Good day, ladies and gentlemen and welcome to the Global Ship Lease Q2 2014 Earnings Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this call is being recorded. I would now like to introduce our host for today’s conference, Ian Webber, Chief Executive Officer. Sir, you may begin.

Thank you very much. Good morning, everybody and thanks for joining us today. I bet you’ve been able to look at the earnings release that we issued earlier on and been able to access the slides that accompany this call. And as usual, I’d like to remind you that slides one and two comment, the 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 on Form 20-F, which we filed in April, and which you can find on our website or via EDGAR, the SEC’s website. All of 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 and for reconciliations of the non-GAAP financial measures to which we will refer during this call to the most directly comparable measure calculated and presented in accordance with GAAP, you should refer to the earnings release that we issued this morning and that release is also available on our website. I’d like to start the call by reviewing the second quarter highlights and then talk about our fleet. After that, I’ll offer some comments on the container shipping industry, including principal charter CMA CGM as well as on the activity level for acquisitions in the space. Following that, I’ll turn the call over to Susan for her comments on our financials. Then after some brief concluding remarks, I’d be pleased to take your questions. Slide three shows our highlights for…

Thank you Ian. Please turn to slide 11 for a summary of our financial results three months ended June 30, 2014. We generated revenue of $33.5 million during the second quarter down $2.4 million from revenue of $35.9 million in the comparative period in 2013. The decline in revenue is due mainly to reduced revenue of the four vessels following charter expansions by three years as a low daily rate of $15,300 per day compared to $18,465 per day previously and this was effective from February the 1st this year. As well there was a total of 48 days idle time in the quarter for Ville d’Aquarius and Ville d’Orion from their redelivery by the previous charter of CMACTN in late April and in late May respectively. Until the commencement of the new charter on May 7, 2014 Ville d’Aquarius and after the end of the quarter Ville d’Orion which then started a new charter on July 17, 2014. These 48 days has one day of unplanned off-hire during the three months ended June 30, 2014 resulted in utilization rate of 96.8%. In the comparable period of 2013 there was one unplanned day for utilization of 99.9%. There were no off hire due to schedule dry docking in the second quarter of this year with only two vessels unscheduled to undergo dry docking during the rest of this year and next year. Vessel operating expenses was $12.1 million for the three months period, with an average cost per ownership day in the second quarter $7,853 compared to $7,504 for the same period in 2013 up $349 or 4.7%. The increase was primarily related to high end maintenance spend on the phasing of generator overhauls and from the cost of fund continued while the two 4,113 TEU vessels were idle or…

Thanks Susan. Before we move on to your questions, I’d like to draw your attention to slide 14, where we briefly summarized our core strengths and reiterated our strategy of creating value for all shareholders. Firstly, excluding our two 4100 TEU vessels, the fleet is fully contracted as through late 2017 with contracted revenue of sum $900 million and the weighted average remaining contract duration of 7.3 years. Close to about 4100 TEU vessels have been successfully redeployed with sea consortium returning our fleet to 100% contract coverage and diversifying our charter portfolio. The strong contract coverage and ford visibility on cash flows provides us with the stable platform for growth and significant insulation from market volatility through the cycle. Secondly, we continue to generate strong cash flow based on our contracted coverage as just discussed. Third, our refinancing earlier this year not only created the flexibility for us to grow and to contemplate dividend but substantially strengthened our capital structure by pushing back any refinancing requirements to 2019 and eliminating restrictive maintenance covenants including loans to value. Finally, we’re well positioned to grow our fleet by pursuing attractive accretive acquisition opportunities at the time of cyclically low asset values. We continue to see good opportunities in the market I’m actively engaged in evaluating them. We intend to remain disciplined in this approach and are confident in our ability to acquire vessels in such a way as we’ll expand our contracted revenue further diversify our chart portfolio build our capacity to pay us sustainable dividend and create value for shareholders. With that comments, I’d like to hand the call back to the operator who can explain the Q&A process.

(Operator Instructions). And our first question comes from the line of [Steve Ron] from Sabra Capital. Your line is open.

Thank you. A couple of quick questions as it relates to the vessel operating expenses of 78-50 for the quarter. If you back out some of the – what seems to be one-time cost with the repositioning of Aquarius what would it be operating expenses have been for the quarter?

We normally get this wrong if we calculate stuff only on the fly. But I think the total to the puncture cost that we incur that we wouldn’t double it around $250,000 in the quarter. So, if you spread that over the fleet over the 90 days so that will give you an answer.

Okay, fair enough. And then as it relates to acquisitions please to hear that you’re sticking to being discipline and trying to achieve the IRRs of that you’re looking for, but can you give us more color on the discussions that you had for the vessels that did change hands during the second quarter as to why you didn’t move for with it was it because it didn’t hit the IRR hurdle was it the counterparty. Can you give us some more color as to why those opportunities weren’t pursued further?

Yeah, thanks for that question. It’s difficult to comment specifically. We have been re-establishing our credibility as an active purchaser, potential purchaser in the containership sector and what we can’t do is talk about, talk publicly about individual transactions that we may or may not have been involved with. However, what I can say is that there have been transactions out there that have met our investment criteria, they are the right type of vessels they we believe generate the right types of returns. Patiently as we haven’t announced anything it – watch out for us yet but we remain confident for the future we are continuing to see a pipeline of potential transactions that meet our criteria. What we don’t want to do is get carried away in the chase grow for growth sake and move away from the disciplined approach that we have adopted here.

And a follow-up to that question, would it be your preference to do one bulk transaction that represents a number of vessels at one time or just to do one-off transaction overtime.

I think weren’t different really, there is an advantage, we’ve got a limited amount of investment capacity $80 million odd as I mentioned on the call, there is an advantage in deploying in all of that one go. The accounts to that is, let’s spread the risk a little and have multiple transactions. We have to assess each deals on its merits and if there is a package deal or one ship deal but the sub-part a lot of that capacity then we would certainly look at it.

Okay, thanks so much.

Thank you. Our next question comes from Mark Suarez with Euro Pacific Capital. Your line is open. Mark Suarez – Euro Pacific Capital: Good morning, guys. Thanks for taking my call. Ian you talked about acquisitions and we talk this, we talked about it in the past at Lance and I am just wondering now at this point of the cycle are you guys gating now that you have that cash deploy are you getting more calls from the stressed owner so, are you seeing maybe a trend that you’re beginning to see owners that are financial distressed go ahead and maybe start selling – trying to get rid of those assets out of their balance sheet is that a trend you are seeing now or is that –?

Yeah, kind of. We don’t keep statistics on inbound calls and that sort of stuff that our sense is that there is more distressed purchase opportunity out there and then there has been for a little while now is that pressure on often German owners from German banks we don’t quite know but certainly there is a level of activity there but just to remind you, we’re less interested in the distressed, the distressed type of transaction because that doesn’t generate incremental cash flow out of the gate and a key part of our strategy is to build the EBITDA, build cash flow which drives us down towards the charter detached transactions which represent a smaller portion of the done deals than distressed opportunities. Mark Suarez – Euro Pacific Capital: Got you. And just maybe to go back and see some of the trends like you know we – I guess over the past four or five months we have seen vessels in the sub-2000T range especially the geared vessels where they manage beginning to pick-up relatively strong. Do you think that could be a good opportunity for you guys to maybe go and check those out in the 1500 to 2,000 TEU range is that something that you guys have taken look at?

Well we’ve said Mark that we are looking at mid-sized and smaller and then we’ve sort caveat that by saying $22.5 thousand to $77.5 thousand. Yeah, for particular transactions we would look outside of the envelope would we be inclined to go smaller probably not? Would we go larger maybe? So, I think 1,500 TEU and below probably isn’t the type of asset for us. Mark Suarez – Euro Pacific Capital: Okay, and would that be charter attached or free charter. I am wondering if you maybe you can go for assets and get yourself some spot exposure like going with a charter six months or so is that a possibility or you want to lock it in for a more than one year what sort of this charter and strategy?

Well the driver for us is less duration but I’ll come back to that and more incremental cash flow out to the gate distressed transactions which would normally bring with either no charter at all or only a short charter, would barely cover operating costs less alone generate free cash flow so, we wouldn’t be looking at distressed and therefore we would likely not be looking at shorter charters either I would suggest that we have the minimum that we would look at would be 18 months and really and reality we would like several years of cover if we can achieve it. Mark Suarez – Euro Pacific Capital: Got it. And I think you also mentioned a newly domain that’s back full year operation as for the third quarter. Is that correct?

That’s right. Fully repays and returns of full operational capability on the 14th of July and is earnings her contracted rate of nearly $18.5 thousand a day. Mark Suarez – Euro Pacific Capital: Okay, great. And just maybe go back in to the daily open expenses question. I know you had a repositioning. Do you think that is driving the different of that I see that you came in here around 7800 in the past it’s like 7500 is that the whole different? Or is there something –

I cannot share I mean I’ve done the math very quickly and $250,000 of bunker costs which we don’t normally incur but we are still the vessels are idle and we have to pay to keep the lights on and also we incurred costs for repositioning Aquarius $250,000 of bunker costs in the quarter over 90 odd days and 17 vessels is a $160 per day. Mark Suarez – Euro Pacific Capital: Okay.

$160 per day of the daily cost is due to those that sort of exceptional expenditure if you want to. Mark Suarez – Euro Pacific Capital: Okay. That’s makes sense. That’s all I have for now. Thanks.

Just on that, we do tend to see that operating costs can be a little higher in the first half of the year as our Ship Manager is looking to maintain actively the fleece get on top of the jobs that we need to have done during the course of the year and then it tends to drop a little in second half. Mark Suarez – Euro Pacific Capital: Great. Thanks.

Thank you. (Operator Instructions). Our next question is from the line of Eric Geller from Jefferies. Your line is open. Eric Geller – Jefferies: Hi, guys. Thanks for taking the call. Can you talk a little bit about the dividend policy what are the metrics that you’re looking at before you’ll start paying the dividend?

Well our focus Eric is on growth and for the moment discussion about dividend and dividend policy is moved the Board has determined that we should be investing and growing the business to generate incremental cash flow, to generate incremental net income all of which will allow us to pay a larger dividend when the time is right. So for the moment we’re focused on growth and not on dividend payment. Eric Geller – Jefferies: Okay. Thank you.

Thank you. And at this time I am showing no further questions. I would like to turn the call back to Mr. Ian Webber for any closing remarks.

Thank you very much. Thanks everybody for listening to our comments and for your questions and we look forward to providing you a further update on GSL for the third quarter. Thanks.

Ladies and gentlemen, thank you for your participation in today’s conference. This concludes the program. You may now all disconnect. Everyone have a wonderful day.