Global Ship Lease boosted fourth quarter 2011 profit to $10.9 million from $1.2 million a year ago as the NYSE-listed container ship owner’s revenue shrunk by $300,000 to $39.7 million.
Adjusted income was $6.6 million against $6.6 million in the final three months of 2010.
The London-headquartered company, which charters its 17 container ships to French carrier CMA CGM, booked full-year profit of $9.1 million against a $4 million loss in 2010 as revenue dipped to $156.3 million from $158.8 million.
Global Ship Lease’s bankers agreed in November to waive for a further year a requirement that its loans cannot exceed 75 percent of the value of its charter fleet.
CMA CGM, which floated Global Ship Lease on the NYSE in 2008, still retains a significant minority stake in the company and manages its ships.
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