Global Ship Lease Reports Results for the Fourth Quarter of 2023

LONDON, March 04, 2024 (GLOBE NEWSWIRE) — Global Ship Lease, Inc. (NYSE:GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three months and year ended December 31, 2023.

Full Year and Fourth Quarter of 2023 Highlights

– Reported operating revenue of $178.9 million for the fourth quarter of 2023, an increase of 8.4% on operating revenue of $165.0 million for the prior year period. For the year ended December 31, 2023, operating revenue was $674.8 million, up 4.5% from $645.6 million for the prior year.

– Reported net income available to common shareholders of $64.7 million for the fourth quarter of 2023, a decrease of 10.9% on net income of $72.6 million for the prior year period. Normalized net income (a non-U.S. GAAP financial measure, described below) for the same period was $87.8 million, up 13.6% on Normalized net income of $77.3 million for the prior year period.

– For the year ended December 31, 2023, net income available to common shareholders was $295.0 million, an increase of 4.1% on net income of $283.4 million for the prior year. Normalized net income for the year ended December 31, 2023 was $319.7 million, up 7.2% on Normalized net income for the prior year of $298.2 million.

– Generated $127.1 million of Adjusted EBITDA (a non-U.S. GAAP financial measure, described below) for the fourth quarter of 2023, up 27.1% on Adjusted EBITDA of $100.0 million for the prior year period. Adjusted EBITDA for the year ended December 31, 2023 was $462.1 million, up $63.8 million or 16.0% on Adjusted EBITDA of $398.3 million for the prior year.

– Earnings per share for the fourth quarter of 2023 was $1.84, down 8.5% on the earnings per share of $2.01 for the prior year period. Normalized earnings per share (a non-U.S. GAAP financial measure, described below) for the fourth quarter of 2023 was $2.49, up 16.4% on the Normalized earnings per share of $2.14 for the prior year period. Earnings per share for the year ended December 31, 2023 was $8.33, up 7.6% on the earnings per share of $7.74 for the prior year. Normalized earnings per share for the year ended December 31, 2023 was $9.03, up 10.8% on the Normalized earnings per share of $8.15 for the prior year.

– Declared a dividend of $0.375 per Class A common share for the fourth quarter of 2023 to be paid on March 6, 2024 to common shareholders of record as of February 22, 2024. Paid a dividend of $0.375 per Class A common share for the third quarter of 2023 on December 4, 2023.

– Between January 1, 2023 and December 31, 2023, added $313.2 million of contracted revenue to forward charter cover, calculated on the basis of the median firm periods of the respective charters. Twenty-two new charter fixtures (including short re-charters of the same vessel) or extensions were agreed on eight ships between 2,200 and 3,500 TEU, one 6,800 TEU ship, and two 7,800 TEU ships; forward fixtures were agreed for one 6,600 TEU ship, two 8,600 TEU ships, and one ECO 9,100 TEU ship; and four 8,544 TEU vessels were purchased with charters attached. With the exception of one very short re-positioning charter, firm charter terms ranged from a few months to three years. Contracted revenue as of December 31, 2023, calculated on the same basis, was $1.72 billion.

– Ian Webber, our Chief Executive Officer, to retire from the CEO role he has held since our inception in 2007 and will join GSL’s Board of Directors, effective March 31, 2024, expanding the size of Board to nine members. Thomas Lister, who also joined the Company in 2007 and has held a number of senior executive roles, has been appointed to succeed Mr. Webber as CEO, effective concurrently with Mr. Webber’s retirement.

– During the three months ended December 31, 2023, repurchased an aggregate of 87,942 Class A common shares, at repurchase prices ranging from between $17.51 and $17.77, with an average price of $17.61. During the year ended December 31, 2023, repurchased an aggregate of 1,242,663 Class A common shares, at repurchase prices ranging from between $16.12 and $18.69 per share, with an average price of $17.68. Since March 2022, a total of 2,303,303 Class A common shares have been repurchased under the buy-back authorizations approved by the Board of Directors, for approximately $42.0 million, with approximately $38.0 million of authorized capacity remaining.

George Youroukos, our Executive Chairman, stated: “In a time of rising geopolitical uncertainty, Global Ship Lease has remained committed to its successful business model, combining operational excellence with a disciplined approach to preserving and building shareholder value through the cycle. Trade disruptions in the Red Sea significantly escalated towards the end of the fourth quarter of 2023, resulting in large-scale re-routing of containerships away from the Suez Canal and around the Cape of Good Hope, absorbing substantial effective supply. Meanwhile, water shortages in the Panama Canal have led to a reduction in the number of vessels that can transit that key waterway, adding further bottlenecks to the global supply chain. Taken together, these two developments have caused a meaningful tightening of containership supply and demand – arresting, and even reversing, the previous downward normalization of charter rates and asset values.

It is impossible to predict how long disruptions to the Red Sea and Panama will last, and significant macroeconomic, geopolitical, and regulatory uncertainty remain prominent features of the market outlook. In this environment, our fleet of high-quality, mid-sized and smaller containerships continues to provide liner companies with the flexible tonnage that is key to their service networks through the cycle – especially at times of uncertainty and disruption.

We have entered 2024 with strong charter coverage for much of the year and continue to work hard to capitalize on current market firmness to grow contract cover and strengthen forward cash flow visibility. Further, the steps that we continue to take to enhance our balance sheet, our extensive contract coverage, and our discipline in allocating capital have put us in a strong position as the sector transitions into the increasingly uncertain period ahead. And we remain as tightly focused as ever on maximizing long-term value for our shareholders: alongside returning capital in the form of both dividends and buybacks, we expect to see a growing number of interesting countercyclical investment opportunities in the months and quarters ahead.”

Ian Webber, our Chief Executive Officer, stated: “Throughout 2023, we made important progress in driving down our leverage, minimizing our cost of debt, and improving our cash liquidity. During the year we purchased four 8,500 TEU ships, with charters attached, which we believe have compelling risk and return characteristics. Our 0.64% SOFR interest rate caps on floating rate debt further enhance returns. We continue to benefit from the forward visibility and attractive fixed rates of our charter portfolio, much of which was agreed during the 2021-2022 super upcycle. As I transition to a position on the Board at the end of this quarter, I am confident that Global Ship Lease is not only well positioned to be resilient through the cycle ahead, but to create long-lasting value by combining proven discipline and financial strength with the ability to capitalize on value-accretive countercyclical opportunities.”

SELECTED FINANCIAL DATA – UNAUDITED

(thousands of U.S. dollars)

 
Three
Three
 
 

 
months ended
months ended
Year ended
Year ended

 
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022

 
 
 
 
 

Operating Revenue (1)  
178,894
165,022
674,795
645,645

Operating Income
78,854
85,134
343,218
354,185

Net Income (2)  
64,665
72,621
294,964
283,389

Adjusted EBITDA (3)  
127,137
99,986
462,058
398,350

Normalized Net Income (3)  
87,830
77,277
319,725
298,247

(1) Operating Revenue is net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities, the effect of the straight lining of time charter modifications and the compensation from charterers for drydock and other capitalized expenses installation. Brokerage commissions are included in “Time charter and voyage expenses” (see below).

(2) Net Income available to common shareholders.

(3) Adjusted EBITDA and Normalized Net Income are non-U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial measures, as explained further in this press release, and are considered by Global Ship Lease to be a useful measure of its performance. For reconciliations of these non-U.S. GAAP financial measures to net income, the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.

Operating Revenue and Utilization

Operating revenue derived from fixed-rate, mainly long-term, time-charters was $178.9 million in the fourth quarter of 2023, up $13.9 million (or 8.4%) on operating revenue of $165.0 million in the prior year period. The period-on-period increase in operating revenue was principally due to charter renewals at higher rates on a number of vessels, our acquisition of four vessels which were delivered to us in the second quarter of 2023 and a decrease in planned and unplanned off hire days, partially offset by a non-cash $6.9 million reduction in the amortization of intangible liabilities arising on below-market charters attached to certain vessel additions and a non-cash $6.2 million decrease in the effect from straight lining time charter modifications. There were 120 days of offhire and idle time in the fourth quarter of 2023 of which 74 were for scheduled drydockings, compared to 347 days of offhire in the prior year period of which 225 were for scheduled drydockings. Utilization for the fourth quarter of 2023 was 98.1% compared to utilization of 94.2% in the prior year period.

For the year ended December 31, 2023, operating revenue was $674.8 million, up $29.2 million (or 4.5%) on operating revenue of $645.6 million in the prior year, mainly due to charter renewals at higher rates for a number of vessels, a 4.6% increase in ownership days due to our acquisition of the four vessels and our sale of one vessel, resulting in 24,285 ownership days in 2023, compared to 23,725 in 2022, and a decrease in offhire and idle time from 1,071 days in 2022 to 996 in 2023.

The table below shows fleet utilization for the three months ended December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022, 2021 and 2020.

 
Three months ended
 
Year ended

 
Dec 31,
Dec 31,
 
Dec 31,
Dec 31,
Dec 31,
Dec 31,

Days
2023
2022
 
2023
2022
2021
2020

 
 
 
 
 
 
 
 

Ownership days
6,256
 
5,980
 
 
24,285
 
23,725
 
19,427
 
16,044
 

Planned offhire – scheduled drydock
(74
)
(225
)
 
(701
)
(581
)
(752
)
(687
)

Unplanned offhire
(26
)
(122
)
 
(233
)
(460
)
(260
)
(95
)

Idle time
(20
)
nil
 
 
(62
)
(30
)
(88
)
(338
)

Operating days
6,136
 
5,633
 
 
23,289
 
22,654
 
18,327
 
14,924
 

 
 
 
 
 
 
 
 

Utilization
98.1
%
94.2
%
 
95.9
%
95.5
%
94.3
%
93.0
%

 
 
 
 
 
 
 
 
 
 
 
 
 
 

As of December 31, 2023 one regulatory drydocking was in progress. In 2024, 15 regulatory drydockings are anticipated.

Vessel Operating Expenses

Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 3.1% to $47.0 million for the fourth quarter of 2023, compared to $45.6 million in the prior year period. The increase of $1.4 million was mainly due to our acquisition of four vessels delivered to us during the second quarter of 2023. The average cost per ownership day in the quarter was $7,505, compared to $7,619 for the prior year period, down $114 per day, or 1.5%.

For the year ended December 31, 2023, vessel operating expenses were up 7.0% to $179.2 million, compared to $167.4 million in the comparative period. The increase of $11.8 million was mainly due to (i) inflation impact on all cost categories including crew costs due to limited crew supply as a consequence of current container market conditions and worldwide inflation, (ii) our acquisition of the four vessels in the second quarter of 2023, (iii) increase in repairs, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery, (iv) increased cost of insurance due to increased premiums, (v) increase in management fees from January 1, 2023 and (vi) the negative impact of the EURO/USD exchange rate. The average cost per ownership day for the year ended December 31, 2023 was $7,380, compared to $7,058 for the prior year period, up $322 per day, or 4.6%.

Time Charter and Voyage Expenses

Time charter and voyage expenses comprise mainly commission paid to ship brokers, the cost of bunker fuel for owner’s account when a ship is off-hire or idle and miscellaneous owner’s costs associated with a ship’s voyage. Time charter and voyage expenses were $5.4 million for the fourth quarter of 2023, compared to $6.6 million in the prior year period. The decrease was mainly due to decrease in bunkering expenses due to fewer off hire days offset by increased commissions on charter renewals at higher rates.

For the year ended December 31, 2023, time charter and voyage expenses were $23.6 million, or an average of $971 per day, compared to $21.2 million in the comparative period, or $892 per day, an increase of $79 per ownership day, or 8.9%. The increase was mainly due to increased commissions on charter renewals at higher rates and additional voyage, operational and administration costs.

Depreciation and Amortization

Depreciation and amortization for the fourth quarter of 2023 was $24.4 million, compared to $20.7 million in the prior year period. The increase was mainly due to our acquisition of the four vessels in the second quarter of 2023 and 13 drydockings completed in 2023.

Depreciation for the year ended December 31, 2023 was $91.7 million, compared to $81.3 million in the prior year, with the increase being due to the reasons mentioned above.

Impairment of vessels

A non-cash impairment loss of $18.8 million was recorded in the fourth quarter of 2023 on two vessels. A non-cash impairment loss of $3.0 million was recorded in the fourth quarter of 2022 on one vessel, which was subsequently sold.

General and Administrative Expenses

General and administrative expenses were $4.5 million in the fourth quarter of 2023, compared to $4.1 million in the prior year period. The increase was mainly due to the non-cash effect of stock-based compensation expense due to vesting and a one-off expense due to social security charges related to settlement of shares under the Omnibus Incentive Plan. The average general and administrative expense per ownership day for the fourth quarter of 2023 was $714, compared to $682 in the prior year period, an increase of $32 or 4.7%.

For the year ended December 31, 2023, general and administrative expenses were $18.2 million, compared to $18.5 million in the comparative period. The average general and administrative expense per ownership day for the year ended December 31, 2023 was $750, compared to $781 in the comparative period, a decrease of $31 or 4.0%.

Adjusted EBITDA

Adjusted EBITDA (a non-GAAP financial measure) was $127.1 million for the fourth quarter of 2023, up from $100.0 million for the prior year period, with the net increase being mainly due to increased revenue from charter renewals at higher rates and the addition of the four vessels in second quarter of 2023.

Adjusted EBITDA for the year ended December 31, 2023 was $462.1 million, compared to $398.3 million for the prior year, an increase of $63.8 million or 16.0%.

Interest Expense and Interest Income

Debt as at December 31, 2023 totaled $823.2 million, comprising $431.5 million of secured bank debt collateralized by vessels, $284.4 million of investment grade rated 5.69% Senior Secured Notes due 2027 (the “2027 Secured Notes”) collateralized by vessels, and $107.3 million under sale and leaseback financing transactions. As of December 31, 2023, five vessels were unencumbered.

Debt as at December 31, 2022 totaled $949.5 million, comprising $470.9 million of secured bank debt collateralized by vessels, $336.9 million of 2027 Secured Notes collateralized by vessels, and $141.7 million under sale and leaseback financing transactions. As of December 31, 2022, five vessels were unencumbered.

Interest and other finance expenses for the fourth quarter of 2023 was $11.2 million, up from $10.4 million for the prior year period. The increase was mainly due to the interest expense of the new credit facility for the four additional vessels and the amortization of premium on interest rate caps. The blended cost of debt, taking into account interest rate caps, has marginally increased from approximately 4.53% for the fourth quarter of 2022 to 4.55% for the fourth quarter of 2023 due to variations in amortization schedules and the addition of a new credit facility for the four additional vessels.

Interest and other finance expenses for the year ended December 31, 2023 was $44.8 million, down from $75.3 million for the prior year. The decrease is mainly due to one off events which took place in the nine months ended September 30, 2022 including (i) the prepayment fee and the associated non-cash write off of deferred financing charges of $14.1 million on the full repayment of the Hayfin Credit Facility, (ii) the non-cash write off of deferred financing charges of $0.3 million on the full repayment of the Hellenic Credit Facility and (iii) the $2.4 million premium paid on the redemption of the 8.00% Senior Unsecured Notes due 2024 (the “2024 Notes”) and the associated non-cash write off of deferred financing charges of $2.1 million, which was partially offset by $1.3 million of accelerated amortization of premium and (iv) a prepayment fee and the associated non-cash write off of deferred financing charges of $4.1 million on the full repayment of the Blue Ocean Junior Credit Facility. The decrease in interest and other finance expenses was partially offset by the increase in amortization of premium on the interest rate caps.

Interest income for the fourth quarter of 2023 was $2.9 million, up from $1.3 million for the prior year period.

Interest income for the year ended December 31, 2023 was $9.8 million, compared to $2.5 million for the prior year.

Other income, net

Other income, net was $1.3 million in the fourth quarter of 2023, compared to other income, net of $0.6 million in the prior year period.

Other income, net was $2.2 million for the year ended December 31, 2023, compared to $1.8 million for the prior year.

Taxation

Taxation for the fourth quarter of 2023 was $0.4 million while in the comparative period it was nil.

Taxation for the year ended December 31, 2023 was $0.4 million while in the comparative period it was a credit of $50,000.

Fair value adjustment on derivatives

In December 2021, we entered into a USD 1 month LIBOR interest rate cap of 0.75% through the fourth quarter of 2026 on $484.1 million of floating rate debt, which reduces over time in line with anticipated debt amortization and represented approximately half of the outstanding floating rate debt. In February 2022, we entered into two additional USD 1-month LIBOR interest rate caps of 0.75% through the fourth quarter of 2026 on the remaining balance of $507.9 million of floating rate debt. One of these interest rate caps was not designated as a cash flow hedge. As a result of the discontinuation of LIBOR, on July 1, 2023, our interest rate caps have automatically transited to 1 month Compounded SOFR at a net rate of 0.64%. A negative fair value adjustment of $4.3 million for the fourth quarter of 2023 was recorded through the statement of income. The negative fair value adjustment for the year ended December 31, 2023 amounted to $5.4 million.

Earnings Allocated to Preferred Shares

The Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the fourth quarter of 2023 was $2.4 million, the same as in the prior year period. The cost for the year ended December 31, 2023 was $9.5 million, the same as for the prior year.

Net Income Available to Common Shareholders

Net income available to common shareholders for the fourth quarter of 2023 was $64.7 million. Net income available to common shareholders for the prior year period was $72.6 million.

Earnings per share for the fourth quarter of 2023 was $1.84, a decrease of 8.5% from the earnings per share for the prior year period, which was $2.01.

For the year ended December 31, 2023, net income available to common shareholders was $295.0 million. Net income available to common shareholders for the prior year was $283.4 million.

Earnings per share for the year ended December 31, 2023 was $8.33, an increase of 7.6% from the earnings per share for the prior year, which was $7.74.

Normalized net income (a non-GAAP financial measure) for the fourth quarter of 2023, was $87.8 million. Normalized net income for the prior year period was $77.3 million.

Normalized net income for the year ended December 31, 2023 was $319.7 million, as compared to $298.2 for the prior year.

Normalized earnings per share (a non-GAAP financial measure) for the fourth quarter of 2023 was $2.49, an increase of 16.4% from Normalized earnings per share for the prior year period, which was $2.14.

Normalized earnings per share for the year ended December 31, 2023 was $9.03, an increase of 10.8% from Normalized earnings per share for the prior year, which was $8.15.

Fleet

As of December 31, 2023, there were 68 containerships in the fleet.

Vessel Name

Capacity in TEUs
Lightweight (tons)
Year Built
Charterer
Earliest Charter Expiry Date
Latest Charter Expiry Date (2)
Daily Charter Rate $

 
 
 
 
 
 
 
 

CMA CGM Thalassa
11,040
38,577
2008
CMA CGM
4Q25
2Q26
47,200

ZIM Norfolk (1)  
9,115
31,764
2015
ZIM
2Q27
4Q27
65,000

Anthea Y (1)
9,115
31,890
2015
MSC
3Q25
4Q25
Footnote (3)

ZIM Xiamen (1)
9,115
31,820
2015
ZIM
3Q27
4Q27
65,000

MSC Tianjin
8,603
34,325
2005
MSC
3Q27
4Q27
19,000 (4)

MSC Qingdao
8,603
34,609
2004
MSC
2Q27
3Q27
23,000 (4)

GSL Ningbo
8,603
34,340
2004
MSC
3Q27
4Q27 (5)
Footnote (5)

GSL Alexandra
8,544
37,777
2004
Maersk
3Q25
3Q26
Footnote (6)

GSL Sofia
8,544
37,777
2003
Maersk
3Q25
3Q26
Footnote (6)

GSL Effie
8,544
37,777
2003
Maersk
3Q25
3Q26
Footnote (6)

GSL Lydia
8,544
37,777
2003
Maersk
2Q25
3Q26
Footnote (6)

GSL Eleni
7,847
29,261
2004
Maersk
3Q24
1Q25
16,500

GSL Kalliopi
7,847
29,105
2004
Maersk
3Q24
4Q24
18,900

GSL Grania
7,847
29,190
2004
Maersk
3Q24
1Q25
17,750

Mary (tbr Colombia Express) (1) (15)
6,927
23,424
2013
Hapag-Lloyd (7)
4Q28
1Q31 (7)
Footnote (7)

Kristina (1)
6,927
23,421
2013
CMA CGM (7)
3Q29
4Q31 (7)
25,910 (7)

Katherine (1)
6,927
23,403
2013
CMA CGM (7)
2Q29
2Q31 (7)
25,910 (7)

Alexandra (1)
6,927
23,348
2013
CMA CGM (7)
2Q29
3Q31 (7)
25,910 (7)

Alexis (1)
6,882
23,919
2015
CMA CGM (7)
2Q29
3Q31 (7)
25,910 (7)

Olivia I (1)
6,882
23,864
2015
CMA CGM (7)
2Q29
3Q31 (7)
25,910 (7)

GSL Christen
6,840
27,954
2002
OOCL
3Q24
4Q24
20,500

GSL Nicoletta
6,840
28,070
2002
Maersk
3Q24
1Q25
35,750

CMA CGM Berlioz
6,621
26,776
2001
CMA CGM
4Q25
2Q26
37,750

Agios Dimitrios
6,572
24,931
2011
MSC
2Q27
3Q27
20,000 (4)

GSL Vinia
6,080
23,737
2004
Maersk
3Q24
1Q25
13,250

GSL Christel Elisabeth
6,080
23,745
2004
Maersk
2Q24
1Q25
13,250

GSL Dorothea
5,992
24,243
2001
Maersk
3Q24
3Q26
18,600 (8)

GSL Arcadia
6,008
24,858
2000
Maersk
2Q24
1Q26
18,600 (8)

GSL Violetta
6,008
24,873
2000
Maersk
4Q24
4Q25
18,600 (8)

GSL Maria
6,008
24,414
2001
Maersk
4Q24
1Q27
18,600 (8)

GSL MYNY
6,008
24,873
2000
Maersk
3Q24
1Q26
18,600 (8)

GSL Melita
6,008
24,848
2001
Maersk
3Q24
3Q26
18,600 (8)

GSL Tegea
5,992
24,308
2001
Maersk
3Q24
3Q26
18,600 (8)

Tasman
5,936
25,010
2000
Maersk
2Q24
2Q24
20,000

ZIM Europe
5,936
25,010
2000
ZIM
1Q24
2Q24
24,250

Ian H
5,936
25,128
2000
ZIM
2Q24
4Q24
32,500

GSL Tripoli
5,470
22,259
2009
Maersk
4Q24
4Q27
36,500 (9)

GSL Kithira
5,470
22,108
2009
Maersk
4Q24
1Q28
36,500 (9)

GSL Tinos
5,470
22,067
2010
Maersk
4Q24
4Q27
36,500 (9)

GSL Syros
5,470
22,098
2010
Maersk
4Q24
4Q27
36,500 (9)

Dolphin II
5,095
20,596
2007
OOCL
1Q25
3Q25
53,500

Orca I
5,095
20,633
2006
Maersk
2Q24
4Q25
21,000 (10)

CMA CGM Alcazar
5,089
20,087
2007
CMA CGM
3Q26
1Q27
35,500

GSL Château d’If
5,089
19,994
2007
CMA CGM
4Q26
1Q27
35,500

GSL Susan
4,363
17,309
2008
CMA CGM
3Q27
1Q28
Footnote (11)

CMA CGM Jamaica
4,298
17,272
2006
CMA CGM
1Q28
2Q28
Footnote (11)

CMA CGM Sambhar
4,045
17,429
2006
CMA CGM
1Q28
2Q28
Footnote (11)

CMA CGM America
4,045
17,428
2006
CMA CGM
1Q28
2Q28
Footnote (11)

GSL Rossi
3,421
16,420
2012
ZIM
1Q26
3Q26
38,875 (12)

GSL Alice
3,421
16,543
2014
CMA CGM
2Q25
2Q25
20,500

GSL Eleftheria
3,404
16,642
2013
Maersk
3Q25
4Q25
37,975

GSL Melina
3,404
16,703
2013
Hapag-Lloyd
2Q24
3Q24
21,000

GSL Valerie
2,824
11,971
2005
ZIM
1Q25
3Q25
32,939 (13)

Matson Molokai
2,824
11,949
2007
Matson
2Q25

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