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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) will announce its second quarter 2021 results on August 5, 2021, before the market opens, followed by a conference call at 10:30 a.m. ET. The company owns 49 containerships and has contracted to acquire additional vessels, enhancing its capacity to 344,650 TEU. As of March 31, 2021, the average remaining term of charters was 2.6 years, with contracted revenue of $984.3 million. Interested participants can access the call via dial-in or live webcast on the company's website.
Global Ship Lease (NYSE:GSL) has scheduled its Annual Meeting of Shareholders for August 5, 2021, at 12:00 p.m. ET. The record date for eligible shareholders was July 13, 2021. Documentation and voting instructions have been sent to all shareholders. As of May 31, 2021, Global Ship Lease operates a fleet of 49 containerships with a total capacity of 344,650 TEU, including 32 Post-Panamax vessels. The average remaining charter term is 2.6 years, with contracted revenue of $984.3 million.
Global Ship Lease (GSL) has received a Corporate Family Rating upgrade from B2 to B1 by Moody's, indicating improved credit metrics and a stable outlook. This upgrade is attributed to the company's increased scale, long-term contracted cash flows, and a strong market for container shipping. GSL's balance sheet has improved significantly, with no material debt maturities until 2024, high revenue visibility from long-term charters, and a projected contracted revenue of $984.3 million. The firm also has plans to acquire additional vessels to enhance growth opportunities.
Global Ship Lease announced that CEO Ian Webber will present at Maxim Group's Future of Shipping Virtual Conference on June 29, 2021, at 12:00 pm ET. He will participate in the Containership Demand: Global Supply Chain Ramifications panel. A live webcast is available for registration through the conference website.
Global Ship Lease operates a fleet of 49 containerships and has contracts to purchase 17 more, totaling a capacity of 344,650 TEU. The average remaining charter term is 2.6 years, with contracted revenue of $984.3 million.
Global Ship Lease announced the purchase of four 5,470 TEU Panamax containerships for $148 million, with an expected delivery in Q3 2021. The vessels will be chartered for three years, generating an estimated $124.4 million in Adjusted EBITDA, achieving a Purchase Price / Annual Adjusted EBITDA multiple of 3.6x. With this acquisition, the company's fleet will increase to 66 vessels, enhancing its operational capacity significantly. The deal is expected to contribute $42.5 million in Adjusted EBITDA within the first 12 months and boost earnings per share by 56.4%.
Global Ship Lease has announced the acquisition of 12 containerships from Borealis Finance for $233.9 million. The vessels, averaging 3,000 TEU each, are already on charter with leading operators. This deal expands Global Ship Lease's fleet to 62 ships, increasing its market position as the eighth largest non-operating owner by TEU capacity. The purchase is projected to contribute approximately $60.5 million in Adjusted EBITDA within the first year, enhancing earnings per share by about 70%. The funding will be sourced through cash, new bank debt, and existing notes.
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 April 1, 2021, to June 30, 2021. This dividend will be payable on July 1, 2021, to all preferred shareholders of record as of June 24, 2021. The company owns a diversified fleet of 49 containerships and has a contracted revenue of $984.3 million from charter agreements.
Global Ship Lease (GSL) reported Q1 2021 operating revenue of $73.0 million, with a net income of $4.2 million, leading to a normalized net income of $17.8 million. The company declared a quarterly dividend of $0.25 per share, more than double the previous $0.12, attributed to fleet growth and successful rechartering. GSL raised $36.6 million through its ATM program and improved its debt profile, reducing its blended cost of debt from 6.4% to 5.5%. The company expects continued profitability due to strong demand growth and limited supply within the containership market.
Global Ship Lease (NYSE:GSL) announced a conference call to discuss Q1 2021 results on May 10, 2021, at 10:30 a.m. Eastern Time. Financial results for the quarter ending March 31, 2021, will be released before market opening on the same day. The company owns 43 containerships and has contracted to purchase seven additional ships, aiming for a total capacity of 287,336 TEU. As of March 31, 2021, the average remaining charter term was 2.6 years, with contracted revenue of $967.8 million. The live webcast will be available on the company’s website.
Global Ship Lease, Inc. (NYSE:GSL) announced the pricing of a secondary offering by shareholders, selling 4.5 million shares at $12.50 each. The Selling Shareholders, KEP VI and KIA VIII, both affiliates of Kelso & Company, along with Maas Capital Investments B.V., will conduct the offering. An additional 675,000 shares may be purchased by underwriters. The company will not receive proceeds from this sale. Jefferies LLC, Deutsche Bank Securities, and Morgan Stanley are managing the offering. GSL's shares are listed on the NYSE.
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