Second Quarter and Year To Date Highlights
- Reported operating revenue of
- Reported net income available to common shareholders of
- Generated
- Agreed to acquire three 2004-built, 7,849 TEU containerships for an aggregate purchase price of
- Agreed a minimum 30-month / maximum 38-month charter with Maersk Line for the 2000-built, 5,936 TEU containership Tasman. The new charter commenced in
- Agreed minimum 21-month / maximum 24-month charters with Zim for the 2000-built, 5,936 TEU containerships Dimitris Y and Ian H. The new charters commenced in June and
- Agreed new five-year charters with MSC for the 2005-built, 8,667 TEU GSL Tianjin and the 2005-built, 8,667 TEU OOCL Qingdao, which have been renamed MSC
- Agreed new charters, which commenced
- Agreed a new charter for the 2003-built, 2,207 TEU GSL Keta, which commenced in late
SELECTED FINANCIAL DATA – UNAUDITED | ||||
(thousands of U.S. dollars) | ||||
Three months ended |
Three months ended |
Six months ended |
Six months ended |
|
June 30, 2019 |
June 30, 2018 |
June 30, 2019 |
June 30, 2018 |
|
Operating Revenue (1) | 63,087 | 35,040 | 127,601 | 71,186 |
Operating Income | 27,156 | 15,185 | 56,381 | 30,670 |
Net Income (2) | 8,797 | 4,020 | 18,849 | 8,212 |
Adjusted EBITDA (3) | 38,800 | 23,367 | 79,327 | 47,014 |
The results for the three and six month periods ended
(1) Operating Revenue is net of address commissions which represents 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 is a non-US GAAP measure, as explained further in this press release, and is considered by
Following the Poseidon Transaction, minor reclassifications of expenses and balance sheet items have been made.
Revenue and Utilization
The Company’s fleet of 39 ships, including GSL Eleni which was purchased on
For the six months ended
The table below shows fleet utilization for the three and six month periods ended
Three months ended | Six months ended | Year ended | |||||||
June 30, | June 30, | June 30, | June 30, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | ||
Days | 2019 | 2018 | 2019 | 2018 | 2018 | 2017 | 2016 | 2015 | |
Ownership days | 3,492 | 1,651 | 6,912 | 3,271 | 7,675 | 6,570 | 6,588 | 6,893 | |
Planned offhire - dry-dockings | (174) | (18) | (174) | (31) | (34) | (62) | (100) | (9) | |
Unplanned offhire | (19) | (3) | (24) | (7) | (17) | (40) | (3) | (7) | |
Idle time | (18) | (13) | (18) | (13) | (47) | 0 | 0 | (13) | |
Operating days | 3,281 | 1,617 | 6,696 | 3,220 | 7,577 | 6,468 | 6,485 | 6,864 | |
Utilization | 94.0% | 97.9% | 96.9% | 98.4% | 98.7% | 98.4% | 98.4% | 99.6% |
In the three months ended
Vessel Operating Expenses
Vessel operating expenses, which include costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were
For the six months 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 off-hire or idle and miscellaneous costs associated with a ship’s voyage. Time charter and voyage expenses were
For the six months ended
Depreciation and Amortization
Depreciation and amortization for the three month period ended
Depreciation for the six months ended
General and Administrative Expenses
General and administrative expenses were
For the six months ended
Adjusted EBITDA
As a result of the above, Adjusted EBITDA was
Adjusted EBITDA for the six months ended
Interest Expense and Interest Income
Debt as at
Debt at
Interest expense for the three months ended
For the six months ended
Interest income for the three months ended
Interest income for the six months ended
Other Income, Net
Other income, net is mainly comprised of gains in bunkers following deliveries and redeliveries of ships from charterers and passenger income. Other income, net was
Other income, net was
Taxation
Taxation for the three months ended
Taxation for the six months ended
Earnings Allocated to Preferred Shares
The Series B preferred shares, issued on
Net Income Available to Common Shareholders
Net income available to common shareholders for the three months ended
Net income available to common shareholders was
Fleet
The following table provides information about the on-the-water fleet of 39 ships as at
Ship 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 | CMA CGM | 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 Tianjin | 8,667 | 34,243 | 2005 | MSC | 2Q24 | 3Q24(2) | -(2) |
MSC Qingdao | 8,667 | 34,305 | 2004 | MSC | 2Q24 | 3Q24(2) | -(2) |
GSL Ningbo | 8,667 | 34,243 | 2004 | Maersk | 3Q19 | 4Q20 | 12,400(3) |
GSL Kalliopi | 7,849 | 29,105 | 2004 | Maersk | 3Q22 | 4Q24(4) | -(4) |
GSL Grania | 7,849 | - | 2004 | Maersk | 3Q22 | 4Q24(4) | -(4) |
GSL Eleni | 7,849 | 29,261 | 2004 | Maersk | 2Q24 | 3Q24(4) | -(4) |
Mary(1) | 6,927 | 23,424 | 2013 | CMA CGM | 3Q23 | 4Q23 | 25,910 |
Kristina(1) | 6,927 | 23,424 | 2013 | CMA CGM | 2Q24 | 3Q24 | 25,910 |
Katherine(1) | 6,927 | 23,424 | 2013 | CMA CGM | 1Q24 | 2Q24 | 25,910 |
Alexandra(1) | 6,927 | 23,424 | 2013 | CMA CGM | 1Q24 | 2Q24 | 25,910 |
Alexis(1) | 6,882 | 23,919 | 2015 | CMA CGM | 1Q24 | 2Q24 | 25,910 |
Olivia I(1) | 6,882 | 23,864 | 2015 | CMA CGM | 1Q24 | 2Q24 | 25,910 |
CMA CGM Berlioz | 6,621 | 26,776 | 2001 | CMA CGM | 2Q21 | 4Q21 | 34,000 |
Agios Dimitrios | 6,572 | 24,746 | 2011 | MSC | 3Q19 | 4Q23 | 12,500(5) |
Tasman | 5,936 | 25,010 | 2000 | ZIM | 3Q19 | 3Q19(6) | 11,500(6) |
Dimitris Y | 5,936 | 25,010 | 2000 | ZIM | 3Q19 | 3Q19(7) | 16,750(7) |
Ian H | 5,936 | 25,128 | 2000 | ZIM | 1Q21 | 2Q21 | 14,500 |
Dolphin II | 5,095 | 20,596 | 2007 | HMM | 3Q19(8) | 4Q19(8) | 7,700(8) |
Orca I | 5,095 | 20,696 | 2006 | Maersk | 2Q20(9) | 2Q21(9) | 9,000(9) |
CMA CGM Alcazar | 5,089 | 20,087 | 2007 | CMA CGM | 4Q20 | 2Q21 | 33,750 |
CMA CGM Château d’If | 5,089 | 20,100 | 2007 | CMA CGM | 4Q20 | 2Q21 | 33,750 |
CMA CGM Jamaica | 4,298 | 17,272 | 2006 | CMA CGM | 3Q22 | 1Q23 | 25,350 |
CMA CGM Sambhar | 4,045 | 17,355 | 2006 | CMA CGM | 3Q22 | 1Q23 | 25,350 |
CMA CGM America | 4,045 | 17,355 | 2006 | CMA CGM | 3Q22 | 1Q23 | 25,350 |
GSL Valerie | 2,824 | 11,971 | 2005 | MSC | 2Q20 | 3Q20 | 9,000 |
Athena | 2,762 | 13,538 | 2003 | MSC | 1Q20 | 2Q20 | 9,000 |
Maira | 2,506 | 11,453 | 2000 | MSC | 3Q19 | 3Q19 | 8,500 |
Nikolas | 2,506 | 11,370 | 2000 | MSC | 1Q20 | 1Q20 | 9,000 |
Newyorker | 2,506 | 11,463 | 2001 | MSC | 1Q20 | 1Q20 | 9,000 |
CMA CGM La Tour | 2,272 | 11,742 | 2001 | CMA CGM | 3Q19 | 1Q20 | 15,300 |
CMA CGM Manet | 2,272 | 11,742 | 2001 | CMA CGM | 3Q19 | 1Q20 | 15,300 |
CMA CGM Matisse | 2,262 | 11,676 | 1999 | CMA CGM | 3Q19 | 1Q20 | 15,300 |
CMA CGM Utrillo | 2,262 | 11,676 | 1999 | CMA CGM | 3Q19 | 1Q20 | 15,300 |
GSL Keta | 2,207 | 11,731 | 2003 | ANL | 3Q19 | 3Q19 | 8,450(10) |
GSL Julie | 2,207 | 11,731 | 2002 | CMA CGM | 3Q19 | 4Q19 | 7,200(11) |
Kumasi | 2,207 | 11,731 | 2002 | CMA CGM | 4Q19 | 1Q21(12) | 9,800(12) |
Marie Delmas | 2,207 | 11,731 | 2002 | CMA CGM | 4Q19 | 1Q21(12) | 9,800(12) |
(1) Modern design, high reefer capacity fuel efficient ships. |
(2) Five year charter at implied Adjusted EBITDA of $25.6 million per ship for the period. |
(3) Charterer has the option to extend by 12 months plus or minus 45 days from September 21, 2019 at $18,000 per day. |
(4) GSL Eleni delivered in 2Q19; GSL Kalliopi and GSL Grania are scheduled to be delivered in 3Q19. GSL Eleni chartered for five years; GSL Kalliopi and GSL Grania chartered for three years plus two successive periods of one year at option of the charterer. Implied Aggregate Adjusted EBITDA of $32.0 million for firm periods, increasing to $47.0 million if all options are exercised. |
(5) Thereafter, the Company has the option, callable in 4Q19, to extend for four years at $20,000 per day. |
(6) Thereafter, anew charter with Maersk Line for 30 - 38 months at an implied Adjusted EBITDA of $5.3 million for the median period. Additional 12 - month extension at charterer’s option, for an additional$4.4 million implied Adjusted EBITDA. |
(7) Thereafter 21-24 months to ZIM atimplied Adjusted EBITDA of $4.4 million per ship for theperiod. |
(8) Rate increases to $11,500 per day from August 14, 2019. |
(9) Rate increases to $10,000 per day from June 3, 2020. |
(10) Thereafter 50-90 days to OOCL at $8,700 per day. |
(11) $ 7,200 per day between August 16, 2019 and October 16, 2019, at charterer’s option, with an option in favor of charterer to extend from October 16, 2019 at $8,500 per day for six months plus or minus 30 days. |
(12) The Company has the option to extend to December 31, 2020 plus or minus 90 days, at $9,800 per day. |
Conference Call and Webcast
(1) | Dial-in: (877) 445-2556 or (908) 982-4670; Passcode: 4875449 |
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 Saturday, August 17, 2019 at (855) 859-2056 or (404) 537-3406. Enter the code 4875449 to access the audio replay. The webcast will also be archived on the Company’s website: http://www.globalshiplease.com. |
Annual Report on Form 20F
About
The average remaining term of the Company’s charters at
Reconciliation of Non-U.S. GAAP Financial Measures
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 U.S. dollars) |
||||||
Three | Three | Six | Six | |||
months | months | months | months | |||
ended | ended | ended | ended | |||
June 30, | June 30, | June 30, | June 30, | |||
2019 | 2018 | 2019 | 2018 | |||
Net income available to Common Shareholders | 8,797 | 4,020 | 18,849 | 8,212 | ||
Adjust: | Depreciation and amortization | 10,952 | 8,173 | 21,710 | 16,329 | |
Interest income | (367) | (351) | (784) | (620) | ||
Interest expense | 18,708 | 10,729 | 38,060 | 21,516 | ||
Income tax | (56) | 31 | (40) | 46 | ||
Earnings allocated to preferred shares | 766 | 765 | 1,532 | 1,531 | ||
Adjusted EBITDA | 38,800 | 23,367 | 79,327 | 47,014 |
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 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 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 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;
- 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.
Global Ship Lease, Inc. | |||||
Interim Unaudited ConsolidatedBalance Sheets | |||||
(Expressed in thousands of U.S. dollars) | |||||
As of | |||||
June 30, 2019 |
December 31, 2018 |
||||
ASSETS | |||||
CURRENT ASSETS | |||||
Cash and cash equivalents | $ | 75,399 | $ | 82,059 | |
Restricted cash | 3,367 | 2,186 | |||
Accounts receivable, net | 2,944 | 1,927 | |||
Inventories | 5,963 | 5,769 | |||
Prepaid expenses and other current assets | 7,880 | 6,214 | |||
Due from related parties | 3,982 | 817 | |||
Total current assets | $ | 99,535 | $ | 98,972 | |
NON-CURRENT ASSETS | |||||
Ships in operation | $ | 1,118,049 | $ | 1,112,766 | |
Other fixed assets | 2 | 5 | |||
Intangible assets-charter agreements | 3,449 | 5,400 | |||
Deferred charges, net | 8,730 | 9,569 | |||
Other non-current assets | — | 948 | |||
Restricted cash, net of current portion | 6,574 | 5,827 | |||
Total non-current assets | 1,136,804 | 1,134,515 | |||
TOTAL ASSETS | $ | 1,236,339 | $ | 1,233,487 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
CURRENT LIABILITIES | |||||
Accounts payable | $ | 8,043 | $ | 9,586 | |
Accrued liabilities | 17,943 | 15,407 | |||
Current portion of long-term debt | 75,732 | 64,088 | |||
Deferred revenue | 2,330 | 3,118 | |||
Due to related parties | 115 | 3,317 | |||
Total current liabilities | 104,163 | 95,516 | |||
LONG-TERM LIABILITIES | |||||
Long-term debt, net of current portion and deferred financing costs | $ | 789,499 | $ | 813,130 | |
Intangible liability-charter agreements | 7,466 | 8,470 | |||
Deferred tax liability | — | 9 | |||
Total non-current liabilities | 796,965 | 821,609 | |||
Total liabilities | $ | 901,128 | $ | 917,125 | |
Commitments and Contingencies | — | — | |||
SHAREHOLDERS' EQUITY | |||||
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 9,942,950 shares issued and outstanding (2018 – 9,017,205 shares | $ | 99 | $ | 90 | |
Class B common shares - authorized 20,000,000 shares with a $0.01 par value nil shares issued and outstanding (2018 – 925,745 shares) | — | 9 | |||
Series B Preferred Shares - authorized 16,100 shares with a $0.01 par value 14,000 shares issued and outstanding (2018 – 14,000 shares) | — | — | |||
Series C Preferred Shares - authorized 250,000 shares with a $0.01 par value 250,000 shares issued and outstanding (2018 - 250,000 shares) | 3 | 3 | |||
Additional paid in capital | 512,379 | 512,379 | |||
Accumulated deficit | (177,270) | (196,119) | |||
Total shareholders' equity | 335,211 | 316,362 | |||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,236,339 | $ | 1,233,487 |
Global Ship Lease, Inc. | |||||||||||
Interim Unaudited ConsolidatedStatements of Income | |||||||||||
(Expressed in thousands of U.S. dollars except share data) | |||||||||||
Three months ended June 30, |
Six months ended June 30, |
||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
OPERATING REVENUES | |||||||||||
Time charter revenue | $ | 25,242 | $ | 4,382 | $ | 55,123 | $ | 10,108 | |||
Time charter revenue-related parties | 37,845 | 30,658 | 72,478 | 61,078 | |||||||
63,087 | 35,040 | 127,601 | 71,186 | ||||||||
OPERATING EXPENSES: | |||||||||||
Vessel operating expenses | 18,382 | 9,821 | 37,532 | 19,881 | |||||||
Vessel operating expenses-related parties | 2,428 | 214 | 4,233 | 536 | |||||||
Time charter and voyage expenses | 1,664 | 189 | 2,785 | 377 | |||||||
Time charter and voyage expenses-related parties | 420 | — | 850 | — | |||||||
Depreciation and amortization | 10,952 | 8,173 | 21,710 | 16,329 | |||||||
General and administrative expenses | 2,085 | 1,458 | 4,110 | 3,393 | |||||||
Operating Income | 27,156 | 15,185 | 56,381 | 30,670 | |||||||
Interest income | 367 | 351 | 784 | 620 | |||||||
Interest and other financial expense | (18,708) | (10,729) | (38,060) | (21,516) | |||||||
Other income, net | 692 | 9 | 1,236 | 15 | |||||||
Total non-operating expense | (17,649) | (10,369) | (36,040) | (20,881) | |||||||
Income before income taxes | 9,507 | 4,816 | 20,341 | 9,789 | |||||||
Income taxes | 56 | (31) | 40 | (46) | |||||||
Net Income | $ | 9,563 | $ | 4,785 | $ | 20,381 | $ | 9,743 | |||
Earnings allocated to Series B Preferred Shares | (766) | (765) | (1,532) | (1,531) | |||||||
Net Income available to Common Shareholders | $ | 8,797 | $ | 4,020 | $ | 18,849 | $ | 8,212 | |||
Earnings per Share | |||||||||||
Weighted average number of Class A common shares outstanding | |||||||||||
Basic and diluted (including RSU’s without service conditions) | 9,942,950 | 6,050,658 | 9,937,836 | 6,040,792 | |||||||
Net Income per Class A common share | |||||||||||
Basic and diluted (including RSU’s without service conditions) | $ | 0.38 | $ | 0.56 | $ | 0.82 | $ | 1.36 | |||
Weighted average number of Class B common shares outstanding | |||||||||||
Basic and diluted | nil | 925,745 | nil | 925,745 | |||||||
Net Income per Class B common share | |||||||||||
Basic and diluted | $ | nil | $ | nil | $ | nil | $ | nil |
Global Ship Lease, Inc. | |||||||||||
Interim Unaudited Consolidated Statements of Cash Flows | |||||||||||
(Expressed in thousands of U.S. dollars) | |||||||||||
Three months ended June 30, |
Six months ended June 30, |
||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||
Cash flows from operating activities: | |||||||||||
Net Income | $ | 9,563 | $ | 4,785 | $ | 20,381 | $ | 9,743 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 10,952 | 8,174 | 21,710 | 16,329 | |||||||
Amortization of deferred financing costs | 744 | 986 | 1,489 | 2,015 | |||||||
Amortization of original issue discount / premium on repurchase of notes | 203 | 200 | 405 | 401 | |||||||
Amortization of intangible asset/liability-charter agreements | 479 | (443) | 947 | (886) | |||||||
Share based compensation | — | 45 | — | 90 | |||||||
Changes in operating assets and liabilities: | |||||||||||
Increase in accounts receivable and other assets | (1,652) | (232) | (1,746) | (1,336) | |||||||
Increase in inventories | (636) | (83) | (194) | (1,866) | |||||||
(Decrease) increase in accounts payable and other liabilities | (2,930) | (10,078) | 789 | (2,228) | |||||||
Decrease in related parties' balances | (4,329) | (2,937) | (6,367) | (1,099) | |||||||
Decrease in deferred revenue | (307) | (198) | (788) | (510) | |||||||
Unrealized foreign exchange loss (gain) | 14 | (6) | 10 | (1) | |||||||
Net cash provided by operating activities | $ | 12,101 | $ | 213 | $ | 36,636 | $ | 20,652 | |||
Cash flows from investing activities: | |||||||||||
Acquisition of vessels | (18,496) | (10,283) | (18,496) | (11,411) | |||||||
Cash paid for vessel improvements | (6,139) | — | (6,776) | (150) | |||||||
Cash paid for dry-dockings | (646) | (854) | (696) | (1,227) | |||||||
Net cash used in investing activities | $ | (25,281) | $ | (11,137) | $ | (25,968) | $ | (12,788) | |||
Cash flows from financing activities: | |||||||||||
Proceeds from drawdown of credit facilities | 13,000 | — | 13,000 | — | |||||||
Repayment of credit facilities | (20,320) | (10,000) | (26,546) | (10,000) | |||||||
Deferred financing costs paid | (322) | — | (322) | — | |||||||
Series B Preferred Shares-dividends paid | (766) | (765) | (1,532) | (1,531) | |||||||
Net cash used in financing activities | $ | (8,408) | $ | (10,765) | $ | (15,400) | $ | (11,531) | |||
Net decrease in cash and cash equivalents and restricted cash | (21,588) | (21,689) | (4,732) | (3,667) | |||||||
Cash and cash equivalents and restricted cash at beginning of the period | 106,928 | 91,288 | 90,072 | 73,266 | |||||||
Cash and cash equivalents and restricted cash at end of the period | $ | 85,340 | $ | 69,599 | $ | 85,340 | $ | 69,599 | |||
Supplementary Cash Flow Information: | |||||||||||
Cash paid for interest | 7,812 | 19,289 | 17,375 | 19,937 | |||||||
Cash paid for income taxes | — | 16 | — | 28 | |||||||
Non-cash investing activities: | |||||||||||
Unpaid capitalized expenses | — | — | — | — |
Investor and Media Contacts:
646-673-9701
or
212-477-8438
Source: Global Ship Lease, Inc.