Global Ship Lease, Inc. (NYSE:GSL) Q1 2019 Earnings Conference Call Transcript

May 07, 2019 • 10:00 am ET


Global Ship Lease, Inc. (NYSE:GSL) Q1 2019 Earnings Conference Call Transcript


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Good morning, ladies and gentlemen, and welcome to the Global Ship Lease First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host, Mr. Ian Webber, Chief Executive Officer of Global Ship Lease. Please go ahead.

Ian J. Webber

Thank you very much. Good morning, good afternoon, everybody, and welcome to our first quarter 2019 earnings conference call. The slides that accompany today's presentation are available on our website at Slides 1 and 2, as usual, remind you that today's call may include forward-looking statements that are based on current expectations and assumptions and are by their nature inherently uncertain and outside of our control.

Actual results may differ materially from these forward-looking statements due to many factors, including those described in the safe harbor section of the slide presentation. We also draw your attention to the Risk Factors section of our most recent annual report, which is for 2018, on Form 20-F, and this was filed with the SEC on March 29, 2019. You can obtain this via our website or via the SEC's.

All of our statements are qualified by these and other disclosures in our reports filed with the SEC. We do not undertake any duty to update forward-looking statements. For reconciliations of the non-GAAP financial measures to which we will refer during this call to the most directly comparable measures calculated and presented in accordance with GAAP, please refer to the earnings release that we issued this morning, which is also available on our website.

I'm joined here today by our Executive Chairman, George Youroukos; our Chief Financial Officer, Tassos Psaropoulos; and our Chief Commercial Officer, Tom Lister. George will provide opening remarks about GSL and our strategy. And then Tassos, Tom and I will take you through the quarterly results, our financials and the current market environment, after which, we'd be delighted to take your questions.

Turning now to Slide 3, I'll pass the call over to George.

George Youroukos

Thank you all for joining us during this period of exciting earnings expansion for Global Ship Lease. It's a pleasure to be with you today. Before my colleagues dive into the details of GSL and the market, allow me first to highlight the significant progress we have achieved this year, capitalizing on attractive opportunities to generate shareholder value. In 2019 to date, we are pleased to have taken advantage of the strong demand for our high specification mid-sized post-Panamax ships, which are under supplied and where market charter rates have increased 75% to 100% since Q4 2018.

Specifically, in year-to-date 2019, we have signed charters at strong rates securing 11 new charters, of which six have multi-year terms, enabling GSL to locking upside from a strong charter market. The new charters have an aggregate of 23 years of