Global Ship Lease (GSL) has announced its unaudited financial results for the second quarter and first half of 2026.
The containership owner reported operating revenue of US$198.7 million for the second quarter. Revenue for the first six months reached US$396.8 million.
Second-quarter financial performance
Net income available to common shareholders totalled US$89.3 million, or US$2.48 per share, during the second quarter.
Normalized net income also reached US$89.3 million, equal to normalized earnings of US$2.48 per share.
Meanwhile, adjusted EBITDA amounted to US$131.4 million.
For the first half of 2026, GSL reported net income available to common shareholders of US$180.7 million. Earnings per share reached US$5.02.
Normalized net income totalled US$181.4 million, or US$5.04 per share. In addition, adjusted EBITDA reached US$264.6 million.
Newbuilding programme
In June, GSL signed individual contracts for 15 mid-sized containership newbuildings. The aggregate purchase price amounts to approximately US$1.3 billion.
The vessels will feature ultra-high reefer capacity, wide-beam designs and latest-generation specifications.
GSL expects deliveries between the fourth quarter of 2028 and the first quarter of 2030.
Upon delivery, the ships will begin multi-year charters. Their average TEU-weighted firm charter duration stands at 7.1 years.
Moreover, GSL expects the charter rates to generate more than US$1 billion in adjusted EBITDA.
“We are very pleased to have complemented our ongoing on-the-water investment strategy with the addition of highly attractive newbuilding orders,” said George Youroukos, Executive Chairman, Global Ship Lease.
According to Youroukos, the initial charters provide expected adjusted EBITDA equal to more than 75% of the contracted purchase price. They will generate this amount within 25% of the vessels’ expected economic lives.
Five of the 15 newbuildings also include charter extension options. The rates for these options stand 25% above the initial levels.
Contracted revenue reaches US$3.2 billion
GSL added US$1.45 billion in contracted revenue during the first half of 2026.
The additions came from new charters and extensions for the existing fleet. They also included the initial firm charters for the 15 newbuildings.
As of 30 June 2026, total contracted revenue stood at US$3.2 billion. The TEU-weighted average remaining duration reached 3.3 years, based on median firm charter periods.
GSL had secured 100% charter coverage for 2026 and 90% for 2027.
“We have taken the opportunity to continue locking in multi-year charters at attractive rates,” said Youroukos.
Quarterly dividend
GSL declared a dividend of US$0.625 per Class A common share for the second quarter.
The company will pay the dividend on 3 September 2026. Class A common shareholders of record on 21 August 2026 will receive the payment.
GSL also paid a first-quarter dividend of US$0.625 per Class A common share on 3 June 2026.
Planned vessel sales
During April and May, GSL agreed to sell four non-core ships built between 2000 and 2002.
The vessels have an aggregate sale price of US$65.5 million. GSL expects to record a gain of approximately US$33 million.
The company will deliver each vessel after its current charter expires.
GSL expects to deliver the 2,200 TEU Manet in the fourth quarter of 2026. It plans to deliver the 2,200 TEU Kumasi in the first quarter of 2027.
The 2,200 TEU Julie should follow in the third quarter of 2027. Meanwhile, the 5,900 TEU Ian H should transfer to its buyer in the fourth quarter of 2027.
Financing for acquired vessels
In December 2025, GSL announced the purchase of three 8,586 TEU containerships with ECO upgrades.
The three Korean-built vessels had an aggregate purchase price of US$90 million.
GSL received two vessels in December 2025 and the third in January 2026.
In June 2026, the company signed a US$55.5 million loan agreement with Bank of America to finance the acquisitions.
The five-year loan carries interest at SOFR plus 1.40%.
Credit ratings
Moody’s Investor Service maintained GSL’s Ba2 Corporate Family Rating in June. However, the agency upgraded its outlook from stable to positive.
Kroll Bond Rating Agency maintained the company’s BB+ corporate credit rating with a stable outlook.
Kroll also affirmed the BBB investment-grade rating and stable outlook for GSL’s 5.69% Senior Secured Notes. These notes mature on 15 July 2027.
In addition, S&P Global maintained GSL’s BB+ Issuer Credit Rating with a stable outlook on 7 July 2026.
“Optionality remains at the core of our approach to an ever more complex and dynamic containerized trade landscape,” said Thomas Lister, Chief Executive Officer, Global Ship Lease.
Lister also highlighted the company’s focus on finance, operations, chartering, selective vessel sales and fleet renewal.
