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Global Ship Lease
(NYSE:GSL)
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Rating:81Outperform
Price Target:
$49.00
â–²(8.17% Upside)
Action:Reiterated
Date:08/10/26
GSL scores highly on financial performance and valuation: exceptional profitability, strong recent revenue growth, and meaningfully improved leverage combine with a very low P/E and high dividend yield. The latest earnings call further supports the outlook with substantial forward contracted revenues and a de-risked newbuild program, partially offset by cyclical/capex-related cash-flow variability and only neutral-to-moderate technical momentum.
Positive Factors
Contracted Revenue Visibility
Long-duration charter coverage provides substantial revenue and cash-flow visibility through the next several years. This reduces exposure to immediate container-rate volatility and supports dividend capacity while vessels remain contracted.
Negative Factors
Backloaded Newbuild Funding
Concentrated delivery payments create a substantial future funding requirement despite limited near-term cash strain. The company may need additional debt or cash deployment, increasing execution risk and potentially constraining distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Revenue Visibility
Long-duration charter coverage provides substantial revenue and cash-flow visibility through the next several years. This reduces exposure to immediate container-rate volatility and supports dividend capacity while vessels remain contracted.
Read all positive factors
Global Ship Lease (GSL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.59B
Dividend Yield5.56%
Average Volume (3M)276.23K
Price to Earnings (P/E)4.3
Beta (1Y)0.90
Revenue Growth5.55%
EPS Growth-3.50%
CountryUS
Employees7
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)10.40
Shares Outstanding36,035,435
10 Day Avg. Volume290,859
30 Day Avg. Volume276,227
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.69
Price to Sales (P/S)1.63
P/FCF Ratio3.48
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$51.00Price Target Upside12.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)9.94
Revenue Forecast (FY)$767.09M
Global Ship Lease Business Overview & Revenue Model
Company Description
Global Ship Lease, Inc. is a company that focuses on acquiring and then leasing out a varied collection of container vessels. These ships are provided to different container shipping firms through pre-arranged, fixed-price contracts. By March 10, ...
How the Company Makes Money
GSL primarily makes money by leasing its container ships to shipping lines under time charter contracts. Under these agreements, the charterer pays a contracted daily (or periodic) hire rate for the use of the vessel over a fixed term, which drive...
Global Ship Lease Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call highlights multiple material strengths — notably sizable forward contracted revenues ($3.2 billion), a derisked 15-ship newbuild program with >75% of contract price covered by contracted EBITDA, strong liquidity ($649 million), meaningful deleveraging (outstanding debt down ~37% since 2022 and leverage down to ~0.4x), lower borrowing costs and an upsized dividend — all signaling disciplined capital allocation and a resilient balance sheet. These positives outweigh the principal risks discussed, which are primarily external (geopolitical security, route disruptions, regulatory uncertainty) and some execution/funding timing items (backloaded newbuild payments and aging fleet decisions). Overall, the company appears well positioned to capture upside while managing downside risk in a volatile environment.Positive Updates
Forward Contracted Revenues and Coverage
Forward contracted revenues of $3.2 billion across a 3.3-year TEU-weighted average cover; $1.45 billion of that was added in H1 2026. Fleet contract coverage is 100% for 2026 and ~90% for 2027.
Negative Updates
Geopolitical Instability and Security Risks
Repeated disruptions including closures/partial reopenings of the Strait of Hormuz, deteriorating security in the Lower Red Sea and Gulf of Aden, and reintroduction of broad U.S. tariffs are creating heightened operational volatility and supply chain fragmentation, raising downside risk despite demand spikes.
Read all updates
Q2-2026 Updates
Positive
Negative
Forward Contracted Revenues and Coverage
Forward contracted revenues of $3.2 billion across a 3.3-year TEU-weighted average cover; $1.45 billion of that was added in H1 2026. Fleet contract coverage is 100% for 2026 and ~90% for 2027.
Read all positive updates
Company Guidance
Management guided that GSL has secured $3.2 billion of forward contracted revenues over a 3.3‑year TEU‑weighted cover (100% coverage for 2026, 90% for 2027), including $1.45 billion added in H1, anchored by 15 newbuild orders (aggregate contract price ≈ $1.3 billion) with >$1.0 billion of that price covered by firm ex‑yard charters over a 7.1‑year TEU‑weighted term and with >75% of contract cost expected to be captured by adjusted EBITDA within the first 25% of each ship’s life (some extension options >25% higher); more than half (≈50–60%) of newbuild payments are backloaded to delivery. Financially, GSL reported $649 million cash (of which $140 million is restricted), a new $55.5 million facility at SOFR+140bps, net debt reduced from $950 million (end‑2022) to just under $600 million (6/30/26), leverage down from 8.4x (2018) to 0.4x, average borrowing cost down to 4.43% (from 7.56% in 2018), and average daily breakeven near $10,000 (from >$12,000 in 2018). Other metrics noted: four older ships forward‑sold for $65.5 million with an expected aggregate gain of ≈$33 million, an annualized dividend of $2.50/share (~5.7% yield), and market context showing sub‑10k TEU orderbook ≈25% (overall 39%, >10k TEU 55%) while rerouting around the Cape has absorbed roughly 10% of effective capacity.Global Ship Lease Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
80
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 773.96M | 766.45M | 705.53M | 666.72M | 604.49M | 402.52M |
| Gross Profit | 401.22M | 410.93M | 390.75M | 372.19M | 334.59M | 197.56M |
| EBITDA | 550.44M | 590.87M | 494.30M | 441.50M | 449.47M | 302.34M |
| Net Income | 383.13M | 416.45M | 353.63M | 304.50M | 292.93M | 171.50M |
Balance Sheet | ||||||
| Total Assets | 2.98B | 2.86B | 2.37B | 2.17B | 2.11B | 1.99B |
| Cash, Cash Equivalents and Short-Term Investments | 499.05M | 523.50M | 167.53M | 152.64M | 128.68M | 75.18M |
| Total Debt | 671.76M | 689.14M | 684.06M | 812.43M | 968.80M | 1.25B |
| Total Liabilities | 1.04B | 1.06B | 909.76M | 987.39M | 1.14B | 1.28B |
| Stockholders Equity | 1.95B | 1.80B | 1.46B | 1.18B | 966.49M | 712.55M |
Cash Flow | ||||||
| Free Cash Flow | 290.82M | 359.36M | 187.65M | 222.53M | 318.25M | 236.84M |
| Operating Cash Flow | 512.87M | 528.30M | 430.15M | 375.01M | 351.94M | 263.95M |
| Investing Cash Flow | -381.00M | -351.90M | -254.64M | -151.98M | -34.34M | -482.25M |
| Financing Cash Flow | -188.53M | -84.68M | -208.59M | -212.24M | -243.31M | 321.68M |
Global Ship Lease Technical Analysis
Positive
45.30
Price Trends
40.90
Positive
39.58
Positive
37.35
Positive
Market Momentum
0.97
Negative
65.33
Neutral
82.66
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GSL, the sentiment is Positive. The current price of 45.3 is above the 20-day moving average (MA) of 42.72, above the 50-day MA of 40.90, and above the 200-day MA of 37.35, indicating a bullish trend. The MACD of 0.97 indicates Negative momentum. The RSI at 65.33 is Neutral, neither overbought nor oversold. The STOCH value of 82.66 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GSL.
Global Ship Lease Risk Analysis
Global Ship Lease disclosed 75 risk factors in its most recent earnings report. Global Ship Lease reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We may not achieve the intended benefits of having forum selection provisions if they are found to be unenforceable. Q4, 2023
2.
Our Fourth Amended and Restated Bylaws include forum selection provisions for certain disputes between us and our shareholders, which could limit our shareholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other employees. Q4, 2023
3.
European mandatory non-financial reporting regulations. Q4, 2023
Global Ship Lease Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $2.69B | 5.11 | 13.97% | 2.57% | 2.45% | 21.62% | |
82 Outperform | $2.43B | 5.77 | 13.31% | 0.27% | 13.38% | 52.70% | |
81 Outperform | $1.59B | 4.33 | 20.88% | 5.50% | 5.55% | -3.50% | |
80 Outperform | $3.30B | 11.88 | 11.71% | 3.66% | 6.34% | 141.62% | |
65 Neutral | $1.79B | 5.84 | 15.97% | 2.99% | -52.60% | 11.51% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $1.74B | 25.73 | 3.21% | 6.88% | -15.61% | 81.02% |
* Industrials Sector Average
GSL
Global Ship Lease
44.99
16.72
59.12%
CMRE
Costamare
15.35
4.15
37.07%
DAC
Danaos
151.25
62.15
69.75%
NMM
Navios Maritime Partners
88.40
41.60
88.89%
SFL
SFL Corporation
12.35
4.82
64.12%
SBLK
Star Bulk Carriers
30.42
12.74
72.01%
Global Ship Lease Corporate Events
Global Ship Lease Files H1 2026 Results and Updates Management Agreements as Fleet Expansion Advances
Aug 6, 2026
Global Ship Lease, a containership owner serving liner companies under fixed-rate charters, reported that as of June 30, 2026 it operated 71 vessels with capacity of 423,020 TEU and an average age of 18.4 years, while also committing about $1.3 bi...
Global Ship Lease Boosts Contracted Revenue and Orders $1.3 Billion in Newbuild Containerships After Strong Q2 2026
Aug 5, 2026
Global Ship Lease reported unaudited second-quarter 2026 operating revenue of $198.7 million and net income available to common shareholders of $89.3 million, or $2.48 per share, with first-half 2026 operating revenue of $396.8 million and net inc...
Global Ship Lease Finalizes Second Amended and Restated Articles of Incorporation
Jul 15, 2026
Global Ship Lease, Inc., a Marshall Islands–registered container shipping lessor with executive offices in Greece, maintains a corporate framework designed to support its global maritime transportation activities. Its board can establish bra...
Global Ship Lease Expands Newbuilding Program With Five Mid-Size Containership Orders
Jun 24, 2026
Global Ship Lease announced on June 24, 2026, that it has agreed, subject to conditions precedent, to order five additional mid-size, ultra-high-reefer, wide-beam, latest-generation containerships for about $413 million, with deliveries scheduled ...
Global Ship Lease Shareholders Back Board, Audit Mandate and Charter Changes as Outlook Improves
Jun 18, 2026
Global Ship Lease, Inc. held its 2026 Annual Meeting of Shareholders in Athens on June 17, 2026, where investors re-elected directors Michael S. Gross, Menno van Lacum and Alain Wils to serve until the 2029 meeting. Shareholders also ratified Pric...
Global Ship Lease Declares Quarterly Dividend on Series B Preferred Shares
Jun 9, 2026
Global Ship Lease, Inc., a containership owner and lessor listed on the NYSE, reported that its Board of Directors declared a quarterly cash dividend on its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares on June 8, 2026. The compa...
Global Ship Lease Orders 10 Next-Generation Containerships in $917 Million Fleet Renewal Push
Jun 5, 2026
Global Ship Lease, Inc., a NYSE-listed independent containership owner and lessor, focuses on mid-sized and smaller vessels leased on fixed-rate charters to major container liner operators. As of March 31, 2026, it managed 71 ships with a TEU-weig...
Global Ship Lease Posts Strong Q1 2026 Results, Extends Contract Cover and Sells Non-Core Ships
May 22, 2026
Global Ship Lease reported unaudited results for the quarter ended March 31, 2026, posting operating revenue of $198.1 million and net income available to common shareholders of $91.4 million, or $2.54 per share. The company achieved 98.2% fleet u...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.