Global Ship Lease's second-quarter earnings fell 41% amid reduced revenue while lowering costs.
The New York-listed boxship player reported net income of $4.02m versus a $6.82m in profit in the same period a year ago.
Adjusted net income totaled $4.02m, compared to $7.34m, excluding a premium paid on 10% notes bought in April 2017.
Those results translated into $0.08 earnings per share (EPS) versus EPS of $0.14.
"Our existing fleet of 18 vessels continued to operate in a highly stable and predictable manner," chief executive Ian Webber said.
In June, GSL accepted delivery of its 19th ship, the 2,824-teu GSL Valerie (built 2005) and soon fixed it out to CMA CGM for a year at $9,000 per day.
Overall, 17 ships are fixed out to France's CMA CGM, while the remaining two are employed by Hong Kong-based Orient Overseas Container Line.
Total operating expenses declined to $19.8m from $21.7m.
The fleet delivered revenue of $35m for the three-month period, down from $40.3m in revenue a year ago, mainly due to lower charter renewal rates on two sub-panamaxes and two post-panamaxes.
The four ships were the 2,207-teu Julie Delmas (built 2002) and Delmas Keta (built 2003) and 8063-teu GSL Tianjin and OOCL Qingdao (both built 2005).
GSL's fleet utilisation remained flat at about 97% while operating and ownership days gained slightly to 1,651 each. Time charter revenue declined to $4.38m from $9.34m.
Webber said charter rates continue to strengthen this year on solid supply-demand fundamentals as his company looks for opportunities for further fleet expansion.
