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 (GSL) has received a Corporate Family Rating upgrade from B2 to B1 by Moody's, indicating improved credit metrics and a stable outlook. This upgrade is attributed to the company's increased scale, long-term contracted cash flows, and a strong market for container shipping. GSL's balance sheet has improved significantly, with no material debt maturities until 2024, high revenue visibility from long-term charters, and a projected contracted revenue of $984.3 million. The firm also has plans to acquire additional vessels to enhance growth opportunities.
Global Ship Lease announced that CEO Ian Webber will present at Maxim Group's Future of Shipping Virtual Conference on June 29, 2021, at 12:00 pm ET. He will participate in the Containership Demand: Global Supply Chain Ramifications panel. A live webcast is available for registration through the conference website.
Global Ship Lease operates a fleet of 49 containerships and has contracts to purchase 17 more, totaling a capacity of 344,650 TEU. The average remaining charter term is 2.6 years, with contracted revenue of $984.3 million.
Global Ship Lease announced the purchase of four 5,470 TEU Panamax containerships for $148 million, with an expected delivery in Q3 2021. The vessels will be chartered for three years, generating an estimated $124.4 million in Adjusted EBITDA, achieving a Purchase Price / Annual Adjusted EBITDA multiple of 3.6x. With this acquisition, the company's fleet will increase to 66 vessels, enhancing its operational capacity significantly. The deal is expected to contribute $42.5 million in Adjusted EBITDA within the first 12 months and boost earnings per share by 56.4%.
Global Ship Lease has announced the acquisition of 12 containerships from Borealis Finance for $233.9 million. The vessels, averaging 3,000 TEU each, are already on charter with leading operators. This deal expands Global Ship Lease's fleet to 62 ships, increasing its market position as the eighth largest non-operating owner by TEU capacity. The purchase is projected to contribute approximately $60.5 million in Adjusted EBITDA within the first year, enhancing earnings per share by about 70%. The funding will be sourced through cash, new bank debt, and existing notes.
Global Ship Lease (NYSE:GSL) has declared a cash dividend of $0.546875 per depositary share for its 8.75% Series B Preferred Shares, covering the period from April 1, 2021, to June 30, 2021. This dividend will be payable on July 1, 2021, to all preferred shareholders of record as of June 24, 2021. The company owns a diversified fleet of 49 containerships and has a contracted revenue of $984.3 million from charter agreements.
Global Ship Lease (GSL) reported Q1 2021 operating revenue of $73.0 million, with a net income of $4.2 million, leading to a normalized net income of $17.8 million. The company declared a quarterly dividend of $0.25 per share, more than double the previous $0.12, attributed to fleet growth and successful rechartering. GSL raised $36.6 million through its ATM program and improved its debt profile, reducing its blended cost of debt from 6.4% to 5.5%. The company expects continued profitability due to strong demand growth and limited supply within the containership market.
Global Ship Lease (NYSE:GSL) announced a conference call to discuss Q1 2021 results on May 10, 2021, at 10:30 a.m. Eastern Time. Financial results for the quarter ending March 31, 2021, will be released before market opening on the same day. The company owns 43 containerships and has contracted to purchase seven additional ships, aiming for a total capacity of 287,336 TEU. As of March 31, 2021, the average remaining charter term was 2.6 years, with contracted revenue of $967.8 million. The live webcast will be available on the company’s website.
Global Ship Lease, Inc. (NYSE:GSL) announced the pricing of a secondary offering by shareholders, selling 4.5 million shares at $12.50 each. The Selling Shareholders, KEP VI and KIA VIII, both affiliates of Kelso & Company, along with Maas Capital Investments B.V., will conduct the offering. An additional 675,000 shares may be purchased by underwriters. The company will not receive proceeds from this sale. Jefferies LLC, Deutsche Bank Securities, and Morgan Stanley are managing the offering. GSL's shares are listed on the NYSE.
Global Ship Lease (NYSE:GSL) announced that KEP VI and KIA VIII, affiliates of Kelso & Company, plan to offer Class A common shares in an underwritten public offering. The Selling Shareholders may grant underwriters a 30-day option to purchase an additional 15% of the shares. The Company will not receive proceeds from this sale. Jefferies LLC, Deutsche Bank Securities, and Morgan Stanley are the joint book-running managers for the offering. A prospectus supplement will be filed with the SEC, and the Company's shares are already listed.
Global Ship Lease (NYSE:GSL) filed its Annual Report on Form 20-F for the year ended December 31, 2020, with the SEC on March 19, 2021. The report reveals that Global Ship Lease owns 43 containerships and has contracts for an additional seven ships, totaling a capacity of 287,336 TEU. As of December 31, 2020, the average remaining charter term was 2.5 years, with contracted revenue reaching $892.5 million, and $1,051.4 million including charter options. Shareholders can access the report and request audited financial statements via the company's website.