Global Ship Lease posts US$37.87 million revenue, but little else
LESS than transparent Global Ship Lease, linked to French shipping giant CMA CGM, announced a "positive return on equity of 7.79 per cent and a negative net margin of 47.19 per cent and fourth quarter revenues of US$37.87 million.
The Marshall Islands registered company announced that hedge fund Renaissance Technologies LLC raised its stake in New York-listed Global Ship Lease 7.9 per cent in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC).
The institutional investor owned 1,338,500 shares of the shipping company's stock after buying an additional 98,300 shares during the quarter.
Renaissance Technologies owned 2.43 per cent of Global Ship Lease worth $1.55 million as of its most recent SEC filing, reports Chicago commercial research house Morningstar, which added that institutional investors and hedge funds own 6.30 per cent of the company's stock.
Global Ship Lease Inc is a holding company and containership owner that charters out of containerships. It owns 20 ships aggregating to 82,310 TEU with a "weighted average age of over 11 years, and a non-weighted average age 11.3 years.
Global Ship Lease is the result of CMA CGM selling part of its fleet in 2007. The new company, registered in the Marshall Islands is based in London, according to a filing with the US Securities and Exchange Commission at the time.
At the time, the 12 owned ships, totalling 36,322-TEU with vessels varying in size from 2,207-10,960 TEU.
All of these were to be leased to CMA CGM, for initial terms of between five and 17 years, but the goal is to broaden the portfolio to cover ships chartered to a number of different lines.
At the time CMA CGM held 30 per cent of the outstanding common shares in GSL after selling a portion of its fleet to the new venture. The cost of the initial fleet is $573 million, to be financed by a $3.3 million share sale to CMA CGM, plus $335 million from borrowings.
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