Powell’s speech, Nvidia’s chips, Meta deal - what’s moving markets
NEW YORK - Global Ship Lease Inc . (NYSE:GSL) reported fourth quarter earnings and revenue that exceeded analyst estimates, while also announcing plans to increase its dividend.
Global Ship Lease shares were unchanged in after-hours trading following the earnings release.
The containership owner posted adjusted earnings per share of $2.55 for Q4, surpassing the consensus forecast of $2.39. Revenue came in at $182.43 million, above expectations of $171.16 million.
For the full year 2024, Global Ship Lease generated net income of $344.1 million, or $9.74 per share, up 16.6% from 2023. Annual revenue rose 5.4% to $711.1 million.
The company said its Board of Directors has approved a 16.7% increase in the total annualized dividend to $2.10 per share, up from $1.50 previously. The higher dividend is expected to commence with the Q1 2025 payment in June.
"Demand for our well-specified, fuel-efficient vessels was very firm throughout 2024, and remains so today," said Executive Chairman George Youroukos. "We have taken advantage of these tailwinds to secure extended charter coverage across our fleet, adding $885 million of contracted revenues to our already-substantial backlog."
Global Ship Lease added $884.8 million in contracted revenues during 2024 and early 2025. As of December 31, the company had $1.88 billion in contracted revenues with a weighted average remaining duration of 2.3 years.
The company acquired four high-reefer, ECO-9,000 TEU containerships for $274 million in late 2024, with three delivered in December and the fourth in January 2025. It also agreed to sell three older vessels for $54.5 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.