Global Ship Lease Inc Stock Price, News & Analysis

The Board of Directors of Global Ship Lease has declared a cash dividend of $0.546875 per depositary share representing a 8.75% Series B Preferred Share. This dividend covers the period from January 1 to March 31, 2021, and will be paid on April 1, 2021, to shareholders on record as of March 25, 2021. As of December 31, 2020, Global Ship Lease has a fleet of 43 containerships and contracted revenue of $1,051.4 million over an average remaining term of 3.1 years.

Global Ship Lease (GSL) reported its Q4 and full-year 2020 results, showcasing operating revenue of $70.0 million for Q4 and $282.8 million for the year. Net income for Q4 was $10.8 million, with normalized net income at $11.3 million. GSL generated $38.8 million in adjusted EBITDA for the quarter and $161.7 million for the year. The company initiated a $0.12 quarterly dividend and raised significant funds through its ATM program. GSL successfully refinanced its 2022 Notes, enhancing its financial flexibility.

Global Ship Lease (NYSE:GSL) has announced a conference call to discuss its financial results for the fourth quarter and full year 2020, scheduled for March 4, 2021, at 10:30 a.m. Eastern Time. The results will be available before market open on the same day. The company owns 43 containerships with a total capacity of 245,280 TEU and an average age of 13.7 years as of December 31, 2020. Contracted revenue stands at $786.7 million, indicating a solid revenue pipeline and strong charter agreements.

Global Ship Lease announced the acquisition of seven 6,000 TEU Post-Panamax containerships for $116 million, set to enhance its fleet and revenue. These vessels will be chartered for 3-5 years, generating an estimated Adjusted EBITDA of approximately $95 million over the charter period. This could increase annual Adjusted EBITDA by 18% and net income by 40% compared to last year's figures. The company plans to finance the purchase with $40 million in cash and the remainder via bank debt, further emphasizing its strategy for accretive growth.

Global Ship Lease (NYSE: GSL) has successfully completed its public offering of 5,400,000 Class A common shares at a price of $13.00 per share, raising approximately $70.2 million before expenses. The proceeds will be used for fleet expansion, general corporate purposes, and working capital. The underwriters also have a 30-day option to purchase an additional 810,000 shares. Following the offering, there are 36,096,196 Class A common shares outstanding.

On January 22, 2021, Global Ship Lease (GSL) announced a public offering of 5,400,000 shares of its Class A common stock at $13.00 per share, aiming for gross proceeds of approximately $70.2 million, possibly increasing to $80.7 million if underwriters exercise their option for additional shares. The net proceeds will support fleet expansion, general corporate purposes, and working capital. The offering is set to close on January 26, 2021.

Global Ship Lease (NYSE: GSL) announced an underwritten public offering of its Class A common shares, aiming to fund fleet expansion and working capital. The offering may include an additional 15% of shares at the underwriters' discretion. Jefferies LLC and B. Riley Securities, Inc. are managing the offering. This follows a shelf registration statement with the SEC. With a fleet of 43 containerships, the company reports contracted revenue of $710 million, with an average remaining charter term of 2.4 years.

Global Ship Lease (NYSE: GSL) has completed the redemption of $233.4 million of its 9.875% First Priority Secured Notes due 2022, at a price of 102.469% plus accrued interest, using funds from a $236.2 million senior secured loan with Hayfin Capital Management and cash reserves. Following this, the company issued approximately 12.96 million Class A common shares to Kelso upon the conversion of its Series C Preferred Shares. The outstanding Class A common shares total 30.7 million post-transaction.

Global Ship Lease (NYSE:GSL) has received a Corporate Family Rating upgrade to B2 / Positive from Moody’s, attributed to its recent refinancing, resilient performance, and improved leverage profile. The refinancing of senior secured notes due 2022 into a new secured loan facility due 2026 has positively impacted the company’s debt maturity profile. Additionally, Moody’s expects Global Ship Lease to maintain a stronger debt/EBITDA ratio. With an incremental net cash flow from refinancing, the company aims to enhance credit and pursue growth opportunities.