Global Ship Lease (GSL) Q2 2026 earnings summary

Executive summary

• Geopolitical volatility and supply chain disruptions have driven strong demand for flexible, mid-size, and smaller container ships, supporting high charter rates and benefiting the fleet.

• Strategic fleet renewal includes ordering 15 new eco-efficient, ultra-high-reefer vessels for $1.33 billion, with multi-year charters covering over 75% of cost from expected EBITDA.

• Contracted revenues reached $3.2 billion, with 100% coverage for 2026 and 90% for 2027, and a TEU-weighted average charter duration of 3.3 years.

• Delivered strong 2Q and 1H 2026 results, with $396.8 million revenue and $180.7 million net income in 1H26.

• Maintained strong credit ratings and increased annualized dividend to $2.50 per share.

Financial highlights

• 2Q 2026 revenue: $198.7 million; net income: $89.3 million; adjusted EBITDA: $131.4 million; normalized EPS: $2.48.

• 1H 2026 revenue: $396.8 million; net income: $180.7 million; adjusted EBITDA: $264.6 million; normalized EPS: $5.04.

• Cash position at quarter end was $649 million, with $499 million unrestricted and $114 million restricted.

• Debt reduced from $950 million at end-2022 to $676.4 million by June 30, 2026.

• Dividend increased to $2.50 per share annualized, with $0.625 per share in 2Q 2026.

Outlook and guidance

• Fleet contract coverage is 100% for 2026 and 90% for 2027, providing strong revenue visibility.

• Newbuilds scheduled for delivery between 4Q 2028 and 1Q 2030, with initial charters averaging 7.1 years and expected to generate over $1 billion in adjusted EBITDA.

• Management remains focused on maximizing optionality and resilience amid ongoing geopolitical and macroeconomic uncertainty.

• CAPEX for 2026–2027 includes $3.48M–$3.53M per vessel for dry-docking and $2.2M annually for upgrades.

• Decarbonization CAPEX subject to commercial agreements; regulatory dry-dockings and upgrades to be concurrent where possible.