Despite the volatile geopolitical environment and ship reroutings from the Cape of Good Hope, Global Ship Lease, which operates a fleet of 68 container ships, posted profitable results.
More specifically, on a nine-month basis, Global Ship Lease’s operating income from time charters stood at 528.6 million dollars, up 32.7 million or 6.6% from operating income of 495.9 million in the same period last year.
Operating income from time charters dropped 0.4 million or 0.2% to 174.1 million dollars in the third quarter, from operating 174.5 million in the corresponding period of the previous year.
Net income for the third quarter, which ended September 30, reached 78.8 million dollars, compared to 82.7 million dollars in the same period of 2023, down 4.7%.
“Although the macroeconomic environment remains unstable, the factors that led to the significant dynamics of the containership charter market throughout 2024 continue to exist. Container volume growth has been healthy and the substantially extended average voyage duration, due to reroutings from the Cape of Good Hope, continues to put pressure on the global fleet, with idle capacity almost at zero levels, forcing companies to accelerate their fleets in order to compensate for capacity constraints,” the company’s executive chairman, Giorgos Giouroukos, noted.
He also added that “with limited supply and capacity at a high price, we continue to ‘lock in’ the current market dynamics with attractive multi-year charters even for some of the older vessels in our fleet, adding almost 600 million dollar in securitized revenues since the beginning of the year, including just 200 million dollars during the third quarter.”
Global Ship Lease owns 68 container ships ranging from 2,207 to 11,040 TEUs, with a total capacity of 376,723 TEUs. The 36 ships are post-panamax.
