Good day, everyone, and welcome to the Global Ship Lease First Quarter 2013 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 thanks for joining us today. I hope that you’ve been able to look at the earnings release which we issued earlier on and been enable to access the slides that accompany this call. Our slides one and two are the normal slides to warn you about forward-looking statements. These 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 included in our annual report on Form 20-F, which we filed on April 12th, this year; you can access this via our website or via the SECs. All of our statements are qualified by these and other disclosures in our reports filed with the SEC and we don’t undertake any duty to update forward-looking statements. For reconciliations of the non-GAAP financial measures that 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, www.globalshiplease.com. As usual, I'll start by reviewing the first quarter highlights and then talk about our charters including the successful re-chartering of our two 4,100 TEU vessels. I'll then offer some comments on the industry covering CMA CGM as well before turning the call over to Susan for comments on our financials. After some brief concluding remarks, we will take questions. Slide three shows the highlights for the first quarter. We are pleased with the start of the year by generating strong and consistent first quarter results. With all…

Thank you, Ian. Please turn to slide 12 for a summary of our financial result for the three months ended March 31, 2013. We generated revenue of $35.2 million during the first quarter owing to our fully charter fleet of vessel. This is down $3.2 million from revenue of $38.4 million for the comparison period in 2012. The decline in revenue is primarily due to lower levels of charter hire for two vessels which commenced new charter agreement in last September of 2012 at a daily rates of $9962 per vessel compared to the previous rates of $28,500 per vessel. Utilization was 98.3% for the quarter compared to 96.8% in the same period of 2012, as we experienced only 26 days of hire, temporarily for scheduled dry docking. We have only one more dry docking scheduled for 2013 which will have a positive impact on all five days in revenue for the remainder of the year. Vessel operating expenses were $11.5 million for this three months period and the average cost for ownership day was $7546, up $219 or 3% on $7327 for the rolling four quarters ended December 31, 2012. The increase is due primarily to increased crude cost offset by positive exchange rate movements on the portion of crude costs denominated in euros as well as reduced costs for communications. Interest expense excluding the effect of interest rates derivatives which do not qualify for hedge accounting for the three months ended March 31, 2013 was $4.9 million. The company's borrowing is under its credit facility averaged $425.7 million during the first quarter. The average amount to preferred [chairs] outstanding throughout the period was $45 million, giving total average borrowings of just under $471 million. Our derivative hedging instruments gave a realized loss of $5.4 million in the three…

Thanks, Susan. I'll conclude by highlighting a number of the company’s cost rates and reiterating our current strategy to draw shareholder value. This is slide 15. Firstly, fleet remains fully chartered with no expirations during the next year and only two expiations in the next four years, with an average remaining charter term of over 7 years and relatively stable costs. We have significant visibility in to our future financial results and cash flow despite the volatile and fragile current market conditions. Secondly, we've begun to realize the positive cash flow effects of both the $253 million of swaps which rolled off mid-March as well as the much reduced drydocking schedule, only one more drydocking this year to next year and none in 2015. Thirdly, we're insulated from asset value volatility as a result of our loans to value waiver which runs through until December 2014. Fourth, we are well positioned to utilize our strong cash flow to further delever our balance sheet and we have got no exposure to financing or refinancing risk until late 2016 when the credit facility matures. Lastly exploring opportunities to increase financial flexibility remains hugely important for the company. We continue to believe that the improved financial position at CMA CGM, favourable credit markets in the U.S. are waiver of the loan to value covenants until late next year together creates a supportive backdrop for capital rates. We can't as I am show you will understand speculate on timing or the eventual outcome, but we can tell you that we have been and continue to actively pursue this as our top priority as we seek to have the flexibility to pay our dividend and also position ourselves for growth at the bottom of the cycle. That concludes our prepared remarks. And I’d now like to hand the call back to the operator who can explain the Q&A process.

(Operator Instructions) You have a question from the line of (inaudible) Please ask your question.

I just wanted to see if you can give a little bit more color on what you guys are seen in the credit market. There is a couple of reports out today stating that junk debt is trading below 5% right and now currently you guys are paying LIBOR plus 375. I know you are at the discussions right now, but is there any kind of commentary you can give on what type of dealers you are seeing out there, so we can kind of put some numbers to what you guys are looking at?

In fact, it is very difficult to comment on the specifics of what we are saying because it sort of too close to the actions so to speak. But for sure investors are start to yield, they are looking for new products as we understand it. We want to try to capitalize on that. The yield will pretty common, that's available on different issues and different class of security varies from industry to industry and circumstance to circumstance. Yeah, but sure as I said in our remarks we think that the credit markets are very supportive for all types of issues as of now.

So yeah, I mean either ways, do you guys are able to do some type of debt offering around that type of level, it would be positive to things you guys can do in the future?

Yeah, I agree, I don't want to -- but just kind of (inaudible) trading, they traded off enormously which is fantastic to see and it is also further supportive for us, but they are sort of proxy and don't read anything more into this, so I am just putting it out there, but there are proxy for what a shipping company might be able to raise, they are trading in the sort of 9% to 10% range at the moment.

Can you give any clarity on your preferences for preferred versus credit debt?

No, not really, I am afraid.

And then just lastly, you are touching on some growth opportunities or trying to capitalize on where asset prices are right now. Would this be -- would you guys be looking more towards new bills or would it be existing tonnage sale and leaseback type transactions?

It would be more of the latter. The new building arena that's ship with the yards things sort of business and operating very expensive prices require significant amount of capital and you also have to wait 18 months to two years to four years for ships to be in your balance sheet and earnings. What we think that at the other end of the spectrum, midlife and older and midsized and smaller tonnage presents some unique opportunities just now. Transactions aren't happening. Here you are able to buy ships kind of maximum below or smallish premium at scrap value which would minimize the downside risk. That's crucial for us would be to have a charter in place. If we were to purchase that charter or vessel we would want revenue associated with the ship, we wouldn't just speculate on tonnage. And it comes back to what we were saying in the prepared remarks about the cyclical nature of this business and the fact that the small, the mid-sized and smaller tonnage deployed on the fast growing trade lanes with a relatively small order book, only 8% of the [capacity] dealer represents an 8% standing capacity with high levels of static. You could easily see that in a couple of years’ time there might be a shortage of these types of vessels which would support the technical recovery in asset values and charter rates. And that we are not the only owner that's spotted this. That's what we would like to focus on and that's one of the reasons why we are keen to retain our 4100 TEU vessels in the fleet, albeit we are only able to charter them out at $7000 a day. We think a few ships of that vessel class is good.

(Operator Instructions) Your next question comes from the line of Nathan (inaudible).

Just a very quick clarification, you talked about the relatively interesting prospects for a capital raise; when you say that Ian you are specifically referring to debt financing as opposed to equity dilution. Is that fair?

Yeah, that's a fair assumption. We are not (inaudible).

Just want to be sure that nobody goes off (inaudible) on that.

We are not lined here to issue equity at the current valuations.

Your next question comes from the line of Mark Suarez [Euro Pacific Capital]. Please ask the question.

Just a quick question on the from a modeling perspective of interest rates; I know that you are going to have the $250 million that just rolled of in mid-March. You have the annual asset in $7.5 million. I am just wondering from a quarter-to-quarter perspective. I understand the annual impact, but should we be modeling for significant reduction in Q2, Q3, all the way to Q4 in terms of just to get a sense of how we should be thinking about interest expense going forward?

The quarterly affects of the $7.5 million is $1.9 million. So Q2, 2013 compared to Q2 of 2012 well all thing equal show $1.9 million lower interest from the exploration of those swaps. So it's linear.

Got it,

But expect change on March to April whatever it was 2013 where supplements of derivative just dropped by the equivalence of $7.5 million a year.

Right. So I just sort of modeling that stepwise, just wanted to make sure I had to be clear on that one. Also you also mentioned you drived out two vessels this quarter. You mentioned you are going to be dry docking an additional vessel. You know, which quarter that’s going to happen?

Q4

It's planned for Q4

And then going back to your interest obviously the balance sheet, is there any potential to maybe accelerate your debt repayment schedule this year versus last year? Is there a potential to do that?

On the price of that, no because we are earning less cash, because we have got these two ships now running $7,000 a day, while $10,000 a day prefers full months of the year and they are about $7,000 a day for the balance of this year, whereas last year they were earning -- for the most of the year $28,500 a day. So EBITDA is down and therefore we’ve got less cash. Now that is offset by the cash savings from the derivatives rolling off, also reduced level of drydocking. So yes, maybe we can maintain a same sort of level of debt repayment.

And then lastly, you mentioned the two vessels recently rechartered, I know it's locked in the 7,000, could you have achieved the higher charter rate by locking them in at maybe a shorter contract with the help of renewing them earlier, it's the marketing boost and therefore getting that upside potential there or how should we think about that?

Yeah, that’s a really good question. We previously said on the call when the charter market is soft, the tendency is the fix just to be short, because owners want to have the opportunity of securing higher rates sooner when there is a recovery. Now at the moment, owners are not confident of the significant cover in charter rates say over the next 12 to 18 months. And you’re seeing fixtures in the spot market of longer duration than you might otherwise seeing, I am not charter losses there (inaudible). We are very comfortable to lock these vessels in for a year. We don't have to worry about them. If we had a six month fixture they would be coming open in October, November 2013. That’s a really core time of the year so we are trying to find employment for any vessel because lot of companies activities are winding down due to the seasonal downside. With the 12 month quarter now the ships come open again next might be in April 2014 which is around about the best time at least traditionally for charter market activity.

Thank you. And I’d now like to turn the call back to Ian Webber. Please continue, sir.

Thank you very much. Thanks for joining us today. Thanks for listening and thanks for your questions. We look forward to giving further update on quarter two in August. Thank you.

Thank you. That does conclude our conference for today. Thank you all for participating. You may all disconnect.