Good day ladies and gentlemen, and welcome to the Global Ship Lease Q4, 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today’s conference, Mr. Ian Webber, Chief Executive Officer of Global Ship Lease. Sir, you may begin.

Thank you. Good morning everybody and thank you for joining us. I hope you’ve been able to look through the earnings release that we issued a little earlier today and been able to access the slides that go along with this call. As usual Slides 1 and 2 remind you that 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 most recent Annual Report on Form 20-F, which is for the year 2015, and was filed with the SEC in April 15, 2016. You can obtain all of these from our Website or via the SEC’s. 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 to which we will refer during this call to the most directly comparable measures calculated in accordance with GAAP, you should refer to the earnings release that we issued this morning which is also available on our website at www.globalshiplease.com. For today’s presentation I’ll begin with an overview of our fourth quarter and the full year 2016. I’ll then provide some color on our fleets, charter portfolio and our strategy. After that, Chief Commercial Officer, Tom Lister will discuss the current container shipping market environment and developments in the industry followed by our Chief Financial Officer, Susan Cook, who will provide an overview of our financials. I’ll then return for a brief summary, and…

Thanks Ian. While our fleet has remained fully employed on term charters, 2016 has been a tough year for the industry. Uncertainty weighs upon the macroeconomic environment, geopolitical backdrop and consequently upon trade fundamentals. 2016 saw among other things the Brexit referendum and the U.S. Presidential election. In 2017, elections will be held in a number of European countries, the results and ramifications of which are impossible to predict, but which may potentially lead to an increase in protectionism, and a weakening of the cohesion of trade blocks such as the EU and NAFTA. In the second half of 2016, Hanjin shipping, formally the seventh largest container line collapsed with bankruptcy declared early this year. The hope is that Hanjin’s fate may serve as a useful wakeup call for all industry participants that unsustainable freight rates and our extensions spot market charter rates are just that unsustainable. Time will tell whether or not this lesson is sufficiently absorbed but as we would argue in the next few slides, a very challenging market over the next year or two particularly for owners with high scrapping, low ordering and potentially further consolidation in the liner sector should hold the seeds of eventual recovery for those owners who can hang on through this protracted downturn. Our thesis is of the midsized and smaller tonnage segments upon which Global Ship Lease continues to focus all the best prospects for such a recovery, but it will take time. In the meantime, the spot charter market remains under significant pressure as do asset values. So turning to slide eight, Containerized trade growth in 2016 was 3.5% up from just 2.2% in 2015. Meanwhile supply side growth fell from the 7% to 8% mark in 2015 to around 1% in 2016. Current expectations are that demand growth…

Thanks, Tom. Please turn to slide 15 for summary of our financial results for the three months ended December 31, 2016. We generated revenue of $41.4 million during the fourth quarter, down $2.6 million from revenues of $44 million in the comparative 2015 period, due mainly to fill our ownership days following the sale of Ville d’Aquarius and Ville d’Orion in fourth quarter 2015. And the effect of reduced charter rates for the Marie Delmas and Kumasi from August the 1st, 2016 as part of their extension. With 11 days of planned off hire for one schedule drydocking completed in the quarter, and one day of unplanned off hire, utilization was 99.3%. Revenue for the full year 2016 was $166.5 million, up by $1.6 million on the prior year. During full year 2016 we had a 100 cases scheduled off hire to six drydockings and any three-day of unplanned off hire. Vessel operating expenses were $11.2 million in the fourth quarter, down 8.4% from the prior year, due to few ownership days after the disposal of the two vessels in the fourth quarter 2015. And also importantly, from reduced average cost per ownership day, which was $6,771 for the quarter, a $186 less per day or 2.7% lower than last year’s fourth quarter. For the full year, average daily costs were $6,936, down $333 or 4.6% for net 2015 daily average. The reduction in both periods is mainly due to low improved costs and reduced insurance premiums on renewals, together with the elimination of the relatively high costs related to operating the two vessels sold in Q4, 2015. Interest expense in the quarter was $9.5 million, down $3 million on the interest in the comparative 2015 period, primarily due to a $1.9 million gain on the open market purchased of $18 million principal amounts of our 10% note in November 2016, and reduced interest on the note following repurchases. Just to remind you, in previous quarters $26.7 million of notes were purchased as a result of the tender offer in March 2016. With a further $4.2 million being purchased in May and 5 million in August making a total of $53.9 million principal amounts of notes were tied during 2016. Slide 16 shows the balance sheet. Key items as of December 31st include cash of $54.2 million, total assets of $776.3 million of which %719.1 million is vessels. Our total debt with $429.4 million, down $63.4 million since the end of last year as a result the notes retired I have just mentioned and amortization of our secured term loan. Net debt at the yearend was $375.2 million and shareholder’s equity of $328.9 million. Next slide, slide 17 shows our cash flows. The main items to mention in the last quarter 2016, our net cash provided by operating activities which was $27.8 million and purchased and cancellation $18 million principal of our notes for $16.1 million. I would now like to turn the call back to Ian for closing remarks.

Thanks, Susan. And given this is your last earnings call before you step down as our CFO, I’d like to take a moment to thank you for everything you’ve done for GSL over the last, while almost 10 years for now and we look forward to your continuing support. If you will now turn to slide 17, I’ll give a brief summary and then we can move to your questions. Our fleet is fully employed on fixed rates mainly long-term Time Charters with top-tier counterparties. These contracts provide us stable revenue and a high degree of visibility on cash flow over the next few years. We made progress by expanding two of our near-term charter expires during the course of 2016 and we continue to be open to additional opportunities to secure further installation from spot market on attractive terms. All of our ensuring as our operational performance and cost efficiencies yield the maximum possible value from the vessel's employment. We are particularly pleased with the reduction in daily operating costs during 2016. Whilst as Tom suggested, liner companies may show improved performance in 2017 partly as a result of better cost structures following corporate consolidations and a major reshaping of the alliances, the prospects owners with significant near-term exposure to the spot market are poor. In the face of excess capacity likely to be exacerbated on more efficient use of the global fleet by liner operators. However we're encouraged by the clear steps that are being taken by the industry through record levels of scrapping and minimal new vessel orders to bring the market towards equilibrium particularly in the mid-size and smaller vessel policies where we have Global Ship Lease focused. Finally, we focused our efforts on strengthening our capital structure and ensuring that we are well-positioned to whether the down cycle and to take advantage of value generative opportunities as they arrive. In 2016 we reduced our debt substantially including by opportunistic open market purchases of our bonuses at attractive prices, unloaded our net debt to last 12 months EBITDA four times at the end of 2015 to 3.3 times at the end of 2016. We intend to continue to make progress on this front. From the phase they’re using our substantial and stable cash flows to delever on an opportunistic basis to maximize long-term shareholder value. With our prepared remarks concluded, we’d now be happy to take your questions.

Thank you. [Operator Instructions] And our first question comes from Mark Suarez from McQuilling Holding. Your line is open.

How you’re doing guys? Thanks for taking my question.

Hi, Mark.

Just to go back on the recent repayment of the bonds, I’m wondering what your expectations are for 2017 and how your talks are going regarding the refinancing of the bond that expires in 2019?

Well, we’re not going to speculates on the open market purchases in 2017, but clearly as I said in my prepared remarks, it remains a very good use of our investment capacity. As we’ve said before on the phase that we have true clear uses of service cash or capital, one is to retire debt, delever the balance sheets and improve our refinancing prospect that way. And the second is vessel acquisitions, which we would only undertake if they were economically justifiable and also strengthen our credit position. How 2017 will turn out is really difficult to tell. We did of course have to make our excess cash flow offer which will absorb $20 million of our cash. On a refinancing, I mean, we had two years to go before the bond force you. We certainly don't want to leave it until then to initiates a refinancing program and we continue to evaluate market opportunities to refinancing and further strengthening the balance sheet as and when they arise.

Okay. And in terms of potential acquisitions, I know that over the past two years you’ve been looking at some of their larger vessels, post Pannamax vessels specifically OOCL, do you still see opportunities in that space if you will to do some sales and leasebacks, charter-attached transaction and what sort of values are you seeing in the market today, vis-à-vis of course [till 2015]?

Yes. Mark, we do see opportunities to do similar transactions and indeed during the course of 2016 we actually look very closely at a number of transactions. However, the relative economics at least during 2016 when the bonds were trading in the high 80s and low 90s, the relative economics are buying back bonds, we judge to be superior to the economics of selling and buying and leasing back containership, so it’s sort of a relative value play.

Okay. That’s it from me. Thanks for the answers.

Thank you.

Thanks, Mark

[Operator Instructions] And our next question comes from Nicholas Gower from Clarksons Platou. Your line is open.

HI. Good morning and thank you for taking my question. I guess just to keep on the topic of acquisitions, I guess how do you guys think about the sort of acceptable charter profile for a potential acquisition. Is it something that you’re going to sort of cognizant in terms of trying to extend that charter profile past the which area that 2019 notes or even further or I guess sort of how should we be looking looking at that?

Yes. I mean, in an ideal world, yes, if we’re looking at ship acquisition charter-attached ship acquisitions then are clearly having a charter run beyond the maturity of the most is credit enhancing, so that would per sure will be our objective.

And then, sort of I guess any guidance on our potential sort of targeted the LTV that you guys would be comfortable with for the financing on potential acquisition?

It will very much depend upon the nature of the assets and the nature of this acquisition. So, for example certain assets would be quiet on unlevered basis. Others contingent on the age, size, liquidity of the asset and the length of the charter, would be able to support modest leverage.

Thank you. And then, I guess just one last question. I mean, there is still that a time before some of the charters in 2017 due roll off, but are you sort of begun any discussion around potentially renewing the charters for those vessels or potentially finding a new charter party?

As a general matter we wouldn’t comments on the status of any negotiations where we may or may not be having. But also as a general observation, it’s -- in today's market, weak charter market its incredibly early to be having serious discussions charters [Indiscernible] potential for review or indeed with other charters if feeling is that the present charter is unlikely to want to extend. So we would have to give you a better or we would be in a better position to give you an update probably on our second quarter call.

Perfect. Well, that does it from me. I’ll turn it back over. Thank you.

Thanks very much.

Thank you. And our next question comes from [Indiscernible]. Your line is open.

Hi. Thanks for taking my question. Given the company’s strong cash flow during 2016, can you confirm that you’ve met the qualification for an excessive cash flow offer on the bonds for the indenture and so when do you anticipate making that offer?

Yes. We have met the qualifications, so the offer will be at the maximum of $20 million and we should be launching that offer in the next two or three weeks.

Great. Thank you.

Thank you. And I'm showing off any questions from our phone line. I would now like to turn the conference back over to Mr. Ian Weber from the closing remark.

Yes, thank you very much for taking part in this call. We look forward to providing you with an update on our first quarter results. And hope to meet with some of you as or around the Deutsche Bank conference in New York later on this month. Thanks very much.

Ladies and gentlemen thank you for participating in today's conference. This does conclude the program. You may all disconnect. Everyone have a wonderful day.