Global Ship Lease Reports Results for the Second Quarter of 2026
Rhea-AI Summary
Global Ship Lease (NYSE:GSL) reported 2Q 2026 operating revenue of $198.7 million and net income available to common shareholders of $89.3 million ($2.48 EPS). Adjusted EBITDA was $131.4 million, with 1H 2026 operating revenue of $396.8 million and net income of $180.7 million.
The company ordered 15 mid-size newbuild containerships for about $1.3 billion, backed by multi‑year charters expected to generate over $1.0 billion of Adjusted EBITDA and giving 100% charter coverage for 2026 and 90% for 2027. Total contracted revenues reached $3.2 billion over an average 3.3‑year duration.
Global Ship Lease declared a quarterly dividend of $0.625 per Class A share (annualized $2.50), arranged a $55.5 million loan with Bank of America, agreed forward sales of four older vessels for $65.5 million, and saw key credit ratings and outlooks affirmed or improved.
Positive
- Operating revenue +3.5% YoY in 2Q 2026 to $198.7m
- Total contracted revenue $3.2b with 3.3-year average duration
- 15 newbuild ships ordered for ~$1.3b with multi‑year charters
- Charter coverage 100% for 2026 and 90% for 2027
- Quarterly dividend $0.625 per share; $2.50 annualized rate
- Forward sale of four vessels $65.5m; expected $33m gain
Negative
- 2Q 2026 net income down to $89.3m from $93.1m YoY
- Adjusted EBITDA slightly lower at $131.4m vs $134.2m YoY
- Vessel operating expenses up 12.9% YoY to $57.0m in 2Q 2026
News Explained
GSL has committed to add 15 chartered ships from late 2028 while four older vessels are contracted for staged sale.
Global Ship Lease has agreed individual contracts to buy 15 new containerships for
The ships are contracted to begin multi-year charters upon delivery, with an average firm term of
Four older vessels are under forward-sale agreements and are scheduled for staged delivery to buyers from
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 22 | 1Q26 earnings report | Positive | -7.1% | Revenue growth, contracted revenue expansion, and dividend declaration accompanied lower headline earnings. |
| Mar 05 | 4Q25 earnings report | Positive | -4.2% | Revenue, earnings, EBITDA, contracted revenue, and dividend growth were reported. |
| Nov 10 | 3Q25 earnings report | Positive | +9.4% | Revenue and earnings growth, backlog expansion, and increased annualized dividend were reported. |
| Aug 05 | 2Q25 earnings report | Positive | +2.0% | Revenue, net income, contracted revenues, and credit ratings were reported favorably. |
| May 19 | 1Q25 earnings report | Positive | +5.1% | Revenue, net income, contracted revenues, dividend, and vessel-sale gains increased. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
GSL's earnings-specific history was mixed, with three positive-report events aligning with gains and two preceding declines.
Key Terms
adjusted ebitda financial
normalized net income financial
sofr financial
offhire technical
teu-weighted technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Ordered 15 mid-size, ultra-high-reefer, wide-beam, latest generation newbuilds for an aggregate contract price of
Annualized dividend of
ATHENS, Greece, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE: GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three and six-month periods ended June 30, 2026.
Second Quarter of 2026 and Year to Date Highlights and Other Recent Developments
- 2Q 2026 operating revenue of
- 2Q 2026 net income available to common shareholders of
- 2Q 2026 normalized net income (a non-U.S. GAAP financial measure, described below)3 of
- 2Q 2026 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)3 of
- In June 2026, announced that we have agreed individual newbuilding contracts for 15 mid-size, ultra-high-reefer, wide-beam, latest-generation containerships (“Newbuildings”) for an aggregate purchase price of approximately
- Added
- Declared a dividend of
- On June 16, 2026, announced updates by two leading credit rating agencies. Moody’s Investor Service maintained our Ba2 Corporate Family Rating, and upgraded to a positive outlook from a stable outlook. Kroll Bond Rating Agency maintained our corporate credit rating at BB+, with a stable outlook, while also affirming the BBB/stable investment grade rating and stable outlook for our
- During April and May of 2026, we entered into agreements for the forward sales of four non-core ships, built 2000 – 2002, for an aggregate price of
- On December 1, 2025, announced the purchase of three 8,586 TEU Korean-built containerships with ECO upgrades (the “Three Newly Acquired Vessels”) for an aggregate purchase price of
George Youroukos, our Executive Chairman, stated: “We are proud to have delivered another quarter of strong results, as our strategic focus on optionality and flexible tonnage continues to serve us well in a highly volatile and unpredictable world. While underlying containerized freight flows remained quite firm throughout the quarter, geopolitics once again played an outsized role in re-arranging and complicating global trade. This was evident not only in and around the Strait of Hormuz, but also in the continued decentralization of global supply chains outside of China and beyond the East-West mainlane trades serviced by ultra-large containership tonnage. As a result, our liner customers are placing a premium on flexibility and reliability in the supply chain, actively expanding their access to flexible, mid-size containerships like those in the GSL fleet. In these conditions, we have taken the opportunity to continue locking in multi-year charters at attractive rates. With
“We have long appreciated that a combination of patience, discipline and the ability to act quickly is essential to successful fleet investment. On that basis, we are very pleased to have complemented our ongoing on-the-water investment strategy with the addition of highly attractive newbuilding orders for 15 mid-size, ultra-high-reefer, wide-beam, latest generation ECO newbuildings. The initial charters for the Newbuildings, averaging just over 7 years in duration, de-risk the investment right out of the gate, providing expected adjusted EBITDA equivalent to over
Thomas Lister, our Chief Executive Officer, stated: “Optionality remains at the core of our approach to an ever more complex and dynamic containerized trade landscape. As the industry grapples with an ever-expanding series of unpredictable and sometimes dangerous geopolitical developments, it remains imperative that we all keep the welfare of seafarers front-of-mind. Amid this environment, we have continued to find prudent, attractive opportunities to unlock value across finance, operations, chartering, selective divestments and fleet renewal. The strength of our fortress balance sheet and our disciplined capital allocation and decision-making have been affirmed by successive enhancements to our credit ratings and outlooks, and those in turn have provided yet further support to our ability to pay a robust dividend while also being nimble enough to pounce on exciting opportunities to partner with top liners in the newbuild market. Our joint commitment to optionality maximization and decisive, opportunistic action is driving this progress on all fronts, enabling us to create lasting shareholder value amidst both natural cyclicality and unprecedented geopolitical tumult."
SELECTED FINANCIAL DATA – UNAUDITED
(thousands of U.S. dollars)
| Three | Three | Six | Six | |
| months ended | months ended | months ended | months ended | |
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Operating Revenues (1) | 198,689 | 191,859 | 396,768 | 382,834 |
| Operating Income | 93,867 | 101,762 | 191,285 | 230,260 |
| Net Income (2) | 89,292 | 93,053 | 180,737 | 214,063 |
| Adjusted EBITDA (3) | 131,366 | 134,183 | 264,551 | 266,481 |
| Normalized Net Income (3) | 89,261 | 95,149 | 181,351 | 189,426 |
(1) Operating Revenues are net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities, the effect of the straight lining of time charter modifications and the compensation from charterers for drydock and for other capitalized expenses for vessel upgrades or retrofits. Brokerage commissions are included in “Time charter and voyage expenses” (see below).
(2) Net Income available to common shareholders.
(3) Adjusted EBITDA, Normalized Net Income, and Normalized Earnings per Share are non-U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.
Operating Revenues and Utilization
Operating revenues derived from fixed-rate, mainly long-term, time-charters were
For the six months ended June 30, 2026, operating revenues were
Our revenue origin by country, using the respective head office location of each of our charterers as a proxy for origin, for the six months ended June 30, 2026 and 2025, respectively, was as follows:
| Unaudited Revenue origin by country1 | Six months ended June 30, 2026 | Six months ended June 30, 2025 | ||||||
| Revenue (USD million) | Percentage of revenue | Revenue (USD million) | Percentage of revenue | |||||
| Denmark (Maersk) | 117.45 | 29.60 | % | 122.00 | 31.87 | % | ||
| France (CMA CGM) | 79.07 | 19.93 | % | 71.14 | 18.59 | % | ||
| Germany (Hapag Lloyd) | 74.17 | 18.69 | % | 73.03 | 19.08 | % | ||
| Switzerland (MSC) | 55.76 | 14.05 | % | 42.99 | 11.23 | % | ||
| China, including Hong Kong (COSCO & OOCL) | 29.11 | 7.34 | % | 21.99 | 5.74 | % | ||
| Israel (ZIM) | 26.52 | 6.68 | % | 33.75 | 8.81 | % | ||
| Singapore (ONE, Swire Shipping, RCL Feeder) | 14.69 | 3.71 | % | 9.85 | 2.57 | % | ||
| USA (Matson) | - | - | 5.80 | 1.51 | % | |||
| Taiwan (Wan Hai) | - | - | 2.28 | 0.60 | % | |||
| Total | 396.77 | 100.00 | % | 382.83 | 100.00 | % | ||
- Based on jurisdiction of head office of each charterer.
The table below shows unaudited fleet utilization data for the three and six months ended June 30, 2026 and 2025, and for the years ended December 31, 2025, 2024, 2023 and 2022.
| Three months ended | Six months ended | Year ended | ||||||||
| June 30, | June 30, | June 30, | June 30, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | |||
| Days | 2026 | 2025 | 2026 | 2025 | 2025 | 2024 | 2023 | 2022 | ||
| Ownership days | 6,461 | 6,279 | 12,843 | 12,683 | 25,323 | 24,937 | 24,285 | 23,725 | ||
| Planned offhire - scheduled drydock | (181) | (145) | (265) | (475) | (816) | (807) | (701) | (581) | ||
| Unplanned offhire | (29) | (29) | (63) | (70) | (262) | (144) | (233) | (460) | ||
| Idle time | - | (8) | - | (43) | (47) | (15) | (62) | (30) | ||
| Operating days | 6,251 | 6,097 | 12,515 | 12,095 | 24,198 | 23,971 | 23,289 | 22,654 | ||
| Utilization | ||||||||||
During the six-month period ended in June 30, 2026, we completed four drydockings. As of June 30, 2026, one regulatory drydocking was in progress and 11 further regulatory drydockings are anticipated in 2026.
Vessel Operating Expenses
Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up
For the six-month period ended June 30, 2026, vessel operating expenses were
Time Charter and Voyage Expenses
Time charter and voyage expenses comprise mainly commissions paid to ship brokers, the cost of bunker fuel for owner’s account when a ship is off-hire or idle, and miscellaneous owner’s costs associated with a ship’s voyage. Time charter and voyage expenses were
For the six-month period ended June 30, 2026, time charter and voyage expenses were
Depreciation and Amortization
Depreciation and amortization for the second quarter of 2026 was
Depreciation and amortization for the six-month period ended June 30, 2026 was
General and Administrative Expenses
General and administrative expenses were
General and administrative expenses were
Gain on sale of vessels
Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) were sold for an aggregate gain of
Adjusted EBITDA1
Adjusted EBITDA was
Adjusted EBITDA for the six-month period ended June 30, 2026 was
Interest Expense and Interest Income
Debt as of June 30, 2026 totaled
Debt as at June 30, 2025 totaled
Interest and other finance expenses for the second quarter of 2026 were
Interest and other finance expenses for the six-month period ended June 30, 2026 were
Interest income for the second quarter of 2026 was
Interest income for the six-month period ended June 30, 2026 was
Other income, net
Other income, net was
Other income, net was
Fair value adjustment on derivatives and other financial instruments
In December 2021, we entered into a USD 1-month LIBOR interest rate cap of
In January 2026, we entered into a series of FX Reverse Convertible transactions with UBS AG to hedge our exposure to foreign exchange risk while also achieving improved interest income on deposits. These instruments are USD-denominated structured notes with returns linked to the EUR/USD exchange rate. We elected the Fair Value Option to measure these instruments.
Earnings Allocated to Preferred Shares
Our Series B Preferred Shares carry a coupon of
The cost for the six months ended June 30, 2026 was
Net Income Available to Common Shareholders
Net income available to common shareholders for the second quarter of 2026 was
Earnings per share for the second quarter of 2026 was
Net income available to common shareholders for the six months ended June 30, 2026 was
Earnings per share for the six months ended June 30, 2026 was
Normalized net income1 for the second quarter of 2026 was
Normalized net income1 for the six months ended June 30, 2026 was
1 Adjusted EBITDA, Normalized net income, and Normalized earnings per share are non-U.S. GAAP financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.
Fleet
As of June 30, 2026, our fleet consisted of (i) 71 operating containerships and (ii) 15 containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030.
Operating Containerships
| Vessel Name | Capacity in TEUs | Lightweight (tons) | Year Built | Charterer | Earliest Charter Expiry Date | Latest Charter Expiry Date (2) | Daily Charter Rate $ |
| CMA CGM Thalassa | 11,040 | 38,577 | 2008 | CMA CGM | 3Q28 | 1Q29 | 47,200 |
| ZIM Norfolk (1) | 9,115 | 31,764 | 2015 | ZIM | 2Q32 | 4Q32 | 65,000 (3) |
| Anthea Y (1) | 9,115 | 31,890 | 2015 | MSC | 4Q28 | 4Q28 | Footnote (4) |
| ZIM Xiamen (1) | 9,115 | 31,820 | 2015 | ZIM | 3Q32 | 4Q32 | 65,000 (3) |
| Sydney Express (1) | 9,019 | 31,254 | 2016 | Hapag-Lloyd | 3Q27 | 4Q29 | Footnote (5) |
| Istanbul Express (1) | 9,019 | 31,380 | 2016 | Hapag-Lloyd | 1Q28 | 2Q30 | Footnote (5) |
| Bremerhaven Express (1) | 9,019 | 31,319 | 2015 | Hapag Lloyd | 2Q27 | 3Q29 | Footnote (5) |
| Czech (1) | 9,019 | 31,319 | 2015 | Hapag-Lloyd | 2Q28 | 3Q30 | Footnote (5) |
| MSC Tianjin | 8,603 | 34,243 | 2005 | MSC (6) | 3Q30 | 1Q31 | Footnote (6) |
| MSC Qingdao | 8,603 | 34,586 | 2004 | MSC (6) | 4Q30 | 1Q31 | Footnote (6) |
| GSL Ningbo | 8,603 | 34,340 | 2004 | MSC (7) | 3Q30 | 1Q31 | Footnote (7) |
| GSL Alexandra | 8,599 | 37,809 | 2004 | Maersk (8) | 3Q28 | 4Q33 | Footnote (8) |
| GSL Sofia | 8,599 | 37,777 | 2003 | Maersk (8) | 2Q28 | 4Q33 | Footnote (8) |
| GSL Effie | 8,599 | 37,777 | 2003 | Maersk (8) | 3Q28 | 1Q34 | Footnote (8) |
| GSL Lydia | 8,599 | 37,777 | 2003 | Maersk (8) | 1Q28 | 3Q33 | Footnote (8) |
| Lotus A | 8,586 | 33,026 | 2010 | CMA CGM | 4Q26 | 3Q30 | Footnote (9) |
| Koi | 8,586 | 33,005 | 2011 | CMA CGM | 4Q26 | 3Q30 | Footnote (9) |
| Cypress | 8,586 | 33,026 | 2011 | CMA CGM | 4Q26 | 3Q30 | Footnote (9) |
| GSL Eleni | 7,847 | 29,261 | 2004 | Maersk | 4Q27 | 2Q29 | Footnote (10) |
| GSL Kalliopi | 7,847 | 29,261 | 2004 | Maersk | 1Q28 | 3Q29 | Footnote (10) |
| GSL Grania | 7,847 | 29,261 | 2004 | Maersk | 1Q28 | 3Q29 | Footnote (10) |
| Colombia Express (1) | 7,072 | 23,424 | 2013 | Hapag-Lloyd | 4Q28 | 1Q31 | Footnote (11) |
| Panama Express (1) | 7,072 | 23,424 | 2013 | Hapag-Lloyd | 4Q29 | 4Q31 | Footnote (11) |
| Costa Rica Express (1) | 7,072 | 23,424 | 2013 | Hapag-Lloyd | 2Q29 | 3Q31 | Footnote (11) |
| Nicaragua Express (1) | 7,072 | 23,424 | 2013 | Hapag-Lloyd | 3Q29 | 4Q31 | Footnote (11) |
| Ateti (ex CMA CGM Berlioz) (12) | 7,023 | 26,776 | 2001 | MSC | 2Q29 | 2Q29 | Footnote (12) |
| Mexico Express (1) | 6,918 | 23,970 | 2015 | Hapag-Lloyd | 3Q29 | 4Q31 | Footnote (11) |
| Jamaica Express (1) | 6,918 | 23,915 | 2015 | Hapag-Lloyd | 3Q29 | 4Q31 | Footnote (11) |
| GSL Christen | 6,858 | 27,954 | 2002 | Maersk | 4Q27 | 1Q28 | Footnote (13) |
| GSL Nicoletta | 6,858 | 28,070 | 2002 | Maersk | 1Q28 | 2Q28 | Footnote (13) |
| Agios Dimitrios | 6,572 | 24,931 | 2011 | MSC | 3Q30 | 4Q30 | Footnote (6) |
| GSL Vinia | 6,080 | 23,737 | 2004 | Maersk | 1Q28 | 4Q29 | Footnote (14) |
| GSL Christel Elisabeth | 6,080 | 23,745 | 2004 | Maersk | 1Q28 | 3Q29 | Footnote (14) |
| GSL Arcadia | 6,008 | 24,859 | 2000 | Footnote (15) | 1Q29 | 2Q29 | Footnote (15) |
| GSL Violetta | 6,008 | 24,873 | 2000 | Footnote (15) | 1Q29 | 1Q29 | Footnote (15) |
| GSL Maria | 6,008 | 24,414 | 2001 | Maersk (15) | 1Q30 | 2Q30 | 12,700 (15) |
| GSL MYNY | 6,008 | 24,876 | 2000 | Footnote (15) | 1Q29 | 2Q29 | Footnote (15) |
| GSL Melita | 6,008 | 24,859 | 2001 | Maersk (15) | 4Q29 | 4Q29 | 12,700 (15) |
| GSL Tegea | 5,994 | 24,308 | 2001 | Maersk (15) | 4Q29 | 1Q30 | 12,700 (15) |
| GSL Dorothea | 5,994 | 24,243 | 2001 | Maersk (15) | 4Q29 | 4Q29 | 12,700 (15) |
| Ian H | 5,936 | 25,128 | 2000 | COSCO | 4Q27 | 4Q27 | Footnote (16) |
| GSL Tripoli | 5,470 | 22,109 | 2009 | Maersk | 3Q27 | 4Q27 | 17,250 |
| GSL Kithira | 5,470 | 22,259 | 2009 | Maersk | 4Q27 | 1Q28 | 17,250 |
| GSL Tinos | 5,470 | 22,068 | 2010 | Maersk | 3Q27 | 4Q27 | 17,250 |
| GSL Syros | 5,470 | 22,099 | 2010 | Maersk | 4Q27 | 4Q27 | 17,250 |
| Orca I | 5,308 | 20,633 | 2006 | Footnote (17) | 3Q28 | 4Q28 | Footnote (17) |
| Dolphin II | 5,095 | 20,596 | 2007 | Footnote (17) | 1Q28 | 2Q28 | Footnote (17) |
| CMA CGM Alcazar | 5,089 | 20,087 | 2007 | CMA CGM | 3Q29 | 4Q29 | 35,500 (18) |
| GSL Château d’If | 5,089 | 19,994 | 2007 | CMA CGM | 4Q29 | 1Q30 | 35,500 (18) |
| GSL Susan | 4,363 | 17,309 | 2008 | CMA CGM | 3Q27 | 1Q28 | Footnote (19) |
| CMA CGM Jamaica | 4,298 | 17,272 | 2006 | CMA CGM | 1Q28 | 2Q28 | Footnote (19) |
| CMA CGM Sambhar | 4,045 | 17,355 | 2006 | CMA CGM | 1Q28 | 2Q28 | Footnote (19) |
| CMA CGM America | 4,045 | 17,355 | 2006 | CMA CGM | 1Q28 | 2Q28 | Footnote (19) |
| GSL Rossi | 3,421 | 16,309 | 2012 | Maersk | 1Q29 | 2Q29 | Footnote (20) |
| GSL Alice | 3,421 | 16,543 | 2014 | CMA CGM | 2Q28 | 3Q28 | 31,000 |
| GSL Eleftheria | 3,421 | 16,642 | 2013 | Maersk | 3Q28 | 4Q28 | 33,000 |
| GSL Melina | 3,421 | 16,703 | 2013 | Maersk | 4Q29 | 1Q30 | 29,900 (21) |
| Athena I | 2,980 | 13,538 | 2003 | MSC | 2Q27 | 3Q27 | Footnote (22) |
| GSL Valerie | 2,824 | 11,971 | 2005 | ZIM | 2Q27 | 3Q27 | 27,000 |
| GSL Mamitsa | 2,824 | 11,949 | 2007 | RCL | 1Q28 | 2Q28 | 28,000 |
| GSL Lalo | 2,824 | 11,950 | 2006 | MSC | 2Q27 | 3Q27 | Footnote (23) |
| GSL Mercer | 2,824 | 11,970 | 2007 | ONE | 1Q27 | 2Q27 | 24,500 |
| GSL Elizabeth | 2,741 | 11,530 | 2006 | Maersk | 3Q28 | 4Q28 | 20,360 (24) |
| Newyorker | 2,635 | 11,463 | 2001 | Maersk | 2Q27 | 3Q27 | 26,000 |
| Nikolas | 2,635 | 11,370 | 2000 | CMA CGM | 1Q27 | 2Q27 | 26,000 |
| GSL Chloe | 2,546 | 12,212 | 2012 | ONE | 1Q27 | 2Q27 | 24,500 |
| GSL Maren | 2,546 | 12,243 | 2014 | OOCL | 2Q28 | 3Q28 | Footnote (25) |
| Maira | 2,506 | 11,453 | 2000 | CMA CGM | 1Q27 | 2Q27 | 26,000 |
| Manet (28) | 2,288 | 11,534 | 2001 | OOCL | 3Q26 | 4Q26 | 24,000 |
| Kumasi (28) | 2,220 | 11,652 | 2002 | MSC | 4Q26 | 1Q27 | Footnote (26) |
| Julie (28) | 2,207 | 11,731 | 2002 | MSC | 3Q27 | 3Q27 | Footnote (27) |
| (1) | Modern design, high reefer capacity, fuel-efficient “ECO” vessel. |
| (2) | In many instances, charterers have the option to extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time (“Offhire Extension”) is computed at the end of the initially contracted charter period. The Latest Charter Expiry Dates shown in this table have been adjusted to reflect offhire accrued up to June 30, 2026, plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers – may exceed the Latest Charter Expiry Dates indicated. |
| (3) | Zim Norfolk and Zim Xiamen were forward extended for 60 – 63 months. The extensions are expected to commence between 2Q-3Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately |
| (4) | Anthea Y is fixed for 36 months +/- 30 days and is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (5) | Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q 2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately |
| (6) | MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate average annualized Adjusted EBITDA of approximately |
| (7) | GSL Ningbo is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (8) | GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia. After the initial charter period, extension options were exercised by charterers at rates expected to generate average annualized Adjusted EBITDA of approximately |
| (9) | Lotus A and Koi were delivered to our fleet on December 12, 2025, and December 29, 2025, respectively. Cypress was delivered on January 9, 2026. Lotus A, Koi and Cypress charters have flexible durations, with latest redeliveries in mid-2030, and are expected to generate average annualized Adjusted EBITDA of approximately |
| (10) | GSL Eleni, GSL Kalliopi and GSL Grania, are chartered for 35 – 38 months, after which the charterer has the option to extend each charter for a further 12 – 16 months. Each charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (11) | Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/- 45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately |
| (12) | Ateti (ex CMA CGM Berlioz) is fixed for 36 – 38 months. The charter commenced in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately |
| (13) | GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately |
| (14) | GSL Vinia and GSL Christel Elizabeth are chartered for 36 – 40 months, after which the charterer has the option to extend each charter for a further 12 – 15 months. The charters are expected to generate average annualized Adjusted EBITDA of approximately |
| (15) | GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, with charterers holding a one-year extension option on each charter (at a rate of |
| (16) | Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (17) | Dolphin II and Orca I are fixed to a leading liner company. Each charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (18) | GSL Château d’If and CMA CGM Alcazar were forward fixed for 36 – 38 months. The new charters are expected to commence between 3Q-4Q 2026 and are expected to generate average annualized Adjusted EBITDA of approximately |
| (19) | GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately |
| (20) | GSL Rossi is fixed for 35 – 37 months. The new charter commenced in 1Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately |
| (21) | GSL Melina was forward fixed for 35 – 37 months. The new charter is expected to commence in 4Q 2026 and to generate average annualized Adjusted EBITDA of approximately |
| (22) | Athena I (ex Athena) is fixed for 24 – 30 months. The charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (23) | GSL Lalo. The charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (24) | GSL Elizabeth was forward fixed for 24 – 27 months. The new charter is expected to commence in 3Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately |
| (25) | GSL Maren is fixed in direct continuation for 24 – 26 months. The charter commenced in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately |
| (26) | Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (27) | Julie. The charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (28) | During 2Q 2026, the Company entered into agreements for the forward sales of four ships, Ian H, Manet, Kumasi and Julie, for an aggregate sale price of |
Newbuildings Under Construction
| Vessel Name | Vessel Type | Expected Delivery |
| Hull 1 | Container | 4Q28 |
| Hull 2 | Container | 2Q29 |
| Hull 3 | Container | 3Q29 |
| Hull 4 | Container | 2Q29 |
| Hull 5 | Container | 3Q29 |
| Hull 6 | Container | 3Q29 |
| Hull 7 | Container | 3Q29 |
| Hull 8 | Container | 4Q29 |
| Hull 9 | Container | 4Q29 |
| Hull 10 | Container | 4Q29 |
| Hull 11 | Container | 1Q30 |
| Hull 12 | Container | 1Q29 |
| Hull 13 | Container | 1Q29 |
| Hull 14 | Container | 2Q29 |
| Hull 15 | Container | 2Q29 |
Conference Call and Webcast
Global Ship Lease will hold a conference call to discuss the Company's results for the three and six months ended June 30, 2026 today, Wednesday, August 5, 2026 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:
(1) Dial-in: (646) 307-1963 or (800) 715-9871; Event ID: 2443665
Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.
(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com
The webcast will also be archived on the Company’s website: http://www.globalshiplease.com.
Annual Report on Form 20-F
The Company’s Annual Report for 2025 was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2026. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company’s website at http://www.globalshiplease.com or on the SEC’s website at www.sec.gov. Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at info@globalshiplease.com or by writing to Global Ship Lease, Inc, c/o GSL Enterprises Ltd., 9 Irodou Attikou Street, Kifisia, Athens, 14561.
About Global Ship Lease
Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008.
Our operating fleet of 71 containerships as of June 30, 2026, had an average age weighted by TEU capacity of 18.4 years. 41 ships are wide-beam Post-Panamax. As of June 30, 2026, our fleet also included 15 newbuilding containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030.
As of June 30, 2026, 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, including our Newbuildings, was 3.3 years on a TEU-weighted basis. Contracted revenue, including our Newbuildings, on the same basis was
Reconciliation of Non-U.S. GAAP Financial Measures
To supplement our financial information presented in accordance with U.S. GAAP, we use certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe that the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations, and therefore a more complete understanding of factors affecting our business and financial performance than U.S. GAAP measures alone. In addition, we believe that the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items or items outside of our control.
We believe that the presentation of the following non-U.S. GAAP financial measures is useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.
A. Adjusted EBITDA
Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, depreciation and amortization, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for stock based compensation, fair value adjustment on derivative assets and other financial instruments, income tax, and the effect of the straight lining of time charter modifications. Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of our ability to generate cash from our operations. We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry.
Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable U.S. GAAP measure due to the inherent difficulty in accurately forecasting and quantifying certain amounts necessary for such reconciliation, and we are not able to provide such reconciliation of such forward-looking non-U.S. GAAP financial measure without unreasonable effort and expense.
ADJUSTED EBITDA - UNAUDITED
(thousands of U.S. dollars)
| Three | Three | Six | Six | |||
| months ended | months ended | months ended | months ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
| Net income available to Common Shareholders | 89,292 | 93,053 | 180,737 | 214,063 | ||
| Adjust: | Depreciation and amortization | 34,189 | 30,328 | 67,661 | 60,121 | |
| Loss/(gain) on sale of vessels | - | 115 | - | (28,343) | ||
| Amortization of intangible liabilities | (6,425) | (3,319) | (12,672) | (6,533) | ||
| Fair value adjustment on derivative assets and other financial instruments | 227 | 1,208 | 1,127 | 2,831 | ||
| Interest income | (5,606) | (4,676) | (11,272) | (7,871) | ||
| Interest expense | 9,440 | 10,596 | 18,779 | 20,463 | ||
| Stock based compensation | 5,079 | 2,122 | 10,998 | 4,244 | ||
| Earnings allocated to preferred shares | 2,384 | 2,384 | 4,768 | 4,768 | ||
| Effect from straight lining time charter modifications | 2,786 | 2,372 | 4,425 | 2,738 | ||
| Adjusted EBITDA | 131,366 | 134,183 | 264,551 | 266,481 | ||
B. Normalized net income
Normalized net income represents net income available to common shareholders after adjusting for certain non-recurring items. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry.
NORMALIZED NET INCOME – UNAUDITED
(thousands of U.S. dollars)
| Three | Three | Six | Six | |||
| months ended | months ended | months ended | months ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
| Net income available to Common Shareholders | 89,292 | 93,053 | 180,737 | 214,063 | ||
| Adjust: | Fair value adjustment on derivative assets and other financial instruments | 227 | 1,208 | 1,127 | 2,831 | |
| Loss/(gain) on sale of vessels | - | 115 | - | (28,343) | ||
| Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility | - | - | - | 102 | ||
| Accelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility | - | 216 | - | 216 | ||
| Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility | - | 382 | - | 382 | ||
| Prepayment fee on full repayment of Macquarie Credit Facility | - | 175 | - | 175 | ||
| Amortization of original issue discount | (258) | - | (513) | - | ||
| Normalized net income | 89,261 | 95,149 | 181,351 | 189,426 | ||
C. Normalized Earnings per Share
Normalized Earnings per Share represents Earnings per Share after adjusting for certain non-recurring items. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry.
NORMALIZED EARNINGS PER SHARE – UNAUDITED
| Three | Three | Six | Six | |
| months ended | months ended | months ended | months ended | |
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| EPS as reported (USD) | 2.48 | 2.61 | 5.02 | 6.01 |
| Normalized net income adjustments-Class A common shares (in thousands USD) | (31) | 2,096 | 614 | (24,637) |
| Weighted average number of Class A Common shares | 36,035,434 | 35,612,413 | 36,005,151 | 35,598,601 |
| Adjustment on EPS (USD) | 0.00 | 0.06 | 0.02 | (0.69) |
| Normalized EPS (USD) | 2.48 | 2.67 | 5.04 | 5.32 |
Dividend Policy
The declaration and payment of dividends will be subject at all times to the discretion of the Company’s Board of Directors. The timing and amount of dividends, if any, will depend on the Company’s earnings, financial condition, cash flow, capital requirements, growth opportunities, restrictions in its loan agreements and financing arrangements, the provisions of Marshall Islands law affecting the payment of dividends, and other factors. For further information on the Company’s dividend policy, please see its most recent Annual Report on Form 20-F.
Safe Harbor Statement
This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease’s current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “ongoing”, “plan”, “potential”, “predict”, “should”, “project”, “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.
The risks and uncertainties include, but are not limited to:
- future operating or financial results;
- expectations regarding the strength of future growth of the container shipping industry, including the rates of annual demand and supply growth;
- geo-political events such as the war in Iran and disruption to the Strait of Hormuz, war between Russia and Ukraine; ongoing tensions between Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between the U.S. and China, and ongoing political unrest and conflicts in the Middle East and other regions throughout the world;
- the disruptions of shipping routes, including due to the closure of the Strait of Hormuz, lower water levels in the Panama Canal and the ongoing attacks by Houthis in the Red Sea;
- public health threats, pandemics, epidemics, and other disease outbreaks around the world and governmental responses thereto;
- the financial condition of our charterers and their ability and willingness to pay charterhire to us in accordance with the charters and our expectations regarding the same;
- the overall health and condition of the U.S. and global financial markets;
- changes in tariffs, trade barriers, and embargos, including uncertainty surrounding the imposition and legality of tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries;
- uncertainties surrounding recently implemented and suspended port fee regimes in the United States and China that may be applicable to a number of our vessels;
- our financial condition and liquidity, including our ability to obtain additional financing to fund capital expenditures, vessel acquisitions and for other general corporate purposes and our ability to meet our financial covenants and repay our borrowings;
- our expectations relating to dividend payments and expectations of our ability to make such payments including the availability of cash and the impact of constraints under our loan agreements;
- future acquisitions, business strategy and expected capital spending;
- operating expenses, availability of key employees, crew, number of off-hire days, drydocking and survey requirements, costs of regulatory compliance, insurance costs and general and administrative costs;
- general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
- assumptions regarding interest rates and inflation;
- changes in the rate of growth of global and various regional economies;
- risks incidental to vessel operation, including piracy, discharge of pollutants and vessel accidents and damage including total or constructive total loss;
- estimated future capital expenditures needed to preserve our capital base;
- our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;
- our continued ability to enter into or renew charters including the re-chartering of vessels on the expiry of existing charters, or to secure profitable employment for our vessels in the spot market;
- our ability to realize expected benefits from our acquisition of secondhand vessels;
- our ability to capitalize on our management’s and directors’ relationships and reputations in the containership industry to its advantage;
- changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities;
- expectations about the availability of insurance on commercially reasonable terms;
- changes in laws and regulations (including environmental rules and regulations);
- potential liability from future litigation; and
- other important factors described from time to time in the reports we file with the SEC.
Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease’s filings with the SEC. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.
| Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Balance Sheets (Expressed in thousands of U.S. dollars except share data) | |||||
| As of, | |||||
| June 30, 2026 | December 31, 2025 | ||||
| ASSETS | |||||
| CURRENT ASSETS | |||||
| Cash and cash equivalents | $ | 388,599 | $ | 273,876 | |
| Time deposits | 110,450 | 199,100 | |||
| Restricted cash | 51,326 | 50,520 | |||
| Accounts receivable, net | 50,500 | 49,887 | |||
| Inventories | 22,357 | 14,600 | |||
| Prepaid expenses and other current assets | 20,483 | 33,623 | |||
| Derivative assets and other financial instruments | 22,954 | 5,234 | |||
| Due from related parties | 1,309 | 148 | |||
| Total current assets | $ | 667,978 | $ | 626,988 | |
| NON - CURRENT ASSETS | |||||
| Vessels in operation | $ | 1,966,440 | 1,962,888 | ||
| Advances for vessels' acquisitions, vessels under construction and other additions | 129,383 | 35,961 | |||
| Deferred dry dock and special survey costs, net | 111,766 | 110,936 | |||
| Other non - current assets | 8,565 | 10,830 | |||
| Restricted cash and other instruments, net of current portion | 98,664 | 113,600 | |||
| Total non - current assets | 2,314,818 | 2,234,215 | |||
| TOTAL ASSETS | $ | 2,982,796 | $ | 2,861,203 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||
| CURRENT LIABILITIES | |||||
| Accounts payable | $ | 71,639 | $ | 61,912 | |
| Accrued liabilities | 41,637 | 47,727 | |||
| Current portion of long-term debt | 154,504 | 147,567 | |||
| Current portion of deferred revenue | 45,482 | 48,885 | |||
| Due to related parties | 740 | 692 | |||
| Total current liabilities | $ | 314,002 | $ | 306,783 | |
| LONG-TERM LIABILITIES | |||||
| Long - term debt, net of current portion and deferred financing costs | $ | 517,260 | $ | 541,575 | |
| Intangible liabilities-charter agreements | 96,443 | 90,054 | |||
| Deferred revenue, net of current portion | 108,383 | 121,707 | |||
| Total non - current liabilities | 722,086 | 753,336 | |||
| Total liabilities | $ | 1,036,088 | $ | 1,060,119 | |
| Commitments and Contingencies | - | - | |||
| SHAREHOLDERS' EQUITY | |||||
| Class A common shares - authorized 214,000,000 shares with a 36,035,434 shares issued and outstanding (2025 – 35,913,628 shares) | $ | 360 | $ | 359 | |
| Series B Preferred Shares - authorized 104,000 shares with a 43,592 shares issued and outstanding (2025 – 43,592 shares) | - | - | |||
| Additional paid in capital | 705,328 | 694,331 | |||
| Retained earnings | 1,240,348 | 1,104,617 | |||
| Accumulated other comprehensive income | 672 | 1,777 | |||
| Total shareholders' equity | 1,946,708 | 1,801,084 | |||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,982,796 | $ | 2,861,203 | |
| Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Income (Expressed in thousands of U.S. dollars) | ||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| OPERATING REVENUES | ||||||||||||
| Time charter revenues | $ | 192,264 | $ | 188,540 | $ | 384,096 | $ | 376,301 | ||||
| Amortization of intangible liabilities-charter agreements | 6,425 | 3,319 | 12,672 | 6,533 | ||||||||
| Total Operating Revenues | 198,689 | 191,859 | 396,768 | 382,834 | ||||||||
| OPERATING EXPENSES: | ||||||||||||
| Vessel operating expenses (including | 56,994 | 50,511 | 109,712 | 100,519 | ||||||||
| Time charter and voyage expenses (including | 6,464 | 5,074 | 12,088 | 11,603 | ||||||||
| Depreciation and amortization | 34,189 | 30,328 | 67,661 | 60,121 | ||||||||
| General and administrative expenses | 7,175 | 4,069 | 16,022 | 8,674 | ||||||||
| Loss/(gain) on sale of vessels | - | 115 | - | (28,343) | ||||||||
| Operating Income | 93,867 | 101,762 | 191,285 | 230,260 | ||||||||
| NON-OPERATING INCOME/(EXPENSES) | ||||||||||||
| Interest income | 5,606 | 4,676 | 11,272 | 7,871 | ||||||||
| Interest and other finance expenses | (9,440) | (10,596) | (18,779) | (20,463) | ||||||||
| Other income, net | 1,870 | 803 | 2,854 | 3,994 | ||||||||
| Fair value adjustment on derivative asset and other financial instruments | (227) | (1,208) | (1,127) | (2,831) | ||||||||
| Total non-operating expenses | (2,191) | (6,325) | (5,780) | (11,429) | ||||||||
| Income before income taxes | 91,676 | 95,437 | 185,505 | 218,831 | ||||||||
| Income taxes | - | - | - | - | ||||||||
| Net Income | 91,676 | 95,437 | 185,505 | 218,831 | ||||||||
| Earnings allocated to Series B Preferred Shares | (2,384) | (2,384) | (4,768) | (4,768) | ||||||||
| Net Income available to Common Shareholders | $ | 89,292 | $ | 93,053 | $ | 180,737 | $ | 214,063 | ||||
| Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in thousands of U.S. dollars) | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 91,676 | $ | 95,437 | $ | 185,505 | $ | 218,831 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | $ | 34,189 | $ | 30,328 | $ | 67,661 | $ | 60,121 | |||||||
| Loss/(gain) on sale of vessels | - | 115 | - | (28,343) | |||||||||||
| Amortization of derivative assets' premium | 443 | 857 | 1,048 | 1,949 | |||||||||||
| Amortization of deferred financing costs | 607 | 1,342 | 1,239 | 2,257 | |||||||||||
| Amortization of original issue discount on instruments | (258) | (3,319) | (513) | - | |||||||||||
| Amortization of intangible liabilities-charter agreements | (6,425) | 1,208 | (12,672) | (6,533) | |||||||||||
| Fair value adjustment on derivative asset/financial instruments | 227 | 175 | 1,127 | 2,831 | |||||||||||
| Prepayment fees on debt repayment | - | - | - | 175 | |||||||||||
| Stock-based compensation expense | 5,079 | 2,122 | 10,998 | 4,244 | |||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Decrease/(increase) in accounts receivable and other assets | $ | 10,919 | $ | (3,227) | $ | 14,793 | $ | (10,242) | |||||||
| (Increase)/decrease in inventories | (7,516) | (1,742) | (7,757) | 825 | |||||||||||
| Decrease/(increase) in derivative assets and other financial instruments | 12,000 | - | (21,000) | (194) | |||||||||||
| Increase in accounts payable and other liabilities | 8,785 | 7,815 | 2,796 | 13,740 | |||||||||||
| (Increase)/decrease in related parties' balances, net | (491) | 274 | (1,112) | (504) | |||||||||||
| Decrease in deferred revenue | (8,808) | (1,346) | (16,725) | (10,006) | |||||||||||
| Payments for drydocking and special survey costs | (14,085) | (10,804) | (18,766) | (27,104) | |||||||||||
| Unrealized foreign exchange loss/(gain) | 1 | (2) | (3) | - | |||||||||||
| Net cash provided by operating activities | $ | 126,343 | $ | 119,233 | $ | 206,619 | $ | 222,047 | |||||||
| Cash flows from investing activities: | |||||||||||||||
| Acquisition of vessels | $ | - | $ | - | $ | - | $ | (61,541) | |||||||
| Cash paid for vessel expenditures | (812) | (2,537) | (1,574) | (9,799) | |||||||||||
| Advances for vessels' acquisitions, vessels under construction and other additions | (125,171) | (1,941) | (125,225) | (2,348) | |||||||||||
| Net proceeds from sale of vessels | - | (743) | - | 53,483 | |||||||||||
| Time deposits and other instruments (acquired)/withdrawn | (16,780) | (4,550) | 88,650 | 11,150 | |||||||||||
| Net cash used in investing activities | $ | (142,763) | $ | (9,771) | $ | (38,149) | $ | (9,055) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from drawdown of credit facilities/sale and leaseback | 55,500 | 85,000 | 55,500 | 218,500 | |||||||||||
| Repayment of credit facilities/sale and leaseback | (36,891) | (29,892) | (73,783) | (70,889) | |||||||||||
| Prepayment of debt including prepayment fees | - | (64,493) | - | (70,393) | |||||||||||
| Deferred financing costs paid | (333) | (850) | (333) | (2,185) | |||||||||||
| Net proceeds from offering of Class A common shares, net of offering costs | 40 | - | - | - | |||||||||||
| Class A common shares-dividend paid | (22,522) | (18,763) | (45,006) | (34,806) | |||||||||||
| Series B preferred shares-dividend paid | (2,384) | (2,384) | (4,768) | (4,768) | |||||||||||
| Net cash (used in)/provided by financing activities | $ | (6,590) | $ | (31,382) | $ | (68,390) | $ | 35,459 | |||||||
| Net (decrease)/increase in cash and cash equivalents and restricted cash | (23,010) | 78,080 | 100,080 | 248,451 | |||||||||||
| Cash and cash equivalents and restricted cash at beginning of the period | 462,430 | 417,995 | 339,340 | 247,624 | |||||||||||
| Cash and cash equivalents and restricted cash at end of the period | $ | 439,420 | $ | 496,075 | $ | 439,420 | $ | 496,075 | |||||||
| Supplementary Cash Flow Information: | |||||||||||||||
| Cash paid for interest | 9,564 | 11,846 | 20,035 | 23,061 | |||||||||||
| Cash received from interest rate caps | 1,703 | 4,641 | 4,067 | 9,133 | |||||||||||
| Non-cash investing activities: | |||||||||||||||
| Acquisition of vessels and intangibles | - | - | 19,061 | 15,987 | |||||||||||
| Non-cash financing activities: | |||||||||||||||
| Unrealized loss on derivative assets/ FX option | (947) | (2,459) | (2,153) | (5,960) | |||||||||||
Investor and Media Contacts:
IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438
