Global Ship Lease, Inc. announced on June 16, 2026, that Moody's Investors Service upgraded its outlook to positive from stable while maintaining the Ba2 Corporate Family Rating. Kroll Bond Rating Agency (KBRA) maintained the corporate rating at BB+ with a stable outlook and affirmed the BBB/stable investment grade rating for GSL's 5.69% Senior Secured Notes due 2027. The ratings reflect the company's strong credit metrics, low leverage, and solid market position in the containership leasing space.

Agency Rationale

Moody's and KBRA emphasized the company's focus on midsized and smaller ships, where supply-side fundamentals are supportive. The agencies cited Global Ship Lease's strong historical performance, resilience during industry disruptions, and contracted revenue as key strengths. Moody's highlighted the positive impact of ordering newbuild vessels with long-term charters attached, monetizing older assets, and maintaining a strong financial position.

Fleet and Contracted Revenue

As of March 31, 2026, Global Ship Lease's fleet comprised 71 vessels with an average age weighted by TEU capacity of 18.2 years. The average remaining term of the company's charters, to the mid-point of redelivery, was 2.6 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.05 billion. Including options under charterers' control and with the latest redelivery date, contracted revenue was $2.58 billion, representing a weighted average remaining term of 3.3 years.

Management Commentary

Thomas Lister, Chief Executive Officer of Global Ship Lease, stated that the ratings reflect the strength of the company's balance sheet and charter coverage. He acknowledged the benefits of ordering newbuildings with long-term charters attached and divesting older, non-core assets. The company intends to continue executing its dynamic capital allocation strategy, pursuing selective fleet renewal, returning capital to shareholders, and creating shareholder value throughout the cycle.

Global Ship Lease, Inc. has declared a cash dividend of $0.546875 per depositary share for its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares. The dividend represents payment for the period from April 1, 2026 to June 30, 2026. This announcement impacts shareholders of record as of June 24, 2026, with the payment scheduled for July 1, 2026.

Dividend Details

The Board of Directors approved the dividend for the Series B Preferred Shares, which trade on the NYSE under the ticker GSLPRB. Each depositary share represents a 1/100th interest in a share of the Series B Preferred Shares.

Company Overview

Global Ship Lease is an independent owner of containerships with a diversified fleet of mid-sized and smaller vessels. Incorporated in the Marshall Islands, the company commenced operations in December 2007 and was listed on the New York Stock Exchange in August 2008. Its business model focuses on owning and chartering out containerships under fixed-rate charters to top-tier container liner companies.

As of March 31, 2026, the company's fleet consisted of 71 vessels with an average age weighted by TEU capacity of 18.2 years. Among these, 41 ships are wide-beam Post-Panamax vessels. The average remaining term of the charters, to the mid-point of redelivery, was 2.6 years on a TEU-weighted basis. Contracted revenue on this basis stood at $2.05 billion. Including options under charterers' control and with the latest redelivery date, contracted revenue was $2.58 billion, representing a weighted average remaining term of 3.3 years.