GSL Q3 2025 results

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Global Ship Lease (GSL) announced their Q3 2025 results a couple of weeks ago, on 11/10/25. Wow! These guys are really good - I say that given the age of their fleet. What is special about GSL? The company announced another significant dividend hike. But wait, I’m getting ahead of myself. The quarterly stats

  • Rev of $192.7M
  • EBITDA of $130.2M
  • Normalized Net Income of $93.2M
  • Even with some very old vessels (over 20 yo) - 99% of the revenue is from the major liner companies (like almost all of the big names - MSC, CMA CGM, Maersk, Hapag Lloyd, COSCO, ZIM, ONE)
  • Gross debt $731.6M & Cash (with some caveats) is > $550M
  • Dividend is hiked to 62.5c/sh. Not sure if that’s Q3 or Q4 2025.
    https://static.seekingalpha.com/uploads/sa_presentations/705/117705/original.pdf

Company adds backlog and works down the debt. GSL also has a buyback program. Looking at the margins - net margins are > 45% These folks know how to manage their fleet.

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The increased payout starts with the Q3 2025 payout - shares already ex-div (11/21/25), payment 12/04/25. GSL has 100% coverage for Q4 2025, and 96% coverage for 2026. A vessel sale announced in Q2 2025 did not finalize until Oct 2025. Net gain of $17.7M shows up in Q4 2025. GSL also received credit ratings upgrades from the 3 ratings entities Moody’s, S&P and Kroll (on the bond side).