GSL Reports Q4 Revenue of $190.9 Million

Reports Q4 revenue $190.9M vs. $182.4M last year. George Youroukos, Executive Chairman, stated: "We are proud to have closed out 2025 with significant positive momentum, both operationally and financially, and taking full advantage of continued market demand and a scarce supply of flexible mid-size and smaller containerships like those in our fleet. Our longstanding emphasis on maximizing optionality has served us well in a volatile and unpredictable environment marked by ever-shifting tariff policies and geopolitical instability which have combined to re-shape trade patterns and fragment supply chains. The recent outbreak of hostilities in and around Iran has introduced yet a further source of volatility and uncertainty to global containerized trade, most notably by turning the Strait of Hormuz into a chokepoint. The situation in Iran remains highly dynamic and the longer-term implications are difficult to predict, but seafarer safety is the paramount concern. These changing dynamics have once again put a spotlight on the practical value of containerships that provide a combination of deployment flexibility and efficiency, such as those in the GSL fleet. In addition, decentralized and dispersed supply chains are inherently more inefficient than the streamlined model that prevailed in years past, requiring more ships to transport the same aggregate volume of cargo. This was further compounded in 2025 as underlying containerized volumes increased by 5% year-over-year. By remaining agile during this period, we now have 2.7 years of contract cover and $2.2 billion in contracted revenues, with 99% of our open positions covered for 2026 and 80% for 2027. As the year drew to a close, we were pleased to have pounced upon the opportunity to buy three 8,600 TEU ships with ECO-upgrades: great ships, purchased at a great price, with minimal downside risk and lots of upside potential. Our outperformance in 2025 caps a 5-year period during which GSL has undergone a profound transformation. Our cashflow, earnings, leverage profile, forward visibility, credit ratings, and return of capital to shareholders have all improved dramatically, such that we are better positioned operationally, financially, and strategically than we have ever been before. Our financial strength, ability to act decisively and selectively on acquisition opportunities, and robust, visible cash flows have us ideally poised to continue building value for shareholders throughout the cycle."