(Reuters) - Global Ship Lease Inc (GSL.N) posted lower fourth-quarter sales as some of its vessels did not generate revenue for 12 days in the quarter, sending the shipping company's shares down as much 10 percent.
The company, which buys and contracts vessels to container shipping companies, posted a profit of $10.9 million, or 23 cents per share, compared with a profit of $1.2 million, or 3 cents per share, last year.
Profit, on an adjusted basis, was $6.8 million compared to $6.6 million in the year-ago period.
Global Ship, whose fleet of 17 vessels is chartered with the third-largest container shipping firm CMA CGM CMACG.UL, posted marginally lower sales at $39.7 million.
Fleet utilization fell to 99.2 percent, from 99.9 percent in the comparable quarter last year.
The London-based company's shares, which have shed about 50 percent of their value in the last one year, were trading down about 7 percent at $3.2 on Wednesday on the New York Stock Exchange.
Reporting by Divya Lad in Bangalore; Editing by Sreejiraj Eluvangal