Global Ship Lease, a containership owner, leasing ships to container shipping companies, is eyeing potential acquisitions after the excellent financial position and strong long-term contracted cash flows, as the company claims.
George Youroukos, Executive Chairman of Global Ship Lease said the company´s excellent financial position and strong long-term contracted cash flows “give us the option to be an acquirer.” With the market now normalizing, the company expects that there may be additional opportunities to create shareholder value through acquisitions.
“We have remained disciplined in the face of the market exuberance and elevated asset values of the last 18 months or so,” he added.
GSL, a containership owner, leasing ships to container shipping companies under industry-standard, fixed-rate time charters, with offices in London and Athens, reported today an operating revenue of $165.0 million for the fourth quarter of 2022, an increase of 7.5% on operating revenue of $153.5 million for the prior year period.
Furthermore revealed a net income available to common shareholders of $72.6 million for the fourth quarter of 2022, an increase of 9.8% on net income of $66.1 million for the prior year period.
However, an impairment loss of $3.0 million was recorded in the fourth quarter of 2022 on one vessel, which subsequent to the year-end, the company have agreed to sell, as the company states today in the fourth quarter of 2022 financial report.
In the year before, and specifically on June 30, 2021, the 2001-built, 2,272 TEU containership, La Tour, was sold for net proceeds of $16.5 million, resulting in a gain of $7.8 million.
The New York-listed company have added almost $940 million of contracted revenues, during the course of 2022 and year-to-date 2023, bringing the total contracted revenue as at year-end to $2.1 billion over an average of 2.7 years.
As Mr. George Youroukos notes “throughout the peak period, we maintained a long-term, through-the-cycle orientation, taking steps to maximize overall earnings, while minimizing residual risk.”
The top management also emphasises the fact that despite the macro headwinds and the negative sentiment, which subsequently put pressure on consumer demand, and thus on the container shipping industry, Global Ship Lease has continued to make important financial, commercial, and strategic progress, and cooperated with its charterers to improve vessel efficiency and reduce emissions.