More ownership days saw Global Ship Lease (GSL) report a 13.2% increase in revenue to $71.4 million for the three months ended 30 June 2020.
Overall, net income came in at $13.5 million, up from $9.1 million in the previous year. The company booked 4,095 ownership days in the quarter, up from 3,492 in the same period last year, although its utilisation rate fell from 94% to just under 90%.
Planned offshore rose 20% due to one regulatory dry docking and two scrubber installations, while idle days leapt from 18 to 193 days in the the quarter.
The firm’s previous poor results in quarter one dragged down the overall half year result top $15 million compared to $19.5 million for the same period in 2019.
GSL continues discussions to refinance its senior secured bonds due in 2022, which carry a high interest rate of 9.875% due to negative market conditions at the time of issue in 2017.
GSL has reduced the initial $360 million issue to $267.6 million through redemptions and open market buybacks but hopes to “opportunistically” replace the remaining amount with competitively priced bank debt.