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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 submitted its Annual Report on Form 20-F for the fiscal year ending December 31, 2022. The report, accessible via the company’s website, outlines the fleet's performance and financial health. As of February 28, 2023, GSL owned 65 containerships with a total capacity of 342,348 TEU. The average remaining charter term is 2.7 years, with contracted revenue at $2.09 billion. Including options, total contracted revenue reaches $2.50 billion, with a longer average charter term of 3.5 years. Shareholders can request audited financial statements at no cost.
Global Ship Lease, Inc. (NYSE:GSL) has declared a cash dividend of $0.546875 per depositary share for the period from January 1 to March 31, 2023. The dividend will be paid on April 3, 2023 to shareholders on record as of March 27, 2023. The company operates a diversified fleet of 65 containerships with a total capacity of 342,348 TEU. As of December 31, 2022, contracted revenue stood at $2.09 billion with an average charter term of 2.7 years. This announcement reflects the company's ongoing commitment to returning value to shareholders.
Global Ship Lease reported a significant increase in financial performance for 2022, with operating revenue rising 44.1% to $645.6 million and net income available to common shareholders increasing 73.7% to $283.4 million. The company declared a quarterly dividend of $0.375 per share and added $21.7 million in firm contracted revenues from new charters. Adjusted EBITDA climbed 68.6% to $398.3 million. The company also repurchased shares totaling $30.0 million under its buy-back program. Despite positive results, management acknowledged ongoing challenges in the container shipping industry.
Global Ship Lease (NYSE:GSL) announced a conference call for discussing its fourth quarter and full year 2022 results on March 1, 2023, at 10:30 a.m. Eastern Time. Financial results will be released before market trading opens on the same day. The call will be accessible via a dial-in number or a live webcast. As of December 29, 2022, Global Ship Lease owned 65 containerships with a total capacity of 342,348 TEU. The company reported contracted revenue of $2.65 billion, with an average charter remaining term of 3.7 years. These results and future guidance will provide insights into the company's strategic direction.
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