The following is a summary of the Global Ship Lease, Inc. (GSL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Global Ship Lease's Q1 2024 EBITDA increased by 20% year-on-year, reaching $125 million.

• The company continues to reduce its gross debt, with the end of Q1 2024 seeing a strong cash position of $317 million.

• Its cost of debt has been minimized to 4.5%, planning to decrease outstanding debt by one-third from the end of 2022 to the end of 2024.

• Financial leverage dropped significantly, from 8.4 times in 2018 to 1.1 times in Q1 2024, with no need for refinancing before 2026.

Business Progress:

• Contracted revenues stood at $1.6 billion, thanks to the addition of nine new charters in Q1 2024.

• The company adopted a risk-averse approach, focusing on midsize and smaller containerships deemed versatile for global trade.

• Warning of potential scrapping activities, Global Ship Lease stresses its older ships' value and influence.

• Shareholder value remains a priority, managed through regular dividends and opportunistic share buybacks.

• Forward-looking, the company plans to maintain its position to respond to market changes and extend contracts, expected to be updated in the 2Q earnings call.

More details: Global Ship Lease IR

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