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 the election of three Term III Directors at its 2020 Annual Meeting of Shareholders in London. Directors Michael Gross, Menno van Lacum, and Alain Wils will serve until the 2023 Annual Meeting. The Company also ratified the appointment of PricewaterhouseCoopers S.A. as the independent public accounting firm for the fiscal year ending December 31, 2020. Global Ship Lease owns 43 containerships with an average age of 13.2 years, and has contracted revenue of $659.1 million, reflecting a stable operational outlook.
Global Ship Lease (GSL) reported its unaudited financial results for Q2 2020, revealing operating revenue of $71.4 million, a 13.2% increase from Q2 2019. Net income available to shareholders was $12.6 million after accounting for a $0.9 million impairment charge. Adjusted EBITDA reached $41.8 million, up from $38.4 million in the prior year. The company secured charter extensions and new contracts, locking in 97% of its Adjusted EBITDA for 2020, while reducing debt by $20.5 million. Despite challenges from COVID-19, GSL anticipates market recovery with reduced idle capacity.
Global Ship Lease (NYSE:GSL) will hold a conference call on August 6, 2020, at 10:30 a.m. ET to discuss its second-quarter 2020 results. Financial results will be released prior to the market opening on the same day.
The company owns 43 containerships with a total capacity of 245,286 TEU, averaging 13.2 years in age as of June 30, 2020. The average remaining term of its charters is 2.2 years, with contracted revenue amounting to $650 million. This includes an additional $733 million when including options under charterers' control.
Global Ship Lease (NYSE:GSL) announced a cash dividend of $0.546875 per depositary share for its 8.75% Series B Preferred Shares. The dividend, covering the period from April 1 to June 30, 2020, will be paid on July 1, 2020, to shareholders of record as of June 24, 2020. The company, with a diversified fleet of 45 containerships and contracted revenue of $696 million, emphasizes its strong charter agreements with an average remaining term of 2.3 years.
Summary not available.