Global Ship Lease Announces Credit Rating Upgrades as Quarterly ROI Reaches New High
Global Ship Lease Inc, a leading container ship charter owner, has recently received credit rating upgrades from Moody’s, S&P, and KBRA. Moody’s upgraded the company’s corporate family rating, while S&P upgraded its credit rating. KBRA also upgraded Global Ship Lease’s issuer rating and affirmed the investment-grade rating of its senior secured notes. These upgrades reflect the company’s strong financial performance and stability.
In the fourth quarter of 2023, Global Ship Lease achieved a remarkable return on average invested assets (ROI) of 16.15%, marking a new company high. This improvement in ROI can be attributed to the growth in net income compared to the third quarter of 2023, where the ROI was 15.65%. However, it’s worth noting that within the Transportation sector, there were 14 other companies that had a higher return on investment.
Despite Global Ship Lease experiencing a slight decrease in the value of its shares over the past week, which can be attributed to a broader market trend, the company’s year-to-date performance remains positive. The shares are trading well above their 52-week low, indicating a resilient performance in challenging market conditions.
In addition to the credit rating upgrades, Global Ship Lease has also declared a quarterly dividend on its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares. The cash dividend of $0.546875 per depositary share covers the period from July 1, 2023, to September 30, 2023. The dividend will be disbursed to all Series B Preferred Shareholders of record by October 2, 2023.
Overall, Global Ship Lease’s credit rating upgrades and strong financial performance demonstrate the company’s ability to navigate through challenging market conditions successfully. The dividend declaration further adds to the positive outlook of the company’s shares and overall performance.
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