Global Ship Lease reported operating revenue of $174.1 million for the third quarter of 2024, a slight decrease of 0.2% from $174.5 million in the prior year period. Net income available to common shareholders was $78.8 million, down 4.7% from $82.7 million in Q3 2023, while normalized net income increased by 5.1% to $86.6 million. Earnings per share for the quarter stood at $2.22, with normalized earnings per share at $2.45, representing a 5.2% increase.
The company announced a significant financial maneuver on August 7, 2024, entering into a new $300.0 million senior secured term loan facility. This refinancing reduced the weighted average cost of debt from 4.57% to 3.95% as of September 30, 2024, and extended the weighted average maturity of debt from 2.6 years to 4.0 years. The new facility also increased the number of unencumbered vessels from 5 to 16, enhancing financial flexibility.
Global Ship Lease also received positive news regarding its credit standing, with upgrades from three leading credit rating agencies on June 26, 2024. Moody’s Investor Service upgraded the Corporate Family Rating to Ba2 from Ba3, S&P Global Ratings upgraded the long-term issuer credit rating to BB+ from BB, and Kroll Bond Rating Agency upgraded the corporate rating to BB+ from BB. These upgrades, all with stable outlooks, reflect the company's strengthened financial position and improved risk profile.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.