GSL Global Ship Lease

Container Β· Container Β· 70 documents

Global Ship Lease's 71-vessel container fleet has no fleet-rate estimate this quarter. The fleet is chartered out at fixed rates, so there is no spot market to price the open days against. Its dividend is still forecast at $0.625 a share for 2026Q3, by declared rate held flat (PATTERN).

Last paid Β· 2026Q2
$0.625
6.1% annualised
$29,758/d earned
TTM $2.50 (6.1% trailing)
2026Q3 Β· our model
$0.625
6.1% annualised
PATTERN
declared rate held flat
2026Q4 Β· our model
$0.625
6.1% annualised
declared rate held flat

Yields annualise each quarter Γ—4 at the last close, $41.32 (2026-10-16). Our model is not company guidance.

What will Global Ship Lease pay for 2026Q3?

Company said
Global Ship Lease has published no booked rates for 2026Q3. It does not say what it will pay β€” turning its rates into a dividend is our job.
β€”
β€”
no dividend given
Our model
β€”
$0.625
modelled Β· PATTERN

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Container Β· 71 $29,7582026Q2 Β· fleet avg β€”none printed β€”no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

This company files vessel-days but no rate per class, so every class starts at the last reported fleet rate of $29,758/d.

Container 6,532 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for container: no off-hire or drydock days are deducted there.

 6,532 6,532
By class
ClassDaysModel $/dayYours $/day
Container6,53229,75829,758
Fleet TCE, $/day 29,758 29,758
Revenue (TCE basis), $m modelled

Vessel-days Γ— fleet TCE.

 194.4 194.4
Vessel opex, $m assumed

2026Q2: $57.0m over 6,532 vessel-days, held per day. Source (2026Q2)

 (57.0) (57.0)
G&A, $m assumed

2026Q2: $7.2m over 6,532 vessel-days, held per day. Source (2026Q2)

 (7.2) (7.2)
EBITDA, $m assumed 130.2 130.2
Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

 β€” β€”
Interest expense, $m assumed

2026Q2: $9.4m over 6,532 vessel-days, held per day. Source (2026Q2)

 (9.4) (9.4)
Scheduled debt amortisation, $m stated

2026Q2: $38.6m over 6,532 vessel-days, held per day (the issuer’s scheduled principal). Source (2026Q2)

 (38.6) (38.6)
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

 17,182 17,182
Cushion vs fleet TCE, $/day 12,576 12,576
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

 82.1 82.1
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy pattern

No stated payout policy on file.

Dividend by declared rate held flat; it does not move with the rate, so your scenario leaves it unchanged.

OutputModelYour scenarioΞ”
Estimated DPS, $/share pattern $0.62
Forward yield, run-rate % 6.1%
vs last declared ($0.62, 2026Q2) +0%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $41.32 close on 2026-10-16.

This dividend is set by declared rate held flat, not by the rate β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model

$0.622025Q3$0.622025Q4$0.622026Q1$0.622026Q2$0.622026Q3$0.622026Q4solid = declared Β· dashed = our model

Market context β€” rates, the dividend, and the price

Dividend β€” declared and forecast

forecast →
0
0.4
0.8
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4

Solid bars are declared distributions. Dashed-outline bars are the model estimate β€” see Dividend forecast. Model estimate β€” not issuer guidance.

Forward (our model β€” model quarter Γ—4): $2.50/yr Β· @ $41.32 (as of 2026-10-16) = 6.1% yield (spot-exposure scenario) Β· Trailing TTM $2.5/yr = 6.1%

Next-quarter fleet TCE: β€” (container: charter-out fleet earns fixed TC per the fleet list (owner 2026-09-05) β€” no lane spot proxy, estimate stays dark without issuer fixed-coverage guidance)

How we got the number

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Anchor DPS (2026Q2) $0.62
Booked cover β€” issuer guidance targets a different quarter than the anchor β€” no same-vintage comparison TBD
Expected DPS (2026Q3) $0.62

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet
71
Realized TCE
$29,758/d 2026Q2
Declared DPS
$0.625 2026Q2
TTM DPS
$2.5
Coverage
β€”
Revenue
$198.7M
Opex
$57.0M
Net income
$89.3M

71Γ— container current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dVessel-daysRev $M
Container71β€”β€” β€” β€” β€” β€” 6,532 β€”
Total71 β€” 6,532 β€”
Expected DPS
$0.62/share
Annualized
$2.50/yr

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate β€” no market index covers this fleet, so there is no peak-index Bull case.

Declared $0.62 in each of the last 4 quarters β€” the forward figure is the rate itself, not a TCE-linked model. Coverage below shows how far modelled cash after debt service goes toward it.

Current quarter β€” 2026Q4

20/92 days elapsed (22%) Β· Est. revenue to date $42.3M of $194.4M projected

ClassShipsTCSpot% FixedGuided $/dCurrent $/dvs guidedBlended $/dRev $M
Container71β€”β€” β€” β€” β€” β€” β€” β€”
Total71 β€” β€”

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $198.7M β€” β€”
Opex $57.0M β€” β€”
Net income $89.3M β€” β€”

reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete β€” treat income-derived figures as provisional

Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M198.7β€”β€”β€”β€”β€”
Voyage expenses $Mβ€”β€”β€”β€”β€”β€”
Vessel opex $M57.0β€”β€”β€”β€”β€”
G&A $M7.2β€”β€”β€”β€”β€”
Depreciation $Mβ€”β€”β€”β€”β€”β€”
Interest expense, gross $M9.4β€”β€”β€”β€”β€”
Net income $M89.3β€”β€”β€”β€”β€”
Declared DPS0.620.620.620.620.530.53

Realized fleet TCE

Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 29,758.00.

image/svg+xml 2025 2026 2027 2028 28,500 29,000 29,500 30,000 30,500 31,000 29,758 Realized fleet TCE USD/day

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance β€” forward-looking

PeriodMetricValueCoverageAs ofSource
2027FYContainer charters expiring (vessels) 19 vessels β€” 2026-08-05 print
2027FYContract cover (issuer) β€” 90% 2026-08-05 print
2028FYContainer charters expiring (vessels) 24 vessels β€” 2026-08-05 print
2029FYContainer charters expiring (vessels) 16 vessels β€” 2026-08-05 print
2030FYContainer charters expiring (vessels) 5 vessels β€” 2026-08-05 print
2032FYContainer charters expiring (vessels) 2 vessels β€” 2026-08-05 print
Historical guidance (2 rows)
PeriodMetricValueCoverageAs ofSource
2026FYContainer charters expiring (vessels) 5 vessels β€” 2026-08-05 print
2026FYContract cover (issuer) β€” 100% 2026-08-05 print
Sources β€” press, filings & documents

Interim updates since 2026Q3

  • debt high 2026-10-13 Global Ship Lease, Inc. (the β€œCompany”), dated October 12, 2026, announcing that it has entered into a new $1 billion syndicated loan facili… source
  • vessel purchase high 2026-10-13 In October 2026, we exercised options for the construction of two additional mid-size, ultra-high-reefer, wide-beam, latest-generation conta… source
  • debt high 2026-10-13 Global Ship Lease, Inc. (NYSE:GSL) (the β€œCompany”, Global Ship Lease” or β€œGSL”), a containership owner and lessor, announced today that it h… source

Market:

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q4 6-K, 6-K exhibit, 6-K, 6-K exhibit β€” β€” β€”
2026Q3 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit, 6-K β€” β€” β€”
2026Q2 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit, FORM 6-K, FORM 6-K exhibit, FORM 6-K exhibit β€” β€” β€”
2026Q1 20-F, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit β€” β€” β€”
2025Q4 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit β€” β€” β€”
2025Q3 6-K, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit β€” β€” β€”
2025Q2 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit β€” β€” β€”
2025Q1 20-F, 6-K, 6-K exhibit, 6-K exhibit, 6-K exhibit β€” β€” β€”

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