GSL

Image source: The Motley Fool. Wednesday, Aug. 5, 2026 at 10:30 a.m. ET Chief Executive Officer - Thomas A. Lister Executive Chairman - Georgios Youroukos Chief Financial Officer - Tassos Psaropoulos Operator: Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Global Ship Lease Q2 2026 Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Thomas Lister, Chief Executive Officer. Please go ahead. Thomas A. Lister: Thank you very much. Hello, everyone, and welcome to the Global Ship Lease Second Quarter 2026 Earnings Conference Call. You can find the slides that accompany today's presentation on our website at www.globalshiplease.com. As usual, Slides 2 and 3 remind you that today's call may include forward-looking statements that are based on current expectations and assumptions and are, by their nature, inherently uncertain and outside of the company's control. Actual results may differ materially from these forward-looking statements due to many factors, including those described in the safe harbor section of the slide presentation. We would also like to direct your attention to the Risk Factors section of our most recent annual report on our 2025 Form 20-F, which was filed in March 2026. You can find the form on our website or on the SEC's. All of our statements are qualified by these and other disclosures in our reports filed with the SEC. We do not undertake any duty to update forward-looking statements. The reconciliations of the non-GAAP financial measures to which we will refer during this call to the most directly comparable measures calculated and presented in accordance with GAAP usually refer to the earnings release that we issued this morning, which is also available on our website. I'm joined as usual today by our Executive Chairman, George Youroukos; and our Chief Financial Officer, Tassos Psaropoulos. George will begin the call with high-level commentary on GSL and our industry, and then Tassos and I will take you through our recent activity, quarterly results and financials and the current market environment. After that, we'll be pleased to answer your questions. So turning now on to Slide 4. I'll pass the call over to George. Georgios Youroukos: Thank you, Tom, and good morning, afternoon or evening to all of you joining today. Once again, geopolitical uncertainty and volatility played an outsized role during the second quarter. Our liner customers are doing extraordinary work from day-to-day and even from hour to hour as circumstances change. Supply chains are reorganized and often, they are then reorganized again. In addition to the repeated closure and partial reopening of the Strait of Hormuz, the security situation in the Lower Red Sea and Gulf of Aden has once again taken a step back. On top of that, the reintroduction of broad-based tariffs on U.S. imports is likely to contribute to continued supply chain fragmentation and inefficiency as procurement managers, suppliers and other cargo interests adjust their operations and risk management strategies. In short, any one of these factors in isolation would typically be highly significant for our industry. But having all of that same time is driving an extraordinary level of demand for additional vessels and capacity on top of that from underlying containerized freight demand, which is itself remaining quite firm. Flexible midsize and smaller container ships like those in the GSL fleet are the greatest beneficiaries as evidenced by liner company's continued appetite for ships that under more normal circumstances would be considered overage in these size categories. Meanwhile, prudent and selective fleet renewal has always been at the front of our minds. Against the backdrop of this evolving market, we have placed newbuild orders for a total of 15 container ships at attractive prices and derisked from the outset with multiyear charters attached and over 75% of the contract cost expected to be captured from the adjusted EBITDA generated by those charters within, on average, the first 25% of the ship's useful lives only. These container ships, which we will speak more on briefly, are best-in-class ultra-high-reefer, latest generation eco vessels and will replace our aging cash cows, providing us with visible cash flows well into the years ahead. In this supportive demand environment, at the same time as putting in place charter cover for the newbuilds, we have also locked in additional coverage at attractive rates for various of our existing ships coming up in the market. Our contracted revenues now stand at $3.2 billion over 3.3 years of cover, of which $1.450 billion was added during the first half of this year. Our fleet contract coverage is 100% for 2026 and is already at 90% for 2027. Our strong balance sheet and delevering efforts have been reflected in our affirmed credit ratings and an improved outlook for Moody's as well as a healthy recently upsized dividend of $2.5 per share annualized. We remain focused on maximizing optionality in these turbulent and unpredictable times. Our recent newbuild orders represent a continuation of our long-running focus on flexibility, discipline, downside protection and upside potential. These principles guide our actions and have served us well, and we believe that our emphasis on maintaining optionality is an excellent fit for the containership market of today and of tomorrow. With that, I will turn the call over to Tom. Thomas A. Lister: Thank you, George. Hello again, everyone. Please now turn to Slide 5, where you will see in great detail our strategic fleet renewal, which consists of both investment in the next generation of cash cows for our fleet and the opportunistic monetization of older noncore assets. To echo George's words, on the newbuild front, we see our acquisition of 15 midsized ultra-high-reefer wide beam latest generation container ships with long-term charters attached as the exact combination of prudent downside protection and attractive upside potential that we look for in any transaction. As highly specified ships in a structurally underbuilt but crucially important segment of the containership fleet, we see these vessels as best-in-class, flexible, future-proofed and strong earners going forward. It's worth underlining the fact that more than $1 billion of the $1.3 billion of contract price is covered by contracted EBITDA expected to be generated by the firm charters in place ex yard over a TEU weighted average term of 7.1 years, meaning that these newbuilds are materially derisked right out of the gate. And essentially, we're covering over 3/4 of their aggregate contract price within roughly the first quarter of their collective economic life and all that with charter cover from top-tier charterers. It's also worth highlighting that several of these newbuilds include options for the operator to extend the charters at rates more than 25% above those for the initial firm periods, suggesting that the end users share our conviction that these ships will continue to be in high demand, valuable and with significant upside earnings potential well beyond their initial charters. These newbuild transactions were possible due to our ability to move fast, thanks to our discipline in building a fortress balance sheet, and we expect the forward visibility on contracted revenues to support attractive funding alternatives for these assets, which will likely involve a combination of cash from our balance sheet and debt to enhance returns on equity. For modeling purposes, it is important to keep in mind that the contract payments for these newbuilds are milestone-based and backloaded with more than half of the contract price not payable until the respective ship is delivered. We also consider the opportunistic monetization of older assets to be an integral part of fleet renewal. And at the bottom of the slide, you can see that we have sold forward 4 older noncore ships during the first half of the year for a total of $65.5 million, with an aggregate gain on book expected to be in the region of $33 million. Added to which we will continue to benefit from these ships earnings until they deliver to buyers in scheduled slots ranging between the end of this year and the end of next year. Moving to Slide 6, we show the structural rationale behind the new building orders and why this is the right time for us to pounce on these opportunities. As we have highlighted for some time, the midsized and smaller containership classes have been underbuilt for many years with the lion's share of investment capital piling into ultra-large ships. That has left the crucially important sub-10,000 TEU portion of the global fleet with an advanced age profile. And to illustrate this point, the median age of the oldest quartile by TEU capacity within each fleet segment below 10,000 TEU ranges from 21 to 28 years, and that's today, which translates to around 24 to 31 years by the time our newbuilds actually deliver into the space. So you have an aging global fleet combined with a more limited order book at a time when the value proposition of such flexible assets is proving to be increasingly important and in growing demand from liner operators. Furthermore, with the industry and its regulators now looking less likely to coalesce around a long-term decarbonization trajectory and rule set anytime soon, we see the option value of a wait-and-see approach on fuels and propulsion as having materially diminished. The convergence of these factors, together with the commercial terms available to us, our ability to transact on the newbuilds while derisking them with charter coverage ex yard and the aging out of our existing cash cows made these orders a clear and compelling opportunity for us and for our shareholders. We expand further on our rationale for investing in newbuilds on Slide 7. We have a history of being prudent in managing risk through the shipping cycle while capitalizing on upside cyclicality and volatility, particularly in time charter earnings to build value for shareholders. In the chart, you can see how secondhand asset prices, which are the dark blue line and particularly the time charter rate index, the green line, have both trended and spiked upwards, while the newbuild price index, the pale blue line, has remained comparatively flat in recent years. In fact, with yard order books essentially full for the next few years, the main factor currently expected to drive new building prices is inflation. So combining all these considerations, this is a good entry point for newbuilds as long as they are in the right size categories, appropriately specified and derisked with charters. And with the combination of our fortress balance sheet and strong industry relationships, we have the ability to move quickly and decisively in developing these compelling opportunities. The result is 15 newbuilds contracted on attractive terms with multiyear charters attached, which lower our average fleet age and crucially increase our cash generation runway as our cash cows begin to age out. In other words, exactly the recipe for low risk and high upside potential that we like. On Slide 8, you will see our diversified charter portfolio with the chart showing the breakdown of our charter revenues by charterer from our operating fleet for the first half of this year. As of June 30, and to be clear, these figures also include the firm charters from our 15 newbuilds, we have over $3.2 billion in forward contracted revenues over a 3.3 year of average TE weighted contract cover. In 2026, our revenue days are 100% covered with 90% coverage in 2027. Slide 9, we recap our dynamic capital allocation policy with which we have navigated both the cyclical nature of our industry and the flock of black swan events that have occurred in recent years. We have delevered to build resilience and create a fortress balance sheet, which in turn has allowed us to mitigate risk, build equity value and position ourselves to seize opportunities as they arise. This is reflected in our improved credit outlook, our order book of 15 new buildings and the continued return of capital to our shareholders via our annualized dividend of $2.50 per common share. With that, I'll pass the call to Tassos to discuss our financials. Tassos Psaropoulos: Thank you, Tom. Slide 10 shows our financial highlights for the first half of 2026. I would like to emphasize a few key takeaways. Our financial performance and cash flow have remained very strong. Our cash position at quarter end was $649 million, of which $140 million is restricted. The remainder ensures that we can fully cover our covenants, our working capital needs and manage the potential financial implication of geopolitical disruptions and other macro events in an increasingly unpredictable world. It also provides dry powder both for CapEx to optimize the commercial value and marketability of our existing fleet and for disciplined investment in fleet renewal when the right opportunities present themselves, including the payment installments, of course, for our 15 new buildings. During the second quarter, we were also pleased to put in place a new $55.5 million debt facility with Bank of America, 5-year paper secured against ships we bought with cash at the end of 2025, priced at SOFR plus 140 basis points, a good addition to our capital stack. And of course, we continue to pay our compelling dividend. On Slide 11, we highlight our ongoing efforts to delever and derisk to build resilience and maximize optionality. The graph on the left shows our outstanding debt, which was $950 million at the end of 2022, and we have managed to reduce it to just under $600 million by June 30, 2026, while at the same time, growing our fleet considerably and increasing the number of unencumbered ships. The graph on the right shows the same story of the financial leverage front, but with even great progress, improving from 8.4x in 2018 to 0.4x today. Slide 12 further emphasize our commitment to a strong financial platform. The left-hand graph shows how we have successfully lowered our borrowing cost from 7.56% in 2018 to 4.43% today, even as base rates have moved higher. And despite an inflationary environment, we have managed to reduce our average daily breakeven cost from over $12,000 per ship at the end of 2018 to just over $10,000 per ship today. With that, I will turn the call back over to Tom to discuss the market and our fleet. Thomas A. Lister: Thank you, Tassos. On Slide 13, we reiterate our focus on midsized and smaller containerships with our fleet ranging from 2,200 TEU at the bottom end to a little over 11,000 TEU at the top. Vessels in this range are workhorses of the global fleet, predominantly serving the non-mainlane trades that collectively comprise around 75% of total global containerized trade volumes. Very large ships are more or less restricted to the big East-West mainlane trades as they require specialized port infrastructure, deepwater berths and very long terminals to be operationally viable and equally importantly, huge volumes of cargo to be economically viable. Midsize and smaller container ships, on the other hand, like those in GSL's fleet, trade on a truly global basis. And as geopolitical uncertainty has decentralized and fragmented the containerized supply chain beyond China and throughout Southeast Asia, our liner customers have placed a growing priority and value on the commercial and operational flexibility that such ships provide. On Slide 14, we provide a snapshot of the choke points currently impacting containerized trade in the Middle East. While we cannot predict how these situations will develop, we can provide some context on how things are playing out for the industry in real time. Starting with the Red Sea and Suez through which around 20% of global containerized trade volume was transited before the security situation was disrupted in 2023. Since then, vessels have been forced to reroute around the Cape of Good Hope. This longer, costlier journey has absorbed around 10% of effective containership capacity. And after a brief period of cautious optimism with some minor operators trialing a return to this transit with selected vessels, the security status has since deteriorated again. So as with so many things at the moment, it's a watch and brief. As for the Strait of Hormuz, the on again, off again situation there is both dangerous and unpredictable. Prior to this conflict, about 3% to 4% of containerized trade volumes passed through the strait in global terms. Now major hubs and ports within the Persian Gulf are severely constrained. Liner companies are rejigging service networks and although considerable effort is being put into trying to explore alternative means to reliably flow cargo into and out of the region, it is not proving straightforward. Both of these situations are highly dynamic and their long-term implications for container shipping are unclear. But in the near term, they add layers of complexity and inefficiency for the shipping industry to navigate with seafarer safety of paramount concern. On Slide 15, we highlight supply side and scrapping trends where little has changed. Idle capacity and scrapping activity both continue to hover near 0. The inefficiencies in the supply chain and subsequent longer voyages have both nearly eliminated slack in the system and kept vessels on the water longer than would otherwise have been expected in a "normal environment." Why? Because earnings have remained so attractive. Slide 16 shows the order book. While the order book has certainly grown meaningfully, it remains smaller in the segments upon which GSL is focused. For the big ship segments over 10,000 TEU, the order book-to-fleet ratio stands at 55%, which drags the average ratio for the overall fleet order book to 39%. Meantime, the ratio for the midsized and smaller containership segments relevant to GSL is significantly lower at around 25% with deliveries spread over the next 4 years or so. As I mentioned earlier in the context of our own newbuild orders, the midsize and smaller size segments of the global fleet are also aging such that the corresponding order book is quite closely matched by ships that are or will shortly become 25 years or older. Essentially, these ships will be scrapping candidates whenever the market eventually pulls back. If we assume that all vessels over 25 years old were to be scrapped through 2030, the net effect will be growth of under 1% for the global fleet sub-10,000 TEU. In any case, while charter rates remain strong, we're very happy to lock in charter coverage. If the market were to normalize on the other hand to the downside, then we would expect global scrapping activity to pick up meaningfully, offsetting fleet growth and potentially also creating countercyclical purchase opportunities for owners like us with strong finances and a long-term through-cycle strategy. So it's a win-win as we see it. On Slide 17, we provide a snapshot of the charter market. The right side of the slide shows market rates for term charters, which remain strong and should be considered alongside our average breakeven rates, which stand at just over $10,000 per vessel per day. With that, I will turn the call back to George on Slide 18. Georgios Youroukos: Thank you, Tom. To summarize, we continue to focus on maximizing optionality and resilience in a world beset by geopolitical complexity, macroeconomic volatility and regulatory uncertainty. Supply chains have decentralized and fragmented, making the operational flexibility offered by GSLs, midsized and smaller ships a priority for our liner customers. We have continued adding charter coverage, which now stands at $3.2 billion, up by over $1 billion on where it stood at the end of the first quarter, thanks largely to the addition of our 15 newbuilds with charters attached. Our delevering efforts have resulted in a fortress balance sheet and our high operational efficiency and capital allocation discipline have resulted in highly competitive breakeven rates. Our prudent selective fleet renewal has seen us monetize older noncore ships and acquire both secondhand vessels and more recently newbuilds. But our recipe remains the same, be disciplined, be patient and be nimble and use the cycle to minimize downside risk and maximize upside potential. And of course, returning capital to shareholders remains a top priority. Our recently upsized dividend now stands at $2.5 per share annualized, which is a dividend yield of about 5.7% on the basis of yesterday's close. With that, we will be very pleased to take your questions. Operator: [Operator Instructions] Your first question comes from the line of Omar Nokta from Clarksons Securities. Omar Nokta: A couple of questions. Maybe just first on the investment in the new buildings back in June that you first announced. You've got 15 of them that come with a large backlog that, as you say, derisks the investments in a very big way. And as you highlight, it's interesting, 75% of the cost is earned back in the first 25% of their operable life. Obviously, it's a sizable investment and don't expect you to do more of this, but you do have the flexibility given just how strong your balance sheet is. I wanted to get a sense from you, how repeatable is this type of business? It's clearly unique, and we haven't seen this in the past, but just want to get a sense from you, is this sort of a one-off that you're really able to capture? Or is this sort of like kind of like the norm in what owners can expect to capture in today's market? Thomas A. Lister: Omar, this is Tom. I'll kick it off and no doubt George and Tassos will add. Yes, we're delighted with this transaction, as you say, 15 newbuilds derisked out of the gate to the tune of 75% of the contract price with the adjusted EBITDA implicit in the contracted charters. Not easy to put together such a deal. So I wouldn't say that it's the "new normal" to use your expression, either for us or for the market. Indeed, I would say, while obviously, we're willing to look at new buildings, as we've just demonstrated, we're not dogmatic on that front either. We're happy to look at new buildings, existing tonnage, sale and leasebacks, whatever really, as long as the numbers make sense and the risk profile makes sense. So this doesn't mark a departure from our existing strategy. I would say it marks simply an evolution of that same strategy focusing on minimizing downside risk and maximizing upside potential. But I'll pass the call to George in case he wants to add more to that. Georgios Youroukos: Yes. If I may say that by no means such a transaction is available in the market, and it's something that it's easy to make. We capitalize on our relationships with our clients and our know-how on designing ships that are not available in the market and that are very particular. So -- and the timing also. We chose to go into the newbuild market at a time where we felt it is an opportune time achieving relatively good prices. It is the same recipe. Timing is everything in what we look to do in container shipping, and we try to time our investments always very carefully. And our first priority is derisking the transactions that we do. That's what we have always been doing on the secondhand ships, same recipe here. Omar Nokta: Yes. No, certainly from your history, you've been very nimble and methodical with your investments, and this is a very good example of that. And maybe just a follow-up, a separate topic. You've forward sold 4 ships so far. They're all generally older in age. I know it's a bit tricky. It's a nice problem to have in terms of deciding whether to sell these older ships in your fleet or hold them and put them on more charters. But how are you thinking about, say, the dozen or so feeder ships you have left that are built pre-2010? Are those likely to be sold as well on a forward basis maybe? Or do you think there's an opportunity to keep fixing them out? Thomas A. Lister: There isn't a sort of a general answer that I can give you on that front, Omar. We effectively run a sort of a hold or divest analysis as we're approaching the end of the charter on any ship. And if it makes sense to sell in our view at that particular time, and we think we're going to make more money for shareholders by selling as opposed to by holding the asset, then we will sell depending upon the opportunities that are available to us at that time. On the other hand, I would say, more generally, at least, we think that you make more money out of holding and operating a containership through the cycle than you do by selling it. It's only because these vessels, these 4 ships that you referred to at the outset of your question were approaching inarguably close to the end of their economic lives that we felt that the option value attached to those vessels, at least for us, was somewhat reduced. And as a result, it made sense to divest them on what we consider to be attractive terms. But it's not a general approach. Every transaction, every ship, every investment and divestment, we analyze on its own rights. Omar Nokta: Congratulations on those new buildings. Operator: [Operator Instructions] Your next question comes from the line of Stephanie Moore from Jefferies. Stephanie Benjamin Moore: I wanted to follow up on the new buildings as well. To your point, obviously, congrats on unlocking in those -- locking in those time charter rates on those assets. But I wanted to maybe talk through how sensitive is the investment case for these newbuilds around recharter rates after those first contract periods expire? And then I guess, what are your underlying market assumptions embedded in this analysis that supports the newbuild investment. So great to see the first set locked in, but wanted to get your thoughts on kind of even after that, what your underlying outlook is. Thomas A. Lister: Stephanie, thanks for the question. This is Tom. So going back to a point George was making earlier, we focus on risk first and that drives always our investment analysis. So we need to get ourselves comfortable that the downside risk is covered and that the upside potential is attractive before we move forward on anything of this nature. So I think it's significant to say that we're covering off 75% of the contract price of these assets within essentially the first 25% of their respective lives, which means in a cyclical industry such as ours, there is plenty of time to get it right on the up cycle after they come off their initial charters. And I think while it's impossible to gaze into the future, if you look at various sort of historic rates within the sector, we're certainly assuming follow-on rates below those long-term historic averages in order to drive this as an attractive investment. And the rest is [indiscernible]. And I think it's also worth pointing out that in the case, I think it's 5 of these newbuilds, the charterers negotiated charter extension options with us on those units. And for those charter extension options, the rates are over 25% higher than for the initial charters. So I think that suggests that the end users are aligned in thinking that these are likely to be in-demand, valuable, high-earning assets, not just for this initial period, but thereafter, too. Stephanie Benjamin Moore: Yes, absolutely. Maybe just as a follow-up, maybe any help you can provide in terms of just, I guess, cadence of cash flows for the newbuilds as well? That's it for me. Thomas A. Lister: You mean in terms of installment payments? Stephanie Benjamin Moore: Correct. Yes. Thomas A. Lister: Yes. Okay. So we provide, I think, in the F pages, which you probably haven't had a chance to look at, some fairly granular detail on the stage payments as they materialize. But more broadly speaking, the payments tend to be backloaded. So between 50% and 60% of the contract amount is actually only payable upon delivery of the assets themselves. So you're looking at somewhere between 40% to 50%, which crystallizes as payment obligations in the lead up to the delivery of the assets, and those payments tend to be linked to certain milestones such as steel cutting, keel laying, that sort of thing. So the lion's share of the installments are backloaded. Tassos Psaropoulos: Stephanie, this is Tassos. Tomorrow probably it will be the filing of the 6-K, and you will see there a breakdown of future commitments by year, if I remember correct. So we will have these details. Operator: That concludes our question-and-answer session. I'd like to turn the call back over to Thomas Lister for closing remarks. Thomas A. Lister: Well, thank you all for joining us, particularly in the middle of the holiday season, and we look forward to reconnecting with you for our third quarter results later in the year. Many thanks. Operator: This concludes today's meeting. You may now disconnect. Before you buy stock in Global Ship Lease, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Global Ship Lease wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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Interested in Global Ship Lease, Inc.? Here are five stocks we like better. Fleet renewal: Global Ship Lease ordered 15 mid-size containerships for approximately $1.3 billion, with multi-year charters expected to cover more than $1 billion of the cost and recover over 75% during the vessels’ initial economic lives. Deleveraging and visibility: The company reported $3.2 billion in forward contracted revenue, 100% coverage for 2026 and 90% for 2027. Debt fell to just under $600 million by June 30, 2026, while cash stood at $649 million. Supportive market conditions: Red Sea and Strait of Hormuz disruptions are reducing effective container capacity, while ordering remains concentrated in larger ships. Management sees limited fleet growth in the sub-10,000-TEU segment, benefiting GSL’s mid-size and smaller vessels. Global Ship Lease (NYSE:GSL) used its second-quarter 2026 earnings call to emphasize a fleet-renewal program centered on 15 newbuild containerships, expanded charter coverage and continued deleveraging as geopolitical disruptions reshape global container shipping routes. Executive Chairman George Youroukos said supply chains are facing simultaneous pressures from instability around the Strait of Hormuz, renewed security concerns in the Red Sea and Gulf of Aden, and broad-based tariffs on U.S. imports. He said those developments are increasing demand for vessel capacity while containerized trade demand remains firm. → MarketBeat Week in Review – 08/03 - 08/07 “Flexible mid-size and smaller container ships like those in the GSL fleet are the greatest beneficiaries,” Youroukos said, citing liner companies’ continued appetite for vessels that would otherwise be considered older for their size classes. The company has ordered 15 mid-size, ultra-high reefer, wide-beam, latest-generation containerships, each with multi-year charters attached. Chief Executive Officer Thomas Lister described the vessels as highly specified ships in a “structurally underbuilt” segment of the container-ship market. → Quantum Earnings Week: Winners and Losers Are Finally Emerging The total contract price for the newbuild program is approximately $1.3 billion. More than $1 billion of that amount is expected to be covered by adjusted EBITDA generated under the firm charters, based on a TEU-weighted average charter term of 7.1 years, Lister said. The company expects to recover more than 75% of the vessels’ aggregate contract price during roughly the first quarter of their collective economic lives. Several of the newbuild charters include extension options for operators at rates more than 25% higher than the initial firm-charter rates, according to Lister. He said this suggests charterers see continued demand and earnings potential for the vessels after their initial charter periods. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War Management said the payments for the ships will be milestone-based and back-loaded. More than half of the contract price is not payable until the vessels are delivered, while the remaining installments will be tied to construction milestones such as steel cutting and keel laying. Chief Financial Officer Tassos Psaropoulos said a future filing would provide a year-by-year breakdown of commitments. Responding to an analyst question, Lister said the 15-vessel transaction should not be viewed as a new normal for either Global Ship Lease or the broader market. He said the company remains open to newbuilds, secondhand tonnage, sale-and-leaseback transactions and other opportunities, provided the economics and risk profile are suitable. Alongside the newbuild orders, Global Ship Lease has agreed to forward-sell four older, non-core vessels during the first half of 2026 for a combined $65.5 million. The company expects an aggregate gain on book of about $33 million. The ships are scheduled to deliver to buyers between the end of 2026 and the end of 2027, allowing Global Ship Lease to continue receiving earnings from them until their sales are completed. Lister said the company evaluates whether to retain or sell vessels individually as they approach the end of a charter. While management generally believes operating containerships through the cycle can generate more value than selling them, the four vessels sold were nearing the end of their economic lives, he said. Global Ship Lease reported $3.2 billion in forward contracted revenue and a TEU-weighted average of 3.3 years of charter coverage. The figure includes the firm charters attached to the 15 newbuild vessels. Revenue days are 100% covered for 2026. Coverage for 2027 stands at 90%. About $1.45 billion of contracted revenue was added during the first half of 2026. Cash at quarter-end was $649 million, including $114 million of restricted cash. Psaropoulos said the company’s unrestricted cash provides capacity to meet covenant and working-capital needs, address potential effects from geopolitical disruptions, invest in existing vessels and fund fleet-renewal initiatives. During the second quarter, the company also arranged a new $55.5 million, five-year debt facility with Bank of America. The facility is secured by vessels acquired with cash late in 2025 and is priced at SOFR plus 140 basis points. Outstanding debt declined from $950 million at the end of 2022 to just under $600 million as of June 30, 2026, management said. Financial leverage improved to 0.4 times from 8.4 times in 2018. The company also said its average borrowing cost declined to 4.43%, from 7.56% in 2018, while average daily break-even costs fell to just over $10,000 per vessel from more than $12,000. Management said disruptions in the Red Sea and Strait of Hormuz are adding complexity and inefficiency to liner operations. Vessels rerouted around the Cape of Good Hope due to Red Sea security conditions have absorbed an estimated 10% of effective containership capacity, according to the company. The company said the order book remains heavily concentrated in vessels larger than 10,000 twenty-foot equivalent units, or TEUs. The order-book-to-fleet ratio in that larger-vessel category is 55%, compared with approximately 25% in the mid-size and smaller segments where Global Ship Lease operates. Management also highlighted the aging profile of the sub-10,000 TEU fleet. If vessels older than 25 years were scrapped through 2030, the company estimates net growth in that fleet category would be less than 1%. Youroukos said Global Ship Lease’s annualized dividend stands at $2.50 per common share. He said the company’s strategy remains centered on disciplined capital allocation, risk reduction, operational flexibility and preserving the ability to act on opportunities across the shipping cycle. Global Ship Lease (NYSE: GSL) is a Bermuda-based containership charter owner focused on acquiring, owning and leasing modern, fuel-efficient vessels to major liner operators. Founded in 2011 and listed on the New York Stock Exchange the same year, the company’s fleet primarily comprises post-Panamax containerships designed to serve the high-volume Asia–Europe and transpacific shipping lanes. By specializing in long-term charter agreements, Global Ship Lease aims to maintain stable revenue streams and minimize spot-market volatility. The company’s business model centers on negotiating multi-year time charters with leading global shipping lines. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Global Ship Lease Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by extraordinary demand for midsize and smaller vessels as liner customers navigate geopolitical volatility, including Red Sea disruptions and U.S. import tariffs. Management prioritized fleet renewal by ordering 15 best-in-class, ultra-high-reefer eco vessels, designed to replace aging 'cash cows' while maintaining operational flexibility. The newbuild strategy is heavily de-risked, with multi-year charters expected to recover over 75% of the contract cost within the first 25% of the vessels' useful lives. Strategic asset monetization involved selling four older, non-core ships for $65.5 million, capturing an expected $33 million gain while retaining earnings until their scheduled delivery slots. The company maintains a 'fortress balance sheet' with a leverage ratio of 0.4x, providing the liquidity necessary to move decisively on newbuild opportunities without compromising financial resilience. Operational efficiency remains a core driver, with average daily breakeven costs reduced to just over $10,000 per ship despite a broader inflationary environment. Contracted revenue visibility is high, with $3.2 billion in backlog providing 100% coverage for 2026 and 90% coverage for 2027. Newbuild installment payments are strategically backloaded, with more than half of the contract price not payable until the respective ships are delivered. Management anticipates that if the market normalizes to the downside, increased global scrapping of aging vessels will offset fleet growth and create countercyclical purchase opportunities. Future earnings potential is supported by charter extension options on several newbuilds at rates more than 25% above the initial firm periods. The company remains committed to a dynamic capital allocation policy, balancing fleet reinvestment with a recently upsized annualized dividend of $2.50 per share. Geopolitical disruptions in the Red Sea and Suez have forced vessels to reroute around the Cape of Good Hope, a journey that has absorbed approximately 10% of effective containership capacity. The sub-10,000 TEU segment faces a structural supply deficit, with the median age of the oldest quartile reaching 21 to 28 years, creating a favorable environment for GSL's newer assets. Given that regulators are unlikely to agree on a long-term decarbonization trajectory soon, management believes the value of a 'wait-and-see' approach regarding fuels and propulsion has materially diminished, prompting them to move forward with newbuild orders. A new $55.5 million debt facility with Bank of America was established at SOFR plus 140 basis points, further optimizing the capital stack. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that while the 15-ship deal is highly attractive, it is not necessarily a 'new normal' but rather a result of specific timing and deep industry relationships. The company remains flexible and not dogmatic regarding asset types, willing to pursue secondhand ships or sale-and-leasebacks if the risk-reward profile is similar. GSL performs a 'hold or divest' analysis for every ship nearing charter expiration, generally preferring to operate vessels through the cycle unless the asset is at the end of its economic life. The recent sale of four ships was an opportunistic move to capture value from vessels with reduced option value due to their advanced age. The investment case is built on conservative assumptions, requiring follow-on rates below long-term historic averages to remain attractive. Management highlighted that charterers' willingness to negotiate higher-priced extension options indicates strong end-user conviction in the long-term value of these specific vessel designs.

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Global Ship Lease (GSL) reported second quarter 2026 results on August 5, with revenue of US$198.69 million and net income of US$91.68 million, and affirmed a US$0.625 quarterly dividend for Class A shares. See our latest analysis for Global Ship Lease. Global Ship Lease's latest dividend affirmation and earnings report come after a strong run, with the share price up 22.25% year to date and a 1 year total shareholder return of 50.55%. The 3 year and 5 year total shareholder returns of 161.05% and 215.61% suggest longer term momentum has been strong, even though the 1 day and 7 day share price returns have been slightly weaker. If this kind of performance has you looking wider across the market, it could be a good moment to scan for other opportunities using the 22 top founder-led companies After a strong run in Global Ship Lease and only a modest pullback in recent days, the question now is whether to accept today’s price or wait for a more attractive entry. The valuation picture helps frame that decision next. Global Ship Lease closed at $42.69, while the most followed narrative points to a fair value of $48. That gap rests on some clear operating assumptions. Read the complete narrative. Want to understand why this narrative still lands above today’s price even with declining revenue forecasts and lower margins baked in? The answer lies in how contracted cash flows, earnings expectations, and the chosen discount rate all work together in the valuation model. The numbers behind that story are where it gets interesting. Result: Fair Value of $48 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Global Ship Lease still faces clear risks, including potential trade disruptions that could hit vessel utilization, as well as any sharp correction in charter rates that pressures margins and asset values. Find out about the key risks to this Global Ship Lease narrative. With both risks and rewards on the table for Global Ship Lease, this is a good time to look through the numbers yourself and move quickly. To see both sides laid out in one place, start with the 2 key rewards and 2 important warning signs If you are serious about building a stronger portfolio, do not stop at Global Ship Lease. Use focused stock lists to uncover opportunities before the crowd catches on. Spot potential turnaround stories early by scanning 19 elite penny stocks with strong financials that already show stronger balance sheets and business quality than many expect. Target quality at a sensible price by using the 51 high quality undervalued stocks to find companies where fundamentals and current valuations look out of sync. Prioritize resilience by reviewing the 79 resilient stocks with low risk scores so you can focus on businesses with steadier risk profiles when markets become more uncertain. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include GSL. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Global Ship Lease (GSL) came out with quarterly earnings of $2.48 per share, beating the Zacks Consensus Estimate of $2.34 per share. This compares to earnings of $2.67 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +5.98%. A quarter ago, it was expected that this containership owner would post earnings of $2.4 per share when it actually produced earnings of $2.56, delivering a surprise of +6.67%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Global Ship Lease, which belongs to the Zacks Transportation - Shipping industry, posted revenues of $198.69 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.96%. This compares to year-ago revenues of $191.86 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Global Ship Lease shares have added about 24% since the beginning of the year versus the S&P 500's gain of 13%. While Global Ship Lease has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Global Ship Lease was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.33 on $192.14 million in revenues for the coming quarter and $9.50 on $774.77 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Pangaea Logistics (PANL), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 10. This maritime logistics company is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of +1150%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Pangaea Logistics' revenues are expected to be $182.93 million, up 16.8% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Global Ship Lease, Inc. (GSL) : Free Stock Analysis Report Pangaea Logistics Solutions Ltd. (PANL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Ordered 15 mid-size, ultra-high-reefer, wide-beam, latest generation newbuilds for an aggregate contract price of $1.33 billion, over 75% of which is covered by expected Adj. EBITDA from initial charters 100% contract cover for 2026 and 90% for 2027 Annualized dividend of $2.50 per Class A Common Share ATHENS, Greece, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE: GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three and six-month periods ended June 30, 2026. Second Quarter of 2026 and Year to Date Highlights and Other Recent Developments - 2Q 2026 operating revenue of $198.7 million. 1H 2026 operating revenue of $396.8 million. - 2Q 2026 net income available to common shareholders of $89.3 million, or $2.48 Earnings per Share (EPS). 1H 2026 net income available to common shareholders of $180.7 million, or $5.02 EPS. - 2Q 2026 normalized net income (a non-U.S. GAAP financial measure, described below)3 of $89.3 million, or $2.48 normalized EPS³. 1H 2026 normalized net income of $181.4 million, or $5.04 normalized EPS. - 2Q 2026 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)3 of $131.4 million. 1H 2026 Adjusted EBITDA of $264.6 million. - In June 2026, announced that we have agreed individual newbuilding contracts for 15 mid-size, ultra-high-reefer, wide-beam, latest-generation containerships (“Newbuildings”) for an aggregate purchase price of approximately $1.3 billion. These highly flexible ships have been designed and specified to ensure a superior fit for existing and future market needs, with deliveries scheduled to take place between the fourth quarter of 2028 and the first quarter of 2030. Upon delivery from the respective shipyards, the Newbuildings are contracted to commence employment on multi-year charters, with an average TEU-weighted firm charter term of 7.1 years and at rates expected to generate more than $1.0 billion of Adjusted EBITDA. - Added $1.45 billion of contracted revenues during 1H 2026 from new charters and extensions on our existing fleet and initial firm charters from the 15 Newbuildings, bringing total contracted revenues as of June 30, 2026, to $3.2 billion, over a TEU-weighted average remaining duration (assuming median firm charter periods) of 3.3 years. - Declared a dividend of $0.625 per Class A common share for the second quarter of 2026, to be paid on September 3, 2026 to Class A common shareholders of record as of August 21, 2026. Paid a dividend of $0.625 per Class A common share for the first quarter of 2026 on June 3, 2026. - On June 16, 2026, announced updates by two leading credit rating agencies. Moody’s Investor Service maintained our Ba2 Corporate Family Rating, and upgraded to a positive outlook from a stable outlook. Kroll Bond Rating Agency maintained our corporate credit rating at BB+, with a stable outlook, while also affirming the BBB/stable investment grade rating and stable outlook for our 5.69% Senior Secured Notes due July 15, 2027 (the “2027 Secured Notes”). In addition, on July 7, 2026, S&P Global issued a press release maintaining our Issuer Credit Rating for GSL of BB+, with a stable outlook. - During April and May of 2026, we entered into agreements for the forward sales of four non-core ships, built 2000 – 2002, for an aggregate price of $65.5 million and an anticipated gain on sale of approximately $33.0 million. The ships are scheduled to be delivered to the buyers upon expiry of the vessels’ respective charters: Manet, Kumasi and Julie (2,200 TEU, 2001/2-built) in 4Q 2026, 1Q 2027 and 3Q 2027, respectively, and Ian H (5,900 TEU, 2000-built) in 4Q 2027. - On December 1, 2025, announced the purchase of three 8,586 TEU Korean-built containerships with ECO upgrades (the “Three Newly Acquired Vessels”) for an aggregate purchase price of $90.0 million. Two of the vessels were delivered to us in December 2025 and the third was delivered to us in January 2026. In June 2026, we entered into a loan agreement with Bank of America for $55.5 million to finance these acquisitions. The loan bears interest at SOFR + 1.40% and has a maturity of five years. George Youroukos, our Executive Chairman, stated: “We are proud to have delivered another quarter of strong results, as our strategic focus on optionality and flexible tonnage continues to serve us well in a highly volatile and unpredictable world. While underlying containerized freight flows remained quite firm throughout the quarter, geopolitics once again played an outsized role in re-arranging and complicating global trade. This was evident not only in and around the Strait of Hormuz, but also in the continued decentralization of global supply chains outside of China and beyond the East-West mainlane trades serviced by ultra-large containership tonnage. As a result, our liner customers are placing a premium on flexibility and reliability in the supply chain, actively expanding their access to flexible, mid-size containerships like those in the GSL fleet. In these conditions, we have taken the opportunity to continue locking in multi-year charters at attractive rates. With 100% charter coverage for 2026, 90% coverage for 2027, and over $3 billion in contracted revenues over 3.3 years, including our Newbuildings, we are in a strong position now and moving forward. “We have long appreciated that a combination of patience, discipline and the ability to act quickly is essential to successful fleet investment. On that basis, we are very pleased to have complemented our ongoing on-the-water investment strategy with the addition of highly attractive newbuilding orders for 15 mid-size, ultra-high-reefer, wide-beam, latest generation ECO newbuildings. The initial charters for the Newbuildings, averaging just over 7 years in duration, de-risk the investment right out of the gate, providing expected adjusted EBITDA equivalent to over 75% of the contracted purchase price within 25% of the ships’ expected economic life. Thereafter, we believe that the highly optimized specification and flexibility of these vessels position them to be the workhorses of global containerized trade for many years to come. With charters for five of the 15 Newbuildings structured to include extension options at rates 25% above their initial levels, it is clear that we are not alone in this view. In summary, these high-upside, low-downside risk Newbuildings meet our long-established, demanding investment criteria while also significantly reducing our average fleet age and providing a runway for reliable cash generation throughout the years ahead.” Thomas Lister, our Chief Executive Officer, stated: “Optionality remains at the core of our approach to an ever more complex and dynamic containerized trade landscape. As the industry grapples with an ever-expanding series of unpredictable and sometimes dangerous geopolitical developments, it remains imperative that we all keep the welfare of seafarers front-of-mind. Amid this environment, we have continued to find prudent, attractive opportunities to unlock value across finance, operations, chartering, selective divestments and fleet renewal. The strength of our fortress balance sheet and our disciplined capital allocation and decision-making have been affirmed by successive enhancements to our credit ratings and outlooks, and those in turn have provided yet further support to our ability to pay a robust dividend while also being nimble enough to pounce on exciting opportunities to partner with top liners in the newbuild market. Our joint commitment to optionality maximization and decisive, opportunistic action is driving this progress on all fronts, enabling us to create lasting shareholder value amidst both natural cyclicality and unprecedented geopolitical tumult." SELECTED FINANCIAL DATA – UNAUDITED (thousands of U.S. dollars) (1) Operating Revenues are net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities, the effect of the straight lining of time charter modifications and the compensation from charterers for drydock and for other capitalized expenses for vessel upgrades or retrofits. Brokerage commissions are included in “Time charter and voyage expenses” (see below). (2) Net Income available to common shareholders. (3) Adjusted EBITDA, Normalized Net Income, and Normalized Earnings per Share are non-U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below. Operating Revenues and Utilization Operating revenues derived from fixed-rate, mainly long-term, time-charters were $198.7 million in the second quarter of 2026, up $6.8 million (or 3.5%) on operating revenues of $191.9 million in the prior year period. The period-on-period increase in operating revenues was principally due to (i) the net effect of higher rates on charter renewals, (ii) the addition of the Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025 and (iii) a non-cash $3.1 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions counterbalanced by a non-cash $0.4 million negative effect from straight lining time charter modifications. There were 210 days of offhire in the second quarter of 2026, of which 181 were for scheduled drydockings, compared to 182 days of offhire and idle time in the prior year period, of which 145 were for scheduled drydockings. Utilization for the second quarter of 2026 was 96.7% compared to utilization of 97.1% in the prior year period. For the six months ended June 30, 2026, operating revenues were $396.8 million, up $14.0 million (or 3.7%) on operating revenues of $382.8 million in the comparative period, mainly due to (i) the net effect of higher rates on charter renewals, (ii) the addition of the Three Newly Acquired Vessels offset by the sales of four vessels in 2025 (Tasman, Keta, Akiteta and Dimitris Y) and (iii) a non-cash $6.1 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions counterbalanced by a non-cash $1.7 million negative effect from straight lining time charter modifications. There were 328 days of offhire in the six-month period ended June 30, 2026, of which 265 were for scheduled drydockings, compared to 588 days of offhire and idle time in the prior year period, of which 475 were for scheduled drydockings. Utilization for the six-month period ended June 30, 2026 was 97.4% compared to utilization of 95.4% in the prior year period. Our revenue origin by country, using the respective head office location of each of our charterers as a proxy for origin, for the six months ended June 30, 2026 and 2025, respectively, was as follows: Based on jurisdiction of head office of each charterer. The table below shows unaudited fleet utilization data for the three and six months ended June 30, 2026 and 2025, and for the years ended December 31, 2025, 2024, 2023 and 2022. During the six-month period ended in June 30, 2026, we completed four drydockings. As of June 30, 2026, one regulatory drydocking was in progress and 11 further regulatory drydockings are anticipated in 2026. Vessel Operating Expenses Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 12.9% to $57.0 million for the second quarter of 2026 or an average of $8,821 per day, compared to $50.5 million in the prior year period, or an average of $8,045 per day. The increase of $6.5 million was mainly due to (i) the addition of the Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025, (ii) an increase in crew expenses following the continued strength of the market that led to crew shortage, resulting in an increase in crew wages by approximately 5.0%, (iii) an increase in stores, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery due to timing of planned schedule, (iv) an increase in annual premiums for all P&I Clubs and (v) the impact of inflation on fees and expenses, including management fees. For the six-month period ended June 30, 2026, vessel operating expenses were $109.7 million, or an average of $8,543 per day, compared to $100.5 million in the comparative period, or $7,925 per day, an increase of $618 per ownership day, or 7.8%. The increase of $9.2 million was mainly due to (i) the addition of the Three Newly Acquired Vessels offset by the sale of four vessels in 2025, (ii) an increase in crew expenses following our decision to increase the number of seafarers on board to improve the vessels’ conditions, (iii) an increase in stores, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery due to timing of planned schedule, (iv) an increase in annual premiums for all P&I Clubs and (v) the impact of inflation on fees and expenses, including management fees. Time Charter and Voyage Expenses Time charter and voyage expenses comprise mainly commissions paid to ship brokers, the cost of bunker fuel for owner’s account when a ship is off-hire or idle, and miscellaneous owner’s costs associated with a ship’s voyage. Time charter and voyage expenses were $6.5 million for the second quarter of 2026, compared to $5.1 million in the prior year period due to (i) increase in voyage administration costs and operational requests from charterers and (ii) increase in brokerage commissions on charter renewals at higher rates. For the six-month period ended June 30, 2026, time charter and voyage expenses were $12.1 million, or an average of $941 per day, compared to $11.6 million in the comparative period, or $915 per day, an increase of $26 per ownership day, or 2.8% mainly due to increased commissions on charter renewals at higher rates. Depreciation and Amortization Depreciation and amortization for the second quarter of 2026 was $34.2 million, compared to $30.3 million in the prior year period. The increase was mainly due to the nine drydockings completed after June 30, 2025 and the addition of the Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025. Depreciation and amortization for the six-month period ended June 30, 2026 was $67.7 million, compared to $60.1 million in the comparative period, mainly due to the factors noted above offset by the sale of four vessels in 2025. General and Administrative Expenses General and administrative expenses were $7.2 million in the second quarter of 2026, compared to $4.1 million in the comparative period. The increase was mainly due to the non-cash charge for stock based compensation expense recognized in relation to the valuation of awards of Class A common shares under our Equity Incentive Plan. General and administrative expenses were $16.0 million for the six-month period ended June 30, 2026, compared to $8.7 million in the comparative period mainly due to the factors noted above. Gain on sale of vessels Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) were sold for an aggregate gain of $28.3 million in the first quarter of 2025. None of our vessels were sold during the first half of 2026. Adjusted EBITDA1 Adjusted EBITDA was $131.4 million for the second quarter of 2026, down from $134.2 million for the prior year period, with the net decrease being mainly due to increased operating and voyage expenses. Adjusted EBITDA for the six-month period ended June 30, 2026 was $264.6 million, compared to $266.5 million for the comparative period, a decrease of $1.9 million or 0.7% mainly due to the reasons noted above. Interest Expense and Interest Income Debt as of June 30, 2026 totaled $676.4 million, comprising $328.5 million of secured bank debt collateralized by vessels, $153.1 million of our 2027 Secured Notes collateralized by vessels, and $194.8 million under sale and leaseback financing transactions. As of June 30, 2026, 21 of our vessels were unencumbered. Debt as at June 30, 2025 totaled $768.5 million, comprising $349.0 million of secured bank debt collateralized by vessels, $205.6 million of 2027 Secured Notes collateralized by vessels, and $213.9 million under sale and leaseback financing transactions. As of June 30, 2025, 16 of our vessels were unencumbered. Interest and other finance expenses for the second quarter of 2026 were $9.4 million, down from $10.6 million for the prior year period. The decrease was due to the lower amortization expense of our deferred loan fees. Interest and other finance expenses for the six-month period ended June 30, 2026 were $18.8 million, down from $20.5 million for the prior year period. Interest expense of 2025 included (i) a prepayment fee of $0.2 million following the full repayment of the Macquarie Credit Facility and (ii) the non-cash write off of deferred financing costs of $0.7 million on the full repayments of the Macquarie Credit Facility, the HCOB-CACIB Credit Facility and the ESUN Credit Facility. Interest income for the second quarter of 2026 was $5.6 million, up from $4.7 million for the prior year period mainly due to higher invested amounts. Interest income for the six-month period ended June 30, 2026 was $11.3 million, up from $7.9 million for the prior year period mainly due to higher invested amounts. Other income, net Other income, net was $1.9 million in the second quarter of 2026, up from $0.8 million in the comparative period. Other income, net was $2.9 million in the six-month period ended June 30, 2026, down from $4.0 million in the comparative period. Fair value adjustment on derivatives and other financial instruments In December 2021, we entered into a USD 1-month LIBOR interest rate cap of 0.75% through the fourth quarter of 2026 on $484.1 million of floating rate debt, which reduces over time in-line with anticipated debt amortization and represented approximately half of the outstanding floating rate debt. In February 2022, we entered into two additional USD 1-month LIBOR interest rate caps of 0.75% through the fourth quarter of 2026 on the remaining balance of $507.9 million of floating rate debt. As a result of the discontinuation of LIBOR, on July 1, 2023, our interest rate caps automatically transited to 1 month Compounded SOFR at a net rate of 0.64%. A negative fair value adjustment of $1.1 million for the six-month period ended June 30, 2026 was recorded through the statement of income. In January 2026, we entered into a series of FX Reverse Convertible transactions with UBS AG to hedge our exposure to foreign exchange risk while also achieving improved interest income on deposits. These instruments are USD-denominated structured notes with returns linked to the EUR/USD exchange rate. We elected the Fair Value Option to measure these instruments. Earnings Allocated to Preferred Shares Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the second quarter of 2026 was $2.4 million, the same as in the prior year period. The cost for the six months ended June 30, 2026 was $4.8 million, the same as in the prior year period. Net Income Available to Common Shareholders Net income available to common shareholders for the second quarter of 2026 was $89.3 million. Net income available to common shareholders for the prior year period was $93.1 million. Earnings per share for the second quarter of 2026 was $2.48, a decrease of 5.0% from the earnings per share for the prior year period, which was $2.61. Net income available to common shareholders for the six months ended June 30, 2026 was $180.7 million. Net income available to common shareholders for the prior year period was $214.1 million. Net income available to common shareholders for the prior year period included a $28.3 million gain from the sales of Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003). Earnings per share for the six months ended June 30, 2026 was $5.02, a decrease of 16.5% from the earnings per share for the prior year period, which was $6.01. Normalized net income1 for the second quarter of 2026 was $89.3 million. Normalized net income for the prior year period was $95.1 million. Normalized earnings per share1 for the second quarter of 2026 was $2.48, a decrease of 7.1% from Normalized earnings per share for the prior year period, which was $2.67. Normalized net income1 for the six months ended June 30, 2026 was $181.4 million. Normalized net income for the prior year period was $189.4 million. Normalized earnings per share1 for the six months ended June 30, 2026 was $5.04, a decrease of 5.3% from Normalized earnings per share for the prior year period, which was $5.32. 1 Adjusted EBITDA, Normalized net income, and Normalized earnings per share are non-U.S. GAAP financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below. Fleet As of June 30, 2026, our fleet consisted of (i) 71 operating containerships and (ii) 15 containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030. Operating Containerships Newbuildings Under Construction Conference Call and Webcast Global Ship Lease will hold a conference call to discuss the Company's results for the three and six months ended June 30, 2026 today, Wednesday, August 5, 2026 at 10:30 a.m. Eastern Time. There are two ways to access the conference call: (1) Dial-in: (646) 307-1963 or (800) 715-9871; Event ID: 2443665 Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call. (2) Live Internet webcast and slide presentation: http://www.globalshiplease.com The webcast will also be archived on the Company’s website: http://www.globalshiplease.com. Annual Report on Form 20-F The Company’s Annual Report for 2025 was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2026. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company’s website at http://www.globalshiplease.com or on the SEC’s website at www.sec.gov. Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at [email protected] or by writing to Global Ship Lease, Inc, c/o GSL Enterprises Ltd., 9 Irodou Attikou Street, Kifisia, Athens, 14561. About Global Ship Lease Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008. Our operating fleet of 71 containerships as of June 30, 2026, had an average age weighted by TEU capacity of 18.4 years. 41 ships are wide-beam Post-Panamax. As of June 30, 2026, our fleet also included 15 newbuilding containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030. As of June 30, 2026, the average remaining term of the Company’s charters, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, including our Newbuildings, was 3.3 years on a TEU-weighted basis. Contracted revenue, including our Newbuildings, on the same basis was $3.2 billion. Contracted revenue was $4.1 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 4.4 years. Reconciliation of Non-U.S. GAAP Financial Measures To supplement our financial information presented in accordance with U.S. GAAP, we use certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe that the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations, and therefore a more complete understanding of factors affecting our business and financial performance than U.S. GAAP measures alone. In addition, we believe that the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items or items outside of our control. We believe that the presentation of the following non-U.S. GAAP financial measures is useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. A. Adjusted EBITDA Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, depreciation and amortization, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for stock based compensation, fair value adjustment on derivative assets and other financial instruments, income tax, and the effect of the straight lining of time charter modifications. Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of our ability to generate cash from our operations. We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry. Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable U.S. GAAP measure due to the inherent difficulty in accurately forecasting and quantifying certain amounts necessary for such reconciliation, and we are not able to provide such reconciliation of such forward-looking non-U.S. GAAP financial measure without unreasonable effort and expense. ADJUSTED EBITDA - UNAUDITED (thousands of U.S. dollars) B. Normalized net income Normalized net income represents net income available to common shareholders after adjusting for certain non-recurring items. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry. NORMALIZED NET INCOME – UNAUDITED (thousands of U.S. dollars) C. Normalized Earnings per Share Normalized Earnings per Share represents Earnings per Share after adjusting for certain non-recurring items. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry. NORMALIZED EARNINGS PER SHARE – UNAUDITED Dividend Policy The declaration and payment of dividends will be subject at all times to the discretion of the Company’s Board of Directors. The timing and amount of dividends, if any, will depend on the Company’s earnings, financial condition, cash flow, capital requirements, growth opportunities, restrictions in its loan agreements and financing arrangements, the provisions of Marshall Islands law affecting the payment of dividends, and other factors. For further information on the Company’s dividend policy, please see its most recent Annual Report on Form 20-F. Safe Harbor Statement This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease’s current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “ongoing”, “plan”, “potential”, “predict”, “should”, “project”, “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. The risks and uncertainties include, but are not limited to: future operating or financial results; expectations regarding the strength of future growth of the container shipping industry, including the rates of annual demand and supply growth; geo-political events such as the war in Iran and disruption to the Strait of Hormuz, war between Russia and Ukraine; ongoing tensions between Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between the U.S. and China, and ongoing political unrest and conflicts in the Middle East and other regions throughout the world; the disruptions of shipping routes, including due to the closure of the Strait of Hormuz, lower water levels in the Panama Canal and the ongoing attacks by Houthis in the Red Sea; public health threats, pandemics, epidemics, and other disease outbreaks around the world and governmental responses thereto; the financial condition of our charterers and their ability and willingness to pay charterhire to us in accordance with the charters and our expectations regarding the same; the overall health and condition of the U.S. and global financial markets; changes in tariffs, trade barriers, and embargos, including uncertainty surrounding the imposition and legality of tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries; uncertainties surrounding recently implemented and suspended port fee regimes in the United States and China that may be applicable to a number of our vessels; our financial condition and liquidity, including our ability to obtain additional financing to fund capital expenditures, vessel acquisitions and for other general corporate purposes and our ability to meet our financial covenants and repay our borrowings; our expectations relating to dividend payments and expectations of our ability to make such payments including the availability of cash and the impact of constraints under our loan agreements; future acquisitions, business strategy and expected capital spending; operating expenses, availability of key employees, crew, number of off-hire days, drydocking and survey requirements, costs of regulatory compliance, insurance costs and general and administrative costs; general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand; assumptions regarding interest rates and inflation; changes in the rate of growth of global and various regional economies; risks incidental to vessel operation, including piracy, discharge of pollutants and vessel accidents and damage including total or constructive total loss; estimated future capital expenditures needed to preserve our capital base; our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels; our continued ability to enter into or renew charters including the re-chartering of vessels on the expiry of existing charters, or to secure profitable employment for our vessels in the spot market; our ability to realize expected benefits from our acquisition of secondhand vessels; our ability to capitalize on our management’s and directors’ relationships and reputations in the containership industry to its advantage; changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities; expectations about the availability of insurance on commercially reasonable terms; changes in laws and regulations (including environmental rules and regulations); potential liability from future litigation; and other important factors described from time to time in the reports we file with the SEC. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease’s filings with the SEC. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication. Investor and Media Contacts: IGB Group Bryan Degnan 646-673-9701 or Leon Berman 212-477-8438

This article first appeared on GuruFocus. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Global Ship Lease Inc (NYSE:GSL) secured 15 newbuild orders with multi-year charters attached, de-risking over 75% of the $1.3 billion contract price within the first 25% of the ships' useful lives. Contracted revenues reached $3.2 billion with 100% fleet coverage for 2026 and 90% for 2027, providing strong forward visibility. The company maintains a fortress balance sheet with leverage reduced to 0.4 times and a cash position of $649 million, supporting flexibility and investment. GSL successfully monetized four older non-core ships for $65.5 million, with an expected gain of $33 million, while continuing to earn from them until delivery. The company increased its annualized dividend to $2.50 per share, yielding approximately 5.7%, reflecting strong cash flow and shareholder returns. Newbuild orders are in structurally underbuilt mid-size segments with an order book-to-fleet ratio of only 25%, positioning GSL for long-term demand. Charter extension options on five newbuilds at rates over 25% above initial charters indicate strong end-user conviction and upside potential. Geopolitical uncertainty, including repeated closures of the Strait of Hormuz and deteriorating security in the Red Sea, creates operational and demand volatility. The reintroduction of broad-based U.S. tariffs contributes to supply chain fragmentation, increasing inefficiency and complexity for shipping operations. The newbuild investment is substantial, with $1.3 billion in contract price, and future recharter rates after initial charters are uncertain, though assumed below historical averages. The company's fleet includes older vessels, with some approaching the end of their economic lives, requiring ongoing divestment or replacement. Scrapping activity and idle capacity remain near zero, indicating limited near-term supply-side relief if market conditions weaken. The order book for large ships over 10,000 TEU is high at 55%, which could lead to oversupply in that segment, though GSL focuses on smaller vessels. The company faces potential financial implications from geopolitical disruptions, requiring a large cash reserve to manage covenants and working capital. Warning! GuruFocus has detected 11 Warning Signs with GSL. Is GSL fairly valued? Test your thesis with our free DCF calculator. Q: How repeatable is the type of newbuild transaction GSL announced in June, where 15 vessels were ordered with charters attached that de-risk 75% of the contract price within the first 25% of their useful lives? Is this a one-off opportunity or the new norm?A: Tom Lister (CEO) stated that while GSL is delighted with the transaction, it is not the "new normal" and such deals are not easy to put together. He emphasized that the company is not dogmatic about newbuilds and remains open to existing tonnage or sale-and-leasebacks as long as the numbers and risk profiles make sense. George Youroukos (Executive Chairman) added that the deal capitalized on unique client relationships, specialized ship design know-how, and precise timing, reiterating that the core strategy remains de-risking transactions first, whether for secondhand or newbuild vessels. Q: How sensitive is the investment case for the 15 newbuilds to recharter rates after the initial contract periods expire, and what underlying market assumptions support the investment?A: Tom Lister (CEO) explained that GSL's investment analysis prioritizes risk first, ensuring downside is covered before upside is considered. With 75% of the contract price covered by EBITDA from initial charters within the first 25% of the vessels' lives, there is ample time to capitalize on upcycles. He noted that the investment case assumes follow-on rates below long-term historic averages, making the deal attractive even in conservative scenarios. Additionally, for five of the newbuilds, charterers negotiated extension options at rates over 25% higher than the initial firm periods, signaling strong end-user conviction in the vessels' long-term value. Q: Given the strong balance sheet, how is GSL thinking about selling the remaining dozen or so pre-2010 feeder ships, versus holding and rechartering them?A: Tom Lister (CEO) clarified that there is no general policy; each ship undergoes a hold-or-divest analysis as charters approach expiration. He noted that, generally, holding and operating a container ship through the cycle generates more value than selling, but the four forward-sold ships were near the end of their economic lives, reducing their option value. The decision to divest was based on attractive terms and case-by-case analysis, not a fleet-wide approach. Q: Can you provide the cadence of cash flows and installment payments for the 15 newbuilds?A: Tom Lister (CEO) stated that payments are milestone-based and backloaded, with 50% to 60% of the contract amount payable only upon delivery. The remaining 40% to 50% crystallizes before delivery, tied to milestones like steel cutting and keel laying. Tasos Tsaropoulos (CFO) added that the upcoming 6K filing will provide a detailed breakdown of future commitments by year for modeling purposes. Q: What is the current state of the charter market and how does it compare to GSL's breakeven rates?A: Tom Lister (CEO) highlighted that term charter market rates remain strong, as shown on slide 17. These rates should be considered alongside GSL's average daily breakeven costs, which stand at just over $10,000 per vessel per day. This strong rate environment supports the company's ability to lock in attractive charter coverage and maintain high margins. Q: How are geopolitical disruptions, such as the Red Sea situation and Strait of Hormuz closures, impacting containerized trade and GSL's fleet?A: George Youroukos (Executive Chairman) noted that geopolitical volatility, including repeated closures of the Strait of Hormuz and deteriorating security in the Red Sea, is driving supply chain fragmentation and inefficiency. These factors, combined with firm underlying trade demand, are creating extraordinary demand for additional vessel capacity. Tom Lister (CEO) added that rerouting around the Cape of Good Hope has absorbed around 10% of effective container ship capacity, benefiting flexible mid-size and smaller ships like those in GSL's fleet. Q: What is the rationale for investing in newbuilds now, given the aging fleet and order book dynamics in the mid-size segment?A: Tom Lister (CEO) explained that the sub-10,000 TEU segment has been underbuilt for years, with the oldest quartile of ships in these segments having a median age of 21 to 28 years today. The order book-to-fleet ratio for GSL's focus segments is around 25%, significantly lower than the 55% for ships over 10,000 TEU. With regulatory uncertainty around decarbonization reducing the option value of waiting, and newbuild prices remaining comparatively flat, the timing was opportune to order 15 de-risked, charter-attached vessels. Q: How does GSL's financial position support its fleet renewal and capital allocation strategy?A: Tasos Tsaropoulos (CFO) highlighted that GSL's cash position stood at $649 million at quarter end, with $140 million restricted. The company reduced outstanding debt from $950 million at the end of 2022 to under $600 million by June 30, 2026, improving leverage from 8.4 times in 2018 to 0.4 times today. Borrowing costs have also fallen from 7.56% in 2018 to 4.43%, and daily breakeven costs have dropped from over $12,000 to just over $10,000 per ship, providing dry powder for newbuild installments and opportunistic investments. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Canadian Pacific Kansas City (CP) came out with quarterly earnings of $0.92 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.37%. A quarter ago, it was expected that this railroad would post earnings of $0.78 per share when it actually produced earnings of $0.76, delivering a surprise of -2.56%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Canadian Pacific Kansas City, which belongs to the Zacks Transportation - Rail industry, posted revenues of $3.01 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.26%. This compares to year-ago revenues of $2.67 billion. The company has topped consensus revenue estimates just once over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Canadian Pacific Kansas City shares have added about 24.5% since the beginning of the year versus the S&P 500's gain of 8.5%. While Canadian Pacific Kansas City has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Canadian Pacific Kansas City was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.94 on $2.91 billion in revenues for the coming quarter and $3.69 on $11.53 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Rail is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the broader Zacks Transportation sector, Global Ship Lease (GSL), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6. This containership owner is expected to post quarterly earnings of $2.34 per share in its upcoming report, which represents a year-over-year change of -12.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Global Ship Lease's revenues are expected to be $192.97 million, up 0.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Canadian Pacific Kansas City Limited (CP) : Free Stock Analysis Report Global Ship Lease, Inc. (GSL) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ATHENS, Greece, July 28, 2026 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership owner and lessor, today provided updated timing for its second quarter 2026 earnings announcement. The conference call to discuss the Company’s results for the second quarter 2026 will now take place on Wednesday, August 5, 2026 at 10:30 a.m. Eastern Time, one day earlier than previously announced. The Company will issue financial results for the second quarter 2026 on Wednesday, August 5, 2026 before the open of market trading. With the exception of the updated call timing, dial-in details for the conference call (provided below), are unchanged from those previously provided. About Global Ship Lease Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008. Our fleet of 71 vessels as of March 31, 2026, had an average age weighted by TEU capacity of 18.2 years. 41 ships are wide-beam Post-Panamax. As of March 31, 2026, the average remaining term of the Company’s charters, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.6 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.05 billion. Contracted revenue was $2.58 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.3 years. Forward-Looking Statements This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors described in “Risk Factors” in the Company’s Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events. Investor and Media Contact:IGB GroupBryan Degnan646-673-9701orLeon Berman212-477-8438

ATHENS, Greece, July 23, 2026 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership owner and lessor, announced today that it will hold a conference call to discuss the Company’s results for the second quarter 2026 on Thursday, August 6, 2026 at 10:30 a.m. Eastern Time. The Company will issue financial results for the second quarter 2026 on Thursday, August 6, 2026 before the open of market trading. About Global Ship Lease Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008. Our fleet of 71 vessels as of March 31, 2026, had an average age weighted by TEU capacity of 18.2 years. 41 ships are wide-beam Post-Panamax. As of March 31, 2026, the average remaining term of the Company’s charters, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.6 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.05 billion. Contracted revenue was $2.58 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.3 years. Forward-Looking Statements This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors described in “Risk Factors” in the Company’s Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unanticipated events. Investor and Media Contact:IGB GroupBryan Degnan646-673-9701orLeon Berman212-477-8438