Full Year 2019 and Year to Date 2020 Highlights
- Reported operating revenue of
- Reported net income available to common shareholders of
- Generated
- During the year we raised
- During the fourth quarter, we raised
- During the year, we announced the acquisition of seven containerships, all with charters in place, adding an aggregate of approximately
- In
- Subsequent to the year end, our credit facility that matured on
- Subsequent to the year end, up to
- Subsequent to the year end, up to
“Our contracted revenues of
SELECTED FINANCIAL DATA – UNAUDITED
(thousands of
Three | Three | |||
months ended |
months ended |
Year ended |
Year ended |
|
2019 |
2018 |
2019 |
2018 |
|
Operating Revenue (1) | 67,554 | 50,021 | 261,102 | 157,097 |
Operating Income/(Loss) | 27,345 | (56,205) | 111,567 | (10,260) |
Net Income/(Loss) (2) | 7,961 | (72,503) | 36,757 | (60,426) |
Adjusted EBITDA (3) | 37,734 | 26,577 | 156,956 | 97,241 |
Normalized Net Income (3) | 8,307 | 1,698 | 37,103 | 13,775 |
The results for the three months and year ended
(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. Brokerage commissions are included in Time charter and voyage expenses.
(2) Net Income available to common shareholders.
(3) Adjusted EBITDA and Normalized Net Income are non-US GAAP measures which we consider to be a useful measure of our performance. A reconciliation of these non-GAAP measure to net income, the most directly comparable US GAAP financial measure, is provided below.
Following the Poseidon Transaction, minor reclassifications of expenses and balance sheet items have been made.
Revenue and Utilization
Our fleet of 43 ships as of
For the year ended
The table below shows fleet utilization for the three months ended
Three months ended | Year ended | |||||||
Days | 2019 | 2018 | 2019 | 2018 | 2017 | 2016 | 2015 | |
Ownership days | 3,804 | 2,656 | 14,326 | 7,675 | 6,570 | 6,588 | 6,893 | |
Planned offhire - dry-dockings | (195) | 0 | (537) | (34) | (62) | (100) | (9) | |
Unplanned offhire | (75) | (7) | (105) | (17) | (40) | (3) | (7) | |
Idle time | (114) | (30) | (164) | (47) | 0 | 0 | (13) | |
Operating days | 3,420 | 2,619 | 13,520 | 7,577 | 6,468 | 6,485 | 6,864 | |
Utilization | 89.9% | 98.6% | 94.4% | 98.7% | 98.4% | 98.4% | 99.6% | |
Vessel Operating Expenses
Vessel operating expenses, which include costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were
For the year ended
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 offhire or idle, and miscellaneous costs associated with a ship’s voyage. Time charter and voyage expenses were
For the year ended
Depreciation and Amortization
Depreciation and amortization for the three-month period ended
Depreciation and amortization for the year ended
Impairment
The Company’s accounting policies require that tangible fixed assets, such as vessels, are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Whilst charter rates in the spot market and asset values saw overall improvements through 2019, taking into account the seasonal as well as cyclical nature of the container shipping industry, the recovery was not considered to have been sufficiently sustained not to undertake a review for impairment of vessel groups where the carrying value as at
The impairment review for fourth quarter of 2018, gave rise to a non-cash charge of
General and Administrative Expenses
General and administrative expenses were
For the year ended
Adjusted EBITDA
As a result of the above, Adjusted EBITDA was
Adjusted EBITDA for the year ended
Interest and Other Finance Expenses and Interest Income
Debt as at
Debt at
Interest and other finance expenses for the three months ended
For the year ended
Interest income for the three months ended
Interest income for the year ended
Other Income/(Expenses), net
Other income/(expenses), net is mainly comprised of gains/losses in bunkers following deliveries and redeliveries of ships from charterers and passenger income. Other expenses, net was
Other income, net was
Taxation
Taxation for the three months ended
Taxation for the year ended
Earnings Allocated to Preferred Shares
The Series B Preferred Shares, carry a dividend of 8.75%, the cost of which for the three months ended
Net Income / (Loss) Available to Common Shareholders
Net income available to common shareholders for the three months ended
Normalized net income for the three months ended
Net income available to common shareholders was
Normalized net income for the year ended
Issuance of Class A common shares and 8.00% Senior Unsecured Notes due 2024
On
In November, we closed on our underwritten public offering of 2024 Notes, issuing
In December, 2019, we entered into a similar agreement with the Agent under which the Agent may, in accordance with our instructions, offer and sell from time to time, depositary shares, each of which represents 1/100th of one share of our Series B Preferred Shares. In 2019, we issued 428 Series B Preferred Shares for net proceeds of
Subsequent to the year end, up to
Fleet
The following table provides information about our fleet of 45 ships, of which 43 were owned as at
Vessel Name | Capacity in TEUs |
Lightweight (tons) |
Year Built |
Charterer | Earliest Charter Expiry Date |
Latest Charter Expiry Date |
Daily Charter Rate $ |
CMA CGM Thalassa | 11,040 | 38,577 | 2008 | 4Q25 | 1Q26 | 47,200 | |
UASC Al Khor(1) | 9,115 | 31,764 | 2015 | Hapag-Lloyd | 1Q22 | 2Q22 | 34,000 |
Anthea Y(1) | 9,115 | 31,890 | 2015 | COSCO | 2Q20 | 3Q20 | 39,200 |
Maira XL(1) | 9,115 | 31,820 | 2015 | COSCO | 2Q20 | 3Q20 | 39,200 |
MSC |
8,667 | 34,325 | 2005 | MSC | 2Q24 | 3Q24(2) | —(2) |
MSC |
8,667 | 34,305 | 2004 | MSC | 2Q24 | 3Q24(2) | —(2) |
GSL Ningbo | 8,667 | 34,3403 | 2004 | Maersk | 3Q20 | 4Q20 | 18,000 |
GSL Eleni | 7,847 | 29,261 | 2004 | Maersk | 3Q24 | 4Q24(3) | —(3) |
GSL Kalliopi | 7,847 | 29,105 | 2004 | Maersk | 4Q22 | 4Q24(3) | —(3) |
GSL Grania | 7,847 | 29,190 | 2004 | Maersk | 3Q22 | 4Q24(3) | —(3) |
Mary(1) | 6,927 | 23,424 | 2013 | 3Q23 | 4Q23 | 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 | 2Q24 | 25,910 | |
Alexis | 6,882 | 23,919 | 2015 | 1Q24 | 2Q24 | 25,910 | |
Olivia I | 6,882 | 23,864 | 2015 | 1Q24 | 2Q24 | 25,910 | |
New Purchase One | 6,422 | 27,954 | 2002 | Confidential | 1Q20 | 2Q20 | —(4) |
New Purchase Two | 6,422 | 28.070 | 2002 | Confidential | 2Q20 | 4Q20 | —(4) |
CMA CGM Berlioz | 6,621 | 26,776 | 2001 | 2Q21 | 4Q21 | 34,000 | |
Agios Dimitrios | 6,572 | 24,746 | 2011 | MSC | 4Q23 | 1Q24 | 20,000 |
Verdi | 6,080 | 23,737 | 2004 | Confidential | 2Q24 | 1Q25 | —(5) |
GSL Christel Elisabeth | 6,080 | 23,745 | 2004 | Confidential | 2Q24 | 1Q25 | —(5) |
5,936 | 25,010 | 2000 | Maersk | 1Q22 | 3Q23(5) | 12,500(6) | |
Dimitris Y | 5,936 | 25,010 | 2000 | ZIM | 2Q21 | 3Q21 | 14,500 |
Ian H | 5,936 | 25,128 | 2000 | ZIM | 2Q21 | 2Q21 | 14,500 |
Dolphin II | 5,095 | 20,596 | 2007 | Feedertech | 3Q20 | 4Q20 | 12,500 |
Orca I | 5,095 | 20,633 | 2006 | Maersk | 2Q20(6) | 2Q21(6) | 9,000(7) |
CMA CGM Alcazar | 5,089 | 20,087 | 2007 | 4Q20 | 2Q21 | 33,750 | |
CMA CGM Château d’If | 5,089 | 19.994 | 2007 | 4Q20 | 2Q21 | 33,750 | |
CMA CGM Jamaica | 4,298 | 17,272 | 2006 | 3Q22 | 1Q23 | 25,350 | |
CMA CGM Sambhar | 4,045 | 17,429 | 2006 | 3Q22 | 1Q23 | 25,350 | |
4,045 | 17,428 | 2006 | 3Q22 | 1Q23 | 25,350 | ||
GSL Valerie | 2,824 | 11,971 | 2005 | MSC | 3Q20 | 3Q20 | 9,000 |
Athena | 2,762 | 13,538 | 2003 | MSC | 1Q21 | 1Q21 | 9,000 |
Maira | 2,506 | 11,453 | 2000 | MSC | 3Q20 | 3Q20 | 8,250 (8) |
Nikolas | 2,506 | 11,370 | 2000 | MSC | 3Q20 | 3Q20 | 9,000 |
Newyorker | 2,506 | 11,463 | 2001 | MSC | 4Q20 | 1Q21 | 9,000 |
GSL La Tour | 2,272 | 11,742 | 2001 | MSC | 4Q20 | 4Q20 | 8,800 |
Manet | 2,272 | 11,727 | 2001 | COSCO | 2Q20 | 2Q20 | 9,900 |
GSL |
2,262 | 11,676 | 1999 | — | — | — | — |
Utrillo | 2,262 | 11,676 | 1999 | 1Q20 | 1Q20 | 8,500 | |
GSL Keta | 2,207 | 11,731 | 2003 | OOCL | 1Q20 | 1Q20 | 9,400 |
GSL Julie | 2,207 | 11,731 | 2002 | 1Q20 | 2Q20 | 8,500 | |
Kumasi | 2,207 | 11,791 | 2002 | 4Q20 | 1Q21 | 9,800 | |
2,207 | 11,731 | 2002 | 4Q20 | 1Q21 | 9,800 | ||
(1) Modern design, high reefer capacity fuel efficient vessels |
|||||||
(2) Five-year charters which commenced 2Q2019 and are expected to generate Adjusted EBITDA of approximately |
|||||||
(3) GSL Eleni delivered 3Q2019 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. Aggregate Adjusted EBITDA of |
|||||||
(4) New Purchase One was delivered in late |
|||||||
(5) 52 – 60 months charters, expected to generate Adjusted EBITDA of approximately |
|||||||
(6) 12-month extension at charterer’s option callable in 2Q2022, at an increased rate of |
|||||||
(7) 12-month extension at charterer’s option callable in 2Q2020, at an increased rate of$10,000 per day; |
|||||||
(8) Rate increases to |
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Conference Call and Webcast
(1) | Dial-in: (877) 445-2556 or (908) 982-4670; Passcode: 9278676 |
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 2018 is on file with the
About
Including the two Post-Panamax containerships delivered in early 2020,
Adjusted to include all charters agreed up to
Reconciliation of Non-
A. Adjusted EBITDA
Adjusted EBITDA represents net income available to common shareholders before interest income and expense, income taxes, depreciation and amortization and earnings allocated to preferred shares. Adjusted EBITDA is a non-US GAAP quantitative measure used to assist in the assessment of the Company’s ability to generate cash from its operations. The Company believes that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in US GAAP and should not be considered to be an alternate to Net income or any other financial metric required by such accounting principles.
Adjusted EBITDA is presented herein on a forward-looking basis in certain instances. The Company has not provided a reconciliation of any such forward looking non-US GAAP financial measure to the most directly comparable US GAAP measure because such US GAAP financial measures on a forward-looking basis are not available to the Company without unreasonable effort.
ADJUSTED EBITDA - UNAUDITED
(thousands of
Three | Three | ||||
months | months | Year | Year | ||
ended | ended | ended | ended | ||
2019 | 2018 | 2019 | 2018 | ||
Net income (loss) available to common shareholders |
7,961 | (72,503) | 36,757 | (60,426) | |
Adjust: | Depreciation and amortization | 11,028 | 10,752 | 43,912 | 35,455 |
Impairment | - | 71,834 | - | 71,834 | |
Interest income | (593) | (441) | (1,791) | (1,425) | |
Interest expense | 18,510 | 16,174 | 74,994 | 48,686 | |
Earnings allocated to preferred shares | 785 | 765 | 3,081 | 3,062 | |
Income taxes | 43 | (4) | 3 | 55 | |
Adjusted EBITDA |
37,734 | 26,577 | 156,956 | 97,241 |
B. | Normalized net income |
Normalized net income represents net income (loss) adjusted for the premium paid on redemption of 2022 notes, impairment charges and the staff retention and severance costs associated with the Poseidon Transaction. Normalized net income is a non-GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net loss for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in US GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry. | |
NORMALIZED NET INCOME - UNAUDITED | |||||
(thousands of |
|||||
Three | Three | ||||
months | months | Year | Year | ||
ended | ended | Ended | ended | ||
2019 | 2018 | 2019 | 2018 | ||
Net income (loss) available to common shareholders | 7,961 | (72,503) | 36,757 | (60,426) | |
Adjust: | Impairment charges | - | 71,834 | - | 71,834 |
Staff retention and severance costs associated with the Poseidon transaction | - | 1,967 | - | 1,967 | |
Premium paid on redemption of 2022 Notes | 346 | 400 | 346 | 400 | |
Normalized net income | 8,307 | 1,698 | 37,103 | 13,775 | |
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;
- the financial condition of our charterers, particularly
CMA CGM , our principal charterer and main source of operating revenue, and their ability to pay charter hire 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 facility;
- 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 offhire 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;
- 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 Consolidated Balance Sheets
(Expressed in thousands of
As of, | |||||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 138,024 | $ | 82,059 | |||
Restricted cash | 3,909 | 2,186 | |||||
Accounts receivable, net | 2,350 | 1,927 | |||||
Inventories | 5,595 | 5,769 | |||||
Prepaid expenses and other current assets | 8,132 | 6,214 | |||||
Due from related parties | 3,860 | 817 | |||||
Total current assets | $ | 161,870 | $ | 98,972 | |||
NON - CURRENT ASSETS | |||||||
Vessels in operation | $ | 1,155,586 | $ | 1,112,766 | |||
Advances for vessels acquisitions and other additions | 10,791 | - | |||||
Other fixed assets | - | 5 | |||||
Intangible assets - charter agreements | 1,467 | 5,400 | |||||
Deferred charges, net | 16,408 | 9,569 | |||||
Other non - current assets | - | 948 | |||||
Restricted cash, net of current portion | 5,703 | 5,827 | |||||
Total non - current assets | 1,189,955 | 1,134,515 | |||||
TOTAL ASSETS | $ | 1,351,825 | $ | 1,233,487 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | $ | 9,052 | $ | 9,586 | |||
Accrued liabilities | 22,916 | 15,407 | |||||
Current portion of long - term debt | 87,532 | 64,088 | |||||
Deferred revenue | 9,987 | 3,118 | |||||
Due to related parties | 109 | 3,317 | |||||
Total current liabilities | $ | 129,596 | $ | 95,516 | |||
LONG-TERM LIABILITIES | |||||||
Long - term debt, net of current portion and deferred financing costs | $ | 809,357 | $ | 813,130 | |||
Intangible liability-charter agreements | 6,470 | 8,470 | |||||
Deferred tax liability | - | 9 | |||||
Total non - current liabilities | 815,827 | 821,609 | |||||
Total liabilities | 945,423 | 917,125 | |||||
Commitments and Contingencies | |||||||
SHAREHOLDERS' EQUITY | |||||||
Class A common shares - authorized 214,000,000 shares with a 17,556,738 shares issued and outstanding (2018 – 9,017,205 shares) |
175 | 90 | |||||
Class B common shares - authorized 20,000,000 shares with a nil shares issued and outstanding (2018 – 925,745 shares) |
- | 9 | |||||
Series B Preferred Shares - authorized 44,000 shares with a 14,428 shares issued and outstanding (2018 – 14,000 shares) |
- | - | |||||
Series C Preferred Shares - authorized 250,000 shares with a 250,000 shares issued and outstanding (2018 - 250,000 shares) |
3 | 3 | |||||
Additional paid in capital | 565,586 | 512,379 | |||||
Accumulated deficit | (159,362) | (196,119) | |||||
Total shareholders' equity | 406,402 | 316,362 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 1,351,825 | 1,233,487 | |||||
Interim Unaudited Consolidated Statements of Operations
(Expressed in thousands of
Three months ended |
Year ended |
||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
OPERATING REVENUES | |||||||||||||||
Time charter revenue | $ | 26,780 | $ | 16,667 | $ | 107,441 | $ | 30,890 | |||||||
Time charter revenue - related parties | 40,774 | 33,354 | 153,661 | 126,207 | |||||||||||
67,554 | 50,021 | 261,102 | 157,097 | ||||||||||||
OPERATING EXPENSES: | |||||||||||||||
Vessels operating expenses | 21,609 | 17,170 | 77,906 | 47,584 | |||||||||||
Vessels operating expenses-related parties | 2,874 | 938 | 9,880 | 1,689 | |||||||||||
Time charter and voyage expenses | 2,449 | 739 | 7,177 | 1,352 | |||||||||||
Time charter and voyage expenses-related parties | 517 | 222 | 1,845 | 222 | |||||||||||
Depreciation and amortization | 11,028 | 10,752 | 43,912 | 35,455 | |||||||||||
Impairment of vessels | - | 71,834 | - | 71,834 | |||||||||||
General and administrative expenses | 1,732 | 4,571 | 8,815 | 9,221 | |||||||||||
Operating Income / (Loss) | 27,345 | (56,205) | 111,567 | (10,260) | |||||||||||
NON OPERATING INCOME/(EXPENSES) | |||||||||||||||
Interest income | 593 | 441 | 1,791 | 1,425 | |||||||||||
Interest and other finance expenses | (18,510) | (16,174) | (74,994) | (48,686) | |||||||||||
Other income/(expenses), net | (639) | 196 | 1,477 | 212 | |||||||||||
Total non operating expenses | (18,556) | (15,537) | (71,726) | (47,049) | |||||||||||
Income / (Loss) before income taxes | 8,789 | (71,742) | 39,841 | (57,309) | |||||||||||
Income taxes | (43) | 4 | (3) | (55) | |||||||||||
Net Income / (Loss) | 8,746 | (71,738) | 39,838 | (57,364) | |||||||||||
Earnings allocated to Series B Preferred Shares | (785) | (765) | (3,081) | (3,062) | |||||||||||
Net Income / (Loss) available to Common Shareholders | $ | 7,961 | $ | (72,503) | $ | 36,757 | $ | (60,426) | |||||||
Earnings / (Loss) per Share | |||||||||||||||
Weighted average number of Class A common shares outstanding | |||||||||||||||
Basic | 17,556,738 | 7,613,495 | 11,859,506 | 6,514,391 | |||||||||||
Diluted | 17,630,765 | 7,613,495 | 11,906,906 | 6,514,391 | |||||||||||
$ | |||||||||||||||
Basic | 0.26 | (5.09) | 1.48 | (7.42) | |||||||||||
Diluted | 0.26 | (5.09) | 1.48 | (7.42) | |||||||||||
Weighted average number of Class B common shares outstanding | nil | 925,745 | nil | 925,745 | |||||||||||
Basic and diluted | |||||||||||||||
$ | n/a | nil | n/a | nil | |||||||||||
Basic and diluted | n/a | nil | n/a | nil | |||||||||||
Interim Unaudited Consolidated Statements of Cash Flows
(Expressed in thousands of
Three months ended |
Year ended |
||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income / (Loss) | $ | 8,746 | $ | (71,738) | $ | 39,838 | $ | (57,364) | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
Depreciation and amortization | $ | 11,028 | $ | 10,752 | $ | 43,912 | $ | 35,455 | |||||||
Vessel Impairment | - | 71,834 | - | 71,834 | |||||||||||
Amortization of deferred financing costs | 864 | 1,498 | 3,108 | 4,629 | |||||||||||
Amortization of original issue discount/premium on repurchase of notes | 533 | 605 | 1,140 | 1,207 | |||||||||||
Amortization of intangible liability/asset-charter agreements | 497 | 24 | 1,933 | (1,305) | |||||||||||
Share based compensation | 429 | (86) | 1,717 | 50 | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||
(Increase)/decrease in accounts receivable and other assets | $ | (1,151) | $ | 7,361 | $ | (1,393) | $ | 5,019 | |||||||
(Increase)/decrease in inventories | (282) | 331 | 174 | (2,250) | |||||||||||
(Decrease)/increase in accounts payable and other liabilities | (4,528) | (15,252) | 2,284 | (9,117) | |||||||||||
Increase/(decrease) in related parties' balances, net | 626 | (22) | (6,251) | (625) | |||||||||||
Increase in deferred revenue | 3,152 | 972 | 6,869 | 214 | |||||||||||
Unrealized foreign exchange loss/(gain) | 61 | (9) | 50 | (5) | |||||||||||
Net cash provided by operating activities | $ | 19,975 | $ | 6,270 | $ | 93,381 | $ | 47,742 | |||||||
Cash flows from investing activities: | |||||||||||||||
Acquisition of vessels | $ | (39,500) | $ | - | $ | (72,997) | $ | (11,436) | |||||||
Cash paid for vessel expenditure | (24) | (89) | (9,528) | (239) | |||||||||||
Advances for vessel acquisitions and other additions | (3,281) | - | (9,184) | - | |||||||||||
Net proceeds from sale of vessels | - | 14,504 | - | 14,504 | |||||||||||
Cash paid for drydockings | (4,208) | (532) | (7,390) | (2,636) | |||||||||||
Cash acquired in Poseidon Transaction, net of capitalized expenses | (826) | 24,037 | (826) | 24,037 | |||||||||||
Net cash (used in)/provided by investing activities | $ | (47,839) | $ | 37,920 | $ | (99,925) | $ | 24,230 | |||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from issuance of 2024 Notes | $ | 39,765 | $ | - | $ | 39,765 | $ | - | |||||||
Repurchase of 2022 Notes, including premium | (17,623) | (20,400) | (17,623) | (20,400) | |||||||||||
Proceeds from drawdown of credit facilities | 34,000 | - | 327,500 | 8,125 | |||||||||||
Repayment of credit facilities | (25,686) | (27,771) | (63,505) | (37,771) | |||||||||||
Repayment of refinanced debt | - | - | (262,810) | - | |||||||||||
Deferred financing costs paid | (3,692) | (246) | (7,904) | (2,058) | |||||||||||
Proceeds from offering of Class A common shares, net of offering costs | 50,710 | - | 50,710 | - | |||||||||||
Proceeds from offering of Series B preferred shares, net of offering costs | 1,056 | - | 1,056 | - | |||||||||||
Series B Preferred Shares-dividends paid | (784) | (765) | (3,081) | (3,062) | |||||||||||
Net cash provided by/(used in) financing activities | $ | 77,746 | $ | (49,182) | $ | 64,108 | $ | (55,166) | |||||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | 49,882 | (4,992) | 57,564 | 16,806 | |||||||||||
Cash and cash equivalents and restricted cash at beginning of the period | 97,754 | 95,064 | 90,072 | 73,266 | |||||||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 147,636 | $ | 90,072 | $ | 147,636 | $ | 90,072 | |||||||
Supplementary Cash Flow Information: | |||||||||||||||
Cash paid for interest | 25,536 | 18,931 | 70,630 | 42,390 | |||||||||||
Cash paid for income taxes | - | 26 | - | 84 | |||||||||||
Non-cash Investing activities: | |||||||||||||||
Unpaid capitalized expenses | - | (826) | - | (826) | |||||||||||
Unpaid drydocking expenses | 1,217 | 3,676 | |||||||||||||
Unpaid vessel additions | 3,567 | - | 1,641 | - | |||||||||||
Working capital acquired | - | (11,331) | - | (11,331) | |||||||||||
Vessels and other intangibles acquired | - | 622,925 | - | 622,925 | |||||||||||
Debt acquired | - | (509,673) | - | (509,673) | |||||||||||
Non-cash financing activities: | |||||||||||||||
Issuance of Class A common shares | - | (23,564) | - | (23,564) | |||||||||||
Issuance of Series C preferred shares | - | (101,569) | - | (101,569) | |||||||||||
Unpaid offering costs | 200 | - | 200 | - | |||||||||||
Investor and Media Contacts:
646-673-9701
or
212-477-8438
Source: Global Ship Lease, Inc.