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Global Ship Lease, Inc. - GSL STOCK NEWS

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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.

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Global Ship Lease (NYSE:GSL), a containership charter owner, has announced its second quarter 2024 earnings release and conference call schedule. The company will release financial results on Monday, August 5, 2024, before market opening, followed by a conference call at 10:30 a.m. Eastern Time the same day. Investors can access the call via phone or webcast.

As of March 31, 2024, Global Ship Lease owned 68 containerships with an aggregate capacity of 375,406 TEU. The company's fleet has an average remaining charter term of 1.9 years on a TEU-weighted basis, with contracted revenue of $1.59 billion. Including charterers' options, the contracted revenue rises to $1.96 billion with a weighted average remaining term of 2.6 years.

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Global Ship Lease (NYSE: GSL) announced credit rating upgrades by three major agencies. Moody’s raised the Corporate Family Rating from Ba3 to Ba2 with a stable outlook. S&P Global Ratings upgraded the long-term issuer credit rating from BB to BB+ with a stable outlook. KBRA also upgraded the corporate rating from BB to BB+ and affirmed the BBB/stable investment grade rating for GSL’s 5.69% Senior Secured Notes due July 15, 2027.

The upgrades are attributed to GSL's effective deleveraging, disciplined low leverage strategy, stable revenue from multi-year time charters, robust earnings and cash flow, and strong counterparty credit quality. The company is strategically focused on medium-sized and smaller containerships, boasting high reefer capacity. CEO Thomas Lister highlighted these upgrades as acknowledgments of GSL's financial strengthening and resilient business model amid geopolitical and macroeconomic uncertainties.

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Global Ship Lease (NYSE: GSL) announced the outcomes of its 2024 Annual Meeting of Shareholders, held on June 17, 2024, in Athens, Greece. Shareholders re-elected three directors, Yoram Neugeborn, Ulrike Helfer, and Alain Pitner, to serve until the 2027 Annual Meeting. Additionally, PricewaterhouseCoopers S.A. was ratified as the independent public accounting firm for the fiscal year ending December 31, 2024.

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Global Ship Lease (NYSE:GSL), a containership charter owner, announced on June 6, 2024, that its Board of Directors has declared a cash dividend of $0.546875 per depositary share for its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (NYSE:GSLPrB). This dividend covers the period from April 1, 2024, to June 30, 2024, and will be paid on July 1, 2024, to shareholders of record as of June 24, 2024.

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Global Ship Lease (NYSE:GSL) has announced a quarterly supplemental dividend of $0.075 per Class A common share, a 20% increase in dividend payments. This decision reflects the strong performance of the containership charter market, leading to higher-than-anticipated cashflows from extended time charters. Starting after the Q2 2024 earnings release, this supplemental dividend will be in addition to the sustainable $0.375 per share dividend. CEO Thomas Lister emphasized the company's disciplined capital allocation strategy and sufficient forward visibility to support the supplemental dividend for several quarters, provided market conditions remain favorable.

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Global Ship Lease (NYSE: GSL) reported its unaudited results for Q1 2024. Key highlights include a 12.7% increase in operating revenue to $179.6 million, net income up 24% to $89.5 million, and adjusted EBITDA rising by 19.5% to $125.4 million. EPS grew by 25.7% to $2.54. The company declared a quarterly dividend of $0.375 per share, and repurchased 251,772 shares for $5 million. Notable changes include a CEO transition with Thomas Lister succeeding Ian Webber and the appointment of George Giannopoulos as Chief Compliance Officer. The company added $54.6 million to forward charter cover, leveraging higher charter rates and reduced off-hire days. Vessel operating expenses increased by 11.9% to $47.9 million, mainly due to scheduled maintenance and higher insurance costs. Debt reduced to $771.1 million from $896.5 million YoY. The fleet utilization improved to 98.8%. The market outlook remains positive amidst geopolitical and environmental challenges.

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Global Ship Lease, Inc. (NYSE:GSL) declared a dividend of $0.375 per Class A common share for the first quarter of 2024. The dividend will be paid on June 3, 2024, to shareholders of record as of May 24, 2024.

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Global Ship Lease, Inc. (NYSE:GSL) announced a conference call to discuss their first quarter 2024 results on May 16, 2024. The Company will release financial results before the market opens and owns a fleet of 68 containerships. Contracted revenue stands at $2.12 billion with an average remaining term of 2.8 years.

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Global Ship Lease, Inc. (NYSE:GSL) announces its Annual Meeting of Shareholders scheduled for June 17, 2024, to elect three Term I Directors and ratify the appointment of PricewaterhouseCoopers S.A. as the independent registered public accounting firm. Shareholders entitled to participate were determined based on the record date of April 18, 2024. Documentation and voting instructions were mailed to shareholders and will be available on the SEC's website.

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Global Ship Lease, Inc. (NYSE:GSL) filed its Form 20-F with the SEC for the year ended December 31, 2023. The company owns 68 containerships with an aggregate capacity of 375,406 TEU, generating contracted revenue of $2.12 billion.
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FAQ

What does Global Ship Lease, Inc. do?

Global Ship Lease, Inc. owns and charters a fleet of containerships under long-term, fixed-rate charters to container shipping companies.

Where is Global Ship Lease, Inc. headquartered?

Global Ship Lease, Inc. is headquartered in London, United Kingdom.

How many containerships does Global Ship Lease, Inc. own?

As of December 31, 2023, Global Ship Lease, Inc. owns 68 containerships.

What is the aggregate capacity of Global Ship Lease, Inc.'s fleet?

The aggregate capacity of Global Ship Lease, Inc.'s fleet is 375,406 twenty-foot equivalent units (TEU).

Who are the major clients of Global Ship Lease, Inc.?

One of the major clients of Global Ship Lease, Inc. is MAERSK, a leading container liner company.

When was Global Ship Lease, Inc. established?

Global Ship Lease, Inc. was established in December 2007 and incorporated in the Marshall Islands.

When did Global Ship Lease, Inc. list on the New York Stock Exchange?

Global Ship Lease, Inc. listed on the New York Stock Exchange in August 2008.

What is the average remaining term of Global Ship Lease, Inc.'s charters?

As of December 31, 2023, the average remaining term of Global Ship Lease, Inc.'s charters is 2.1 years on a TEU-weighted basis.

What recent leadership changes have occurred at Global Ship Lease, Inc.?

In 2024, Thomas Lister will become the CEO, and Ian Webber will join the Board of Directors.

How does Global Ship Lease, Inc. contribute to sustainability?

Global Ship Lease, Inc. is involved in efforts to accelerate decarbonization, reduce emissions, and maximize economic and societal benefits from the maritime energy transition.

Global Ship Lease, Inc.

NYSE:GSL

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