Global Ship Lease(US:GSL)2025-05-19 14:22Financial Performance - Revenue increased to $191 million in 1Q 2025, up from $179.6 million in 1Q 2024[16, 27] - Net income increased to $121 million in 1Q 2025, up from $89.5 million in 1Q 2024[16, 27] - Adjusted EBITDA increased to $132.3 million in 1Q 2025, up from $125.4 million in 1Q 2024[16, 27] - Normalized net income increased to $94.3 million in 1Q 2025, up from $89.1 million in 1Q 2024[16, 27] Contract Coverage and Revenue - $352 million in contracted revenues were added in 1Q 2025[16, 20, 66] - Contract cover is 93% for 2025 and 75% for 2026[16] - Contracted revenues as of March 31, 2025, were $1.87 billion with an average remaining contract cover of 2.3 years[20] Capital Allocation and Debt Management - The annualized dividend increased to $2.10 per share[16, 21, 22, 66] - $85 million re-fi pushes weighted average debt maturity to 5.1 years & cost to 3.99%[27, 66] - Average break-even cash flows reduced to $9,314 per vessel per day[66] Fleet and Market Dynamics - Sub-10,000 TEU vessels are the focus, serving non-mainlane trades which constitute approximately 74% of global containerized trade volume[43] - Red Sea disruption has absorbed approximately 10% of effective global capacity[45] - The orderbook to fleet ratio for the company's focus segments (2,000 – 9,999 TEU) is 11.5%[63]