Global Ship Lease Secures 100% 2026 Coverage with $198M Q1 Revenue
Global Ship Lease reported Q1 operating revenue of $198.1 million and net income of $91.4 million, or $2.54 per share. The company has locked in 100% contract coverage for 2026 and 86% for 2027, creating a $2.05 billion backlog and declaring a $0.625 quarterly dividend.
1. Q1 Financial Performance
Global Ship Lease recorded operating revenue of $198.1 million in the first quarter of 2026, with net income of $91.4 million, translating to $2.54 per share. Adjusted EBITDA reached $133.2 million, while normalized net income was $92.1 million, or $2.56 per share.
2. Contract Coverage and Backlog
As of March 31, the company has secured 100% forward contract coverage for 2026 and 86% for 2027, representing $2.05 billion of contracted revenues over a weighted average remaining term of 2.6 years. This forward visibility supports predictable cash flow generation.
3. Dividend Declaration
The board declared a $0.625 per Class A common share dividend for the first quarter, payable on June 3 to shareholders of record as of May 22, bringing the annualized dividend to $2.50 per share. The previous quarter’s dividend was also $0.625 per share.
4. Asset Transactions
During April and May, agreements were made for the forward sales of three non-core vessels built between 2000 and 2002 at an aggregate price of $52.0 million, with an anticipated gain of approximately $25.0 million. Additionally, three Korean-built 8,586 TEU ECO-enhanced containerships were acquired for $90.0 million, two delivered late 2025 and one in January 2026, each under charter.