GSL slides in the second

Global Ship Lease (GSL) of the UK turned in a second-quarter loss Monday but the deficit hasn’t derailed its campaign to pursue expansion.

In a note to investors chief executive Ian Webber said he remains confident in the “underlying fundamentals” of the containership industry and argued that his company continues to be “well positioned for growth”.

“Drawing on our strong financial flexibility, we continue to actively pursue accretive opportunities to expand our fleet and future earnings power while enhancing shareholder value," he added in the New York-quoted owner’s earnings report.

The commentary came as the company reported a net loss of $2.3m for the three months to 30 June, versus a gain of $10.1m in the comparable period 12 months prior, as revenue slipped to $33.5m from $35.9m year-on-year.