Global Ship Lease Inc. (GSL) witnessed a surge of 7.88% in its stock price on Wednesday, driven by its impressive fourth-quarter and full-year 2024 financial results, as well as strategic fleet expansion and increased dividend payouts.

The company reported solid financial performance for the fourth quarter, with adjusted earnings per share (EPS) of $2.55, surpassing analyst estimates of $2.32 and marking a 2.4% increase year-over-year. Revenue climbed 2% to $182.43 million, also exceeding expectations of $173.5 million. For the full year 2024, GSL achieved net income of $344.1 million, a 16.9% increase compared to the previous year.

The strong results were fueled by higher charter rates on vessel renewals, the addition of four newly acquired high-reefer, ECO-9,000 TEU containerships, and robust demand for GSL's well-specified, fuel-efficient fleet. As of December 31, 2024, the company's revenue backlog grew to $1.88 billion, with an average remaining charter duration of 2.3 years.

In line with its growth strategy, GSL announced the acquisition of the four new vessels and the sale of three older ships, further enhancing its fleet profile and supporting its commitment to creating shareholder value through disciplined capital allocation.

Reflecting its strong financial position and positive outlook, GSL increased its quarterly supplemental dividend by 16.7%, bringing the total annualized dividend to $2.10 per share, up 40% from the previous year. The company also highlighted its ongoing share buyback program, with approximately $33 million remaining under the authorization.