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- **Revenue Growth & Dividend Expansion**: $778M in contracted revenues through Q3, with a 19% dividend hike to $2.50 annualized.
- **Financial Resilience**: $562M cash, 0.5x leverage, and 4.34% blended debt cost post-refinancing.
- **Fleet Flexibility Advantage**: 0% idle capacity in mid-sized segments, benefiting from supply chain inefficiencies.
- **Older Vessel Viability**: IMO deferrals extend life of conventionally fueled ships, with no age limit for safe operation.
- **Market Dynamics**: Tight order book (15% growth) and geopolitical disruptions sustain charter rates.

**【CEO Summary Section】**
- GSL added $778 million in contracted revenues through Q3 2025, with full coverage for 2025, 96% for 2026, and 74% for 2027.
- The company increased its annualized dividend to $2.50 per share, a 19% rise from the previous quarter and 67% higher than 18 months prior.
- The fleet of mid-sized (2,000-10,000 TEU) vessels benefits from supply chain inefficiencies, with 0% idle capacity in their segments.
- The deferral of IMO Net Zero regulations and USTR port fees has extended the commercial viability of older, conventionally fueled vessels.

**【CFO Financial Commentary】**
- Cash position stands at $562 million, with $72 million restricted, supporting debt reduction and operational flexibility.
- Debt has been reduced to below $700 million, with financial leverage at 0.5x, down from 8x+ historically.
- Refinancing lowered the blended cost of debt to 4.34%, and the sale of 3 older vessels generated $28.3 million in gains.
- Breakeven rates of $9,500/day per vessel are competitive, with charter rates remaining stable despite market volatility.

**【Q&A Highlights】**
- Charter rates for mid-sized vessels remain strong, with preference for 3-4 year charters to hedge against uncertainty.
- Older vessels (e.g., 2000-2001 built) can operate beyond 30 years due to safety records and lack of cargo-related insurance penalties.
- The Red Sea reopening could impact larger ships more significantly, while GSL's fleet flexibility minimizes disruption risk.
- The order book for sub-10,000 TEU vessels shows 15% growth, contrasting with 54% for over-10,000 TEU, supporting capacity tightness.


Global Ship Lease, Inc. (GSL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GSL

GSL fundamentals

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