Global Ship Lease Inc. (GSL) shares plummeted 5.49% during intraday trading on Friday, following the release of the company's first-quarter 2026 financial results.

The Greece-based containership owner reported adjusted earnings per share of $2.56, beating analyst estimates of $2.46. However, the company's net income available to common shareholders dropped 24.4% year-over-year to $91.4 million, while normalized earnings fell from $2.65 per share in the same period last year to $2.56.

Despite revenue rising 3.7% to $198.1 million and improved vessel utilization, the significant decline in profitability appears to have disappointed investors, leading to the sharp sell-off. The company cited ongoing geopolitical instability and freight market volatility as current market conditions affecting its operations.