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04 April 2020 The on-line newspaper devoted to the world of transports 01:34 GMT+2



March 5, 2020

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Original news
The merger with Poseidon Containers was good for Global Ship Lease, S.)

In 2019, the company recorded a significant growth in economic performance

Global Ship Lease (GSL), a company that as of December 31 last had a fleet consisting of 43 chartered container carriers other companies, closed the fourth quarter of 2019 with revenues of 67.5 million dollars, an increase of 35.1% on the same period of the previous year that was generated by the effect of the merger with Poseidon Containers implemented at the end of 2018 which allowed the GSL to double the size of their fleet ( 30 October 2018). Operating profit and net profit amounted to 27.3 million and 8.0 million dollars respectively results both of negative sign for -56.2 million and -71.7 million dollars in the October-December period of 2018.

In the whole of 2019, GSL revenues increased by 66.2% 261.1 million dollars compared to 157.1 million dollars in the previous year. Operating profit 111.6 million dollars and net income of 39.8 million of dollars compared to negative sign results for -10.3 million and -57.4 million dollars in 2018.

"Following the merger at the end of 2018 which saw GSL doubling its fleet and tripling the net asset value - commented Global Ship Lease executive chairman George Youroukos - the financial and strategic steps we have taken during the year we were allowed to benefit from the improvement market fundamentals and enter the stronger 2020 better positioned to seize the opportunities for creation value in the market. Buying ships with low-cost slots at assessments, and ensuring their rapid use at important counterparties, we have achieved excellent returns proportion of risk and we have significantly improved cash generation while reducing value risk residual."


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