Global Ship Lease Reports Results for the First Quarter of 2026
May 22 2026 - 8:00AM
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 months ended March 31, 2026.
First Quarter Highlights and Other Recent Developments
- 1Q 2026 operating revenue of $198.1 million.
- 1Q 2026 net income available to common shareholders of $91.4 million, or $2.54 earnings per share (EPS).
- 1Q 2026 normalized net income (a non-U.S. GAAP financial measure, described below)3 of $92.1 million, or $2.56 normalized EPS³.
- 1Q 2026 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)3 of $133.2 million.
- Added $86.1 million of contracted revenues during first quarter of 2026, bringing total contracted revenues as of March 31, 2026 to $2.05 billion, over a weighted average remaining duration of 2.6 years.
- On May 11, 2026, declared a dividend of $0.625 per Class A common share for the first quarter of 2026, to be paid on June 3, 2026 to Class A common shareholders of record as of May 22, 2026. Paid a dividend of $0.625 per Class A common share for the fourth quarter of 2025 on March 6, 2026.
- During April and May of 2026, entered into agreements for the forward sales of three non-core ships, built 2000 – 2002, for an aggregate price of $52.0 million and anticipated gain on sale of approximately $25.0 million. The ships are scheduled to be delivered to buyers upon expiry of the vessels’ respective charters: Manet (2,200 TEU, 2001-built) and Kumasi (2,200 TEU, 2002-built) in 4Q 2026 – 1Q 2027, and Ian H (5,900 TEU, 2000-built) in 4Q 2027.
- On December 1, 2025, 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 $90.0 million. The Three Newly Acquired Vessels have attached charters with a leading liner company. Two of the vessels were delivered to us in December 2025 and the third was delivered to us in January 2026.
George Youroukos, our Executive Chairman, stated: “We are proud to have delivered another successful quarter, carrying our positive momentum into the new year even as the geopolitical instability and freight market volatility that marked 2025 have continued into 2026. Our efforts to bolster optionality have enabled us to continue operating from a position of strength in the face of this unprecedented macro complexity and unpredictability. As the effective closure of the Strait of Hormuz has persisted, fragmented supply chains have only grown more complex and dynamic, adding both to aggregate containership demand and to the value of flexibility and optionality. The significant increase in bunker fuel costs has led the charterers who bear those costs to slow down ships in order to reduce fuel consumption, further reducing effective vessel supply in the charter market.
With a highly-flexible and highly-specified fleet well suited to meet the liners’ needs for flexibility and optionality, we have continued to add charter coverage at attractive rates. We now have 100% coverage for 2026 and 86% for 2027, totaling over $2 billion in contracted revenues over 2.6 years. This extensive forward visibility on contracted cash flow generation, combined with our in-demand fleet and prudent, opportunistic strategy, positions us well to create value throughout the cycle and in the face of an ever more unpredictable global environment.”
Thomas Lister, our Chief Executive Officer, stated: “The ever-increasing volatility and uncertainty the shipping world is facing, which already comes on the back of a multi-year run of “black swan” scenarios of various types, has only strengthened our long-standing commitment to maximizing optionality and further strengthening our financial position. These efforts, in conjunction with our prudent risk management and capital allocation, have culminated in a fortress balance sheet that allows us to weather the unpredictability in container shipping and the wider world, while also decisively seizing opportunities as they arise. As we continue to return capital to investors by way of our recently increased dividend, we remain committed to a disciplined and dynamic approach to capital allocation and fleet renewal - including the selective monetization of aging, non-core tonnage at cyclically attractive prices - that has served us well throughout these extraordinary times.”
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