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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) announced its investment in Aqualung Carbon Capture, collaborating on a carbon capture initiative for the maritime sector. This partnership aims to retrofit containerized carbon capture units on vessels, addressing the urgent need for decarbonization in shipping. Executive Chairman George Youroukos emphasized the importance of standardization in facilitating the transition to more sustainable shipping practices. As of May 8, 2022, Global Ship Lease operates 65 containerships with a contracted revenue of $1.67 billion, reflecting a commitment to reducing emissions and enhancing competitiveness.
Global Ship Lease (NYSE:GSL) reported strong financial results for Q1 2022, with operating revenue of $153.6 million, a substantial increase from $73.0 million in the prior year. Net income surged to $70.2 million, up 1,571.4% from $4.2 million. The Company declared a dividend of $0.375 per common share, payable on June 2, 2022. Adjusted EBITDA reached $94.5 million, reflecting a year-on-year growth of 113%. GSL also authorized a $40 million share repurchase program and optimized its debt structure, reducing its cost of debt from nearly 8% in 2019 to 4.63% in 2022.
Global Ship Lease (NYSE:GSL) will hold a conference call on May 9, 2022, at 10:30 a.m. ET to discuss its first-quarter results for 2022. The financial results will be released before market open on the same day. Investors can participate via dial-in or a live internet webcast at the company’s website. As of March 1, 2022, GSL owns 65 containerships with a total capacity of 342,348 TEU. The company reported $1.89 billion in contracted revenue, with an average remaining charter term of 2.8 years.
Global Ship Lease (NYSE:GSL) has filed its Annual Report on Form 20-F for the year ending December 31, 2021, with the SEC. The report can be accessed on the company's website. As of March 1, 2022, Global Ship Lease operates 65 containerships with a total capacity of 342,348 TEU, including 32 wide-beam Post-Panamax ships. The average remaining term of contracts is 2.6 years, with contracted revenue of $1.79 billion. Including options for charterers, total contracted revenue stands at $2.04 billion, with a remaining term of 3.3 years.
Global Ship Lease (NYSE:GSL) has declared a cash dividend of $0.546875 per depositary share, for the period from January 1, 2022 to March 31, 2022. The dividend is set for payment on April 1, 2022 to shareholders of record by March 25, 2022. As of March 1, 2022, Global Ship Lease operates a fleet of 65 containerships with a total capacity of 342,348 TEU. The company reported a contracted revenue of $1.79 billion, with a weighted average remaining charter term of 2.6 years.
Global Ship Lease (NYSE: GSL) announced a partial redemption of its 8.00% Senior Notes due 2024, totaling $28.5 million at a redemption price of 102.00% plus accrued interest. The redemption date is set for April 5, 2022. Following the redemption, approximately $89.02 million of the Notes will remain outstanding. As of March 1, 2022, Global Ship Lease operates a fleet of 65 containerships with a total capacity of 342,348 TEU and has contracted revenue of $1.79 billion, reflecting a weighted average remaining charter term of 2.6 years.
Global Ship Lease (GSL) declared a quarterly dividend of $0.25 per common share and authorized $40.0 million for share repurchases. In 2021, GSL reported operating revenue of $448.0 million, a 58.4% increase from 2020. Net income for the year was $163.2 million, with a normalized EPS of $4.86. The fleet expanded by over 50% via strategic acquisitions, delivering significant increases in contracted revenue. GSL anticipates a 50% dividend increase to $0.375 starting Q1 2022, driven by strong demand in the containership market.
Global Ship Lease (GSL) will announce its fourth quarter and full year 2021 financial results on March 2, 2022, before market open. A conference call to discuss these results is scheduled for the same day at 10:30 a.m. ET. The company currently owns 65 containerships with a total capacity of 342,348 TEU and has a contracted revenue of $1.89 billion, with an average remaining charter term of 2.8 years. Investors can access the call via dial-in or a live webcast on the company’s website.
Global Ship Lease, Inc. (NYSE:GSL) announced a quarterly dividend of $0.25 per share for Q4 2021, payable on March 4, 2022, to shareholders on record by February 22, 2022. The Board of Directors intends to increase the quarterly dividend by 50% to $0.375 starting from Q1 2022. As of January 25, 2022, GSL owns 65 containerships with a total capacity of 342,348 TEU, and reported $1.89 billion in contracted revenue. The company's average charter term stands at 2.8 years.
Global Ship Lease announced a new three-year charter for the Kumasi, a 2,200 TEU vessel, at a daily rate of $38,000, reflecting a 300% increase over its previous rate. This charter is set to commence after the vessel’s drydock in January 2022. Additionally, the company secured refinancing for $219.4 million in debt, extending its maturity from 2024 to 2026 and reducing interest rate exposure. The firm has also implemented a USD LIBOR cap of 0.75% on about half its floating rate debt, further stabilizing its financial position amidst rising rates.
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