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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, Inc. (NYSE:GSL) announced a cash dividend of $0.546875 per depositary share for its 8.75% Series B Preferred Shares. This dividend is for the period from July 1, 2022 to September 30, 2022 and will be paid on October 3, 2022, to shareholders of record as of September 26, 2022. Global Ship Lease operates a fleet of 65 containerships with a total capacity of 342,348 TEU. The company has a solid chartering framework, with contracted revenue of $2.4 billion and an average remaining charter term of 3.1 years.
Global Ship Lease has announced multi-year forward charters with Hapag-Lloyd for six ECO 6,900 TEU ships, expected to generate a total of $393 million EBITDA over the firm charter period of five years. The vessels' charters will begin between late 2023 and late 2024. This deal marks a significant extension of contracted revenue streams for Global Ship Lease, which has added nearly $920 million in contracted revenues this year alone. The company now operates 65 containerships with a diverse capacity, indicating strong market demand for their fleet.
Global Ship Lease (NYSE:GSL) has announced its Annual Meeting of Shareholders, set for September 27, 2022, at 11:00 a.m. ET. The record date for eligible shareholders is August 2, 2022. Key agenda items include electing two Term II Directors until the 2025 Annual Meeting and ratifying the appointment of PricewaterhouseCoopers S.A. as its independent accounting firm for the fiscal year ending December 31, 2022. The company owns 65 containerships with an aggregate capacity of 342,348 TEU and has contracted revenue of $1.91 billion, with a 2.6-year average remaining charter term.
Global Ship Lease (GSL) reported significant financial growth for Q2 2022, with operating revenue surging to $154.5 million, nearly double the $82.9 million from the previous year. Net income reached $54.5 million, an 81.1% increase compared to $30.1 million in Q2 2021. They declared a dividend of $0.375 per share, payable on September 2, 2022. Adjusted EBITDA was $95.3 million, marking a 92% year-over-year increase. The company maintains a strong financial position with $1.9 billion of contracted revenue for over 2.6 years.
Global Ship Lease (NYSE:GSL) announced it will hold a conference call on August 4, 2022, at 12:00 p.m. ET to discuss its second quarter results for 2022. Financial results for the quarter ending June 30, 2022, will be released before market open on the same day. The company, known for owning and chartering containerships, has a diversified fleet of 65 vessels with a total capacity of 342,348 TEU. It reported a contracted revenue of $1.76 billion, with a weighted average remaining charter term of 2.5 years.
Global Ship Lease (NYSE: GSL) announced the full redemption of its 8.00% Senior Notes due 2024, amounting to $89,020,500. The redemption price is set at 102% of the principal, plus accrued interest, effective July 18, 2022. Once completed, there will be no outstanding 2024 Notes, leading to their cessation of trading on the NYSE. The company currently owns 65 containerships, with a total capacity of 342,348 TEU. As of March 31, 2022, contracted revenue stood at $2.00 billion.
Global Ship Lease (NYSE:GSL) announced the closure of a $350 million private offering of 5.69% Senior Secured Notes due 2027. The proceeds will be utilized to pay off remaining debts, including a $236.2 million Senior Secured Loan Facility interest-bearing at LIBOR plus 7.00%. The new notes, secured against a fleet of 20 vessels, are expected to enhance financial flexibility by releasing unencumbered ships and reducing overall debt costs significantly.
Global Ship Lease (NYSE:GSL) has declared a cash dividend of $0.546875 per depositary share, associated with its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares. This dividend pertains to the period from April 1, 2022 to June 30, 2022 and is set for payment on July 1, 2022 to shareholders of record by June 24, 2022. The company operates a fleet of 65 containerships, with a total capacity of 342,348 TEU, and has secured contracted revenue of $1.76 billion.
Global Ship Lease (NYSE:GSL) announced a $350 million offering of 5.69% Senior Secured Notes due 2027, priced on June 1, 2022. Proceeds will primarily repay a Senior Secured Loan Facility of $236.2 million. The notes are secured by mortgages on 20 vessels and guaranteed by GSL. The private placement is exempt from registration under the Securities Act. The closing is expected on June 15, 2022. Goldman Sachs acted as Lead Placement Agent.
Global Ship Lease announced a new multi-year charter for its 8,600 TEU, 2004-built GSL Ningbo, set to commence in July 2023. The charter will generate an annualized EBITDA of approximately $16.6 million, about 3.1 times higher than the previous rate. This agreement reflects strong demand in the charter market and enhances the company’s cash flow visibility. With 65 containerships and contracted revenues of $2 billion, Global Ship Lease continues to pursue long-term, profitable contracts.
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