ATHENS, Greece, May 22, 2026 (GLOBE NEWSWIRE) -- 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."
SELECTED FINANCIAL DATA, UNAUDITED(thousands of U.S. dollars)
Three
Three
months ended
months ended
March 31, 2026
March 31, 2025
Operating Revenues (1)
198,079
190,975
Operating Income
97,418
128,498
Net Income (2)
91,445
121,010
Adjusted EBITDA (3)
133,186
132,298
Normalized Net Income (3)
92,090
94,277
(1) Operating Revenues are net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities, the effect of the straight lining of time charter modifications and the compensation from charterers for drydock and for other capitalized expenses for vessel upgrades or retrofits. Brokerage commissions are included in "Time charter and voyage expenses" (see below).
(2) Net Income available to common shareholders.
(3) Adjusted EBITDA, Normalized Net Income, and Normalized Earnings per Share are non-U.S. Generally Accepted Accounting Principles ("U.S. GAAP") financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see "Reconciliation of Non-U.S. GAAP Financial Measures" below.
Operating Revenues and Utilization
Operating revenues derived from fixed-rate, mainly long-term, time-charters were $198.1 million in the first quarter of 2026, up $7.1 million (or 3.7%) on operating revenues of $191.0 million in the prior year period. The period-on-period increase in operating revenues was principally due to (i) the net effect of higher rates on charter renewals, (ii) the addition of the Three Newly Acquired Vessels offset by the sales of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025 and (iii) a non-cash $3.0 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions counterbalanced by a non-cash $1.3 million negative effect from straight lining time charter modifications. There were 118 days of offhire and idle time in the first quarter of 2026, of which 84 were for scheduled drydockings, compared to 406 days of offhire and idle time in the prior year period, of which 330 were for scheduled drydockings. Utilization for the first quarter of 2026 was 98.2% compared to utilization of 93.7% in the prior year period.
Our revenue origin by country, using the respective head office location of each of our charterers as a proxy for origin, for the three months ended March 31, 2026 and 2025, respectively, was as follows:
Unaudited Revenue origin by country 1
Three months ended March 31, 2026
Three months ended March 31, 2025
Revenue (USD million)
Percentage of revenue
Revenue (USD million)
Percentage of revenue
Denmark (Maersk)
57.70
29.13
%
58.88
30.83
%
France (CMA CGM)
41.09
20.75
%
36.07
18.89
%
Germany (Hapag Lloyd)
36.88
18.62
%
36.11
18.91
%
Switzerland (MSC)
26.06
13.16
%
20.15
10.55
%
Israel (ZIM)
14.67
7.41
%
17.76
9.30
%
China, including Hong Kong (COSCO & OOCL)
14.40
7.27
%
11.60
6.07
%
Singapore (ONE, Swire Shipping, RCL Feeder)
7.28
3.66
%
4.97
2.60
%
USA (Matson)
-
-
3.16
1.65
%
Taiwan (Wan Hai)
-
-
2.28
1.20
%
Total
198.08
100.00
%
190.98
100.00
%
Based on jurisdiction of head office of each charterer
The table below shows unaudited fleet utilization data for the three months ended March 31, 2026 and 2025, and for the years ended December 31, 2025, 2024, 2023, 2022 and 2021.
Three months ended
Year ended
Mar 31,
Mar 31,
Dec 31,
Dec 31,
Dec 31,
Dec 31,
Dec 31,
Days
2026
2025
2025
2024
2023
2022
2021
Ownership days
6,382
6,404
25,323
24,937
24,285
23,725
19,427
Planned offhire - scheduled drydock
(84)
(330)
(816)
(807)
(701)
(581)
(752)
Unplanned offhire
(34)
(41)
(262)
(144)
(233)
(460)
(260)
Idle time
-
(35)
(47)
(15)
(62)
(30)
(88)
Operating days
6,264
5,958
24,198
23,971
23,289
22,654
18,327
Utilization
98.2%
93.7%
95.6%
96.1%
95.9%
95.5%
94.3%
As of March 31, 2026, two regulatory drydockings were in progress and 14 further regulatory drydockings are anticipated in 2026.
Vessel Operating Expenses
Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 5.4% to $52.7 million for the first quarter of 2026, compared to $50.0 million in the prior year period. The increase of $2.7 million was mainly due to (i) the addition of the Three Newly Acquired Vessels offset by the sales of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025, (ii) an increase in crew expenses following our decision to increase the number of seafarers on board to improve the vessels' conditions, and (iii) the impact of inflation on fees and expenses, including management fees. The average cost per ownership day in the quarter was $8,261, compared to $7,809 for the prior year period, up $452 per day, or 5.8%.
Time Charter and Voyage Expenses
Time charter and voyage expenses comprise mainly commissions paid to ship brokers, the cost of bunker fuel for owner's account when a ship is off-hire or idle, and miscellaneous owner's costs associated with a ship's voyage. Time charter and voyage expenses were $5.6 million for the first quarter of 2026, compared to $6.5 million in the prior year period due to decreases in bunkering expenses due to fewer off hire days.
Depreciation and Amortization
Depreciation and amortization for the first quarter of 2026 was $33.5 million, compared to $29.8 million in the prior year period. The increase was mainly due to the seven drydockings completed after March 31, 2025 and the addition of the Three Newly Acquired Vessels offset by the sales of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025.
General and Administrative Expenses
General and administrative expenses were $8.8 million in the first quarter of 2026, compared to $4.6 million in the comparative period. The increase was mainly due to the non-cash charge for stock-based compensation expense recognized in relation to the valuation of awards of Class A common shares under our Equity Incentive Plan.
Gain on sale of vessels
Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) were sold for an aggregate gain of $28.5 million in the first quarter of 2025. None of our vessels were sold during the first quarter of 2026.
Adjusted EBITDA1
Adjusted EBITDA was $133.2 million for the first quarter of 2026, up from $132.3 million for the prior year period, with the net increase being mainly due to increased revenue from charter renewals at higher rates and the addition of the new vessels partially offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025.
Interest Expense and Interest Income
Debt as of March 31, 2026 totaled $657.8 million, comprising $292.0 million of secured bank debt collateralized by vessels, $166.3 million of our investment-grade rated 5.69% Senior Secured Notes due 2027 (the "2027 Secured Notes") collateralized by vessels, and $199.5 million under sale and leaseback financing transactions. As of March 31, 2026, 23 of our vessels were unencumbered.
Debt as of March 31, 2025 totaled $777.7 million, comprising $340.3 million of secured bank debt collateralized by vessels, $218.8 million of the 2027 Secured Notes collateralized by vessels, and $218.6 million under sale and leaseback financing transactions. As of March 31, 2025, 19 of our vessels were unencumbered. Interest and other finance expenses for the first quarter of 2026 were $9.3 million, down from $9.9 million for the prior year period. The decrease was due to the lower amortization expense of our deferred loan fees.
Interest income for the first quarter of 2026 was $5.7 million, up from $3.2 million for the prior year period, mainly due to higher invested amounts.
Other income, net
Other income, net was $1.0 million in the first quarter of 2026, down from $3.2 million in the comparative period.
Fair value adjustment on derivatives and other financial instruments
In December 2021, we entered into a USD 1-month LIBOR interest rate cap of 0.75% through the fourth quarter of 2026 on $484.1 million of floating rate debt, which reduces over time in-line with anticipated debt amortization and represented approximately half of the outstanding floating rate debt. In February 2022, we entered into two additional USD 1-month LIBOR interest rate caps of 0.75% through the fourth quarter of 2026 on the remaining balance of $507.9 million of floating rate debt. As a result of the discontinuation of LIBOR, on July 1, 2023, our interest rate caps automatically transited to 1 month Compounded SOFR at a net rate of 0.64%. A negative fair value adjustment of $0.6 million for the first quarter of 2026 was recorded through the statement of income.
In January 2026, we entered into a series of FX Reverse Convertible transactions with UBS AG so as to hedge our exposure to foreign exchange risk while also achieving improved interest income on deposits. These instruments are USD-denominated structured notes with returns linked to the EUR/USD exchange rate. We elected the Fair Value Option to measure these instruments. A negative fair value adjustment of $0.3 million for the first quarter of 2026 was recorded through the statement of income.
Earnings Allocated to Preferred Shares
Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the first quarter of 2026 was $2.4 million, the same as in the prior year period.
Net Income Available to Common Shareholders
Net income available to common shareholders for the first quarter of 2026 was $91.4 million. Net income available to common shareholders for the prior year period was $121.0 million. Net income available to common shareholders for the prior year period included $28.5 million gain from the sales of Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003).
Earnings per share for the first quarter of 2026 was $2.54, a decrease of 25.3% from the earnings per share for the prior year period, which was $3.40.
Normalized net income1 for the first quarter of 2026 was $92.1 million. Normalized net income for the prior year period was $94.3 million. Normalized earnings per share1 for the first quarter of 2026 was $2.56, a decrease of 3.4% from Normalized earnings per share for the prior year period, which was $2.65.
1 Adjusted EBITDA, Normalized net income, and Normalized earnings per share are non-U.S. GAAP financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see "Reconciliation of Non-U.S. GAAP Financial Measures" below.
Fleet
As of March 31, 2026, there were 71 containerships in the fleet, detailed in the table below:
Vessel Name
Capacity in TEUs
Lightweight (tons)
Year Built
Charterer
Earliest Charter Expiry Date
Latest Charter Expiry Date (2)
Daily Charter Rate $
CMA CGM Thalassa
11,040
38,577
2008
CMA CGM
3Q28
1Q29
47,200
ZIM Norfolk (1)
9,115
31,764
2015
ZIM
2Q32
4Q32
65,000 (3)
Anthea Y (1)
9,115
31,890
2015
MSC
4Q28
4Q28
Footnote (4)
ZIM Xiamen (1)
9,115
31,820
2015
ZIM
3Q32
4Q32
65,000 (3)
Sydney Express (1)
9,019
31,254
2016
Hapag-Lloyd
3Q27
4Q29
Footnote (5)
Istanbul Express (1)
9,019
31,380
2016
Hapag-Lloyd
4Q26
2Q30
Footnote (5)
Bremerhaven Express (1)
9,019
31,319
2015
Hapag Lloyd
2Q27
3Q29
Footnote (5)
Czech (1)
9,019
31,319
2015
Hapag-Lloyd
4Q26
3Q30
Footnote (5)
MSC Tianjin
8,603
34,243
2005
MSC (6)
3Q30
1Q31
Footnote (6)
MSC Qingdao
8,603
34,586
2004
MSC (6)
4Q30
1Q31
Footnote (6)
GSL Ningbo
8,603
34,340
2004
MSC (7)
3Q30
1Q31
Footnote (7)
GSL Alexandra
8,599
37,809
2004
Maersk (8)
2Q28
3Q28
Footnote (8)
GSL Sofia
8,599
37,777
2003
Maersk (8)
3Q28
3Q28
Footnote (8)
GSL Effie
8,599
37,777
2003
Maersk (8)
3Q28
3Q28
Footnote (8)
GSL Lydia
8,599
37,777
2003
Maersk (8)
2Q28
3Q28
Footnote (8)
Lotus A
8,586
33,026
2010
CMA CGM
3Q26
3Q30
Footnote (9)
Koi
8,586
33,005
2011
CMA CGM
3Q26
2Q30
Footnote (9)
Cypress
8,586
33,026
2011
CMA CGM
3Q26
2Q30
Footnote (9)
GSL Eleni
7,847
29,261
2004
Maersk
4Q27
2Q29
Footnote (10)
GSL Kalliopi
7,847
29,261
2004
Maersk
1Q28
3Q29
Footnote (10)
GSL Grania
7,847
29,261
2004
Maersk
1Q28
3Q29
Footnote (10)
Colombia Express (1)
7,072
23,424
2013
Hapag-Lloyd
