Good day, everyone, and welcome to the Global Ship Lease Fourth Quarter 2012 Conference Call. This call is being recorded. Joining us on the call today are Ian Webber, Chief Executive Officer and Susan Cook, Chief Financial Officer. We will conduct a question-and-answer session after the opening remarks. Instructions will follow at that time. I will now turn the call over to Mr. Webber. Please go ahead, sir.

Thank you very much. Good morning everybody and thank you for joining us today. I hope that you’ve been able to look at the earnings release which we issued before the market opened and have also been able to access the slides that accompany this call. As ever, slides 1 and 2 remind you that today's call may include forward-looking statements that are based on current expectations and assumptions and are, by their nature, inherently uncertain and outside of the Company’s control. Actual results may differ materially from these forward-looking statements due to many factors including those described in the Safe Harbor section of the slide presentation. We also draw your attention to the 'Risk Factors' section of our annual report filed on Form 20-F, on April 13, 2012, which you can access via our website or via the SEC. All our statements are qualified by these and other disclosures in our reports filed with the SEC. We do not undertake any duty to update forward looking statements. For reconciliations of the non-GAAP financial measures to which we will refer during this call to the most directly comparable measures calculated and presented in accordance with GAAP, please refer to the earnings release that we issued this morning, which is also available on our website. I'd like to start by reviewing the fourth quarter and the full-year 2012 highlights and then discuss our charters. After reminding you about our relief from the loan-to-value test, I'll offer some comments on the industry overall, including CMA CGM in particular, as our charterer. Then also turn the call over to Susan for comments on our financials. Finally, after concluding remarks, we'll open the call up for questions. Slide 3 shows the Company's highlights for the fourth quarter and the full year. 2012 was another…

Thanks Ian. Please turn to Slide 12 for a summary of our financial results for the three months ended December 31, 2012. With all our vessels operating on fixed-rate charters, we generated revenue of $36.2 million during the fourth quarter of 2012. This is down $3.5 million from revenue of $39.7 million for the comparative period in 2011. The decline in revenue is primarily due to lower levels of charter hire for two vessels, which commenced new charter agreement in late September 2012 at a daily rate of $9,962 per ship compared to $28,500 previously. Utilization was 99% for the quarter, owing to 16 days offhire, of which 10 were for scheduled drydocking. During the fourth quarter, we completed our sixth drydocking of the year and are scheduled for only three drydockings in 2013, two in 2014, and none the following year in 2015. Vessel operating expenses were $11.5 million for the three months ended December 31, 2012. The average cost per ownership day were $7,363, up $44 or 0.6% from $7,319 for the rolling fourth quarter ended September 30, 2012. Increased spend on repairs, maintenance and supplies have been partially offset by a benefit from exchange rate movements on cost denominated in euros, few insurance deductibles, and lower expenses from fewer drydockings. Interest expense, excluding the effect of interest-rate derivatives, for the three months ended December 31, 2012 was $5.1 million. The Company's borrowings under its credit facility averaged $436.8 million during the fourth quarter. The average amount of preferred shares outstanding throughout the three months of the fourth quarter was $45 million, giving total average borrowings through the period of $481.7 million. Our derivative hedging instruments gave realized loss of $4.7 million in the three months ended December 31, 2012. The settlements were swapped in the period, as…

Thank you. Now, I'll conclude on Slide 15 by reinforcing some aspects of our business model and current assets to drawing shareholder value. First, our fleet remains fully chartered with only two expirations over the next four years. With an average remaining term of over seven years, $1 billion of contracted revenue, with relatively stable and predictable costs, we've got significant visibility into our future financial results, including most importantly cash flow despite the current market conditions. Second, as Susan mentioned, we will see positive cash flow effects from $253 million of swaps rolling off very shortly and annualized benefits of around $7.5 million, further swaps roll-off in November this year and thereafter. We also have a very much reduced drydock schedule over the next about three years with only five vessels in total to be docked in those three years compared to 12 in the last two years. So, given the average cash effects of the drydocking on average, is $1.6 million, there's going to be significant cash flow savings going forward compared to 2011 and 2012. These two cash flow benefits, interest-rate swaps rolling off, and reduced level of drydocking, will offset the impact of near-term exposure that we have for the two vessels in the spot charter market. Third, with the waiver of our loan-to-value test in place, we're insulated from asset value volatility and are in a position to further delever our balance sheet. Note that we have no exposure to financing or refinancing risk until late 2016. Finally, we are actively exploring opportunities in the credit markets to increase our financial flexibility. This project involves multiple parties. As I'm sure you can understand, we're not in a position to offer any specific comments, nor to predict the outcome, let alone terms or timing. It is worth noting however that our $500 million shelf registration statement remains effective. What's important to us and to you is that if we are able to achieve a more flexible capital structure, we would be in a position to reinstate a dividend. We would also want to be able to take advantage of opportunities to purchase distressed assets at the bottom of the cycle and add a growth component to our business model. Now that concludes our prepared remarks and I would like to hand back to the operator who can explain the Q&A process.

(Operator Instructions) Your first question comes from Mark Suarez. Please go ahead. Mark Suarez – Euro Pacific Capital: Good morning, everyone. Ian, just a quick question. I know that you talked about already beginning discussions with CMA CGM regarding the two charters coming off in the end of May, so do you have a better sense now to sort of the exact re-delivery date or the length of those charters?

No. Just to correct you, what I just said is, that we have started to explore the opportunities to re-charter these vessels. I didn't mention CMA CGM explicitly, although clearly as the vessels are on charter to them today, they would be high on our list of people to talk to. We haven't have noticed a re-delivery, so the discussions are a little hypothetical at the moment, but nevertheless, we started to look at our options. Far too early to tell what the outcome might be. We can give you a further update on our next call. Mark Suarez – Euro Pacific Capital: Sure, good. Now turning to your debt repayment schedule, I know this year you reported – as you said, 2012, you reported roughly $58 million of debt repayment. Should we so be modeling for a similar run rate in 2013 or is there the potential to maybe accelerate the debt repayment schedule given now your improved cash profile?

There are a couple of offsetting factors here. We wouldn't want to get into too much detail about forecasting a specific number, or higher or lower than the last year, but firstly, in most of 2012, we had our two 4,100 TEU ships fixed at $28,500 a day. For 3.5 months, they were fixed at just under $10,000 a day. Now, the swap market for those two vessels remains towards the bottom of the cycle and we would hope that there will be improvements from seasonal strength in Q2 when we refit the vessels. Typically the second quarter is a stronger period for the charter market. We are undoubtedly going to suffer a revenue loss compared to $28,500 a day. So that's a negative. The two positives which we talked about on this call and before are, the rolling off of interest-rate swaps of peak season, the specific number of $6.3 million, to be saved in 2013 achieving LIBOR of 30 basis points, and then we've got a reduced level of drydocking. So, we've said that in large measure, those two positives offset negatives from the reduced rate with the two ships in the spot market, but we wouldn't want to be more specific than that. Mark Suarez – Euro Pacific Capital: Sure. Now just turning into the industry, I know you mentioned, and you talked about in the presentation today specifically regarding the small to midsize vessel segment, that scrapping has accelerated. We have seen reports that scrapping has indeed accelerated as of late. Do you see the potential for fleet growth to maybe surpass the market positively this year, assuming that trend continues, and possibly assuming the relationship between charter rates and supply rates remain sort of a constant, as we have seen over the past I would say five years, you think that could also benefit charter rates and SMP's prices going forward?

In the medium term, Mark, yes, absolutely, everything is, say, we support it. It's very difficult to forecast the future. I mean in this industry, almost nothing is impossible, and it is possible that the structural oversupply of midsize and smaller tonnage could correct us more quickly than most are expecting. Most pundits are looking for 2013 and most of 2014 to remain challenging, notwithstanding as you observed, an increase in the rate of scrapping. But just to go over the numbers again, the order book for midsize and smaller ships represents 9% of standing capacity. So, let's assume it's being spread over two years, but 4.5% fleet growth a year. Yes, there will be some scrapping, often driven by short-term cash constraints for current owners and often KG owners who can't access further finance to support their loss-making business. So the net fleet growth would be less than 4.5%. And as we've said on Slide 8, midsize and smaller ships are deployed on the fastest-growing trade lanes, which represent the biggest in aggregate share of container volume, and in 2012, those trade lanes, the four that we've got there in the red box on Page 8, grew at 4.8%, 3.5% and 6.8%. So that could easily absorb call it 4% net fleet growth in that size category. Mark Suarez – Euro Pacific Capital: Is there a potential for it to be accelerated, maybe?

We'll have to wait and see. Mark Suarez – Euro Pacific Capital: Got it, okay. Thanks, that's what I've got for now.

Thank you. Your next question comes from [John Rice] (ph). Please go ahead.

Ian, can you comment on, and you may not know this but I know you're pretty intimate with CMA CGM obviously, but can you comment on whether or not, I'm not sure if I heard you right but obviously they would be an interested party in you and GSL being able to improve their financial flexibility and return to a dividend paying entity. I mean could it make sense for CMA CGM to somehow help you overcome your loan-to-value covenant in a way that you then are able to reinstate the dividend, bringing that cash flow then back to them and potentially significantly increasing the value of their investment in you?

I already can't answer that question other than to agree with you, that as a significant equity holder, along with all other equity holders, then we would hope that CMA CGM would see the value of us trying to increase financial flexibility to recapitalize to be able to, should we so choose, reinstate the dividend to return the Company to a growth path. I can't comment on the specifics of we talked to about what.

Right. Okay. And with regards to asset values, how about you characterize them now versus say one or two quarters ago?

That probably comes down a little bit more, but not as much as spec market. We expect there is a floor on asset values which is the scrap value of ships, and then in the last two or three quarters, the SMP market wasn't pretty fed and often driven by one-offs on individual transactions. The SMP market has shown that retail values have trended towards scrap or small premium on scrap and that's for the near midsize ships and smaller, and that's in large measure why we say what we say about wishing to take a position in the company – for the company in a position to return to growth. And this is for older ships obviously, 15, 20 year old vessels.

Right, and just one last sort of talk here, or comment maybe you can comment on, but you sound to me in this call decidedly more cautiously optimistic about the capital markets and your ability to access them. Is that a fair statement?

Look, I've said on previous calls that we always keep an eye on the capital markets and from time to time we take a deeper dive. We are certainly taking a deeper dive now, it's top priority. And why, why do we think the time is right now for us to invest a lot of time here? I mean there are a number of factors. Firstly, we've got long-term relief from our loan-to-value tests. We have no pressure from short-term volatility from asset values. So we don't have a backseat against the wall, we don't have any refinancing obligations, we're not being forced to address our balance sheet. Secondly, our charterer, our sole source of revenue, has announced a successful completion of its own financial restructuring, including the raising of equity, and on the back of that, Standard & Poor's have rerated CMA. Thirdly, the capital markets, the credit markets anyway are, however you want to describe it, red hot, very positive, very supported. Now with those factors together, we think that the time is right to spend time in looking at whether we can pull together a solution. As I said on the call, we are not going to speculate, we can't comment on their feasibility timing or whatever, but rest assured, we are focusing intently on seeing if we can deliver something that's going to revitalize the Company.

Okay, thanks very much.

Thank you. (Operator Instructions) Your next question comes from [Nathan Lafane] (ph). Please go ahead.

Thanks for taking my call. Two quick questions. One is on the order book. Do you think in the container market that there is not comparable but some standard component to the order book? In other words, orders that were placed either can't get financed or – it seems like 30% of drybulk order book is not really real, is there any component in the container world that you think maybe is taking on the supply side?

There's always room at the margins for cancellation, conversion, delay, deferral, and we were already reading reports (indiscernible) scheduled to be delivered in 2013, maybe being pushed into 2014, but the truthful answer may come into that, probably most of the significant action to cancel orders has already been taken and what's now stuck in delivery for 2013 is the result of negotiations, cancellations, and deferrals from previous years, 2009, '10, and '11, and to a lesser extent '12. So, we wouldn't expect a material change to the delivery, as set out on Page 9.

Fine, that's true. And am I correct, did I read somewhere that our counterparty, CMA CGM, seems to be on a path towards some kind of public offering, [some years ahead] (ph)?

Yes. I mean, what they said in their press release, the one that they announced to the finalization of their financial restructuring, it's toward the end of (indiscernible). It is that this restructuring, et cetera, constitutes key master-ins before contemplating an IPO, I mean that's what they said. Other than that, I can't comment.

Would you like to but you can't?

Well, if I know more then I'll put that out.

Thank you. Well, I guess we can't speculate on that. That's good summary. Thank you. I appreciate it.

Thanks very much.

Nice quarter.

Thank you. There are no further questions at this time. Ian, please continue.