Global Ship Lease Inc (NYSE:GSL) shares are trading lower after the company reported fourth-quarter FY23 results.
Operating revenue grew 8.4% Y/Y to $178.9 million, beating the consensus of $172.0 million. Operating income declined to $78.9 million from $85.1 million a year ago.
Revenue increased Y/Y due to charter renewals at higher rates on several vessels, the acquisition of four vessels (delivered in the second quarter of 2023), and a decrease in planned and unplanned off-hire days.
Adjusted EBITDA improved by 27.1% Y/Y to $127.1 million. Normalized EPS rose 16.4% Y/Y to $2.49, beating the consensus of $2.35.
Utilization for the quarter was 98.1% compared to 94.2% in the same …