Global Ship Lease, Inc. (NYSE:GSL) Q1 2020 Earnings Conference Call - Final Transcript

May 12, 2020 • 10:30 am ET


Global Ship Lease, Inc. (NYSE:GSL) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Global Ship Lease Q1 2020 Earnings Conference Call. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Mr. Ian Webber, Chief Executive Officer of Global Ship Lease. Thank you. Please go ahead.

Ian J. Webber

Thank you very much. Good morning, good afternoon, everybody, and welcome to the GSL First Quarter 2020 Earnings Conference Call. The slides that accompany today's presentation are available at our website, 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 the company's 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 on Form 20-F, which is for 2019, and was filed with the SEC on April 2, 2020. You can see 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, you should refer to the earnings release that we issued this morning, which is also available on our website.

I'm joined today by our Executive Chairman, George Giouroukos; our Chief Financial Officer, Tassos Psaropoulos; and our Chief Commercial Officer, Tom Lister. George will begin the call with some high-level commentary and an update on our current areas of focus. And then Tassos, Tom and I will take you through the quarterly results, our financials and the current market environment, after which we'll be delighted to take your questions.

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

George Youroukos

Thank you, Ian. As we all know, we're in the midst of an unprecedented global coronavirus pandemic. And while our extensive contract cover provides our financial results with a great deal of insulation from the market, it will be no surprise to anyone on this call today that the global COVID-19 pandemic has been the focus of much of our attention and activity in recent months. The timing and shape of global economic recovery and other potential longer-term consequences remain open questions. That said, we believe that our strategy, fleet composition, contract cover and balance sheet position us well during these uncertain times, and we're focused on taking specific concrete steps to maximize GSL's resilience, such as deferral of drydockings and intended divestment of two ships.

Before I discuss our strategic areas of focus during the crisis and the impact of the pandemic on containerized freight flows and demand for ships, I would like to take a moment to