Shares of Global Ship Lease (GSL) surged 5.53% in pre-market trading on Wednesday, as the company reported robust fourth-quarter and full-year 2024 results, highlighting its continued fleet growth and increased dividend payouts.

For the fourth quarter, GSL posted adjusted earnings per share of $2.55, beating analyst estimates of $2.32 and marking a 2.4% increase from the prior-year period. Revenue climbed 2% year-over-year to $182.43 million, also surpassing expectations of $173.5 million.

The strong performance was driven by several factors, including higher charter rates on vessel renewals, the addition of four newly acquired vessels, and robust demand for the company's well-specified, fuel-efficient fleet. GSL's revenue backlog grew to $1.88 billion as of December 31, 2024, with an average remaining charter duration of 2.3 years.

Reflecting its strong financial position, GSL announced a 16.7% increase in its quarterly supplemental dividend, bringing the total annualized dividend to $2.10 per share, up 40% from the previous year. The company also highlighted its opportunistic share buyback program, with $33 million remaining under the authorization.

Looking ahead, GSL is well-positioned to capitalize on the dynamic global trade landscape, with its fleet of mid-sized and smaller containerships providing operational flexibility. The company's acquisition of four high-reefer, ECO-9,000 TEU vessels, combined with the sale of three older vessels, furthers its fleet renewal strategy and supports its commitment to creating shareholder value through disciplined capital allocation.