Global Ship Lease (GSL) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $201.4 million, net income available to common shareholders was $99.2 million, and Adjusted EBITDA was $138.8 million; 9M revenue was $598.1 million and Adjusted EBITDA was $403.4 million.

• Contracted revenue totaled $3.4 billion over a 3.5-year average remaining duration; cover was 100% for 2026, 98% for 2027 and 74% for 2028.

• Fleet renewal advanced with 17 mid-size newbuilds, including 15 chartered vessels and two options exercised; annualized dividend increased 25% to $2.75 per common share.

Financial highlights

• Q3 revenue rose to $201.4 million from $192.7 million in 3Q25; 9M revenue was $598.1 million versus $575.5 million.

• Q3 net income was $99.2 million versus $92.6 million; 9M net income was $279.9 million versus $306.7 million, including a prior-year $28.3 million vessel-sale gain.

• Q3 Adjusted EBITDA was $138.8 million versus $130.2 million; 9M Adjusted EBITDA was $403.4 million versus $396.7 million.

• Q3 EPS was $2.75 versus $2.59; 9M EPS was $7.77 versus $8.60. Normalized EPS was $2.75 for Q3 and $7.79 for 9M.

Outlook and guidance

• Fifteen newbuilds are scheduled for delivery from Q4 2028 through Q1 2030; their multi-year charters average 7.1 years and are expected to generate more than $1.0 billion of Adjusted EBITDA.

• More than 75% of the 15 vessels’ $1.33 billion contract price is covered by charters ex-yard; remaining contractual commitments for all 17 newbuilds were ~$1.3 billion at September 30, 2026.

• The two additional options are priced at $163 million in aggregate and scheduled for Q4 2029 delivery; employment and financing discussions are ongoing.

• Indicative survey and dry-docking costs average ~$3.48 million per vessel for 13 vessels in 2026 and ~$3.53 million for nine vessels in 2027; other capex is ~$2.2 million in each year.