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Global Ship Lease Reports Results for the Second Quarter of 2025

Forward contract cover locked in for 96% of 2025 days and 80% of 2026 days
Maximizing strategic optionality while also returning capital to shareholders via annualized dividend of $2.10 per Class A Common Share

ATHENS, Greece, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE: GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three and six-month periods ended June 30, 2025.

Second Quarter of 2025 and Year to Date Highlights and Other Recent Developments

- 2Q 2025 operating revenue of $191.9 million; up 9.7% on 2Q 2024. 1H 2025 operating revenue of $382.8 million; up 8.0% on 1H 2024.

- 2Q 2025 net income available to common shareholders of $93.1 million, or $2.61 Earnings per Share (EPS); up 8.8% on 2Q 2024. 1H 2025 net income available to common shareholders of $214.1 million, or $6.01 EPS; up 22.3% on 1H 2024.

- 2Q 2025 normalized net income3 of $95.1 million, or $2.67 normalized EPS³ up 9.7% on 2Q 2024. 1H 2025 normalized net income of $189.4 million, or $5.32 normalized EPS up 7.8% on 1H 2024.

- 2Q 2025 Adjusted EBITDA3 of $134.2 million; up 9.7% on 2Q 2024. 1H 2025 Adjusted EBITDA of $266.5 million; up 7.6% on 1H 2024.

- Added $397 million of contracted revenues during 1H 2025, bringing total contracted revenues as of June 30, 2025 to $1.73 billion, over a weighted average remaining duration of 2.1 years.

- On July 8, 2025 announced updates by three leading credit rating agencies. Moody’s Investor Service maintained its Ba2 Corporate Family Rating for Global Ship Lease, with a stable outlook; S&P Global Ratings affirmed its long-term issuer credit rating of BB+, with a stable outlook; and Kroll Bond Rating Agency (“KBRA”) kept the Company’s corporate credit rating at BB+, with a stable outlook, while also affirming the BBB/stable investment grade rating and stable outlook for the 5.69% Senior Secured Notes due July 15, 2027 (the “2027 Secured Notes”).

- In May 2025 Dimitris Y (5,900 TEU, built 2000) was contracted to be sold for $35.6 million, and is scheduled for delivery to the buyers in 4Q25, upon redelivery from the existing charter.

- Completed the sales of Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) for an aggregate gain of $28.3 million; the vessels were delivered to their new owners in 1Q 2025.

-Took delivery, in January 2025, of Czech, the last in a series of four high-reefer, ECO-9,000 TEU containerships contracted for purchase with charters attached in 4Q 2024 (“Newly Acquired Vessels”).

- Agreed, in March 2025, to an $85.0 million Credit Facility with UBS to fully prepay certain of our outstanding credit facilities which would otherwise have matured between May 2026 and July 2026. The new loan is priced at SOFR + 2.15%, matures in the second quarter of 2028, and brings the weighted average cost of our debt, as at June 30, 2025, to 4.18% and weighted average maturity to 4.9 years.

- Declared a dividend of $0.525 per Class A common share for the second quarter of 2025, to be paid on or about September 4, 2025 to common shareholders of record as of August 22, 2025. Paid a dividend of $0.525 per Class A common share for the first quarter of 2025 on June 3, 2025.

- Approximately $33.0 million of capacity remains available under our opportunistic share repurchase authorization.

George Youroukos, our Executive Chairman, stated: “Even in a macro environment that has become as complex, volatile, and unpredictable as any in the modern history of our industry, we are proud to deliver yet another quarter of strong results and growth. By continuing to sign attractive charters for our fleet of well-specified, mid-sized and smaller containerships, we have during the first half of 2025 added almost $400 million of contracted revenue, bringing our forward contracted revenues to $1.73 billion, our 2025 contract cover to 96%, and our 2026 cover to 80%.

In the volatile aftermath of Liberation Day in early April, which was itself preceded by a spike in cargo movements aimed at getting ahead of forthcoming tariffs, both containerized freight and charter markets experienced something of an air pocket, as parties across the supply chain became focused almost exclusively on solving for short-term tactical challenges while pausing longer term commitments on shipping capacity or capital beyond what seemed necessary for the immediate future. Meanwhile, with recent cautious optimism about the Red Sea and a potential pathway towards normalization having been undermined by multiple Houthi attacks, it seems likely that extensive re-routing around the Cape of Good Hope will continue to extend voyage lengths at the same time as macro volatility continues to impact supply chain efficiency and thus increase the number of ships needed to carry any given quantity of cargo. Given these dynamics, as well as the continued feast-or-famine reaction of underlying freight demand to the imposition, amendment, or delay of tariffs, we are exceptionally pleased to have extensive forward charter cover, a robust balance sheet, and a fleet that offers our customers the operational flexibility and optionality they need. Forward visibility on the market and macro environment is very limited, but our financial strength, discipline, and contracted cash flow generation position us well to continue to create value for our shareholders almost regardless of underlying market dynamics.”

Thomas Lister, our Chief Executive Officer, stated: “Maximizing optionality while strengthening the long-term resilience of our business remains our key strategic focus. Following years of disciplined de-leveraging, we have established a fortress balance sheet with financial leverage below 1x and a low cost of debt corresponding to our strong credit rating. This robust foundation, combined with over two years of weighted average forward contract cover, provides us with optionality and confidence to seize the kinds of value-accretive opportunities that often emerge from complex, volatile conditions such as those currently prevailing. It also positions us to pursue selective fleet renewal, as well as vessel upgrades that both increase our earnings power and enable us to meet evolving and tightening regulations. Consistent with our dynamic capital allocation policy, we believe that we best serve the interests of our investors by both continuing to return significant capital to shareholders via our dividend and remaining nimble, disciplined, and opportunistic in order to capitalize upon the inherent cyclicality of our industry.”

SELECTED FINANCIAL DATA – UNAUDITED

(thousands of U.S. dollars)

  Three     Three     Six     Six  
  months ended     months ended     months ended     months ended  
  June 30, 2025     June 30, 2024     June 30, 2025     June 30, 2024  
                               
Operating Revenues (1)   191,859       174,997       382,834       354,558  
Operating Income   101,762       93,842       230,260       190,941  
Net Income (2)   93,053       85,643       214,063       175,149  
Adjusted EBITDA (3)   134,183       122,349       266,481       247,712  
Normalized Net Income (3)   95,149       86,657       189,426       175,712  
                               

(1) Operating Revenues are net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities, the effect of the straight lining of time charter modifications and the compensation from charterers for drydock and for other capitalized expenses installation. Brokerage commissions are included in “Time charter and voyage expenses” (see below).

(2) Net Income available to common shareholders.

(3) Adjusted EBITDA, Normalized Net Income, and Normalized Earnings per Share are non-U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.

Operating Revenues and Utilization

Operating revenues derived from fixed-rate, mainly long-term, time-charters were $191.9 million in the second quarter of 2025, up $16.9 million (or 9.7%) on operating revenues of $175.0 million in the prior year period. The period-on-period increase in operating revenues was principally due to (i) the net effect of higher rates on charter renewals, (ii) the addition of the four Newly Acquired Vessels and (iii) a non-cash $1.8 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions. There were 182 days of offhire and idle time in the second quarter of 2025, of which 145 were for scheduled drydockings, compared to 184 days of offhire and idle time in the prior year period, of which 153 were for scheduled drydockings. Utilization for the second quarter of 2025 was 97.1% compared to utilization of 97.0% in the prior year period.

For the six months ended June 30, 2025, operating revenues were $382.8 million, up $28.2 million (or 8.0%) on operating revenues of $354.6 million in the comparative period, mainly due to (i) the net effect of higher rates on charter renewals (ii) the addition of the four Newly Acquired Vessels and (iii) a non-cash $1.5 million increase in the effect from straight lining time charter modifications and a non-cash $3.5 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions offset by an increase in off hire days. There were 588 days of offhire and idle time in the six month period ended June 30, 2025 of which 475 were for scheduled drydockings, compared to 257 days of offhire and idle time in the prior year of which 186 were for scheduled drydockings. Utilization for the six month period ended June 30, 2025 was 95.4% compared to utilization of 97.9% in the prior year period.

Our revenue origin by country, using the respective head office location of each of our charterers as a proxy for origin, for the six-month periods ended June 30, 2025 and 2024, respectively, was as follows:

Revenue origin by country 1 Six months ended June 30, 2025 Six months ended June 30, 2024
  Revenue (USD million)
Percentage of
revenue
Revenue (USD million)
Percentage of
revenue
Denmark (Maersk)   122.00     31.87 %   115.23     32.50 %
Germany (Hapag Lloyd)   73.03     19.08 %   17.84     5.03 %
France (CMA CGM)   71.14     18.59 %   87.84     24.78 %
Switzerland (MSC)   42.99     11.23 %   33.32     9.40 %
Israel (ZIM)   33.75     8.81 %   44.13     12.45 %
China, including Hong Kong (COSCO & OOCL)   21.99     5.74 %   25.38     7.16 %
Singapore (ONE, Swire Shipping)   9.85     2.57 %   14.84     4.18 %
USA (Matson)   5.80     1.51 %   6.39     1.80 %
Taiwan (Wan Hai)   2.28     0.60 %   6.91     1.95 %
Denmark / Dubai (Unifeeder) 2   -     -     2.68     0.75 %
Total   382.83     100.00 %   354.56     100.00 %
  1. Based on jurisdiction of head office of each charterer
  2. Unifeeder is headquartered in Denmark, but owned by DP World (Dubai)

The table below shows fleet utilization for the three and six months ended June 30, 2025 and 2024, and for the years ended December 31, 2024, 2023, 2022 and 2021.

           
  Three months ended
  Six months ended
  Year ended
  June 30,     June 30,     June 30,     June 30,     Dec 31,     Dec 31,     Dec 31,     Dec 31,  
Days 2025     2024     2025     2024     2024     2023     2022     2021  
                                                               
Ownership days   6,279       6,188       12,683       12,376       24,937       24,285       23,725       19,427  
Planned offhire - scheduled drydock   (145 )     (153 )     (475 )     (186 )     (807 )     (701 )     (581 )     (752 )
Unplanned offhire   (29 )     (29 )     (70 )     (69 )     (144 )     (233 )     (460 )     (260 )
Idle time   (8 )     (2 )     (43 )     (2 )     (15 )     (62 )     (30 )     (88 )
Operating days   6,097       6,004       12,095       12,119       23,971       23,289       22,654       18,327  
                                                               
Utilization   97.1 %     97.0 %     95.4 %     97.9 %     96.1 %     95.9 %     95.5 %     94.3 %
                                                               

As of June 30, 2025, two regulatory drydockings were in progress and six further regulatory drydockings are anticipated.

Vessel Operating Expenses

Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 7.0% to $50.5 million for the second quarter of 2025, compared to $47.2 million in the prior year period. The increase of $3.3 million was mainly due to (i) the addition of the four Newly Acquired Vessels, (ii) an increase in crew expenses following our decision to increase the number of seafarers on board to improve the vessels’ conditions, (iii) an increase in stores, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery due to timing of planned schedule, and (iv) the impact of inflation on fees and expenses, including management fees. The average cost per ownership day in the quarter was $8,045, compared to $7,624 for the prior year period, up $421 per day, or 5.5%.

For the six month period ended June 30, 2025, vessel operating expenses were $100.5 million, or an average of $7,925 per day, compared to $95.0 million in the comparative period, or $7,679 per day, an increase of $246 per ownership day, or 3.2%. The increase of $5.5 million was mainly due to (i) the addition of the four Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in 1Q25, (ii) an increase in crew expenses following our decision to increase the number of seafarers on board to improve the vessels’ conditions, (iii) an increase in stores, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery due to timing of planned schedule, and (iv) the impact of inflation on fees and expenses, including management fees.

Time Charter and Voyage Expenses

Time charter and voyage expenses comprise mainly commission paid to ship brokers, the cost of bunker fuel for owner’s account when a ship is off-hire or idle, and miscellaneous owner’s costs associated with a ship’s voyage. Time charter and voyage expenses were $5.1 million for the second quarter of 2025, compared to $5.4 million in the prior year period due to (i) a decrease in voyage administration costs and operational requests from charterers and (ii) a decrease in bunkering expenses during off hire days offset by increased commissions on charter renewals at higher rates.

For the six-month period ended June 30, 2025, time charter and voyage expenses were $11.6 million, or an average of $915 per day, compared to $10.6 million in the comparative period, or $859 per day, an increase of $56 per ownership day, or 6.5% mainly due to increased commissions on charter renewals at higher rates and increase in bunkering expenses due to higher off hire days.

Depreciation and Amortization

Depreciation and amortization for the second quarter of 2025 was $30.3 million, compared to $24.5 million in the prior year period. The increase was mainly due to the 16 drydockings completed after June 30, 2024 and the addition of the four Newly Acquired Vessels in December 2024.

Depreciation and amortization for the six-month period ended June 30, 2025 was $60.1 million, compared to $48.8 million in the comparative period, mainly due to the factors noted above plus the acquisition of the four Newly Acquired Vessels in December 2024.

General and Administrative Expenses

General and administrative expenses were $4.1 million in the second quarter of 2025, the same as in the prior year period.

General and administrative expenses were $8.7 million for the six-month period ended June 30, 2025, compared to $9.1 million in the comparative period. The movement was mainly due to the decrease in payroll expenses following the retirement of our former Chief Executive Officer effective March 31, 2024 plus a reduction in the non-cash charge for stock-based compensation expense.

Gain on sale of vessels

Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) were sold for an aggregate gain of $28.3 million in the first quarter of 2025.

Adjusted EBITDA1

Adjusted EBITDA was $134.2 million for the second quarter of 2025, up from $122.3 million for the prior year period, with the net increase being mainly due to increased revenue from charter renewals at higher rates and the addition of the four Newly Acquired Vessels.

Adjusted EBITDA for the six-month period ended June 30, 2025 was $266.5 million, compared to $247.7 million for the comparative period, an increase of $18.7 million or 7.6% mainly due to increased revenue from charter renewals at higher rates.

Interest Expense and Interest Income

Debt as at June 30, 2025 totaled $768.5 million, after inclusion of the four Newly Acquired Vessels, comprising $349.0 million of secured bank debt collateralized by vessels, $205.6 million of 2027 Secured Notes collateralized by vessels, and $213.9 million under sale and leaseback financing transactions. As of June 30, 2025, 16 of our vessels were unencumbered.

Debt as at June 30, 2024 totaled $721.1 million, comprising $371.8 million of secured bank debt collateralized by vessels, $258.1 million of 2027 Secured Notes collateralized by vessels, and $91.2 million under sale and leaseback financing transactions. As of June 30, 2024, five vessels were unencumbered.

Interest and other finance expenses for the second quarter of 2025 were $10.6 million, up from $9.9 million for the prior year period. The increase was due to (i) additional floating debt was not covered by the caps since our interest rate caps hedge 77% of our floating rate debt, (ii) a prepayment fee of $0.2 million following the full repayment of Macquarie Credit Facility and (iii) the non-cash write off of deferred financing costs of $0.6 million on the full repayments of the Macquarie Credit Facility and the HCOB-CACIB Credit Facility. In March 2025, we entered into a loan agreement with UBS for $85.0 million, to refinance certain of our existing loans. The agreement is priced at SOFR + 2.15% and has a maturity of three years. During March of 2025, we fully repaid the outstanding balance of ESUN Credit Facility amounting to $5.9 million. During April of 2025, we fully repaid the outstanding balance of the Macquarie Credit Facility amounting to $17.5 million and the outstanding balance of the HCOB-CACIB Credit Facility amounting to $46.8 million.

Interest and other finance expenses for the six-month period ended June 30, 2025 were $20.5 million, up from $20.3 million for the prior year period. The increase was due to the factors mentioned above plus the non-cash write off of deferred financing costs of $0.1 million on the full repayment of the ESUN Credit Facility.

Interest income for the second quarter of 2025 was $4.7 million, up from $4.1 million for the prior year period mainly due to higher invested amounts.

Interest income for the six-month period ended June 30, 2025 was $7.9 million, up from $7.8 million in the comparative period.

Other income, net

Other income, net was $0.8 million in the second quarter of 2025, compared to $1.0 million in the prior year period.

Other income, net was $4.0 million for the six-month period ended June 30, 2025, compared to $2.3 million for the comparative period.

Fair value adjustment on derivatives

In December 2021, we entered into a USD 1-month LIBOR interest rate cap of 0.75% through the fourth quarter of 2026 on $484.1 million of floating rate debt, which reduces over time in line with anticipated debt amortization and represented approximately half of the outstanding floating rate debt. In February 2022, we entered into two additional USD 1-month LIBOR interest rate caps of 0.75% through the fourth quarter of 2026 on the remaining balance of $507.9 million of floating rate debt. As a result of the discontinuation of LIBOR, on July 1, 2023, our interest rate caps automatically transited to 1 month Compounded SOFR at a net rate of 0.64%. A negative fair value adjustment of $1.2 million for the second quarter of 2025 was recorded through the statement of income. The negative fair value adjustment for the six-month period ended June 30, 2025 was $2.8 million.

Earnings Allocated to Preferred Shares

Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the second quarter of 2025 was $2.4 million, the same as in the prior year period.

The cost for the six months ended June 30, 2025 was $4.8 million, the same as for the comparative period.

Net Income Available to Common Shareholders

Net income available to common shareholders for the second quarter of 2025 was $93.1 million. Net income available to common shareholders for the prior year period was $85.6 million.

Earnings per share for the second quarter of 2025 was $2.61, an increase of 7.4% from the earnings per share for the prior year period, which was $2.43.

For the six months ended June 30, 2025, net income available to common shareholders was $214.1 million. Net income available to common shareholders for the six months ended June 30, 2024 was $175.1 million.

Earnings per share for the six months ended June 30, 2025 was $6.01, an increase of 20.7% from the earnings per share for the comparative period, which was $4.98.

Normalized net income1 for the second quarter of 2025 was $95.1 million. Normalized net income for the prior year period was $86.7 million. Normalized earnings per share1 for the second quarter of 2025 was $2.67, an increase of 8.5% from Normalized earnings per share for the prior year period, which was $2.46.

Normalized net income1 for the six-month period ended June 30, 2025 was $189.4 million. Normalized net income for the prior year period was $175.7 million. Normalized earnings per share1 for the six-month period ended June 30, 2025 was $5.32, an increase of 6.6% from Normalized earnings per share for the prior year period, which was $4.99.

1 Adjusted EBITDA, Normalized net income, and Normalized earnings per share are non-U.S. GAAP financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.

Fleet

As of June 30, 2025, there were 69 containerships in the fleet, detailed in the table below:

               
Vessel Name
Capacity
in TEUs
Lightweight
(tons)
Year
Built
Charterer Earliest Charter
Expiry Date
Latest Charter
Expiry Date
(2)
Daily Charter
Rate $
               
CMA CGM Thalassa 11,040 38,577 2008 CMA CGM 3Q28 4Q28 47,200 (3)
ZIM Norfolk (1) 9,115 31,764 2015 ZIM 2Q27 4Q27 65,000
Anthea Y (1) 9,115 31,890 2015 MSC 4Q28 1Q29 Footnote (4)
ZIM Xiamen (1) 9,115 31,820 2015 ZIM 3Q27 4Q27 65,000
Sydney Express (1) 9,019 31,254 2016 Hapag-Lloyd 1Q26 4Q29 Footnote (5)
Istanbul Express (1) 9,019 31,380 2016 Hapag-Lloyd 3Q26 2Q30 Footnote (5)
Bremerhaven Express (1) 9,019 31,199 2015 Hapag Lloyd 1Q26 3Q29 Footnote (5)
Czech (1) 9,019 31,319 2015 Hapag-Lloyd 4Q26 3Q30 Footnote (5)
MSC Tianjin 8,603 34,243 2005 MSC (6) 3Q27 4Q27 Footnote (6)
MSC Qingdao 8,603 34,586 2004 MSC (6) 3Q27 4Q27 Footnote (6)
GSL Ningbo 8,603 34,340 2004 MSC 3Q27 1Q28 Footnote (7)
GSL Alexandra 8,544 37,809 2004 Maersk 2Q26 3Q26 Footnote (8)
GSL Sofia 8,544 37,777 2003 Maersk 3Q26 3Q26 Footnote (8)
GSL Effie 8,544 37,777 2003 Maersk 3Q26 3Q26 Footnote (8)
GSL Lydia 8,544 37,777 2003 Maersk 2Q26 3Q26 Footnote (8)
GSL Eleni 7,847 29,261 2004 Maersk 4Q27 2Q29 Footnote (9)
GSL Kalliopi 7,847 29,261 2004 Maersk 1Q28 3Q29 Footnote (9)
GSL Grania 7,847 29,261 2004 Maersk 1Q28 3Q29 Footnote (9)
Colombia Express (ex Mary) (1) 7,072 23,424 2013 Hapag-Lloyd 4Q28 1Q31 Footnote (10)
Panama Express (ex Kristina) (1) 7,072 23,421 2013 Hapag-Lloyd 4Q29 4Q31 Footnote (10)
Costa Rica Express (ex Katherine) (1) 7,072 23,403 2013 Hapag-Lloyd 2Q29 3Q31 Footnote (10)
Nicaragua Express (ex Alexandra) (1) 7,072 23,348 2013 Hapag-Lloyd 3Q29 4Q31 Footnote (10)
CMA CGM Berlioz 7,023 26,776 2001 CMA CGM 4Q25 2Q26 37,750
Mexico Express (ex Alexis) (1) 6,918 23,970 2015 Hapag-Lloyd 3Q29 4Q31 Footnote (10)
Jamaica Express (ex Olivia I) (1) 6,918 23,915 2015 Hapag-Lloyd 3Q29 4Q31 Footnote (10)
GSL Christen 6,858 27,954 2002 Maersk 4Q27 1Q28 Footnote (11)
GSL Nicoletta 6,858 28,070 2002 Maersk 1Q28 2Q28 Footnote (11)
Agios Dimitrios 6,572 24,931 2011 MSC 2Q27 3Q27 Footnote (6)
GSL Vinia 6,080 23,737 2004 Maersk 1Q28 4Q29 Footnote (12)
GSL Christel Elisabeth 6,080 23,745 2004 Maersk 1Q28 3Q29 Footnote (12)
GSL Arcadia 6,008 24,858 2000 Maersk 3Q25 1Q26 12,700 (13)
GSL Violetta 6,008 24,873 2000 Maersk 2Q25 1Q26 12,900 (13)
GSL Maria 6,008 24,414 2001 Maersk 4Q25 1Q27 12,900 (13)
GSL MYNY 6,008 24,876 2000 Maersk 3Q25 4Q25 12,900 (13)
GSL Melita 6,008 24,859 2001 Maersk 1Q26 3Q26 12,900 (13)
GSL Tegea 5,994 24,308 2001 Maersk 1Q26 3Q26 12,900 (13)
GSL Dorothea 5,994 24,243 2001 Maersk 1Q26 3Q26 12,900 (13)
Dimitris Y (ex Zim Europe) (25) 5,936 25,010 2000 ONE 4Q25 4Q25 33,900
Ian H 5,936 25,128 2000 COSCO 4Q27 4Q27 Footnote (14)
GSL Tripoli 5,470 22,109 2009 Maersk 3Q27 4Q27 17,250
GSL Kithira 5,470 22,259 2009 Maersk 4Q27 1Q28 17,250
GSL Tinos 5,470 22,068 2010 Maersk 3Q27 4Q27 17,250
GSL Syros 5,470 22,099 2010 Maersk 4Q27 4Q27 17,250
Orca I 5,308 20,633 2006 Maersk (15) 3Q28 4Q28 21,000 (15)
Dolphin II 5,095 20,596 2007 Footnote (15) 1Q28 2Q28 Footnote (15)
CMA CGM Alcazar 5,089 20,087 2007 CMA CGM 3Q26 1Q27 35,500
GSL Château d’If 5,089 19,994 2007 CMA CGM 4Q26 1Q27 35,500
GSL Susan 4,363 17,309 2008 CMA CGM 3Q27 1Q28 Footnote (16)
CMA CGM Jamaica 4,298 17,272 2006 CMA CGM 1Q28 2Q28 Footnote (16)
CMA CGM Sambhar 4,045 17,355 2006 CMA CGM 1Q28 2Q28 Footnote (16)
CMA CGM America 4,045 17,355 2006 CMA CGM 1Q28 2Q28 Footnote (16)
GSL Rossi 3,421 16,420 2012 ZIM 1Q26 3Q26 35,000
GSL Alice 3,421 16,543 2014 CMA CGM (3) 2Q28 3Q28 Footnote (3)
GSL Eleftheria 3,421 16,642 2013 Maersk 3Q25 4Q25 37,975
GSL Melina 3,404 16,703 2013 Maersk 4Q26 4Q26 29,900
Athena 2,980 13,538 2003 MSC 2Q27 3Q27 17,500 (17)
GSL Valerie 2,824 11,971 2005 ZIM 2Q27 3Q27 Footnote (18)
GSL Mamitsa (ex Matson Molokai) 2,824 11,949 2007 Footnote (19) 1Q28 2Q28 Footnote (19)
GSL Lalo 2,824 11,950 2006 MSC 2Q27 3Q27 18,000 (20)
GSL Mercer 2,824 11,970 2007 ONE 1Q27 2Q27 Footnote (21)
GSL Elizabeth 2,741 11,530 2006 Maersk 2Q26 2Q26 20,360
GSL Chloe (ex Beethoven) 2,546 12,212 2012 ONE 1Q27 2Q27 Footnote (21)
GSL Maren 2,546 12,243 2014 OOCL 1Q26 2Q26 16,500
Maira 2,506 11,453 2000 CMA CGM 4Q26 1Q27 26,000
Nikolas 2,506 11,370 2000 CMA CGM 4Q26 1Q27 26,000
Newyorker 2,506 11,463 2001 Maersk 2Q27 3Q27 Footnote (22)
Manet 2,288 11,534 2001 OOCL 3Q26 4Q26 24,000
Kumasi 2,220 11,652 2002 MSC 4Q26 1Q27 Footnote (23)
Julie 2,207 11,731 2002 MSC 3Q27 3Q27 Footnote (24)

 

(1) Modern design, high reefer capacity, fuel-efficient “ECO” vessel.
(2) In many instances, charterers have the option to extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time (“Offhire Extension”) is computed at the end of the initially contracted charter period. The Latest Charter Expiry Dates shown in this table have been adjusted to reflect offhire accrued up to June 30, 2025, plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers – may exceed the Latest Charter Expiry Dates indicated.
(3) CMA CGM Thalassa and GSL Alice were both forward fixed for 36 months +/- 45 days. CMA CGM Thalassa new charter is expected to commence in 4Q2025 and GSL Alice new charter commenced in 2Q2025, and are expected to generate annualized Adjusted EBITDA of approximately $14.0 million and $8.3 million, respectively.
(4) Anthea Y.  The current charter is expected to generate annualized Adjusted EBITDA of approximately $11.8 million. Anthea Y was forward fixed for 36 months +/- 30 days.  The new charter is expected to commence in 4Q 2025 and to generate annualized Adjusted EBITDA of approximately $12.6 million.
(5) Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q 2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately $9.5 million per ship;
(6) MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate annualized Adjusted EBITDA of approximately $6.9 million, $8.1 million, and $5.9 million, respectively. MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (“scrubbers”).
(7) GSL Ningbo is chartered at a rate expected to generate annualized Adjusted EBITDA of approximately $16.5 million.
(8) GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia delivered in 2Q 2023. Contract cover for each vessel is for a minimum firm period of 24 months from the date each vessel was delivered, with charterers holding one year extension options. GSL Sofia and GSL Effie options were exercised in January 2025. GSL Alexandra and GSL Lydia options were exercised in February 2025. The vessels are expected to generate average annualized Adjusted EBITDA of approximately $9.7 million per ship over the median firm period and average annualized Adjusted EBITDA of $4.9 million per ship if one year option is exercised.
(9) GSL Eleni, GSL Kalliopi and GSL Grania, are chartered for 35 – 38 months, after which the charterer has the option to extend each charter for a further 12 – 16 months. New charters commenced in 1Q2025 and each is expected to generate annualized Adjusted EBITDA of approximately $9.6 million for the firm period.
(10) Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/- 45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.
(11) GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship.
(12) GSL Vinia and GSL Christel Elizabeth are chartered for 36 – 40 months, after which the charterer has the option to extend each charter for a further 12 – 15 months. The new charters both commenced in 1Q 2025. The charters are expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per ship for the firm period.
(13) GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, with charterers holding a one-year extension option on each charter (at a rate of $12,900 per day), followed by a second option (at a rate of $12,700 per day) with the period determined by – and terminating prior to – each vessel’s 25th year drydocking & special survey. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea. In April 2025, the second extension option for GSL MYNY was also exercised.
(14) Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately $10.3 million.
(15) Dolphin II. Chartered by a leading liner company from 1Q 2025. Orca I. Forward fixed to a leading liner company, with the new charter expected to commence in 2H 2025. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $10.1 million per ship.
(16) GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per vessel.
(17) Athena was forward fixed for 24 – 30 months. The new charter is expected to commence in 3Q 2025 and is expected to generate average annualized Adjusted EBITDA of approximately $5.8 million.
(18) GSL Valerie is fixed in direct continuation for 24 – 27 months. The new charter is expected to generate average annualized Adjusted EBITDA of approximately $6.6 million.
(19) GSL Mamitsa was forward fixed to RCL for 30 – 32 months to commence in 3Q25 after current drydocking. The new charter is expected to generate average annualized Adjusted EBITDA of approximately $7.0 million.
(20) GSL Lalo was forward fixed for 24 – 30 months. The new charter is expected to commence in 3Q 2025 and to generate average annualized Adjusted EBITDA of approximately $5.6 million.
(21) GSL Mercer and GSL Chloe are both fixed for 23.5 – 26 months. The new charters both commenced in 1Q 2025.  The new charters are expected to generate average annualized Adjusted EBITDA of approximately $5.8 million per vessel.
(22) Newyorker is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $6.2 million.
(23) Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $4.4 million.
(24) Julie. Chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $2.0 million.  Julie was forward fixed for 24 – 30 months. The new charter is expected to commence in 3Q 2025 and to generate average annualized Adjusted EBITDA of approximately $3.0 million.
(25) In May 2025, Dimitris Y was contracted to be sold and is scheduled for delivery to the buyers in 4Q25 upon redelivery from the existing charter.
   

Conference Call and Webcast

Global Ship Lease will hold a conference call to discuss the Company's results for the three and six months ended June 30, 2025 today, Tuesday, August 5, 2025 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:

(1) Dial-in: (646) 307-1963 or (800) 715-9871; Event ID: 4124631

Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.

(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com

The webcast will also be archived on the Company’s website: http://www.globalshiplease.com.

Annual Report on Form 20-F

The Company’s Annual Report for 2024 was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 18, 2025. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company’s website at http://www.globalshiplease.com or on the SEC’s website at www.sec.gov. Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at info@globalshiplease.com or by writing to Global Ship Lease, Inc, c/o GSL Enterprises Ltd., 9 Irodou Attikou Street, Kifisia, Athens, 14561.

About Global Ship Lease

Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008.

Our fleet of 69 vessels as of June 30, 2025 had an average age weighted by TEU capacity of 17.7 years. 39 ships are wide-beam Post-Panamax.

As of June 30, 2025, the average remaining term of the Company’s charters, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.1 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.73 billion. Contracted revenue was $2.23 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 2.8 years.

Reconciliation of Non-U.S. GAAP Financial Measures

To supplement our financial information presented in accordance with U.S. GAAP, we use certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe that the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations, and therefore a more complete understanding of factors affecting our business and financial performance than U.S. GAAP measures alone. In addition, we believe that the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items or items outside of our control.

We believe that the presentation of the following non-U.S. GAAP financial measures is useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

A.   Adjusted EBITDA

Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, depreciation and amortization of drydocking net costs, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for share based compensation, fair value adjustment on derivative assets, income tax, and the effect of the straight lining of time charter modifications. Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of our ability to generate cash from our operations. We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry.

Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable U.S. GAAP measure due to the inherent difficulty in accurately forecasting and quantifying certain amounts necessary for such reconciliation, and we are not able to provide such reconciliation of such forward-looking non-U.S. GAAP financial measure without unreasonable effort and expense.

ADJUSTED EBITDA - UNAUDITED

(thousands of U.S. dollars)

    Three   Three   Six   Six  
    months ended   months ended   months ended   months ended  
    June 30, 2025   June 30, 2024   June 30, 2025   June 30, 2024  
           
Net income available to Common Shareholders   93,053     85,643     214,063     175,149  
           
Adjust: Depreciation and amortization   30,328     24,540     60,121     48,810  
  Loss/(gain on sale of vessels)   115     -     (28,343 )   -  
  Amortization of intangible liabilities   (3,319 )   (1,502 )   (6,533 )   (3,005 )
  Fair value adjustment on derivative asset   1,208     1,014     2,831     764  
  Interest income   (4,676 )   (4,143 )   (7,871 )   (7,827 )
  Interest expense   10,596     9,893     20,463     20,343  
  Share based compensation   2,122     2,156     4,244     4,460  
  Earnings allocated to preferred shares   2,384     2,384     4,768     4,768  
  Income Tax   -     1     -     1  
  Effect from straight lining time charter modifications   2,372     2,363     2,738     4,249  
Adjusted EBITDA   134,183     122,349     266,481     247,712  
                         

B.   Normalized net income

Normalized net income represents net income available to common shareholders after adjusting for certain non-recurring items. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry.

NORMALIZED NET INCOME – UNAUDITED

(thousands of U.S. dollars)

    Three   Three   Six
  Six
 
    months ended   months ended   months ended
  months ended
 
    June 30, 2025   June 30, 2024   June 30, 2025
  June 30, 2024
 
                   
Net income available to Common Shareholders   93,053     85,643     214,063     175,149  
                   
Adjust: Fair value adjustment on derivative assets   1,208     1,014     2,831     764  
  Loss/(gain) on sale of vessels   115     -     (28,343 )   -  
  Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility   -     -     102     -  
  Accelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility   216     -     216    
  Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility   382     -     382    
  Prepayment fee on full repayment of Macquarie Credit Facility   175     -     175    
  Effect from new share-based compensation awards plus acceleration and forfeit of certain share-based compensation awards   -     -     -     (201 )
                   
Normalized net income   95,149     86,657     189,426     175,712  
                         

C.   Normalized Earnings per Share

Normalized Earnings per Share represents Earnings per Share after adjusting for certain non-recurring items. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry.

NORMALIZED EARNINGS PER SHARE – UNAUDITED

  Three   Three   Six   Six  
  months ended   months ended   months ended   months ended  
  June 30, 2025   June 30, 2024   June 30, 2025   June 30, 2024  
                         
EPS as reported (USD)   2.61     2.43     6.01     4.98  
Normalized net income adjustments-Class A common shares (in thousands USD)   2,096     1,014     (24,637 )   563  
Weighted average number of Class A Common shares   35,612,413     35,174,969     35,598,601     35,201,716  
Adjustment on EPS (USD)   0.06     0.03     (0.69 )   0.01  
Normalized EPS (USD)   2.67     2.46     5.32     4.99  
                         

Dividend Policy

The declaration and payment of dividends will be subject at all times to the discretion of the Company’s Board of Directors. The timing and amount of dividends, if any, will depend on the Company’s earnings, financial condition, cash flow, capital requirements, growth opportunities, restrictions in its loan agreements and financing arrangements, the provisions of Marshall Islands law affecting the payment of dividends, and other factors. For further information on the Company’s dividend policy, please see its most recent Annual Report on Form 20-F.

Safe Harbor Statement

This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease's current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease's expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate", "believe", "continue", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", “should”, "project", "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.
The risks and uncertainties include, but are not limited to:

  • future operating or financial results;
  • expectations regarding the strength of future growth of the container shipping industry, including the rates of annual demand and supply growth;
  • geo-political events such as the continuing wars between Russia and Ukraine and Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between the U.S. and China, and ongoing political unrest and conflicts in the Middle East and other regions throughout the world;
  • the potential disruption of shipping routes, including due to lower water levels in the Panama Canal and the ongoing attacks by Houthis in the Red Sea;
  • public health threats, pandemics, epidemics, and other disease outbreaks around the world and governmental responses thereto;
  • the financial condition of our charterers and their ability and willingness to pay charterhire to us in accordance with the charters and our expectations regarding the same;
  • the overall health and condition of the U.S. and global financial markets;
  • changes in tariffs, trade barriers, and embargos, including recently imposed tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries;
  • our financial condition and liquidity, including our ability to obtain additional financing to fund capital expenditures, vessel acquisitions and for other general corporate purposes and our ability to meet our financial covenants and repay our borrowings;
  • our expectations relating to dividend payments and expectations of our ability to make such payments including the availability of cash and the impact of constraints under our loan agreements;
  • future acquisitions, business strategy and expected capital spending;
  • operating expenses, availability of key employees, crew, number of off-hire days, drydocking and survey requirements, costs of regulatory compliance, insurance costs and general and administrative costs;
  • general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
  • assumptions regarding interest rates and inflation;
  • changes in the rate of growth of global and various regional economies;
  • risks incidental to vessel operation, including piracy, discharge of pollutants and vessel accidents and damage including total or constructive total loss;
  • estimated future capital expenditures needed to preserve our capital base;
  • our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;
  • our continued ability to enter into or renew charters including the re-chartering of vessels on the expiry of existing charters, or to secure profitable employment for our vessels in the spot market;
  • our ability to realize expected benefits from our acquisition of secondhand vessels;
  • our ability to capitalize on our management’s and directors’ relationships and reputations in the containership industry to its advantage;
  • changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities;
  • expectations about the availability of insurance on commercially reasonable terms;
  • changes in laws and regulations (including environmental rules and regulations);
  • potential liability from future litigation; and
  • other important factors described from time to time in the reports we file with the SEC.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease's actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease's filings with the SEC. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.

     
Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated Balance Sheets

(Expressed in thousands of U.S. dollars except share data)
     
  As of,
   June 30, 2025      December 31, 2024  
ASSETS              
CURRENT ASSETS              
Cash and cash equivalents $ 415,599     $ 141,375  
Time deposits   15,000       26,150  
Restricted cash   48,995       55,583  
Accounts receivable, net   28,765       12,501  
Inventories   18,080       18,905  
Prepaid expenses and other current assets   28,685       31,949  
Derivative assets   10,318       14,437  
Due from related parties   843       342  
Total current assets $ 566,285     $ 301,242  
NON - CURRENT ASSETS              
Vessels in operation $ 1,918,103     $ 1,884,640  
Advances for vessels' acquisitions and other additions   6,785       18,634  
Deferred dry dock and special survey costs, net   101,467       91,939  
Other non - current assets   17,397       20,155  
Derivative assets, net of current portion   1,490       5,969  
Restricted cash, net of current portion   31,481       50,666  
Total non - current assets   2,076,723       2,072,003  
TOTAL ASSETS $ 2,643,008     $ 2,373,245  
LIABILITIES AND SHAREHOLDERS' EQUITY              
CURRENT LIABILITIES              
Accounts payable $ 45,590     $ 26,334  
Accrued liabilities   41,033       46,926  
Current portion of long-term debt   147,567       145,276  
Current portion of deferred revenue   47,030       44,742  
Due to related parties   720       723  
Total current liabilities $ 281,940     $ 264,001  
LONG-TERM LIABILITIES              
Long - term debt, net of current portion and deferred financing costs $ 613,955     $ 538,781  
Intangible liabilities-charter agreements   58,885       49,431  
Deferred revenue, net of current portion   45,257       57,551  
Total non - current liabilities   718,097       645,763  
Total liabilities $ 1,000,037     $ 909,764  
Commitments and Contingencies   -       -  
SHAREHOLDERS' EQUITY              
Class A common shares - authorized
214,000,000 shares with a $0.01 par value
35,612,584 shares issued and outstanding (2024 – 35,447,370 shares)
$ 357     $ 355  
Series B Preferred Shares - authorized
104,000 shares with a $0.01 par value
43,592 shares issued and outstanding (2024 – 43,592 shares)
  -       -  
Additional paid in capital   684,985       680,743  
Retained earnings   953,016       773,759  
Accumulated other comprehensive income   4,613       8,624  
Total shareholders' equity   1,642,971       1,463,481  
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,643,008     $ 2,373,245  
               


Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated Statements of Income

(Expressed in thousands of U.S. dollars)
       
  Three months ended June 30,   Six months ended June 30,
  2025     2024     2025     2024  
OPERATING REVENUES                      
Time charter revenues $ 188,540     $ 173,495     $ 376,301     $ 351,553  
Amortization of intangible liabilities-charter agreements   3,319       1,502       6,533       3,005  
Total Operating Revenues   191,859       174,997       382,834       354,558  
                       
                       
OPERATING EXPENSES:                      
Vessel operating expenses (include related party vessel operating expenses of $5,858 and $5,385 for each of the three-month periods ended June 30, 2025 and 2024, respectively, and $11,466 and $10,808 for each of the six-month periods ended June 30, 2025 and 2024, respectively)   50,511       47,180       100,519       95,038  
Time charter and voyage expenses (include related party time charter and voyage expenses of $1,787 and $2,125 for each of the three-month periods ended June 30, 2025 and 2024, respectively, and $3,719 and $4,317 for each of the six-month periods ended June 30, 2025 and 2024, respectively)   5,074       5,386       11,603       10,631  
Depreciation and amortization   30,328       24,540       60,121       48,810  
General and administrative expenses   4,069       4,049       8,674       9,138  
Loss/(gain) on sale of vessels   115       -       (28,343 )     -  
Operating Income   101,762       93,842       230,260       190,941  
                       
NON-OPERATING INCOME/(EXPENSES)                      
Interest income   4,676       4,143       7,871       7,827  
Interest and other finance expenses   (10,596 )     (9,893 )     (20,463 )     (20,343 )
Other income, net   803       950       3,994       2,257  
Fair value adjustment on derivative asset   (1,208 )     (1,014 )     (2,831 )     (764 )
Total non-operating expenses   (6,325 )     (5,814 )     (11,429 )     (11,023 )
Income before income taxes   95,437       88,028       218,831       179,918  
Income taxes   -       (1 )     -       (1 )
Net Income   95,437       88,027       218,831       179,917  
Earnings allocated to Series B Preferred Shares   (2,384 )     (2,384 )     (4,768 )     (4,768 )
Net Income available to Common Shareholders $ 93,053     $ 85,643     $ 214,063     $ 175,149  
                               


Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in thousands of U.S. dollars)
           
  Three months ended June 30,   Six months ended June 30,
  2025     2024     2025     2024  
Cash flows from operating activities:                      
Net income $ 95,437     $ 88,027     $ 218,831     $ 179,917  
Adjustments to reconcile net income to net cash provided by operating activities:                      
Depreciation and amortization $ 30,328     $ 24,540     $ 60,121     $ 48,810  
Loss/(gain) on sale of vessels   115       -       (28,343 )     -  
Amounts reclassified to other comprehensive income   -       311       -       551  
Amortization of derivative assets' premium   857       1,154       1,949       2,295  
Amortization of deferred financing costs   1,342       1,138       2,257       2,322  
Amortization of intangible liabilities-charter agreements   (3,319 )     (1,502 )     (6,533 )     (3,005 )
Fair value adjustment on derivative asset   1,208       1,014       2,831       764  
Prepayment fees on debt repayment   175       -       175       -  
Stock-based compensation expense   2,122       2,156       4,244       4,460  
Changes in operating assets and liabilities:                     -  
Increase in accounts receivable and other assets $ (3,227 )   $ (1,581 )   $ (10,242 )   $ (4,489 )
(Increase)/decrease in inventories   (1,742 )     (328 )     825       193  
Increase in derivative asset   -       (28 )     (194 )     (28 )
Increase/(decrease) in accounts payable and other liabilities   7,815       5,945       13,740       (139 )
Decrease/(increase) in related parties' balances, net   274       (739 )     (504 )     (356 )
Decrease in deferred revenue   (1,346 )     (7,526 )     (10,006 )     (14,454 )
Payments for drydocking and special survey costs   (10,804 )     (7,105 )     (27,104 )     (10,742 )
Unrealized foreign exchange gain   (2 )     (1 )     -       (4 )
Net cash provided by operating activities $ 119,233     $ 105,475     $ 222,047     $ 206,095  
Cash flows from investing activities:                      
Acquisition of vessels $ -     $ -     $ (61,541 )   $ -  
Cash paid for vessel expenditures   (2,537 )     (948 )     (9,799 )     (4,703 )
Advances for vessel acquisitions and other additions   (1,941 )     (5,894 )     (2,348 )     (7,527 )
Net (expenses)/proceeds from sale of vessels   (743 )     -       53,483       -  
Time deposits (acquired)/withdrawn   (4,550 )     (39,000 )     11,150       (39,000 )
Net cash used in investing activities $ (9,771 )   $ (45,842 )   $ (9,055 )   $ (51,230 )
Cash flows from financing activities:                      
Proceeds from drawdown of credit facilities/sale and leaseback   85,000       -       218,500       -  
Repayment of credit facilities/sale and leaseback   (29,892 )     (49,981 )     (70,889 )     (102,063 )
Prepayment of debt including prepayment fees   (64,493 )     -       (70,393 )     -  
Deferred financing costs paid   (850 )     -       (2,185 )     -  
Cancellation of Class A common shares   -       -       -       (4,994 )
Class A common shares-dividend paid   (18,763 )     (13,255 )     (34,806 )     (26,469 )
Series B preferred shares-dividend paid   (2,384 )     (2,384 )     (4,768 )     (4,768 )
Net cash (used in)/provided by financing activities $ (31,382 )   $ (65,620 )   $ 35,459     $ (138,294 )
Net increase/(decrease) in cash and cash equivalents and restricted cash   78,080       (5,987 )     248,451       16,571  
Cash and cash equivalents and restricted cash at beginning of the period   417,995       303,271       247,624       280,713  
Cash and cash equivalents and restricted cash at end of the period $ 496,075     $ 297,284     $ 496,075     $ 297,284  
Supplementary Cash Flow Information:                      
Cash paid for interest   11,846       14,724       23,061       30,626  
Cash received from interest rate caps   4,641       6,184       9,133       14,366  
Non-cash investing activities:                      
Acquisition of vessels and intangibles   -       -       15,987       -  
Non-cash financing activities:                      
Unrealized loss on derivative assets/ FX option   (2,459 )     (3,184 )     (5,960 )     (4,324 )
                               

Investor and Media Contacts:
IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438


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