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) 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 declared a cash dividend of $0.546875 per depositary share for its 8.75% Series B Preferred Shares, covering the period from October 1 to December 31, 2021. This dividend will be paid on January 3, 2022, to shareholders of record as of December 27, 2021. The company owns 65 containerships with an aggregate capacity of 342,348 TEU and has contracted revenue of approximately $2.1 billion.
Global Ship Lease (GSL) has announced a 50% increase in its quarterly dividend to $0.375 per share, effective Q1 2022, marking a more than threefold rise since January 2021. This decision comes alongside new five-year charters for the Eco 9,115 TEU vessels, Al Khor and Maira XL, expected to generate approximately $206 million in Adjusted EBITDA. The company's total contracted revenue now stands at $1.85 billion. These developments reflect GSL's strategy to secure cash flow in a robust charter market and enhance shareholder value.
Global Ship Lease (NYSE:GSL) announced its Q3 2021 results, reporting operating revenue of $138.6 million with a net income available to common shareholders of $62.9 million. The company has expanded its fleet by over 50% in 2021, delivering 23 new vessels on charter. A quarterly dividend of $0.25 per share has been declared, payable on December 2, 2021. Adjusted EBITDA reached $72.7 million for Q3. Furthermore, under its ATM program, GSL raised a total of $71.4 million since inception, securing non-dilutive funding.
Global Ship Lease (NYSE:GSL) has announced a conference call to discuss its third-quarter results on November 10, 2021, at 10:30 a.m. Eastern Time. The company will release its financial results before market opening on the same day. As of August 31, 2021, GSL owned a fleet of 61 containerships and contracted to purchase four additional vessels, totaling 65 ships with a capacity of 342,378 TEU. Contracted revenue stood at $1.61 billion, with an average remaining charter term of 3.1 years.
Global Ship Lease (NYSE:GSL) has joined over 150 maritime industry leaders in a call to action for global decarbonization of shipping by 2050. The initiative urges governments to establish policies and investments necessary for zero-emission shipping and for implementing the IMO GHG Strategy in 2023. Specific goals include making zero-emission shipping the default choice by 2030 and providing support for industrial-scale zero-emission projects. Executive Chairman George Youroukos emphasized the urgency for government action as global trade heavily relies on maritime transport, accounting for 80% of trade.
Global Ship Lease has declared a cash dividend of $0.546875 per depositary share, representing a 1/100th interest in its 8.75% Series B Preferred Shares. This dividend, covering the period from July 1, 2021, to September 30, 2021, will be paid on October 1, 2021 to shareholders on record as of September 24, 2021.
As of August 31, 2021, the company owns 61 containerships and has contracted to purchase 4 more, increasing its fleet to 65 ships with a total capacity of 342,378 TEU.
Global Ship Lease (NYSE:GSL) announced significant share transactions involving its Executive Chairman, George Youroukos. He purchased 521,650 Class A common shares at $19.17 each, increasing his holdings to 6.4% of shares outstanding. The company also repurchased an equal number of shares for retirement, reducing total outstanding shares to 36,216,803. This transaction, conducted through B. Riley Financial, reflects the company's confidence in its strong cash flow and market position. With a robust chartering pipeline and a fleet expansion, GSL aims to enhance shareholder value.
Global Ship Lease (NYSE:GSL) announced an upgrade in its long-term issuer credit rating by S&P Global Ratings from B+ to BB- with a stable outlook. This upgrade reflects the company's increased scale, diversification, and favorable charter rates, along with strong expectations for EBITDA and free cash flow. Executive Chairman George Youroukos emphasized the positive growth trajectory and improvements in the company's financial metrics, indicating a robust market position and long-term strategic growth prospects.
LONDON, Aug. 5, 2021 – Global Ship Lease (NYSE: GSL) announced the election of three Term I Directors, Philippe Lemonnier, Henry Mannix III, and Alain Pitner, during its 2021 Annual Meeting of Shareholders in Athens. These directors will serve until the 2024 Annual Meeting. The appointment of PricewaterhouseCoopers S.A. as the independent public accounting firm for the fiscal year ending December 31, 2021, was also ratified. As of August 5, GSL owns 61 containerships and has contracted to purchase four more, increasing its fleet capacity significantly.
Global Ship Lease (NYSE:GSL) reported strong financial results for Q2 2021, with operating revenue of $82.9 million and net income available to shareholders of $30.1 million. The company declared a $0.25 dividend per common share. Year-to-date, they expanded their fleet by over 50%, adding significant charter contracts valued at approximately $906 million in revenues. Adjusted EBITDA stood at $51.5 million for Q2. Their proactive refinancing has improved the debt service profile, reducing the cost of debt from 6.3% to 5.2%. Moody's upgraded their rating to B1/Stable.
FAQ
What is the current stock price of Global Ship Lease (GSL)?
What is the market cap of Global Ship Lease (GSL)?
What does Global Ship Lease, Inc. do?
Where is Global Ship Lease, Inc. headquartered?
How many containerships does Global Ship Lease, Inc. own?
What is the aggregate capacity of Global Ship Lease, Inc.'s fleet?
Who are the major clients of Global Ship Lease, Inc.?
When was Global Ship Lease, Inc. established?
When did Global Ship Lease, Inc. list on the New York Stock Exchange?
What is the average remaining term of Global Ship Lease, Inc.'s charters?
What recent leadership changes have occurred at Global Ship Lease, Inc.?
How does Global Ship Lease, Inc. contribute to sustainability?
