Global Ship Lease Reports Results for the Third Quarter of 2026
Higher quarterly revenue and profit accompanied a dividend increase, while nine-month net income remained below the prior-year period.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Global Ship Lease (NYSE: GSL) reported third-quarter 2026 net income available to common shareholders of $99.2 million, above the prior-year period. Revenue rose 4.5% to $201.4 million, and earnings per share were $2.75. Nine-month revenue increased 3.9% to $598.1 million, while net income available to common shareholders fell to $279.9 million from $306.7 million.
The quarterly dividend increased to $0.6875 per Class A share, payable December 3, 2026, bringing the annualized amount to $2.75. An agreed $1.0 billion loan facility will help finance 15 contracted newbuildings. Two additional shipbuilding options were exercised subject to conditions, at an aggregate price of $163.0 million. Contracted revenue totaled $3.4 billion at September 30, with an average remaining duration of 3.5 years weighted by container capacity. Contract cover was 100% for 2026, 98% for 2027 and 74% for 2028.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major pointNewbuilding financing secured through an agreed $1.0 billion syndicated facility, with draws intended to match 15 ship deliveries. 71% of market cap
- Major point. Forward-looking: it has not happened yet and may not happen.Fifteen newbuildings have contracted employment averaging 7.1 years, weighted by container capacity, after scheduled late-2028–early-2030 deliveries.
- Moderate pointThird-quarter revenue rose 4.5% to $201.4 million from $192.7 million a year earlier.
- Moderate pointThird-quarter common-shareholder net income increased to $99.150 million from $92.635 million; EPS was $2.75.
- Moderate pointThird-quarter operating income increased to $103.328 million from $99.203 million a year earlier.
- Moderate pointAdjusted EBITDA, a non-GAAP earnings measure, increased to $138.832 million quarterly from $130.191 million a year earlier.
- Moderate pointThird-quarter utilization improved to 96.6% from 95.9%; nine-month utilization rose to 97.2% from 95.5%.
- Moderate pointThird-quarter vessel operating expenses fell 1.5% to $51.3 million; daily costs declined 4.2% to $7,851.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Contracted revenue reached $3.4 billion after $1.82 billion of additions during the first nine months. 2.4× market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Two additional newbuilding options were exercised, with delivery scheduled for fourth-quarter 2029.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Four ship-sale agreements total $65.5 million, with an anticipated aggregate gain of approximately $33.0 million. 4.7% of market cap
- Moderate pointThree acquired vessels were delivered by January 2026, adding to the fleet.
- Moderate pointAcquisition financing added $55.5 million through a June 2026 Bank of America loan. 3.9% of market cap
8 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.Quarterly dividend increased to $0.6875 per Class A share, or $2.75 annualized, payable December 3, 2026.
- Minor pointNine-month revenue increased 3.9% to $598.1 million from $575.5 million a year earlier.
- Minor pointNine-month adjusted EBITDA increased to $403.384 million from $396.672 million a year earlier.
- Minor pointThird-quarter normalized net income, a non-GAAP measure, increased to $99.286 million from $93.755 million a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.Contract cover stood at 100% for 2026, 98% for 2027 and 74% for 2028.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fifteen newbuildings are expected to generate more than $1.0 billion aggregate adjusted EBITDA under initial firm charters.
- Minor point. Forward-looking: it has not happened yet and may not happen.Manet's sale completed on November 4, 2026; the other three agreed sales have scheduled 2027 deliveries.
- Minor pointMoody's maintained the Ba2 corporate family rating and upgraded its outlook from stable to positive.
Negative
- Major pointFifteen newbuilding contracts carry an aggregate purchase commitment of approximately $1.3 billion. 92% of market cap
- Moderate pointNine-month common-shareholder net income fell to $279.887 million from $306.698 million a year earlier.
- Moderate pointNine-month operating income declined to $294.613 million from $329.463 million a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Two additional newbuildings cost $163.0 million in aggregate, with option exercise subject to conditions precedent. 12% of market cap
- Moderate pointThree acquired vessels cost $90.0 million in aggregate. 6.4% of market cap
- Moderate pointScheduled drydocking off-hire increased to 206 days in third-quarter 2026 from 137 days a year earlier.
5 minor points
- Minor pointNine-month normalized net income declined to $280.636 million from $283.181 million a year earlier.
- Minor pointNewbuilding facility borrowing bears SOFR plus 1.5%, a floating benchmark plus margin, over seven years.
- Minor pointEmployment and financing for the two additional newbuildings remain under discussion with prospective charterers and lenders.
- Minor pointAcquisition loan adds debt at SOFR plus 1.40%, with a five-year maturity.
- Minor point. Forward-looking: it has not happened yet and may not happen.Regulatory drydockings included five in progress at September 30 and five further anticipated during 2026.
News Explained
The contracted order has a delivery-linked loan facility, but charters and financing for the two further vessels remain under discussion.
GSL intends to draw the agreed
The facility carries interest at SOFR plus
GSL says it is still in discussions with prospective charterers and lenders to secure employment and financing for the two additional vessels, scheduled for delivery in the
Details
Market move: GSL +5.07% vs previous close. 3Q26 earnings report
On Nov 9, the day this news came out, the latest delayed price for GSL is 5.07% above the previous close. The latest delayed price is $41.01. Relative volume is exceptionally heavy at 5.8x what this stock usually trades by this time of day.
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Key Figures
- 3Q operating revenue
- $201.4 million
- Third quarter of 2026
- 3Q net income
- $99.2 million
- Available to common shareholders; third quarter of 2026
- 3Q EPS
- $2.75
- Third quarter of 2026
- 3Q Adjusted EBITDA
- $138.8 million
- Third quarter of 2026
- Annualized dividend
- $2.75 per Class A common share
- 25% increase; $0.6875 per quarter, commencing with the 3Q 2026 dividend
- Contracted revenue
- $3.4 billion
- As of September 30, 2026
Previous Earnings Reports
-
Reported second-quarter revenue, net income and EBITDA alongside the 15-ship newbuilding program.
-
Reported third-quarter revenue and net income, and raised the annualized Class A dividend.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
sofr financial
teu technical
time-charters technical
u.s. gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Annualized dividend to increase to
Further de-risked our newbuilding program with
ATHENS, Greece, Nov. 09, 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 nine-month periods ended September 30, 2026.
Third Quarter of 2026 and Year to Date Highlights and Other Recent Developments
- 3Q 2026 operating revenue of
- 3Q 2026 net income available to common shareholders of
- 3Q 2026 normalized net income (a non-U.S. GAAP financial measure, described below)3 of
- 3Q 2026 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)3 of
- In October 2026, we agreed a
- In October 2026, we announced that, subject to certain conditions precedent being met, we had exercised options to build two mid-size, ultra-high-reefer, wide-beam, latest generation containerships for an aggregate contract price of
- In June 2026, we announced that we agreed individual newbuilding contracts for 15 mid-size, ultra-high-reefer, wide-beam, latest-generation containerships 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, we 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: “Amid continued market and geopolitical volatility throughout the third quarter of 2026, GSL once again benefitted from our focus on maximizing optionality and providing our customers with highly flexible tonnage. With the continuing fragmentation and decentralization of container supply chains liner service networks are being constantly reshaped, meaning that flexibility and agility are increasingly valuable qualities. At the same time, a combination of port congestion, extreme weather events, and freight flow imbalances weighted towards the head-haul trades, has meant that demand for containership capacity has grown even faster than underlying container volume growth. By remaining focused on being responsive, disciplined, and well-positioned to provide our liner customers with the highly specified, mission-critical, mid-sized and smaller containerships that they need to adapt in a dynamic and unpredictable trade environment, we have built a contracted revenue backlog of
With the disciplined, selective renewal of our fleet as a longstanding priority, and aided by our fortress balance sheet, we have expanded our orderbook of mid-size, ultra-high-reefer, wide beam, latest generation containerships to 17 vessels delivering between late 2028 and early 2030. We have already secured long-term employment for 15 of these ships, together with highly attractive financing. We are confident that these state-of-the-art containerships, which are core assets for the future of the Company, are now materially de-risked and will serve as long-term industry workhorses, providing significant future value and cashflow to GSL.”
Thomas Lister, our Chief Executive Officer, stated: “Optionality, prudence, and discipline continue to be foundational to how we operate. Our capacity to secure an oversubscribed, competitively priced,
SELECTED FINANCIAL DATA – UNAUDITED
(thousands of U.S. dollars)
| Three | Three | Nine | Nine | |
| months ended | months ended | months ended | months ended | |
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |
| Operating Revenues (1) | 201,363 | 192,668 | 598,131 | 575,502 |
| Operating Income | 103,328 | 99,203 | 294,613 | 329,463 |
| Net Income (2) | 99,150 | 92,635 | 279,887 | 306,698 |
| Adjusted EBITDA (3) | 138,832 | 130,191 | 403,384 | 396,672 |
| Normalized Net Income (3) | 99,286 | 93,755 | 280,636 | 283,181 |
(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 nine months ended September 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 nine months ended September 30, 2026 and 2025, respectively, was as follows:
| Unaudited Revenue origin by country | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | ||||||
| Revenue (USD million) | Percentage of revenue | Revenue (USD million) | Percentage of revenue | |||||
| Denmark (Maersk) | 174.90 | 185.49 | ||||||
| France (CMA CGM) | 117.41 | 104.96 | ||||||
| Germany (Hapag Lloyd) | 111.77 | 110.64 | ||||||
| Switzerland (MSC) | 89.38 | 63.37 | ||||||
| China, including Hong Kong (COSCO & OOCL) | 43.98 | 32.48 | ||||||
| Israel (ZIM) | 38.47 | 51.45 | ||||||
| Singapore (ONE) | 14.64 | 17.65 | ||||||
| Thailand (RCL Feeder) | 7.58 | 1.38 | ||||||
| USA (Matson) | - | - | 5.80 | |||||
| Taiwan (Wan Hai) | - | - | 2.28 | |||||
| Total | 598.13 | 100.00% | 575.50 | 100.00% | ||||
The table below shows unaudited fleet utilization data for the three and nine months ended September 30, 2026 and 2025, and for the years ending December 31, 2025, 2024, 2023 and 2022.
| Three months ended | Nine months ended | Year ended | ||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | Dec 31, | Dec 31, | Dec 31, | Dec 31, | |||||||||||
| Days | 2026 | 2025 | 2026 | 2025 | 2025 | 2024 | 2023 | 2022 | ||||||||||
| Ownership days | 6,532 | 6,348 | 19,375 | 19,031 | 25,323 | 24,937 | 24,285 | 23,725 | ||||||||||
| Planned off-hire scheduled drydock | (206) | (137) | (471) | (612) | (816) | (807) | (701) | (581) | ||||||||||
| Unplanned off-hire | (15) | (126) | (78) | (196) | (262) | (144) | (233) | (460) | ||||||||||
| Idle time | - | - | - | (43) | (47) | (15) | (62) | (30) | ||||||||||
| Operating days | 6,311 | 6,085 | 18,826 | 18,180 | 24,198 | 23,971 | 23,289 | 22,654 | ||||||||||
| Utilization | ||||||||||||||||||
During the nine-month period ended in September 30, 2026, we completed six drydockings. As of September 30, 2026, five regulatory drydocking were in progress and five further regulatory drydockings are anticipated during 2026.
Vessel Operating Expenses
Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were down
For the nine-month period ended September 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 nine-month period ended September 30, 2026, time charter and voyage expenses were
Depreciation and Amortization
Depreciation and amortization for the third quarter of 2026 was
Depreciation and amortization for the nine-month period ended September 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 nine-month period ended September 30, 2026 was
Interest Expense and Interest Income
Debt as of September 30, 2026 totaled
Debt as at September 30, 2025 totaled
Interest and other finance expenses for the third quarter of 2026 were
Interest and other finance expenses for the nine-month period ended September 30, 2026 were
Interest income for the third quarter of 2026 was
Interest income for the nine-month period ended September 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 nine months ended September 30, 2026 was
Net Income Available to Common Shareholders
Net income available to common shareholders for the third quarter of 2026 was
Earnings per share for the third quarter of 2026 was
Net income available to common shareholders for the nine months ended September 30, 2026 was
Earnings per share for the nine months ended September 30, 2026 was
Normalized net income1 for the third quarter of 2026 was
Normalized net income1 for the nine months ended September 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 September 30, 2026, our fleet consisted of (i) 71 operating containerships and (ii) 17 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) |
| CMA CGM Thalassa (3) | 11,040 | 38,577 | 2008 | CMA CGM | 2Q31 | 3Q31 |
| ZIM Norfolk (1) (4) | 9,115 | 31,764 | 2015 | ZIM | 2Q32 | 4Q32 |
| Anthea Y (1) (5) | 9,115 | 31,890 | 2015 | MSC | 4Q28 | 4Q28 |
| ZIM Xiamen (1) (4) | 9,115 | 31,820 | 2015 | ZIM | 3Q32 | 4Q32 |
| Sydney Express (1) (6) | 9,019 | 31,254 | 2016 | Hapag-Lloyd | 3Q28 | 4Q29 |
| Istanbul Express (1) (6) | 9,019 | 31,380 | 2016 | Hapag-Lloyd | 1Q28 | 3Q30 |
| Bremerhaven Express (1) (6) | 9,019 | 31,319 | 2015 | Hapag Lloyd | 2Q28 | 4Q29 |
| Czech (1) (6) | 9,019 | 31,319 | 2015 | Hapag-Lloyd | 2Q28 | 3Q30 |
| MSC Tianjin (7) | 8,603 | 34,243 | 2005 | MSC (7) | 3Q30 | 1Q31 |
| MSC Qingdao (7) | 8,603 | 34,586 | 2004 | MSC (7) | 4Q30 | 1Q31 |
| GSL Ningbo (8) | 8,603 | 34,340 | 2004 | MSC (8) | 3Q30 | 1Q31 |
| GSL Alexandra (9) | 8,599 | 37,809 | 2004 | Footnote (9) | 3Q28 | 4Q33 |
| GSL Sofia (9) | 8,599 | 37,777 | 2003 | Footnote (9) | 3Q28 | 4Q33 |
| GSL Effie (9) | 8,599 | 37,777 | 2003 | Footnote (9) | 3Q28 | 1Q34 |
| GSL Lydia (9) | 8,599 | 37,777 | 2003 | Footnote (9) | 3Q28 | 3Q33 |
| Lotus A (10) | 8,586 | 33,026 | 2010 | CMA CGM | 1Q27 | 3Q30 |
| Koi (10) | 8,586 | 33,005 | 2011 | CMA CGM | 1Q27 | 3Q30 |
| Cypress (10) | 8,586 | 33,026 | 2011 | CMA CGM | 1Q27 | 3Q30 |
| GSL Eleni (11) | 7,847 | 29,261 | 2004 | Maersk | 4Q27 | 2Q29 |
| GSL Kalliopi (11) | 7,847 | 29,261 | 2004 | Maersk | 1Q28 | 3Q29 |
| GSL Grania (11) | 7,847 | 29,261 | 2004 | Maersk | 1Q28 | 3Q29 |
| Colombia Express (1) (12) | 7,072 | 23,424 | 2013 | Hapag-Lloyd | 4Q28 | 1Q31 |
| Panama Express (1) (12) | 7,072 | 23,424 | 2013 | Hapag-Lloyd | 4Q29 | 4Q31 |
| Costa Rica Express (1) (12) | 7,072 | 23,424 | 2013 | Hapag-Lloyd | 2Q29 | 3Q31 |
| Nicaragua Express (1) (12) | 7,072 | 23,424 | 2013 | Hapag-Lloyd | 3Q29 | 4Q31 |
| Ateti (ex CMA CGM Berlioz) (13) | 7,023 | 26,776 | 2001 | MSC | 2Q29 | 2Q29 |
| Mexico Express (1) (12) | 6,918 | 23,970 | 2015 | Hapag-Lloyd | 3Q29 | 4Q31 |
| Jamaica Express (1) (12) | 6,918 | 23,915 | 2015 | Hapag-Lloyd | 3Q29 | 4Q31 |
| GSL Christen (14) | 6,858 | 27,954 | 2002 | Maersk | 4Q27 | 1Q28 |
| GSL Nicoletta (14) | 6,858 | 28,070 | 2002 | Maersk | 1Q28 | 2Q28 |
| Agios Dimitrios (7) | 6,572 | 24,931 | 2011 | MSC | 3Q30 | 4Q30 |
| GSL Vinia (15) | 6,080 | 23,737 | 2004 | Maersk | 1Q28 | 4Q29 |
| GSL Christel Elisabeth (15) | 6,080 | 23,745 | 2004 | Maersk | 1Q28 | 3Q29 |
| GSL Arcadia (16) | 6,008 | 24,859 | 2000 | Footnote (16) | 1Q29 | 3Q29 |
| GSL Violetta (16) | 6,008 | 24,873 | 2000 | Footnote (16) | 1Q29 | 1Q29 |
| GSL Maria (16) | 6,008 | 24,414 | 2001 | Maersk (16) | 1Q30 | 2Q30 |
| GSL MYNY (16) | 6,008 | 24,876 | 2000 | Footnote (16) | 1Q29 | 2Q29 |
| GSL Melita (16) | 6,008 | 24,859 | 2001 | Footnote (16) | 4Q29 | 4Q29 |
| GSL Tegea (16) | 5,994 | 24,308 | 2001 | Footnote (16) | 4Q29 | 1Q30 |
| GSL Dorothea (16) | 5,994 | 24,243 | 2001 | Footnote (16) | 4Q29 | 4Q29 |
| Ian H (39) (17) | 5,936 | 25,128 | 2000 | COSCO | 4Q27 | 4Q27 |
| GSL Tripoli (18) | 5,470 | 22,109 | 2009 | Maersk | 1Q31 | 3Q32 |
| GSL Kithira (18) | 5,470 | 22,259 | 2009 | Maersk | 2Q31 | 3Q32 |
| GSL Tinos (18) | 5,470 | 22,068 | 2010 | Maersk | 1Q31 | 3Q32 |
| GSL Syros (18) | 5,470 | 22,099 | 2010 | Maersk | 1Q31 | 3Q32 |
| Orca I (19) | 5,308 | 20,633 | 2006 | OOCL (19) | 3Q28 | 4Q28 |
| Dolphin II (19) | 5,095 | 20,596 | 2007 | OOCL (19) | 1Q28 | 2Q28 |
| CMA CGM Alcazar (20) | 5,089 | 20,087 | 2007 | CMA CGM | 3Q29 | 4Q29 |
| GSL Château d’If (20) | 5,089 | 19,994 | 2007 | CMA CGM | 4Q29 | 1Q30 |
| GSL Susan (21) | 4,363 | 17,309 | 2008 | CMA CGM | 3Q27 | 1Q28 |
| CMA CGM Jamaica (21) | 4,298 | 17,272 | 2006 | CMA CGM | 1Q28 | 2Q28 |
| CMA CGM Sambhar (21) (3) | 4,045 | 17,355 | 2006 | CMA CGM | 4Q29 | 1Q30 |
| CMA CGM America (21) (3) | 4,045 | 17,355 | 2006 | CMA CGM | 4Q29 | 1Q30 |
| GSL Rossi (22) | 3,421 | 16,309 | 2012 | Maersk | 1Q29 | 2Q29 |
| GSL Alice (23) | 3,421 | 16,543 | 2014 | CMA CGM | 2Q28 | 3Q28 |
| GSL Eleftheria (24) | 3,421 | 16,642 | 2013 | Maersk | 3Q28 | 4Q28 |
| GSL Melina (25) | 3,421 | 16,703 | 2013 | Maersk | 4Q29 | 1Q30 |
| Athena I (26) | 2,980 | 13,538 | 2003 | MSC | 3Q30 | 3Q30 |
| GSL Valerie (27) | 2,824 | 11,971 | 2005 | ZIM | 2Q27 | 3Q27 |
| GSL Mamitsa (28) | 2,824 | 11,949 | 2007 | RCL | 1Q28 | 2Q28 |
| GSL Lalo (29) | 2,824 | 11,950 | 2006 | MSC | 3Q30 | 3Q30 |
| GSL Mercer (30) | 2,824 | 11,970 | 2007 | ONE | 3Q29 | 4Q29 |
| GSL Elizabeth (31) | 2,909 | 11,530 | 2006 | Maersk | 3Q28 | 4Q28 |
| Newyorker (32) | 2,635 | 11,463 | 2001 | Maersk | 2Q27 | 3Q27 |
| Nikolas (33) | 2,635 | 11,370 | 2000 | CMA CGM | 1Q30 | 2Q30 |
| GSL Chloe (34) | 2,546 | 12,212 | 2012 | ONE | 1Q29 | 2Q29 |
| GSL Maren (35) | 2,546 | 12,243 | 2014 | OOCL | 2Q28 | 3Q28 |
| Maira (33) | 2,506 | 11,453 | 2000 | CMA CGM | 1Q30 | 2Q30 |
| Manet (36) | 2,288 | 11,534 | 2001 | OOCL | 4Q26 | 4Q26 |
| Kumasi (37) (39) | 2,220 | 11,652 | 2002 | MSC | 4Q26 | 1Q27 |
| Julie (38) (39) | 2,207 | 11,731 | 2002 | MSC | 3Q27 | 3Q27 |
| (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 (“Off-hire 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 off-hire accrued up to September 30, 2026, plus estimated off-hire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual off-hire can only be calculated at the end of each charter, in some cases actual Off-hire Extensions – if invoked by charterers – may exceed the Latest Charter Expiry Dates indicated. |
| (3) | CMA CGM Thalassa is currently chartered at |
| (4) | Zim Norfolk and Zim Xiamen are currently chartered at |
| (5) | Anthea Y is fixed for 36 months +/- 30 days and is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (6) | Sydney Express, Istanbul Express, Bremerhaven Express and Czech. 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 |
| (7) | MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate average annualized Adjusted EBITDA of approximately |
| (8) | GSL Ningbo is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (9) | GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia are chartered for 24 months +/- 30 days, commencing 3Q 2026, at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (10) | 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 3Q 2030, and are expected to generate average annualized Adjusted EBITDA of approximately |
| (11) | GSL Eleni, GSL Kalliopi and GSL Grania, are chartered to 4Q 2027 – 1Q 2028, 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 |
| (12) | Colombia Express, Panama Express, Costa Rica Express, Nicaragua Express, Mexico Express and Jamaica Express 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 |
| (13) | 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 |
| (14) | GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately |
| (15) | GSL Vinia and GSL Christel Elizabeth are chartered to 1Q – 2Q 2028, 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 |
| (16) | GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. All seven vessels have been forward fixed for 36 – 38 months to a leading liner company (“the New Charters”). The New Charters for GSL Arcadia, GSL Violetta and GSL MYNY commenced in 1Q 2026. The New Charters for GSL Maria, GSL Melita, GSL Tegea and GSL Dorothea are expected to commence between 4Q 2026 and 1Q 2027 following completion of the ships’ respective drydockings. As of September 30, 2026, GSL Melita, GSL Tegea and GSL Dorothea were undergoing drydockings and GSL Maria continued under an existing charter to Maersk at a rate of |
| (17) | Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (18) | GSL Kithira, GSL Tripoli, GSL Syros and GSL Tinos are currently chartered at |
| (19) | Dolphin II and Orca I are fixed to a leading liner company. Each charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (20) | GSL Château d’If is currently chartered at |
| (21) | 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 |
| (22) | GSL Rossi is chartered at a rate and is expected to generate average annualized Adjusted EBITDA of approximately |
| (23) | GSL Alice is currently chartered at |
| (24) | GSL Eleftheria is currently chartered at |
| (25) | GSL Melina is currently chartered at |
| (26) | Athena I (ex Athena) is fixed for 24 – 30 months. The charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (27) | GSL Valerie is currently chartered at |
| (28) | GSL Mamitsa is currently chartered at |
| (29) | GSL Lalo. The charter is expected to generate average annualized Adjusted EBITDA of approximately |
| (30) | GSL Mercer is currently chartered at |
| (31) | GSL Elizabeth is currently chartered at |
| (32) | Newyorker is currently chartered at |
| (33) | Maira and Nikolas are currently chartered at |
| (34) | GSL Chloe is currently chartered at |
| (35) | GSL Maren is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (36) | Manet is currently chartered at |
| (37) | Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (38) | Julie is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately |
| (39) | 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 (1)
| 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 |
| Hull 16 | Container | 4Q29 |
| Hull 17 | Container | 4Q29 |
| (1) | Upon delivery from the respective shipyards, 15 of the 17 newbuildings are contracted to commence employment on multi-year charters, with an average TEU-weighted firm charter term of 7.1 years and at rates expected to generate more than |
Conference Call and Webcast
Global Ship Lease will hold a conference call to discuss the Company's results for the three and nine months ended September 30, 2026 today, Monday, November 9, 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 September 30, 2026, had an average age weighted by TEU capacity of 18.7 years. 41 ships are wide-beam Post-Panamax. As of September 30, 2026, our fleet also included 17 newbuilding containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030.
As of September 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 3.5 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 certain 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 | Nine | Nine | ||||||
| months ended | months ended | months ended | months ended | ||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||
| Net income available to Common Shareholders | 99,150 | 92,635 | 279,887 | 306,698 | |||||
| Adjust: | Depreciation and amortization | 33,653 | 30,696 | 101,314 | 90,817 | ||||
| Loss/(gain) on sale of vessels | - | 14 | - | (28,329) | |||||
| Amortization of intangible liabilities | (6,496) | (3,355) | (19,168) | (9,888) | |||||
| Fair value adjustment on derivative assets and other financial instruments | 400 | 1,106 | 1,527 | 3,937 | |||||
| Interest income | (5,794) | (5,434) | (17,066) | (13,305) | |||||
| Interest expense | 7,524 | 9,542 | 26,303 | 30,005 | |||||
| Stock-based compensation | 4,518 | 2,120 | 15,517 | 6,364 | |||||
| Earnings allocated to preferred shares | 2,384 | 2,384 | 7,152 | 7,152 | |||||
| Effect from straight lining time charter modifications | 3,493 | 483 | 7,918 | 3,221 | |||||
| Adjusted EBITDA | 138,832 | 130,191 | 403,384 | 396,672 | |||||
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 | Nine | Nine | ||||||
| months ended | months ended | months ended | months ended | ||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | ||||||
| Net income available to Common Shareholders | 99,150 | 92,635 | 279,887 | 306,698 | |||||
| Adjust: | Fair value adjustment on derivative assets and other financial instruments | 400 | 1,106 | 1,527 | 3,937 | ||||
| Loss/(gain) on sale of vessels | - | 14 | - | (28,329) | |||||
| 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 | |||||
| Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility | - | - | - | 382 | |||||
| Prepayment fee on full repayment of Macquarie Credit Facility | - | - | - | 175 | |||||
| Amortization of original issue discount | (264) | - | (778) | - | |||||
| Normalized net income | 99,286 | 93,755 | 280,636 | 283,181 | |||||
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 | Nine | Nine | |||||
| months ended | months ended | months ended | months ended | |||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||
| EPS as reported (USD) | 2.75 | 2.59 | 7.77 | 8.60 | ||||
| Normalized net income adjustments-Class A common shares (in thousands USD) | 136 | 1,120 | 749 | (23,517) | ||||
| Weighted average number of Class A Common shares | 36,096,337 | 35,757,185 | 36,035,880 | 35,651,708 | ||||
| Adjustment on EPS (USD) | 0.00 | 0.03 | 0.02 | (0.66) | ||||
| Normalized EPS (USD) | 2.75 | 2.62 | 7.79 | 7.94 | ||||
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 ConsolidatedBalance Sheets (Expressed in thousands of U.S. dollars except share data) | |||||||
| As of, | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| ASSETS | |||||||
| CURRENT ASSETS | |||||||
| Cash and cash equivalents | $ | 383,034 | $ | 273,876 | |||
| Time deposits | 111,300 | 199,100 | |||||
| Restricted cash | 47,927 | 50,520 | |||||
| Accounts receivable, net | 40,319 | 49,887 | |||||
| Inventories | 19,180 | 14,600 | |||||
| Prepaid expenses and other current assets | 23,259 | 33,623 | |||||
| Derivative assets and other financial instruments | 12,808 | 5,234 | |||||
| Due from related parties | 1,544 | 148 | |||||
| Total current assets | $ | 639,371 | $ | 626,988 | |||
| NON - CURRENT ASSETS | |||||||
| Vessels in operation | $ | 1,942,160 | $ | 1,962,888 | |||
| Advances for vessels' acquisitions and other additions | 5,751 | 35,961 | |||||
| Vessels under construction | 193,370 | - | |||||
| Deferred dry dock and special survey costs, net | 112,120 | 110,936 | |||||
| Other non - current assets | 6,540 | 10,830 | |||||
| Restricted cash and other instruments, net of current portion | 93,445 | 113,600 | |||||
| Total non - current assets | 2,353,386 | 2,234,215 | |||||
| TOTAL ASSETS | $ | 2,992,757 | $ | 2,861,203 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| CURRENT LIABILITIES | |||||||
| Accounts payable | $ | 52,721 | $ | 61,912 | |||
| Accrued liabilities | 40,456 | 47,727 | |||||
| Current portion of long-term debt | 262,358 | 147,567 | |||||
| Current portion of deferred revenue | 41,537 | 48,885 | |||||
| Due to related parties | 757 | 692 | |||||
| Total current liabilities | $ | 397,829 | $ | 306,783 | |||
| LONG-TERM LIABILITIES | |||||||
| Long - term debt, net of current portion and deferred financing costs | $ | 371,373 | $ | 541,575 | |||
| Intangible liabilities-charter agreements | 89,947 | 90,054 | |||||
| Deferred revenue, net of current portion | 106,202 | 121,707 | |||||
| Total non - current liabilities | 567,522 | 753,336 | |||||
| Total liabilities | $ | 965,351 | $ | 1,060,119 | |||
| Commitments and Contingencies | - | - | |||||
| SHAREHOLDERS' EQUITY | |||||||
| Class A common shares - authorized 249,000,000 shares with a 36,040,050 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 | 709,846 | 694,331 | |||||
| Retained earnings | 1,316,938 | 1,104,617 | |||||
| Accumulated other comprehensive income | 262 | 1,777 | |||||
| Total shareholders' equity | 2,027,406 | 1,801,084 | |||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 2,992,757 | $ | 2,861,203 | |||
| Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Income (Expressed in thousands of U.S. dollars) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| OPERATING REVENUES | |||||||||||||||
| Time charter revenues | $ | 194,867 | $ | 189,313 | $ | 578,963 | $ | 565,614 | |||||||
| Amortization of intangible liabilities-charter agreements | 6,496 | 3,355 | 19,168 | 9,888 | |||||||||||
| Total Operating Revenues | 201,363 | 192,668 | 598,131 | 575,502 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Vessel operating expenses (including related party vessel operating expenses of | 51,285 | 52,050 | 160,997 | 152,569 | |||||||||||
| Time charter and voyage expenses (including related party time charter and voyage expenses of | 6,878 | 6,960 | 18,966 | 18,563 | |||||||||||
| Depreciation and amortization | 33,653 | 30,696 | 101,314 | 90,817 | |||||||||||
| General and administrative expenses | 6,219 | 3,745 | 22,241 | 12,419 | |||||||||||
| Loss/(gain) on sale of vessels | - | 14 | - | (28,329) | |||||||||||
| Operating Income | 103,328 | 99,203 | 294,613 | 329,463 | |||||||||||
| NON-OPERATING INCOME/(EXPENSES) | |||||||||||||||
| Interest income | 5,794 | 5,434 | 17,066 | 13,305 | |||||||||||
| Interest and other finance expenses | (7,524) | (9,542) | (26,303) | (30,005) | |||||||||||
| Other income, net | 336 | 1,030 | 3,190 | 5,024 | |||||||||||
| Fair value adjustment on derivative asset and other financial instruments | (400) | (1,106) | (1,527) | (3,937) | |||||||||||
| Total non-operating expenses | (1,794) | (4,184) | (7,574) | (15,613) | |||||||||||
| Income before income taxes | 101,534 | 95,019 | 287,039 | 313,850 | |||||||||||
| Income taxes | - | - | - | - | |||||||||||
| Net Income | 101,534 | 95,019 | 287,039 | 313,850 | |||||||||||
| Earnings allocated to Series B Preferred Shares | (2,384) | (2,384) | (7,152) | (7,152) | |||||||||||
| Net Income available to Common Shareholders | $ | 99,150 | $ | 92,635 | $ | 279,887 | $ | 306,698 | |||||||
| Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in thousands of U.S. dollars) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Cash flows from operating activities: | |||||||||||||||
| Net income | $ | 101,534 | $ | 95,019 | $ | 287,039 | $ | 313,850 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||
| Depreciation and amortization | $ | 33,653 | $ | 30,696 | $ | 101,314 | $ | 90,817 | |||||||
| Loss/(gain) on sale of vessels | - | 14 | - | (28,329) | |||||||||||
| Amortization of derivative assets' premium | 336 | 826 | 1,384 | 2,775 | |||||||||||
| Amortization of deferred financing costs | 591 | 720 | 1,831 | 2,977 | |||||||||||
| Amortization of original issue discount on instruments | (264) | - | (778) | - | |||||||||||
| Amortization of intangible liabilities-charter agreements | (6,496) | (3,355) | (19,168) | (9,888) | |||||||||||
| Fair value adjustment on derivative asset and other financial instruments | 400 | 1,106 | 1,527 | 3,937 | |||||||||||
| Prepayment fees on debt repayment | - | - | - | 175 | |||||||||||
| Stock-based compensation expense | 4,518 | 2,120 | 15,517 | 6,364 | |||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||
| Decrease/(increase) in accounts receivable and other assets | $ | 9,429 | $ | (3,860) | $ | 24,222 | $ | (14,102) | |||||||
| Decrease/(increase) in inventories | 3,178 | 4,693 | (4,580) | 5,518 | |||||||||||
| Decrease/(increase) in derivative asset and other financial instruments | 9,000 | - | (12,000) | (194) | |||||||||||
| (Decrease)/increase in accounts payable and other liabilities | (20,286) | 809 | (17,490) | 14,549 | |||||||||||
| (Increase)/decrease in related parties' balances, net | (219) | 666 | (1,331) | 162 | |||||||||||
| Decrease in deferred revenue | (6,127) | (8,831) | (22,853) | (18,837) | |||||||||||
| Payments for drydocking and special survey costs | (9,060) | (8,172) | (27,826) | (35,276) | |||||||||||
| Unrealized foreign exchange loss | 3 | - | 1 | - | |||||||||||
| Net cash provided by operating activities | $ | 120,190 | $ | 112,451 | $ | 326,809 | $ | 334,498 | |||||||
| Cash flows from investing activities: | |||||||||||||||
| Acquisition of vessels | $ | - | $ | - | $ | - | $ | (61,541) | |||||||
| Cash paid for vessel expenditures | (1,293) | (2,831) | (2,867) | (12,630) | |||||||||||
| Advances for vessels' acquisitions and other additions | (129) | (424) | (1,014) | (2,772) | |||||||||||
| Advances for vessels under construction | (68,795) | - | (193,135) | - | |||||||||||
| Net proceeds from sale of vessels | - | - | - | 53,483 | |||||||||||
| Time deposits and other instruments (acquired)/withdrawn | (850) | (185,500) | 87,800 | (174,350) | |||||||||||
| Net cash used in investing activities | $ | (71,067) | $ | (188,755) | $ | (109,216) | $ | (197,810) | |||||||
| Cash flows from financing activities: | |||||||||||||||
| Proceeds from drawdown of credit facilities/sale and leaseback | - | - | 55,500 | 218,500 | |||||||||||
| Repayment of credit facilities/sale and leaseback | (38,626) | (36,892) | (112,409) | (107,781) | |||||||||||
| Prepayment of debt including prepayment fees | - | - | - | (70,393) | |||||||||||
| Deferred financing costs paid | - | - | (333) | (2,185) | |||||||||||
| Class A common shares-dividend paid | (22,560) | (18,809) | (67,566) | (53,615) | |||||||||||
| Series B preferred shares-dividend paid | (2,384) | (2,384) | (7,152) | (7,152) | |||||||||||
| Net cash used in financing activities | $ | (63,570) | $ | (58,085) | $ | (131,960) | $ | (22,626) | |||||||
| Net (decrease)/increase in cash and cash equivalents and restricted cash | (14,447) | (134,389) | 85,633 | 114,062 | |||||||||||
| Cash and cash equivalents and restricted cash at beginning of the period | 439,420 | 496,075 | 339,340 | 247,624 | |||||||||||
| Cash and cash equivalents and restricted cash at end of the period | $ | 424,973 | $ | 361,686 | $ | 424,973 | $ | 361,686 | |||||||
| Supplementary Cash Flow Information: | |||||||||||||||
| Cash paid for interest, net of capitalized interest | 7,364 | 12,247 | 27,399 | 35,308 | |||||||||||
| Cash received from interest rate caps | 1,315 | 4,003 | 5,381 | 13,136 | |||||||||||
| Non-cash investing activities: | |||||||||||||||
| Acquisition of intangibles | - | - | 19,061 | 15,987 | |||||||||||
| Non-cash financing activities: | |||||||||||||||
| Unpaid offering costs | - | 445 | - | 445 | |||||||||||
| Unrealized loss on derivative assets/ FX option | (746) | (2,336) | (2,899) | (8,296) | |||||||||||
Investor and Media Contacts:
IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much did Global Ship Lease earn in the third quarter of 2026?
Global Ship Lease earned $99.2 million available to common shareholders, or $2.75 per share, in the third quarter of 2026. Operating revenue was $201.4 million, up 4.5% from the prior-year period.
What is Global Ship Lease's increased dividend and when is it paid?
The third-quarter 2026 dividend is $0.6875 per Class A common share, payable December 3, 2026, to shareholders of record November 20, 2026. The annualized amount is $2.75 per share. The quarterly supplemental component increased 25.0%, or $0.0625 per share.
How does Global Ship Lease plan to finance its 15 contracted newbuildings?
Global Ship Lease expects to finance the 15 newbuildings with balance-sheet cash and the new $1.0 billion facility. The seven-year facility bears interest at SOFR plus 1.5%, and the company intends to draw it in tranches corresponding to the vessels' deliveries.
When will Global Ship Lease deliver the remaining ships under its four sale agreements?
Kumasi is scheduled for delivery to its buyer in first-quarter 2027, Julie in third-quarter 2027 and Ian H in fourth-quarter 2027, following expiry of their respective charters. Manet was delivered to its buyer on November 4, 2026, for $13.5 million, generating a net gain of approximately $5.7 million.