The following is a summary of the Global Ship Lease, Inc. (GSL) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Global Ship Lease reported contracted revenues of $600 million in the first nine months, including $200 million in Q3 alone.

• A $300 million refinancing brought the average cost of debt below 4%, enhancing financial resilience and competitiveness.

• Secured forward contract revenue now totals $1.8 billion with over 2.3 years of remaining contract cover.

• Dividends were increased to an annualized rate of $1.80 per share, reflecting strong financial performance and shareholder return.

• Gross debt reduced by over $135 million in nine months, with net debt to EBITDA ratio reduced to 0.8x.

Business Progress:

• Continued strong charter activity despite typically low season, securing profitable long-term contracts.

• Executed strategic financial moves such as refinancing and leveraging capital allocation strategies including dividends and buybacks.

• Invested in environmental upgrades and biofuel compatibility to meet evolving market and regulatory demands.

• Preserved financial flexibility to seize growth opportunities through prudent debt management and capital reserves.

Opportunities:

• Exploited market dynamics by locking in high charter rates and extending contract durations, securing robust future cash flows.

• Positioned to take advantage of cyclical market conditions for fleet renewal and growth with strong capital resources and strategic agility.

Risks:

• Geopolitical issues and regional disruptions, particularly around the Red Sea, pose potential challenges to operations and market dynamics, although currently adding to ton mile demand.

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