Global Ship Lease Inc New · NYSE:GSL
Global Ship Lease Inc New — Global Ship Lease — FY2013 Earnings Presentation
18 slides from Global Ship Lease Inc New's earnings presentation, 2014
Slide 1: Fourth Quarter and FY2013 Results Presentation
Fourth Quarter and FY2013 Results Presentation
Slide 2: Safe Harbor Statement
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, i
Slide 3: Disclaimer
Disclaimer The financial information and data contained in this communication is unaudited and does not conform to the U.S. Securities and Exchange Commission Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, Global
Slide 4: Q4 and FY2013 Highlights: Stable Revenues and Cash Flow; Strengthened Balance Sheet
Global Ship Lease: Q4 and FY2013 Highlights: Generated Stable Revenues and Cash Flow; Strengthened Balance Sheet Revenues – $36.1 million generated for fourth quarter 2013; $143.2 million for FY2013 Net income – $7.9 million for fourth quarter 2013, including a $2.5 million non-cash interest rat
Slide 5: GSL Performance: Strong Results and Stability Throughout the Cycle
Global Ship Lease: Q4 and FY2013 Continued to Demonstrate Strong Results and Stability Throughout the Cycle 250 200 Timecharter Rate Index Average Jan-2008 Through Dec-2013 Market Timecharter Index Market Cycle 150 100 50 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ‘08
Slide 6: Stable Platform: Mid-Size & Smaller Tonnage with Good Contract Coverage
Global Ship Lease: Q4 and FY2013 Stable Platform: Mainly Mid-Size & Smaller Tonnage with Good Contract Coverage $911 million contracted revenue; non-cancelable & industry-standard charters, with 6.5 years¹ average remaining duration² Weighted average vessel age of 9.8 years², out of economic lif
Slide 7: Aggressive De-Levering Continues; Insulated from Asset Value Volatility
Global Ship Lease: Q4 and FY2013 Aggressive De-Levering Continues; Insulated from Asset Value Volatility GSL Debt Amortization ($ Million) Commentary Debt Q-End ($ Million) GSL continues to de-lever aggressively 600 – $232.8 million debt prepaid since Q4 2009 500 39% ● Debt reduced by 39% – $366.4
Slide 8: Containership Industry Backdrop: Improving Outlook for Industry Fundamentals
Containership Industry Backdrop Improving Outlook for Industry Fundamentals Industry Fundamentals Shape Spot Charter Market¹ Outlook for Fundamentals is Improving² Container Trade Growth Trade Growth Cellular Capacity Growth Overall Capacity Growth 20% 260 Containership Fleet Growth Containership Sp
Slide 9: Demand Overview: Key Container Routes
Containership Industry Backdrop Demand Overview: Key Container Routes Composition of Global Container Trade (2013E) Annual Container Trade Growth, by Tradelane Intra-Regional 25% Non-mainlane (excl. intra- East-West Asia) 20% Year-Over-Year Growth (%) 11% 4% 15% 10% Intra-Asia 5% 36% North-South 17%
Slide 10: Industry has Absorbed Pre-2008 Legacy Orderbook
Containership Industry Backdrop Industry has Absorbed Pre-2008 Legacy Orderbook Evolution of the Global Container Fleet, by Size Segment¹ Commentary 12,000 + TEU Global container fleet 18 100% 7,600-11,999 TEU grew at compound annual rate of 11% from 16 5,200-7,599 TEU 90% 1993 – 2012 3,900-5,199
Slide 11: Most Favorable Mid-Term Outlook is for Mid-Sized and Smaller Tonnage
Containership Industry Backdrop Most Favorable Mid-Term Outlook is for Mid-Sized and Smaller Tonnage Orderbook Composition by Fleet Segment¹ Age of Global Fleet by Fleet Segment¹ 1.8 Orderbook 80% 90% 25+ Yrs 20-24 Yrs 15-19 Yrs 10-14 Yrs 5-9 Yrs 0-4 Yrs Share of Fleet Segment by Age Band 1.6 Orderb
Slide 12: Freight Rates Remain Volatile but CMA CGM Continues to Outperform Industry
Containership Industry Backdrop Freight Rates Remain Volatile but CMA CGM Continues to Outperform Industry Liner Company EBITDA Margins¹ Freight Rate Indices by Tradelane v. Charter Rates² 20% 160 Simple Average EBITDA Margin CMA CGM EBITDA Margin 140 Quarterly EBITDA Margin (%) 15% Index (100 = Jan
Slide 13: Q4 and FY2013 Financials
Q4 and FY2013 Financials oF GLOBAL SHIP LEASE
Slide 14: Financial Results (Unaudited): Income Statement
Financial Results (Unaudited): Income Statement Q4 and FY2013 Three months ended Year ended $000’s December 31, December 31, 2013 2012 2013 2012 Operating Revenues Time charter revenue $ 36,056 $ 36,168 $ 143,212 $ 153,205 Operating Expenses Vessel operating expenses 11,748 11,515 46,048 45,588 Depr
Slide 15: Financial Results (Unaudited): Balance Sheet
Financial Results (Unaudited): Balance Sheet Q4 and FY2013 December 31, December 31, 2013 2012 $000’s Assets Cash and cash equivalents $ 24,536 $ 26,145 Restricted cash 3 3 Accounts receivable 7,006 14,417 Prepaid expenses 5,337 795 Other receivables 115 1,165 Deferred financing costs 1,391 1,493 To
Slide 16: Financial Results (Unaudited): Cash Flow Statement
Financial Results (Unaudited): Cash Flow Statement Q4 and FY2013 Three months ended Year ended $000’s December 31, December 31, 2013 2012 2013 2012 Cash Flows from Operating Activities Net income $ 7,892 $ 8,121 $ 32,518 $ 31,928 Adjustments to Reconcile Net Income to Net Cash Provided by Operating
Slide 17: Concluding Remarks
Global Ship Lease: Q4 and FY2013 Concluding Remarks Fleet remains fully chartered through March 2014 – Possible redelivery of two vessels in early April – No further expirations until late 2016 – Contracted revenue of $911 million with weighted average remaining contract term of 7.3 years (excludi
Slide 18: Q&A
Q&A oF GLOBAL SHIP LEASE