Welcome to our dedicated page for Global Ship Lease news (Ticker: GSL), a resource for investors and traders seeking the latest updates and insights on Global Ship Lease stock.
Global Ship Lease Inc (NYSE: GSL) provides essential maritime transportation solutions through its containership leasing operations. This news hub offers investors and industry observers direct access to official corporate communications and market developments.
Key updates include quarterly earnings disclosures, vessel acquisition announcements, and charter contract renewals. Our curated collection enables stakeholders to track operational milestones, financial performance, and strategic initiatives within the container shipping sector.
Regular updates feature critical business developments such as fleet expansion projects, financing arrangements, and sustainability initiatives. The chronological presentation allows efficient tracking of GSL's progress in maintaining its position as a leading containership lessor.
Bookmark this page for streamlined access to verified information about Global Ship Lease's market activities. Check back regularly to monitor how the company navigates shipping industry dynamics through its disciplined asset management approach.
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.
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.
Global Ship Lease (NYSE:GSL) has announced a quarterly supplemental dividend of $0.075 per Class A common share, a 20% increase in dividend payments. This decision reflects the strong performance of the containership charter market, leading to higher-than-anticipated cashflows from extended time charters. Starting after the Q2 2024 earnings release, this supplemental dividend will be in addition to the sustainable $0.375 per share dividend. CEO Thomas Lister emphasized the company's disciplined capital allocation strategy and sufficient forward visibility to support the supplemental dividend for several quarters, provided market conditions remain favorable.
Global Ship Lease (NYSE: GSL) reported its unaudited results for Q1 2024. Key highlights include a 12.7% increase in operating revenue to $179.6 million, net income up 24% to $89.5 million, and adjusted EBITDA rising by 19.5% to $125.4 million. EPS grew by 25.7% to $2.54. The company declared a quarterly dividend of $0.375 per share, and repurchased 251,772 shares for $5 million. Notable changes include a CEO transition with Thomas Lister succeeding Ian Webber and the appointment of George Giannopoulos as Chief Compliance Officer. The company added $54.6 million to forward charter cover, leveraging higher charter rates and reduced off-hire days. Vessel operating expenses increased by 11.9% to $47.9 million, mainly due to scheduled maintenance and higher insurance costs. Debt reduced to $771.1 million from $896.5 million YoY. The fleet utilization improved to 98.8%. The market outlook remains positive amidst geopolitical and environmental challenges.
Global Ship Lease, Inc. (NYSE:GSL) declared a dividend of $0.375 per Class A common share for the first quarter of 2024. The dividend will be paid on June 3, 2024, to shareholders of record as of May 24, 2024.
Global Ship Lease, Inc. (NYSE:GSL) announced a conference call to discuss their first quarter 2024 results on May 16, 2024. The Company will release financial results before the market opens and owns a fleet of 68 containerships. Contracted revenue stands at $2.12 billion with an average remaining term of 2.8 years.
