Global Ship Lease announced an operating revenue of $198.1 million for the first quarter of 2026, representing an increase from $191 million during the same period in 2025.
The firm reported that net income available to common shareholders fell to $91.4 million from $121 million in the previous year, which had been boosted by vessel sales.
This revenue growth was driven by higher rates on charter renewals and the addition of three newly acquired vessels, despite the previous divestment of four ships. Average fleet utilisation increased to 98.2 per cent for the three months ended March 31, 2026, up from 93.7 per cent in the corresponding quarter of 2025.
During April and May of 2026, the firm formalised agreements for the forward sales of the non-core vessels Manet, Kumasi, and Ian H for a combined price of $52 million. These transactions are expected to generate an aggregate gain of approximately $25 million upon the expiry of their respective charters.
The business also previously concluded the purchase of three container ships with upgrades for $90 million, with the final vessel delivered in January 2026.
Executive Chairman George Youroukos noted that these fleet adjustments allow the enterprise to maintain extensive forward visibility on contracted cash flows.
Total vessel operating expenses rose by 5.4 per cent to $52.7 million for the quarter, compared to $50 million in the first three months of 2025. This increase was primarily attributed to crew cost adjustments and inflationary pressures, alongside the operational expenses of the newly added vessels.
Chief Executive Officer Thomas Lister noted that the firm remains committed to a disciplined approach to capital allocation, including the, "selective monetisation of aging, non-core tonnage at cyclically attractive prices".
Total outstanding debt for the firm stood at $657.8 million as of March 31, 2026, down from $777.7 million recorded at the end of the same period in 2025.