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Global Ship Lease, Inc. (NYSE:GSL) is a leading independent owner of containerships, providing essential services to the global shipping industry. Headquartered in London, United Kingdom, the company owns and charters a diversified fleet of containerships under long-term, fixed-rate charters to top-tier container liner companies, including MAERSK. As of December 31, 2023, Global Ship Lease owns 68 containerships with an aggregate capacity of 375,406 twenty-foot equivalent units (TEU), ranging from 2,207 to 11,040 TEU.
Founded in December 2007 and incorporated in the Marshall Islands, Global Ship Lease has established itself as a key player in the maritime sector. The company was listed on the New York Stock Exchange in August 2008 and since then, has continuously expanded its fleet and operations. Their business model focuses on leasing containerships for fixed durations, which ensures a stable revenue stream and mitigates market volatility.
Global Ship Lease's fleet includes 36 wide-beam Post-Panamax ships, which are capable of carrying large volumes of cargo through the Panama Canal. As of the end of December 2023, the average remaining term of the company’s charters, to the mid-point of redelivery, including options under the company’s control and other than if a redelivery notice has been received, was 2.1 years on a TEU-weighted basis. The contracted revenue on the same basis was $1.72 billion, which increases to $2.12 billion when including options under charterers' control and with the latest redelivery date, representing a weighted average remaining term of 2.8 years.
Recent achievements of Global Ship Lease include a sustainable quarterly dividend of $0.375 per common share and fully hedged interest rate risk. The company continues to focus on capital allocation discipline and is well-positioned for counter-cyclical opportunities. Additionally, in 2024, Thomas Lister will transition into the role of CEO, while Ian Webber will join the Board of Directors, ensuring a smooth leadership transition.
Global Ship Lease is also committed to environmental sustainability. The company actively participates in collaborative efforts with government, academic, and industry partners to accelerate decarbonization, reduce emissions, and maximize economic and societal benefits from the maritime energy transition.
For investors and stakeholders, Global Ship Lease offers transparency and regular updates. The company holds conference calls to discuss quarterly and annual financial results, the latest of which will be held on March 4, 2024. As of September 30, 2023, the company reported contracted revenue of $1.81 billion and continues to show strong financial health.
Global Ship Lease combines a robust business model with a commitment to sustainability, making it a significant player in the global shipping industry.
Global Ship Lease (NYSE:GSL) has announced a quarterly dividend declaration for its Series B Preferred Shares. The Board of Directors declared a cash dividend of $0.546875 per depositary share for its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (NYSE:GSLPrB). Each depositary share represents a 1/100th interest in a Series B Preferred Share. The dividend covers the period from October 1, 2024 to December 31, 2024 and will be paid on January 2, 2025. Shareholders of record as of December 19, 2024 will be eligible for this payment.
Global Ship Lease (NYSE:GSL) has announced the acquisition of four high-reefer ECO-9,115 TEU containerships for $274 million. The vessels, with an average age of 8.5 years, are currently chartered to a leading liner operator with average firm durations of 1.7 years, extendable to 5.0 years if all options are exercised.
The acquisition is expected to generate aggregate EBITDA of up to $184 million if all charter options are exercised. The vessels will be delivered between December 2024 and January 2025, expanding GSL's fleet to 72 vessels with a total capacity of 413,183 TEU. The purchase will be financed through cash-on-hand and ten-year debt priced at SOFR + 2.50%.
Global Ship Lease (NYSE: GSL) reported Q3 2024 results with operating revenue of $174.1 million, a slight decrease of 0.2% YoY. Net income was $78.8 million, down 4.7% YoY, while Adjusted EBITDA increased 1.1% to $123.3 million. The company secured $596.6 million in new contracted revenue through 32 new charters or extensions. GSL entered a new $300 million senior secured term loan facility, reducing weighted average cost of debt from 4.57% to 3.95%. The company maintained its quarterly dividend of $0.45 per share and has forward contract cover locked in for 76% of 2025 days and 49% of 2026 days.
Global Ship Lease (NYSE:GSL) has announced its upcoming third quarter 2024 earnings release and conference call scheduled for Monday, November 11, 2024. The financial results will be released before market opening, followed by a conference call at 10:30 a.m. Eastern Time. As of June 30, 2024, the company owns 68 containerships with an aggregate capacity of 376,723 TEU. The fleet's contracted revenue stands at $1.77 billion with an average remaining charter term of 2.2 years on a TEU-weighted basis. Including charterers' options, contracted revenue reaches $2.13 billion with a 2.8-year weighted average remaining term.
Global Ship Lease (NYSE:GSL), a containership charter owner, has announced a quarterly cash dividend of $0.546875 per depositary share for its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (NYSE:GSLPrB). This dividend covers the period from July 1, 2024 to September 30, 2024 and will be paid on October 1, 2024 to shareholders of record as of September 24, 2024. Each depositary share represents a 1/100th interest in a Series B Preferred Share. This regular dividend declaration demonstrates the company's commitment to providing consistent returns to its preferred shareholders.
Global Ship Lease (NYSE: GSL) has announced a $300 million senior secured term loan facility to refinance and streamline its outstanding debt. The new facility, maturing in Q3 2030, offers an interest rate of Term SOFR plus 1.85% margin. Key benefits include:
- Reduction of weighted average cost of debt from 4.57% to 3.98%
- Extension of weighted average debt maturity from 2.6 to 4.2 years
- Increase in unencumbered vessels from 5 to 16
- Expansion of lender relationships
- Compression of average break-even rates
CEO Thomas Lister highlighted GSL's strengthened financial position, with floating interest rate exposure capped at 0.64% through 2026, no maturities before 2026, and financial leverage under 1.0x.
Global Ship Lease (NYSE: GSL) reported its unaudited financial results for Q2 2024. Key highlights include:
Operating revenue of $175 million, up 8% YoY, and $354.6 million for H1 2024, an increase of 10.3%.
Net income available to common shareholders was $85.6 million for Q2 2024, a 13.5% increase YoY, and $175.1 million for H1 2024, up 18.6%. Normalized net income was $86.7 million for Q2 and $175.7 million for H1, rising 17.2% and 17.5%, respectively.
EPS was $2.43 for Q2, up 14.1%, and $4.98 for H1, up 20%. Normalized EPS was $2.46 for Q2 and $4.99 for H1, up 17.7% and 18.5%, respectively.
Adjusted EBITDA was $122.3 million for Q2, up 13%, and $247.7 million for H1, an increase of 16.2%.
The quarterly dividend increased by 20% to $0.45 per share. The company also repurchased 251,772 shares for $5 million in Q1 2024.
Credit ratings were upgraded by Moody’s, S&P, and KBRA.
GSL added $402.7 million in contracted revenue from 24 new charters or extensions in H1 2024.
Global Ship Lease (NYSE:GSL), a containership charter owner, has announced its second quarter 2024 earnings release and conference call schedule. The company will release financial results on Monday, August 5, 2024, before market opening, followed by a conference call at 10:30 a.m. Eastern Time the same day. Investors can access the call via phone or webcast.
As of March 31, 2024, Global Ship Lease owned 68 containerships with an aggregate capacity of 375,406 TEU. The company's fleet has an average remaining charter term of 1.9 years on a TEU-weighted basis, with contracted revenue of $1.59 billion. Including charterers' options, the contracted revenue rises to $1.96 billion with a weighted average remaining term of 2.6 years.
Global Ship Lease (NYSE: GSL) announced credit rating upgrades by three major agencies. Moody’s raised the Corporate Family Rating from Ba3 to Ba2 with a stable outlook. S&P Global Ratings upgraded the long-term issuer credit rating from BB to BB+ with a stable outlook. KBRA also upgraded the corporate rating from BB to BB+ and affirmed the BBB/stable investment grade rating for GSL’s 5.69% Senior Secured Notes due July 15, 2027.
The upgrades are attributed to GSL's effective deleveraging, disciplined low leverage strategy, stable revenue from multi-year time charters, robust earnings and cash flow, and strong counterparty credit quality. The company is strategically focused on medium-sized and smaller containerships, boasting high reefer capacity. CEO Thomas Lister highlighted these upgrades as acknowledgments of GSL's financial strengthening and resilient business model amid geopolitical and macroeconomic uncertainties.
Global Ship Lease (NYSE: GSL) announced the outcomes of its 2024 Annual Meeting of Shareholders, held on June 17, 2024, in Athens, Greece. Shareholders re-elected three directors, Yoram Neugeborn, Ulrike Helfer, and Alain Pitner, to serve until the 2027 Annual Meeting. Additionally, PricewaterhouseCoopers S.A. was ratified as the independent public accounting firm for the fiscal year ending December 31, 2024.
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