Global Ship Lease Declares Quarterly Dividend on its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares

Rhea-AI Summary

Global Ship Lease (NYSE:GSL), a containership charter owner, announced on June 6, 2024, that its Board of Directors has declared a 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 April 1, 2024, to June 30, 2024, and will be paid on July 1, 2024, to shareholders of record as of June 24, 2024.

Positive

• Declared quarterly dividend of $0.546875 per depositary share.
• Dividend pertains to 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares.
• Payment date set for July 1, 2024, providing timely returns to investors.
• Record date established as June 24, 2024, ensuring clarity for shareholders.

Negative

• No announcement of dividend for common shares might concern some equity investors.
• Dividend payment pertains only to preferred shares, limiting benefit to a subset of investors.

ATHENS, June 06, 2024 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership charter owner, announced today that the Company’s Board of Directors has declared a cash dividend of $0.546875 per depositary share, each representing a 1/100th interest in a share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE:GSLPrB). The dividend represents payment for the period from April 1, 2024 to June 30, 2024 and will be paid on July 1, 2024 to all Series B Preferred Shareholders of record as of June 24, 2024.

About Global Ship Lease

Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York stock Exchange in August 2008.

As of March 31, 2024, Global Ship Lease owned 68 containerships, ranging from 2,207 to 11,040 TEU, with an aggregate capacity of 375,406 TEU. 36 ships are wide-beam Post-Panamax.

As of March 31, 2024, 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 1.9 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.59 billion. Contracted revenue was $1.96 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 2.6 years.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors described in “Risk Factors” in the Company’s Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events.

Investor and Media Contact:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438

FAQ

What dividend did Global Ship Lease declare for its Series B Preferred Shares?

Global Ship Lease declared a quarterly cash dividend of $0.546875 per depositary share for its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares.

When will Global Ship Lease pay the declared dividend for Series B Preferred Shares?

The declared dividend will be paid on July 1, 2024.

What period does the declared dividend cover for Global Ship Lease's Series B Preferred Shares?

The dividend covers the period from April 1, 2024, to June 30, 2024.

What is the record date for Global Ship Lease's declared dividend on Series B Preferred Shares?

The record date for the declared dividend is June 24, 2024.