News / GSL takes major impairment hit in 2017, but stays bullish about recovery

© Ganeshkumar Durai

Containership owner Global Ship Lease (GSL) reported a net loss of $99.8m for the fourth quarter of 2017, which kept the London-based company’s operations in the red for another year.

With the exception of two 8,063 teu ships chartered to OOCL, French carrier CMA CGM is GSL’s only client and is also a 45% shareholder of the firm, which does not operate ships.

GSL’s fleet of 18 container vessels, ranging from 2,000-11,000 teu, generated revenue of $159m last year, compared with $166.5m the year ...