Welcome to our dedicated page for Global Ship Lease news (Ticker: GSL), a resource for investors and traders seeking the latest updates and insights on Global Ship Lease stock.
Global Ship Lease reports developments for a containership owner and lessor that owns mid-sized and smaller containerships and charters them to container liner companies under fixed-rate time charters. Company updates commonly address fleet composition, charter coverage, contracted revenue, vessel acquisitions, and exposure to container shipping market conditions.
Recurring news also covers quarterly and annual results, Form 20-F reporting, dividends on Class A common shares and 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares, credit-rating updates, and shareholder meeting matters for the Marshall Islands company listed on the New York Stock Exchange.
Global Ship Lease (NYSE:GSL) announced its Q3 2021 results, reporting operating revenue of $138.6 million with a net income available to common shareholders of $62.9 million. The company has expanded its fleet by over 50% in 2021, delivering 23 new vessels on charter. A quarterly dividend of $0.25 per share has been declared, payable on December 2, 2021. Adjusted EBITDA reached $72.7 million for Q3. Furthermore, under its ATM program, GSL raised a total of $71.4 million since inception, securing non-dilutive funding.
Global Ship Lease (NYSE:GSL) has announced a conference call to discuss its third-quarter results on November 10, 2021, at 10:30 a.m. Eastern Time. The company will release its financial results before market opening on the same day. As of August 31, 2021, GSL owned a fleet of 61 containerships and contracted to purchase four additional vessels, totaling 65 ships with a capacity of 342,378 TEU. Contracted revenue stood at $1.61 billion, with an average remaining charter term of 3.1 years.
Global Ship Lease (NYSE:GSL) has joined over 150 maritime industry leaders in a call to action for global decarbonization of shipping by 2050. The initiative urges governments to establish policies and investments necessary for zero-emission shipping and for implementing the IMO GHG Strategy in 2023. Specific goals include making zero-emission shipping the default choice by 2030 and providing support for industrial-scale zero-emission projects. Executive Chairman George Youroukos emphasized the urgency for government action as global trade heavily relies on maritime transport, accounting for 80% of trade.
Global Ship Lease has declared a cash dividend of $0.546875 per depositary share, representing a 1/100th interest in its 8.75% Series B Preferred Shares. This dividend, covering the period from July 1, 2021, to September 30, 2021, will be paid on October 1, 2021 to shareholders on record as of September 24, 2021.
As of August 31, 2021, the company owns 61 containerships and has contracted to purchase 4 more, increasing its fleet to 65 ships with a total capacity of 342,378 TEU.
Global Ship Lease (NYSE:GSL) announced significant share transactions involving its Executive Chairman, George Youroukos. He purchased 521,650 Class A common shares at $19.17 each, increasing his holdings to 6.4% of shares outstanding. The company also repurchased an equal number of shares for retirement, reducing total outstanding shares to 36,216,803. This transaction, conducted through B. Riley Financial, reflects the company's confidence in its strong cash flow and market position. With a robust chartering pipeline and a fleet expansion, GSL aims to enhance shareholder value.
Global Ship Lease (NYSE:GSL) announced an upgrade in its long-term issuer credit rating by S&P Global Ratings from B+ to BB- with a stable outlook. This upgrade reflects the company's increased scale, diversification, and favorable charter rates, along with strong expectations for EBITDA and free cash flow. Executive Chairman George Youroukos emphasized the positive growth trajectory and improvements in the company's financial metrics, indicating a robust market position and long-term strategic growth prospects.
LONDON, Aug. 5, 2021 – Global Ship Lease (NYSE: GSL) announced the election of three Term I Directors, Philippe Lemonnier, Henry Mannix III, and Alain Pitner, during its 2021 Annual Meeting of Shareholders in Athens. These directors will serve until the 2024 Annual Meeting. The appointment of PricewaterhouseCoopers S.A. as the independent public accounting firm for the fiscal year ending December 31, 2021, was also ratified. As of August 5, GSL owns 61 containerships and has contracted to purchase four more, increasing its fleet capacity significantly.
Global Ship Lease (NYSE:GSL) reported strong financial results for Q2 2021, with operating revenue of $82.9 million and net income available to shareholders of $30.1 million. The company declared a $0.25 dividend per common share. Year-to-date, they expanded their fleet by over 50%, adding significant charter contracts valued at approximately $906 million in revenues. Adjusted EBITDA stood at $51.5 million for Q2. Their proactive refinancing has improved the debt service profile, reducing the cost of debt from 6.3% to 5.2%. Moody's upgraded their rating to B1/Stable.
Global Ship Lease (NYSE:GSL) will announce its second quarter 2021 results on August 5, 2021, before the market opens, followed by a conference call at 10:30 a.m. ET. The company owns 49 containerships and has contracted to acquire additional vessels, enhancing its capacity to 344,650 TEU. As of March 31, 2021, the average remaining term of charters was 2.6 years, with contracted revenue of $984.3 million. Interested participants can access the call via dial-in or live webcast on the company's website.
Global Ship Lease (NYSE:GSL) has scheduled its Annual Meeting of Shareholders for August 5, 2021, at 12:00 p.m. ET. The record date for eligible shareholders was July 13, 2021. Documentation and voting instructions have been sent to all shareholders. As of May 31, 2021, Global Ship Lease operates a fleet of 49 containerships with a total capacity of 344,650 TEU, including 32 Post-Panamax vessels. The average remaining charter term is 2.6 years, with contracted revenue of $984.3 million.