surfer44
4週前
Global Ship Lease Reports Results for the First Quarter of 2026
May 22 2026 - 8:00AM
Global Ship Lease, Inc. (NYSE: GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three months ended March 31, 2026.
First Quarter Highlights and Other Recent Developments
- 1Q 2026 operating revenue of $198.1 million.
- 1Q 2026 net income available to common shareholders of $91.4 million, or $2.54 earnings per share (EPS).
- 1Q 2026 normalized net income (a non-U.S. GAAP financial measure, described below)3 of $92.1 million, or $2.56 normalized EPS³.
- 1Q 2026 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)3 of $133.2 million.
- Added $86.1 million of contracted revenues during first quarter of 2026, bringing total contracted revenues as of March 31, 2026 to $2.05 billion, over a weighted average remaining duration of 2.6 years.
- On May 11, 2026, declared a dividend of $0.625 per Class A common share for the first quarter of 2026, to be paid on June 3, 2026 to Class A common shareholders of record as of May 22, 2026. Paid a dividend of $0.625 per Class A common share for the fourth quarter of 2025 on March 6, 2026.
- During April and May of 2026, entered into agreements for the forward sales of three non-core ships, built 2000 – 2002, for an aggregate price of $52.0 million and anticipated gain on sale of approximately $25.0 million. The ships are scheduled to be delivered to buyers upon expiry of the vessels’ respective charters: Manet (2,200 TEU, 2001-built) and Kumasi (2,200 TEU, 2002-built) in 4Q 2026 – 1Q 2027, and Ian H (5,900 TEU, 2000-built) in 4Q 2027.
- On December 1, 2025, announced the purchase of three 8,586 TEU Korean-built containerships with ECO upgrades (the “Three Newly Acquired Vessels”) for an aggregate purchase price of $90.0 million. The Three Newly Acquired Vessels have attached charters with a leading liner company. Two of the vessels were delivered to us in December 2025 and the third was delivered to us in January 2026.
George Youroukos, our Executive Chairman, stated: “We are proud to have delivered another successful quarter, carrying our positive momentum into the new year even as the geopolitical instability and freight market volatility that marked 2025 have continued into 2026. Our efforts to bolster optionality have enabled us to continue operating from a position of strength in the face of this unprecedented macro complexity and unpredictability. As the effective closure of the Strait of Hormuz has persisted, fragmented supply chains have only grown more complex and dynamic, adding both to aggregate containership demand and to the value of flexibility and optionality. The significant increase in bunker fuel costs has led the charterers who bear those costs to slow down ships in order to reduce fuel consumption, further reducing effective vessel supply in the charter market.
With a highly-flexible and highly-specified fleet well suited to meet the liners’ needs for flexibility and optionality, we have continued to add charter coverage at attractive rates. We now have 100% coverage for 2026 and 86% for 2027, totaling over $2 billion in contracted revenues over 2.6 years. This extensive forward visibility on contracted cash flow generation, combined with our in-demand fleet and prudent, opportunistic strategy, positions us well to create value throughout the cycle and in the face of an ever more unpredictable global environment.”
Thomas Lister, our Chief Executive Officer, stated: “The ever-increasing volatility and uncertainty the shipping world is facing, which already comes on the back of a multi-year run of “black swan” scenarios of various types, has only strengthened our long-standing commitment to maximizing optionality and further strengthening our financial position. These efforts, in conjunction with our prudent risk management and capital allocation, have culminated in a fortress balance sheet that allows us to weather the unpredictability in container shipping and the wider world, while also decisively seizing opportunities as they arise. As we continue to return capital to investors by way of our recently increased dividend, we remain committed to a disciplined and dynamic approach to capital allocation and fleet renewal - including the selective monetization of aging, non-core tonnage at cyclically attractive prices - that has served us well throughout these extraordinary times.”
https://investorshub.advfn.com/stock-market/NYSE/global-ship-lease-GSL/stock-news/98593570/global-ship-lease-reports-results-for-the-first-qu
surfer44
3月前
Global Ship Lease Reports Results for the Fourth Quarter of 2025
March 05 2026 - 8:00AM
Global Ship Lease, Inc. (NYSE: GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three months and year ended December 31, 2025.
Full Year and Fourth Quarter Highlights and Other Recent Developments
- 4Q 2025 operating revenue of $190.9 million. Full year operating revenue of $766.5 million, up 7.8% on 2024.
- 4Q 2025 net income available to common shareholders of $100.2 million, or $2.79 Earnings per Share (“EPS”). Full year 2025 net income available to common shareholders of $406.9 million, or $11.40 EPS, up 18.3% on 2024.
- 4Q 2025 normalized net income (a non-U.S. GAAP financial measure, described below)3 of $83.2 million, or $2.32 normalized EPS³. Full year 2025 normalized net income of $366.4 million, or $10.26 normalized EPS, up 3.9% on 2024.
- 4Q 2025 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)3 of $124.7 million. Full year 2025 Adjusted EBITDA of $521.4 million; up 5.4% on 2024.
- Added $1.26 billion of contracted revenues during 2025 and the first two months of 2026, bringing total contracted revenues as of December 31, 2025, as adjusted to include all charters agreed through February 28, 2026, to $2.24 billion, over a weighted average remaining duration of 2.7 years.
- On February 11, 2026, declared a dividend of $0.625 per Class A common share for the fourth quarter of 2025, to be paid on or about March 6, 2026 to common shareholders of record as of February 24, 2026. Paid a dividend of $0.625 per Class A common share for the third quarter of 2025 on December 4, 2025.
- On December 1, 2025, announced the purchase of three 8,600 TEU Korean built containerships with ECO upgrades (the “Three Newly Acquired Vessels”) for an aggregate purchase price of $90.0 million. The Three Newly Acquired Vessels have attached charters with a leading liner company. Two of the Three Newly Acquired Vessels were delivered to us in December 2025 and the third was delivered to us in January 2026.
- On July 8, 2025, announced updates by three leading credit rating agencies. Moody’s Investor Service maintained its Ba2 Corporate Family Rating for Global Ship Lease, with a stable outlook; S&P Global Ratings affirmed its long-term issuer credit rating of BB+, with a stable outlook; and Kroll Bond Rating Agency (“KBRA”) maintained the Company’s corporate credit rating at BB+, with a stable outlook, while also affirming the BBB/stable investment grade rating and stable outlook for the 5.69% Senior Secured Notes due July 15, 2027 (the “2027 Secured Notes”).
- In May 2025, Dimitris Y (5,900 TEU, built 2000) was contracted to be sold for $35.6 million. On October 13, 2025 the vessel was delivered to her new buyers, for a gain of $17.9 million. We have also completed the sales of Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) for an aggregate gain of $28.3 million; the vessels were delivered to their new owners in the first quarter of 2025.
- Agreed, in March 2025, to an $85.0 million Credit Facility with UBS to fully prepay certain of our outstanding credit facilities which would otherwise have matured between May 2026 and July 2026. The new loan bears interest at SOFR + 2.15%, and matures in the second quarter of 2028.
-Took delivery, in January 2025, of Czech, the last in a series of four high-reefer, ECO-9,000 TEU containerships contracted for purchase with charters attached in the fourth quarter of 2024 (the “Four Newly Acquired Vessels”).
George Youroukos, our Executive Chairman, stated: “We are proud to have closed out 2025 with significant positive momentum, both operationally and financially, and taking full advantage of continued market demand and a scarce supply of flexible mid-size and smaller containerships like those in our fleet. Our longstanding emphasis on maximizing optionality has served us well in a volatile and unpredictable environment marked by ever-shifting tariff policies and geopolitical instability which have combined to re-shape trade patterns and fragment supply chains. The recent outbreak of hostilities in and around Iran has introduced yet a further source of volatility and uncertainty to global containerized trade, most notably by turning the Strait of Hormuz into a chokepoint. The situation in Iran remains highly dynamic and the longer-term implications are difficult to predict, but seafarer safety is the paramount concern.
“These changing dynamics have once again put a spotlight on the practical value of containerships that provide a combination of deployment flexibility and efficiency, such as those in the GSL fleet. In addition, decentralized and dispersed supply chains are inherently more inefficient than the streamlined model that prevailed in years past, requiring more ships to transport the same aggregate volume of cargo. This was further compounded in 2025 as underlying containerized volumes increased by 5% year-over-year. By remaining agile during this period, we now have 2.7 years of contract cover and $2.2 billion in contracted revenues, with 99% of our open positions covered for 2026 and 80% for 2027. As the year drew to a close, we were pleased to have pounced upon the opportunity to buy three 8,600 TEU ships with ECO-upgrades: great ships, purchased at a great price, with minimal downside risk and lots of upside potential.
“Our outperformance in 2025 caps a 5-year period during which GSL has undergone a profound transformation. Our cashflow, earnings, leverage profile, forward visibility, credit ratings, and return of capital to shareholders have all improved dramatically, such that we are better positioned operationally, financially, and strategically than we have ever been before. Our financial strength, ability to act decisively and selectively on acquisition opportunities, and robust, visible cash flows have us ideally poised to continue building value for shareholders throughout the cycle.”
Thomas Lister, our Chief Executive Officer, stated: “Amidst a market that has only grown more complex and unpredictable over time, we have continued to focus on maximizing our optionality throughout the fourth quarter and 2025 as a whole. We have reduced our financial leverage to 0.5x, and lowered our average breakeven rates per vessel to only a fraction of current market rates and – equally importantly – to levels that afford resilience at more challenging phases of the cycle. These steps, alongside our growing contracted revenues and charter coverage, have enabled us to build a fortress balance sheet. Our progress has been reflected not only by our strong credit ratings from leading rating agencies, but also by our ability to move fast and execute on value-accretive transactions when such opportunities arise. As we move ahead into 2026 and beyond, we are pleased to be operating from a position of strength to both mitigate the risks and capitalize on the opportunities provided by the natural cyclicality of our industry and the heightened volatility driven by an increasingly unpredictable geopolitical backdrop.”
https://investorshub.advfn.com/stock-market/NYSE/global-ship-lease-GSL/stock-news/97988005/global-ship-lease-reports-results-for-the-fourth-q
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