Global Ship Lease Announces Quarterly Dividend for Preferred Shares

Author: Hannah Lewis Updated: 09-10-2024 04:21 PM

Global Ship Lease Declares Quarterly Dividend

Global Ship Lease, Inc. (NYSE: GSL), a prominent owner and operator in the containership charter industry, has recently made a significant announcement regarding its quarterly dividend. The Company’s Board of Directors has declared a cash dividend of $0.546875 per depositary share. Each depositary share represents a 1/100th interest in a share of the Company’s 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (known as the Series B Preferred Shares).

Details of the Dividend

This dividend payment is for the period running from July 1 until September 30 of the current financial year. Shareholders who hold Series B Preferred Shares as of September 24 will receive this dividend on the scheduled payment date of October 1. This ongoing commitment to returning value to shareholders reflects the robust financial health of Global Ship Lease and its effective management strategy.

Overview of Global Ship Lease's Operations

Established as a dedicated containership charter owner, Global Ship Lease has built a noteworthy reputation in the maritime industry since its inception in December 2007. The company, incorporated in the Marshall Islands, specializes in owning and chartering containerships under fixed-rate contracts to leading container liner companies. Notably, it was listed on the New York Stock Exchange in August 2008, marking a significant milestone in its corporate journey.

Fleet Composition and Capacity

As of mid-2024, Global Ship Lease has a diversified fleet comprising 68 containerships, ranging in size from 2,207 to 11,040 TEU. Together, these vessels have an impressive aggregate capacity of 376,723 TEU, including 36 ships classified as wide-beam Post-Panamax. This impressive fleet composition not only emphasizes the Company's capability but also its strategic positioning in catering to the diverse needs of the global shipping market.

Financial Insights and Contracted Revenue

Financially, Global Ship Lease has demonstrated commendable performance. The average remaining term of the Company’s charters, when weighted by TEU, stands at approximately 2.2 years, indicating stability and predictability in revenue generation. On this basis, the contracted revenue has reached an impressive $1.77 billion. Furthermore, if one considers options controlled by the charterers, the total contracted revenue climbs to $2.13 billion, reflecting a weighted average remaining term of 2.8 years.

Commitment to Shareholders

Global Ship Lease's unwavering commitment to shareholder value through consistent dividend declarations showcases a proactive approach to managing its financial resources effectively. The Company understands the importance of maintaining trust and transparency with its investors, which has positively influenced its overall market reputation.

Strategic Perspectives and Future Actions

As a leading maritime organization, Global Ship Lease continually seeks to optimize its fleet and maximize operational efficiency. By closely monitoring market conditions and aligning its strategies with emerging trends, the Company is well-positioned to navigate challenges and leverage opportunities within the shipping sector.

Contact Information for Investors

For those interested in learning more about Global Ship Lease, investor inquiries can be directed to The IGB Group. Contact Bryan Degnan at 646-673-9701 or Leon Berman at 212-477-8438 for further information.

Frequently Asked Questions

What is the current dividend announced by Global Ship Lease?

The current dividend is set at $0.546875 per depositary share for the 8.75% Series B Preferred Shares.

When will the dividend be paid out?

The dividend will be paid on October 1 to shareholders recorded by September 24.

What does Global Ship Lease specialize in?

Global Ship Lease specializes in owning and chartering containerships under fixed-rate agreements with major container liner companies.

How many vessels does Global Ship Lease operate?

The Company operates a fleet of 68 containerships of varying sizes, providing a significant aggregate capacity.

Who can I contact for more investor information?

For investor inquiries, you can contact Bryan Degnan or Leon Berman at The IGB Group for assistance.

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