSL Mercer | 2,824 | 11,970 | 2007 | ONE | 4Q24 | 1Q25 | 35,750 |
Athena | 2,762 | 13,538 | 2003 | Hapag-Lloyd | 2Q24 | 3Q24 | 21,500 |
GSL Elizabeth | 2,741 | 11,507 | 2006 | ONE | 3Q22 | 1Q23 | 18,500 |
Tbr GSL Chloe | 2,546 | 12,212 | 2012 | ONE | 4Q24 | 1Q25 | 33,000 |
GSL Maren | 2,546 | 12,243 | 2014 | Westwood | 4Q22 | 1Q23 | 19,250 |
Maira | 2,506 | 11,453 | 2000 | Hapag-Lloyd | 1Q23 | 2Q23 | 14,450 |
2,506 | 11,370 | 2000 | 1Q23 | 1Q23 | 16,000 | ||
2,506 | 11,463 | 2001 | 1Q24 | 3Q24 | 20,700 | ||
Manet | 2,272 | 11,727 | 2001 | OOCL | 4Q24 | 2Q25 | 32,000 |
Keta | 2,207 | 11,731 | 2003 | 1Q25 | 1Q25 | 25,000 | |
Julie | 2,207 | 11,731 | 2002 | 1Q23 | 2Q23 | 20,000 | |
Kumasi | 2,207 | 11,791 | 2002 | 1Q25 | 2Q25 | 38,000 | |
Akiteta(15) | 2,207 | 11,731 | 2002 | OOCL | 4Q24 | 1Q25 | 32,000 |
GSL Amstel | 1,118 | 5,167 | 2008 | 3Q23 | 3Q23 | 11,900 | |
(1) | Modern design, high reefer capacity, fuel-efficient vessel. |
(2) | In many instances charterers have the option to extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time (“Offhire Extension”) is computed at the end of the initially contracted charter period. The Latest Charter Expiry Dates shown in this table have been adjusted to reflect offhire accrued up to the date of issuance of this release plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers - may exceed the Latest Charter Expiry Dates indicated. |
(3) | UASC Al Khor & Maira XL. On |
(4) | MSC |
(5) | GSL Eleni delivered 2Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two successive periods of one year at the option of the charterer. During the option periods the charter rates for GSL Kalliopi and GSL Grania are |
(6) | On |
(7) | |
(8) | A package agreement with ZIM, for direct charter extensions on two 5,900 TEU ships: Ian H, at a rate of |
(9) | On |
(10) | Dolphin II. Chartered to OOCL to |
(11) | Orca I. Chartered at |
(12) | GSL Rossi. Chartered to |
(13) | GSL Valerie: chartered to ZIM at |
(14) | Matson Molokai. Chartered to Matson at |
(15) | Akiteta, formerly |
Conference Call and Webcast
(1) Dial-in: (877) 445-2556 or (908) 982-4670; Passcode: 1186251
Please dial in at least 10 minutes prior to
(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
Annual Report on Form 20-F
The Company’s Annual Report for 2021 was filed with the
About
As at
Adjusted to include all charters agreed, up to May 8, 2022, the average remaining term of the Company’s charters as at March 31, 2022, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.4 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.67 billion. Contracted revenue was $1.92 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.0 years.
Reconciliation of Non-
A. Adjusted EBITDA
Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, income taxes, depreciation and amortization of drydocking net costs, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for share based compensation, fair value adjustment on derivatives and impairment losses. Adjusted EBITDA is a non-
Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable
ADJUSTED EBITDA - UNAUDITED
(thousands of
Three | Three | |||
months | months | |||
ended | ended | |||
2022 | 2021 | |||
Net income available to Common Shareholders | 70,182 | 4,159 | ||
Adjust: | Depreciation and amortization | 19,852 | 12,383 | |
Amortization of intangible liabilities | (12,855) | (502) | ||
Fair value adjustment on derivative asset | (4,564) | - | ||
Interest income | (250) | (243) | ||
Interest expense | 18,735 | 25,256 | ||
Share based compensation | 1,054 | 1,704 | ||
Earnings allocated to preferred shares | 2,384 | 1,484 | ||
Adjusted EBITDA | 94,538 | 44,241 |
B. Normalized net income
Normalized net income represents net income available to common shareholders adjusted for impairment charges, the premium paid on redemption of our 2022 Notes together with the associated accelerated amortization of deferred financing costs and original issue discount, prepayment fees on repayment of credit facilities, accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares, fair value adjustment on derivatives and gains or losses on sale of vessels. Normalized net income is a non-
NORMALIZED NET INCOME
(thousands of
Three | Three | |||
months | months | |||
ended | ended | |||
2022 | 2021 | |||
Net income available to Common Shareholders | 70,182 | 4,159 | ||
Adjust: | Fair value adjustment on derivative asset | (4,564) | - | |
Prepayment fee on repayment of Blue Ocean Credit Facility | 3,968 | 1,618 | ||
Accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares | - | 1,346 | ||
Premium paid on redemption of 2022 Notes | - | 5,764 | ||
Accelerated write off of deferred financing charges related to redemption of 2022 Notes | - | 3,745 | ||
Accelerated write off of deferred financing charges related to full repayment of Blue Ocean Credit Facility | 83 | - | ||
Accelerated write off of original issue discount related to redemption of 2022 Notes | - | 1,133 | ||
Normalized net income | 69,669 | 17,765 |
C. Normalized Earnings per Share
Normalized Earnings per Share represents Earnings per Share adjusted for impairment charges, the premium paid on redemption of our 2022 Notes together with the associated accelerated amortization of deferred financing costs and original issue discount, prepayment fees on repayment of credit facilities, accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares, fair value adjustment on derivatives and gains or losses on sale of vessels. Normalized Earnings per Share is a non-
NORMALIZED EARNINGS PER SHARE
Three | Three | |
months | months | |
ended | ended | |
2022 | 2021 | |
EPS as reported (USD) | 1.93 | 0.13 |
Normalized net income adjustments-Class A common shares (in thousands USD) | (513) | 13,606 |
Weighted average number of Class A Common shares | 36,401,764 | 31,965,287 |
Adjustment on EPS (USD) | (0.02) | 0.43 |
Normalized EPS (USD) | 1.91 | 0.56 |
Safe Harbor Statement
This communication contains forward-looking statements. Forward-looking statements provide
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;
- geo-political events such as the conflict in
Ukraine ; - the length and severity of the ongoing outbreak of the novel coronavirus (COVID-19) around the world and governmental responses thereto;
- the financial condition of our charterers, particularly
CMA CGM , our principal charterer and main source of operating revenue, and their ability to pay charterhire in accordance with the charters; - Global Ship Lease’s financial condition and liquidity, including its level of indebtedness or ability to obtain additional financing to fund capital expenditures, ship acquisitions and other general corporate purposes;
- Global Ship Lease’s ability to meet its financial covenants and repay its credit facilities;
- 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 facilities;
- risks relating to the acquisition of Poseidon Containers and Global Ship Lease’s ability to realize the anticipated benefits of the acquisition;
- 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 ship operation, including piracy, discharge of pollutants and ship 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 or other ship employment arrangements;
- Global Ship Lease’s ability to realize expected benefits from its acquisition of secondhand vessels;
- the continued performance of existing long-term, fixed-rate time charters;
- Global Ship Lease’s ability to capitalize on its management’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.
Interim Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of
ASSETS | |||||
CURRENT ASSETS | |||||
Cash and cash equivalents | $ | 88,485 | $ | 67,280 | |
Time deposits | 7,900 | 7,900 | |||
Restricted cash | 21,325 | 24,894 | |||
Accounts receivable, net | 3,000 | 3,220 | |||
Inventories | 10,985 | 11,410 | |||
Prepaid expenses and other current assets | 23,082 | 25,224 | |||
Derivative assets | 9,364 | 533 | |||
Due from related parties | 4,394 | 2,897 | |||
Total current assets | $ | 168,535 | $ | 143,358 | |
NON-CURRENT ASSETS | |||||
Vessels in operation | $ | 1,669,771 | $ | 1,682,816 | |
Advances for vessels acquisitions and other additions | 6,712 | 6,139 | |||
Deferred charges, net | 44,174 | 37,629 | |||
Other non-current assets | 18,207 | 14,010 | |||
Derivative assets, net of current portion | 35,079 | 6,694 | |||
Restricted cash, net of current portion | 104,657 | 103,468 | |||
Total non-current assets | 1,878,600 | 1,850,756 | |||
TOTAL ASSETS | $ | 2,047,135 | $ | 1,994,114 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
CURRENT LIABILITIES | |||||
Accounts payable | $ | 12,928 | $ | 13,159 | |
Accrued liabilities | 28,130 | 32,249 | |||
Current portion of long-term debt | 210,767 | 190,316 | |||
Current portion of deferred revenue | 7,249 | 8,496 | |||
Due to related parties | 912 | 543 | |||
Total current liabilities | $ | 259,986 | $ | 244,763 | |
LONG-TERM LIABILITIES | |||||
Long-term debt, net of current portion and deferred financing costs | $ | 851,780 | $ | 880,134 | |
Intangible liabilities-charter agreements | 42,521 | 55,376 | |||
Deferred revenue, net of current portion | 101,033 | 101,288 | |||
Total non-current liabilities | 995,334 | 1,036,798 | |||
Total liabilities | $ | 1,255,320 | $ | 1,281,561 | |
Commitments and Contingencies | |||||
SHAREHOLDERS' EQUITY | |||||
Class A common shares - authorized 214,000,000 shares with a |
369 | 365 | |||
Series B Preferred Shares - authorized 44,000 shares with a |
- | - | |||
Additional paid in capital | 699,513 | 698,463 | |||
Retained earnings | 74,423 | 13,498 | |||
Accumulated other comprehensive income | 17,510 | 227 | |||
Total shareholders' equity | 791,815 | 712,553 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,047,135 | $ | 1,994,114 |
Interim Unaudited Condensed Consolidated Statements of Income
(Expressed in thousands of
Three months ended |
|||||||
2022 | 2021 | ||||||
OPERATING REVENUES | |||||||
Time charter revenues (include related party revenues of |
$ | 140,776 | $ | 72,478 | |||
Amortization of intangible liabilities-charter agreements (include related party amortization of intangible liabilities-charter agreements of |
12,855 | 502 | |||||
Total Operating Revenues | 153,631 | 72,980 | |||||
OPERATING EXPENSES | |||||||
Vessel operating expenses (include related party vessel operating expenses of |
39,444 | 24,286 | |||||
Time charter and voyage expenses (include related party time charter and voyage expenses of |
4,357 | 1,765 | |||||
Depreciation and amortization | 19,852 | 12,383 | |||||
General and administrative expenses | 3,862 | 4,274 | |||||
Operating Income | 86,116 | 30,272 | |||||
NON-OPERATING INCOME/(EXPENSES) | |||||||
Interest income | 250 | 243 | |||||
Interest and other finance expenses (include $nil and |
(18,735 | ) | (25,256 | ) | |||
Other income, net | 371 | 384 | |||||
Fair value adjustment on derivative asset | 4,564 | - | |||||
Total non-operating expenses | (13,550 | ) | (24,629 | ) | |||
Income before income taxes | 72,566 | 5,643 | |||||
Income taxes | - | - | |||||
Net Income | $ | 72,566 | $ | 5,643 | |||
Earnings allocated to Series B Preferred Shares | (2,384 | ) | (1,484 | ) | |||
Net Income available to Common Shareholders | $ | 70,182 | $ | 4,159 |
Interim Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of
Three months ended |
||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 72,566 | $ | 5,643 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | $ | 19,852 | $ | 12,383 | ||||
Amortization of derivative assets’ premium | 1 | - | ||||||
Amortization of deferred financing costs | 1,579 | 4,406 | ||||||
Amortization of original issue (premium)/discount on repurchase of notes | (120 | ) | 7,044 | |||||
Amortization of intangible liabilities-charter agreements | (12,855 | ) | (502 | ) | ||||
Fair value adjustment on derivative asset | (4,564 | ) | - | |||||
Share based compensation | 1,054 | 1,704 | ||||||
Changes in operating assets and liabilities: | ||||||||
Increase in accounts receivable and other assets | $ | (1,835 | ) | $ | (3,865 | ) | ||
Decrease in inventories | 425 | 337 | ||||||
Increase in derivative assets | (15,370 | ) | - | |||||
Decrease in accounts payable and other liabilities | (5,854 | ) | (6,066 | ) | ||||
Increase in related parties' balances, net | (1,128 | ) | (1,235 | ) | ||||
(Decrease)/increase in deferred revenue | (1,502 | ) | 48 | |||||
Unrealized foreign exchange loss | 3 | - | ||||||
Net cash provided by operating activities | $ | 52,252 | $ | 19,897 | ||||
Cash flows from investing activities: | ||||||||
Cash paid for vessel expenditures | $ | (1,987 | ) | (1,905 | ) | |||
Advances for vessel acquisitions and other additions | (1,122 | ) | (248 | ) | ||||
Cash paid for drydockings | (9,315 | ) | (1,587 | ) | ||||
Net cash used in investing activities | $ | (12,424 | ) | $ | (3,740 | ) | ||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of 2024 Notes | $ | - | $ | 15,096 | ||||
Repurchase of 2022 Notes, including premium | - | (239,183 | ) | |||||
Proceeds from drawdown of credit facilities and sale and leaseback | 60,000 | 236,200 | ||||||
Repayment of credit facilities and sale and leaseback | (40,911 | ) | (30,817 | ) | ||||
Repayment of refinanced debt | (26,205 | ) | - | |||||
Deferred financing costs paid | (2,246 | ) | (4,236 | ) | ||||
Net proceeds from offering of Class A common shares, net of offering costs | - | 67,984 | ||||||
Proceeds from offering of Series B preferred shares, net of offering costs | - | 10,696 | ||||||
Class A common shares-dividend paid | (9,257 | ) | - | |||||
Series B Preferred Shares-dividend paid | (2,384 | ) | (1,484 | ) | ||||
Net cash (used in)/provided by financing activities | $ | (21,003 | ) | $ | 54,256 | |||
Net increase in cash and cash equivalents and restricted cash | 18,825 | 70,413 | ||||||
Cash and cash equivalents and restricted cash at beginning of the period | 195,642 | 92,262 | ||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 214,467 | $ | 162,675 | ||||
Supplementary Cash Flow Information: | ||||||||
Cash paid for interest | $ | 12,589 | $ | 14,469 | ||||
Non-cash investing activities: | ||||||||
Unpaid drydocking expenses | 5,903 | 949 | ||||||
Unpaid vessel expenditures | 8,201 | 2,461 | ||||||
Unpaid advances for vessel acquisitions and other additions | 890 | - | ||||||
Non-cash financing activities: | ||||||||
Unpaid offering costs | - | 226 | ||||||
Unrealized gain on derivative assets | 17,282 | - |
Investor and Media Contacts:
646-673-9701
or
212-477-8438
Global Ship Lease Inc.