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Jun 30
Global Ship Lease Q2 2025 Earnings Report
Global Ship Lease reported strong financial results for the second quarter of 2025, with significant increases in operating revenue, net income, and EPS compared to the prior year period.
Key Takeaways
Global Ship Lease delivered another quarter of strong results, driven by attractive charter signings and the addition of new vessels. The company increased its operating revenue by 9.7% and net income by 8.8% year-over-year, while also adding $397 million in contracted revenues during the first half of 2025. The company maintains a robust balance sheet and extensive forward charter cover, positioning it well despite a complex and volatile macro environment.
Operating revenue for Q2 2025 increased by 9.7% to $191.9 million compared to Q2 2024.
Net income available to common shareholders for Q2 2025 rose by 8.8% to $93.1 million.
Diluted Earnings per Share (EPS) for Q2 2025 was $2.61, an increase of 7.4% from the prior year.
Adjusted EBITDA for Q2 2025 reached $134.2 million, up 9.7% from Q2 2024.
Global Ship Lease
Global Ship Lease
Global Ship Lease Revenue by Geographic Location
Revenue by Geographic Location
Denmark (Maersk) Revenue
CapyFin.comGermany (Hapag Lloyd) Revenue
CapyFin.comFrance (CMA CGM) Revenue
CapyFin.comSwitzerland (MSC) Revenue
CapyFin.comIsrael (ZIM) Revenue
CapyFin.comChina, including Hong Kong (COSCO & OOCL) Revenue
CapyFin.comSingapore (ONE, Swire Shipping) Revenue
CapyFin.comUSA (Matson) Revenue
CapyFin.comTaiwan (Wan Hai) Revenue
CapyFin.com Forward Guidance
Global Ship Lease anticipates continued strong performance due to extensive forward charter cover and a robust balance sheet, enabling strategic optionality and capital returns despite ongoing market volatility and geopolitical complexities.
Positive Outlook
- 96% of 2025 days and 80% of 2026 days are covered by forward contracts, providing strong revenue visibility.
- The company has a robust balance sheet with financial leverage below 1x and a low cost of debt, supporting resilience.
- Extensive forward charter cover and financial strength allow the company to capitalize on value-accretive opportunities arising from market volatility.
- The company is positioned to pursue selective fleet renewal and vessel upgrades to enhance earnings power and meet evolving regulations.
- The dynamic capital allocation policy supports returning significant capital to shareholders via dividends while remaining opportunistic.
Challenges Ahead
- The macro environment is described as complex, volatile, and unpredictable, posing ongoing challenges.
- The aftermath of Liberation Day and pre-tariff cargo spikes led to an 'air pocket' in freight and charter markets, with a focus on short-term tactical challenges.
- Continued Houthi attacks undermine optimism about the Red Sea, likely extending voyage lengths and impacting supply chain efficiency.
- Macro volatility continues to impact supply chain efficiency, increasing the number of ships needed for cargo.
- Forward visibility on the market and macro environment is very limited, indicating potential for unexpected shifts.