Global Ship Lease's (GSL) earnings have more than doubled after the boxship player did just that with its fleet by acquiring Poseidon Containers late last year.
The New York-listed owner posted a $10.1m profit for the first quarter, up from $4.2m a year earlier.
Earnings per share came in at $0.44, beating analysts' estimates by $0.06.
GSL's stock, which was split one-for-eight on 20 March, reacted tepidly to earnings, rising 0.5% to $5.89 in early-morning trading.
Revenue jumped to $64.5m from $36.2m, due to the expansion of GSL's fleet to 38 vessels worth $1.3bn total.
“Having successfully integrated GSL and Poseidon, we are seeing the anticipated wide-ranging benefits of our superior platform which are reflected in every aspect of our business," chief executive Ian Webber said.
GSL yesterday marked its third consecutive Monday with a charter deal, the latest being two five-year fixtures with Mediterranean Shipping Co.
