GSL Global Ship Lease, Inc.
Price Chart
Executive Summary
Global Ship Lease, Inc. reported Q1 2026 results via a 6-K filing. Operating revenue increased 3.7% YoY to $198.1 million, but net income available to common shareholders fell to $91.4 million from $121.0 million in Q1 2025, primarily due to the absence of a $28.5 million gain on vessel sales recorded in the prior year. Normalized net income was $92.1 million, down slightly from $94.3 million. The company maintained a strong balance sheet with $404.9 million in cash and $657.8 million in total debt, and declared a $0.625 per share dividend. For the preferred shares (GSL-PB), the results are credit-neutral: the issuer's operating cash flow and debt coverage remain solid, with no credit-material changes.
Actionable Insight
For GSL-PB preferred shares, this is a routine quarterly update. The issuer's credit profile is stable with strong liquidity and declining debt. Monitor the upcoming vessel sales (expected $52M in proceeds) and any potential preferred share redemption announcements, but no immediate action is warranted.
Key Facts
- Q1 2026 operating revenue of $198.1 million, up 3.7% YoY from $191.0 million.
- Net income available to common shareholders of $91.4 million, down from $121.0 million in Q1 2025, which included a $28.5 million gain on vessel sales.
- Normalized net income of $92.1 million, down from $94.3 million in Q1 2025.
- Adjusted EBITDA of $133.2 million, up slightly from $132.3 million in Q1 2025.
- Total debt of $657.8 million as of March 31, 2026, down from $777.7 million a year earlier.
- Cash and cash equivalents of $404.9 million, up from $273.9 million at year-end 2025.
- Series B Preferred dividend of $2.4 million declared for Q1 2026, unchanged YoY.
- Forward sales of three non-core vessels for $52.0 million announced in April/May 2026.
- 100% charter coverage for 2026 and 86% for 2027, with $2.05 billion in contracted revenue.
Financial Impact
Operating revenue up $7.1 million YoY; net income down $29.6 million due to absence of vessel sale gains; normalized net income down $2.2 million.
Risk Factors
- Geopolitical instability and freight market volatility could impact future charter rates.
- Aging fleet (average 18.2 years) may require higher maintenance capex.
- Interest rate exposure partially hedged; further rate changes could affect earnings.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-022621 |
| Document: ef20074666_ex99-1.htm | 0001140361-26-022621 |
| Document: ef20074666_6k.htm | 0001140361-26-022621 |
| Document: 0001140361-26-022621-index-headers.html | 0001140361-26-022621 |
| Document: 0001140361-26-022621-index.html | 0001140361-26-022621 |
| Document: 0001140361-26-022621.txt | 0001140361-26-022621 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 9, 2026
3d ago
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6-K
| $27.23 awaiting T+5 | awaiting T+5 | — | $40.07 (+47.14%) |
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Jun 8, 2026
4d ago
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Press Release
| $37.87 awaiting T+5 | awaiting T+5 | — | $40.07 (+5.81%) |
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Jun 5, 2026
7d ago
|
6-K
| $26.65 awaiting T+5 | awaiting T+5 | — | $40.07 (+50.36%) |
|
May 22, 2026
21d ago
|
6-K
| $27.10 $26.72 | ▼ −1.40% | ▼ −2.61% | $40.07 (+47.86%) |
|
May 22, 2026
21d ago
|
Press Release
| $38.02 $37.93 | ▼ −0.24% | ▼ −1.91% | $40.07 (+5.39%) |
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Apr 27, 2026
6w ago
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Press Release
| $39.66 $39.75 | ▲ +0.23% | ▼ −1.46% | $40.07 (+1.03%) |
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Mar 20, 2026
12w ago
|
Press Release
| $38.23 $35.96 | ▼ −5.94% | ▼ −2.37% | $40.07 (+4.81%) |
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Mar 9, 2026
13w ago
|
Press Release
| $39.63 $38.14 | ▼ −3.76% | ▼ −2.85% | $40.07 (+1.11%) |
|
Mar 5, 2026
14w ago
|
Press Release
| $38.52 $37.42 | ▼ −2.86% | ▼ −0.62% | $40.07 (+4.02%) |
US Market Status
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