Global Ship Lease reported robust financial performance for the first quarter of 2025, with operating revenue increasing by 6.3% to $191.0 million compared to $179.6 million in the prior year period. Net income available to common shareholders surged by 35.2% to $121.0 million, resulting in earnings per share of $3.40, a 33.9% increase from $2.54 in Q1 2024. Normalized earnings per share also rose by 4.7% to $2.65.
The company successfully executed its fleet renewal strategy by completing the sales of three older vessels—Tasman, Akiteta, and Keta—for an aggregate gain of $28.5 million in the first quarter of 2025. This demonstrates GSL's ability to opportunistically divest assets at favorable terms. Additionally, the company took delivery of 'Czech' in January 2025, the final vessel from its four-ship acquisition announced in late 2024.
Global Ship Lease further strengthened its balance sheet through a refinancing initiative in March 2025, securing an $85.0 million loan agreement with UBS. This facility, priced at SOFR + 2.15% and maturing in three years, allowed the company to fully repay the outstanding $5.9 million ESUN Credit Facility. These actions reduced the weighted average cost of debt from 4.53% in Q1 2024 to 4.09% in Q1 2025, improving financial efficiency.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.