Global Ship Lease Reports Results for the First Quarter of 2025

Forward contract cover locked in for 93% of 2025 days and 75% of 2026 days Annualized dividend increased to $2.10 per Class A Common Share ATHENS, Greece, May 19, 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 months ended March 31, 2025. First Quarter of 2025 Highlights and Other Recent Developments 1Q 2025 operating revenue of $191.0 million; up 6.3% on 1Q 2024.1Q 2025 net income available to common shareholders of $121.0 million, or $3.40 Earnings per Share (EPS); up 35.2% on 1Q 2024.1Q 2025 normalized net income3 of $94.3 million, or $2.65 normalized EPS³ up 5.8% on 1Q 2024.1Q 2025 Adjusted EBITDA3 of $132.3 million; up 5.5% on 1Q 2024.Added $352 million of contracted revenues during 1Q 2025, bringing total contracted revenues as of March 31, 2025 to $1.87 billion, over a weighted average remaining duration of 2.3 years.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 $28.5 million; the vessels were delivered to their new owners in 1Q 2025.Took delivery, in January 2025, of Czech, the fourth in a series of four high-reefer, ECO-9,000 TEU containerships contracted for purchase with charters attached in 4Q 2024 (“the 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 to 3.99% and weighted average maturity of debt to 5.1 years.Declared a dividend of $0.525 per Class A common share for the first quarter of 2025, to be paid on or about June 3, 2025 to common shareholders of record as of May 23, 2025. Paid a dividend of $0.45 per Class A common share for the fourth quarter of 2024 on March 6, 2025.Approximately $33.0 million of capacity remains available under our opportunistic share repurchase authorization. George Youroukos, our Executive Chairman, stated: “While geopolitical factors loom large throughout the transportation industry and the wider economy, we have managed to continue to build our charter coverage at attractive rates. The US tariff situation remains dynamic and, as we are all seeing play out in real time, the initial impact is disruptive to supply chains. However, the breadth and nature of future ramifications are difficult to predict, making flexibility, optionality, and agility more important than ever. Against this backdrop, we have seen continued demand for our mid-sized and smaller container ships from the liner operators as they look to maximize flexibility in their networks to accommodate changing cargo flows. In addition to the continued commercial appetite for our ships, we are pleased to see top-tier banks underline their confidence in Global Ship Lease by supporting our most recent successful re-financing. Moments of pronounced uncertainty and volatility have the potential to yield opportunities with outsized returns for a focused, disciplined, and well-capitalized shipowner; and it is our intention to be precisely that.” Thomas Lister, our Chief Executive Officer, stated: “Uncertainty, volatility, disruption, and cyclicality present both challenges and opportunities in shipping. In order to rise to those challenges and pounce on the opportunities, however, a combination of resilience and optionality is key; and we have focused our efforts over the last several years on building both. Our ships are operationally and commercially flexible and are not captive to any single trade or region; our balance sheet is in great shape, with financial leverage below 1x; our debt has a weighted average cost of 3.99% and a weighted average maturity runway of 5.1 years; and we have available cash dry powder for opportunistic purchases and fleet renewal. Meanwhile, we have continued to reinforce our forward contract cover, which now stands at just under $1.9 billion over a weighted average period of 2.3 years, we have grown our quarterly earnings per share to $2.65 (normalized), and we are increasing the return of capital to our shareholders by upsizing our quarterly dividend to $0.525 per common share ($2.10 per share, annualized). In short, our strategy and business model continue to deliver on our mission to provide investors with a stable and liquid platform from which to build shareholder value by participating in the cyclicality and upside volatility of our industry, while mitigating exposure to downside risk.” SELECTED FINANCIAL DATA – UNAUDITED (thousands of U.S. dollars) Three Three months ended months ended March 31, 2025 March 31, 2024 Operating Revenues (1) 190,975 179,561Operating Income128,498 97,099Net Income (2) 121,010 89,506Adjusted EBITDA (3) 132,298 125,363Normalized Net Income (3) 94,277 89,055 (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 $191.0 million in the first quarter of 2025, up $11.4 million (or 6.3%) on operating revenues of $179.6 million in the prior year period. The period-on-period increase in operating revenues was principally due to (i) a net effect of higher rates on charter renewals on a number of vessels, (ii) a non-cash $1.7 million increase in the effect from straight lining time charter modifications and a non-cash $1.5 million increase in the amortization of intangible liabilities arising on below-market charters attached to certain vessel additions and, (iii) the addition of the four Newly Acquired Vessels offset by an increase in off hire days. There were 406 days of offhire and idle time in the first quarter of 2025, of which 330 were for scheduled drydockings, compared to 73 days of offhire and idle time in the prior year period, of which 33 were for scheduled drydockings. Utilization for the first quarter of 2025 was 93.7% compared to utilization of 98.8% in the prior year period. The table below shows fleet utilization for the three months ended March 31, 2025 and 2024, and for the years ended December 31, 2024, 2023, 2022 and 2021. Three months ended Year Ended Mar 31, Mar 31, Dec 31, Dec 31, Dec 31, Dec 31, Days2025 2024 2024 2023 2022 2021 Ownership days6,404 6,188 24,937 24,285 23,725 19,427 Planned offhire – scheduled drydock(330)(33) (807) (701)(581)(752)Unplanned offhire(41)(40) (144) (233)(460)(260)Idle time(35)- (15) (62)(30)(88)Operating days5,998 6,115 23,971 23,289 22,654 18,327 Utilization93.7%98.8% 96.1% 95.9%95.5%94.3% As of March 31, 2025, one regulatory drydocking was in progress. In 2025, nine 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 4.4% to $50.0 million for the first quarter of 2025, compared to $47.9 million in the prior year period. The increase of $2.1 million was mainly due to (i) the addition of the four Newly Acquired Vessels, (ii) 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 (iii) the impact of inflation on fees and expenses, including management fees. The average cost per ownership day in the quarter was $7,809, compared to $7,734 for the prior year period, up $75 per day, or 1.0%. 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 $6.5 million for the first quarter of 2025, compared to $5.2 million in the prior year period. The increase was mainly due to an increase in bunkering expenses due to higher off hire days. Depreciation and Amortization Depreciation and amortization for the first quarter of 2025 was $29.8 million, compared to $24.3 million in the prior year period. The increase was mainly due to the 17 drydockings completed after March 31, 2024 and the addition of the four Newly Acquired Vessels in December 2024. General and Administrative Expenses General and administrative expenses were $4.6 million in the first quarter of 2025, compared to $5.1 million in the prior year 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. The average general and administrative expenses per ownership day for the first quarter of 2025 was $719, compared to $822 in the prior year period, a decrease of $103 or 12.5%. 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 $28.5 million in the first quarter of 2025. Adjusted EBITDA1 Adjusted EBITDA was $132.3 million for the first quarter of 2025, up from $125.4 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. Interest Expense and Interest Income Debt as at March 31, 2025 totaled $777.7 million, comprising $340.3 million of secured bank debt collateralized by vessels, $218.8 million of investment grade rated 5.69% Senior Secured Notes due 2027 (the “2027 Secured Notes”) collateralized by vessels, and $218.6 million under sale and leaseback financing transactions. As of March 31, 2025, 19 of our vessels were unencumbered. Debt as at March 31, 2024 totaled $771.1 million, comprising $400.6 million of secured bank debt collateralized by vessels, $271.3 million of the 2027 Secured Notes collateralized by vessels, and $99.2 million under sale and leaseback financing transactions. As of March 31, 2024, five vessels were unencumbered. Interest and other finance expenses for the first quarter of 2025 was $9.9 million, down from $10.5 million for the prior year period. The decrease was mainly due to our blended cost of debt, which, taking into account our interest rate caps, has significantly decreased from approximately 4.53% for the first quarter of 2024 to 4.09% for the first quarter of 2025 mainly due to our recent refinancing activity. 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. Interest income for the first quarter of 2025 was $3.2 million, down from $3.7 million for the prior year period mainly due to lower interest rates on time deposits. Other income, net Other income, net was $3.2 million in the first quarter of 2025, compared to $1.3 million in the prior year 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 $1.6 million for the first quarter of 2025 was recorded through the statement of income. Earnings Allocated to Preferred Shares Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the first quarter of 2025 was $2.4 million, the same as in the prior year period. Net Income Available to Common Shareholders Net income available to common shareholders for the first quarter of 2025 was $121.0 million. Net income available to common shareholders for the prior year period was $89.5 million. Earnings per share for the first quarter of 2025 was $3.40, an increase of 33.9% from the earnings per share for the prior year period, which was $2.54. Normalized net income1 for the first quarter of 2025 was $94.3 million. Normalized net income for the prior year period was $89.1 million. Normalized earnings per share1 for the first quarter of 2025 was $2.65, an increase of 4.7% from Normalized earnings per share for the prior year period, which was $2.53. 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 March 31, 2025, there were 69 containerships in the fleet, detailed in the table below: Capacity in TEUsLightweight (tons)Year BuiltChartererEarliest Charter Expiry DateLatest Charter Expiry Date (2)Daily Charter Rate $Vessel Name CMA CGM Thalassa11.0438.5772008CMA CGM3Q284Q2847,200 (3)ZIM Norfolk (1)9.11531.7642015ZIM2Q274Q2765Anthea Y (1)9.11531.892015MSC4Q281Q29Footnote (4)ZIM Xiamen (1)9.11531.822015ZIM3Q274Q2765Sydney Express (1)9.01931.2542016Hapag-Lloyd (5)1Q264Q29Footnote (5)Istanbul Express (1)9.01931.382016Hapag-Lloyd (5)3Q262Q30Footnote (5)Bremerhaven Express (1)9.01931.1992015Hapag Lloyd (5)1Q263Q29Footnote (5)Czech (1)9.01931.3192015Hapag-Lloyd (5)4Q263Q30Footnote (5)MSC Tianjin8.60334.2432005MSC (6)3Q274Q27Footnote (6)MSC Qingdao8.60334.6092004MSC (6)3Q274Q27Footnote (6)GSL Ningbo8.60334.342004MSC3Q271Q28Footnote (7)GSL Alexandra8.54437.8092004Maersk2Q263Q26Footnote (8)GSL Sofia8.54437.7772003Maersk3Q263Q26Footnote (8)GSL Effie8.54437.7772003Maersk3Q263Q26Footnote (8)GSL Lydia8.54437.7772003Maersk2Q263Q26Footnote (8)GSL Eleni7.84729.2612004Maersk4Q272Q29Footnote (9)GSL Kalliopi7.84729.2612004Maersk1Q283Q29Footnote (9)GSL Grania7.84729.2612004Maersk1Q283Q29Footnote (9)Colombia Express (ex Mary) (1) 7.07223.4242013Hapag-Lloyd4Q281Q31Footnote (10)Panama Express (ex Kristina) (1) 7.07223.4212013Hapag-Lloyd4Q294Q31Footnote (10)Costa Rica Express (ex Katherine) (1) 7.07223.4032013Hapag-Lloyd2Q293Q31Footnote (10)Nicaragua Express (ex Alexandra) (1)7.07223.3482013Hapag-Lloyd3Q294Q31Footnote (10)CMA CGM Berlioz7.02326.7762001CMA CGM4Q252Q2637.75Mexico Express (ex Alexis) (1)6.9123.9192015Hapag-Lloyd3Q294Q31Footnote (10)Jamaica Express (ex Olivia I) (1)6.9123.8642015Hapag-Lloyd3Q294Q31Footnote (10)GSL Christen6.85827.9542002Maersk4Q271Q28Footnote (11)GSL Nicoletta6.85828.072002Maersk1Q282Q28Footnote (11)Agios Dimitrios6.57224.9312011MSC (6)2Q273Q27Footnote (6)GSL Vinia6.0823.7372004Maersk1Q284Q29Footnote (12)GSL Christel Elisabeth6.0823.7452004Maersk1Q283Q29Footnote (12)GSL Arcadia6.00824.8582000Maersk3Q251Q2612,900 (13)GSL Violetta6.00824.8732000Maersk2Q254Q2512,900 (13)GSL Maria6.00824.4142001Maersk4Q251Q2712,900 (13)GSL MYNY6.00824.8762000Maersk2Q251Q2612,900 (13)GSL Melita6.00824.8482001Maersk1Q263Q2612,900 (13)GSL Tegea5.99424.3082001Maersk1Q263Q2612,900 (13)GSL Dorothea5.99424.2432001Maersk1Q263Q2612,900 (13)Dimitris Y (ex Zim Europe)5.93625.012000ONE2Q253Q2533.9Ian H5.93625.1282000COSCO4Q274Q27Footnote (14)GSL Tripoli5.4722.1092009Maersk3Q274Q2717.25GSL Kithira5.4722.2592009Maersk4Q271Q2817.25GSL Tinos5.4722.0682010Maersk3Q274Q2717.25GSL Syros5.4722.0992010Maersk4Q274Q2717.25Dolphin II5.09520.5962007Footnote (15)1Q282Q28Footnote (15)Orca I5.09520.6332006Maersk (15)3Q284Q2821,000 (15)CMA CGM Alcazar5.08920.0872007CMA CGM3Q261Q2735.5GSL Château d’If5.08919.9942007CMA CGM4Q261Q2735.5GSL Susan4.36317.3092008CMA CGM3Q271Q28Footnote (16)CMA CGM Jamaica4.29817.2722006CMA CGM1Q282Q28Footnote (16)CMA CGM Sambhar4.04517.3552006CMA CGM1Q282Q28Footnote (16)CMA CGM America4.04517.3552006CMA CGM1Q282Q28Footnote (16)GSL Rossi3.42116.422012ZIM1Q263Q2635GSL Alice3.42116.5432014CMA CGM2Q283Q2820,500 (3)GSL Eleftheria3.42116.6422013Maersk3Q254Q2537.975GSL Melina3.40416.7032013Maersk4Q264Q2629.9Athena2.9813.5382003MSC2Q273Q2717,500 (17)GSL Valerie2.82411.9712005ZIM2Q273Q2732,000 (18)GSL Mamitsa (ex Matson Molokai)2.82411.9492007Matson2Q252Q2536.6GSL Lalo2.82411.952006MSC2Q273Q2718,000 (19)GSL Mercer2.82411.972007ONE1Q272Q27Footnote (20)GSL Elizabeth2.74111.532006Maersk2Q262Q2620.36GSL Chloe (ex Beethoven)2.54612.2122012ONE1Q272Q27Footnote (20)GSL Maren2.54612.2432014OOCL1Q262Q2616.5Maira2.50611.4532000CMA CGM4Q261Q2726Nikolas2.50611.372000CMA CGM4Q261Q2726Newyorker2.50611.4632001Maersk2Q252Q2517.25Manet2.28811.5342001OOCL3Q264Q2624Kumasi2.2211.6522002MSC4Q261Q27Footnote (21)Julie2.20711.7312002MSC3Q273Q27Footnote (22) (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 March 31, 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 and GSL Alice new charters are expected to commence in 4Q2025 and 2Q2025, respectively, and to generate annualized Adjusted EBITDA of approximately $14.0 million and $8.4 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 at charterer’s option. 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 are 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.(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 was forward fixed in direct continuation for 24 – 27 months to commence after drydocking. The new charter is expected to generate average annualized Adjusted EBITDA of approximately $6.6 million.(19) 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.(20) 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.(21) Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $4.4 million.(22) 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.(23) Tasman, Keta and Akiteta were sold in 1Q 2025. Conference Call and Webcast Global Ship Lease will hold a conference call to discuss the Company's results for the three months ended March 31, 2025 today, Monday, May 19, 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: 7533230 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 Securities and Exchange Commission (the “Commission”) 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 Commission’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 March 31, 2025 had an average age weighted by TEU capacity of 17.5 years. 39 ships are wide-beam Post-Panamax. As of March 31, 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 2.3 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.87 billion. Contracted revenue was $2.37 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.0 years. Investor and Media Contacts: IGB GroupBryan Degnan646-673-9701orLeon Berman 212-477-8438 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 EBITDAAdjusted 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 derivatives, 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 months months ended ended March 31, March 31, 2025 2024 Net income available to Common Shareholders121,010 89,506 Adjust:Depreciation and amortization29,793 24,270 Gain on sale of vessels(28,458)- Amortization of intangible liabilities(3,214)(1,503) Fair value adjustment on derivative asset1,623 (250) Interest income(3,195)(3,684) Interest expense9,867 10,450 Share based compensation2,122 2,304 Earnings allocated to preferred shares2,384 2,384 Effect from straight lining time charter modifications366 1,886 Adjusted EBITDA132,298 125,363 B. Normalized net incomeNormalized 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 months months ended ended March 31, March 31, 2025 2024 Net income available to Common Shareholders121,010 89,506 Adjust:Fair value adjustment on derivative assets1,623 (250) Gain on sale of vessels(28,458)- Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility102 - Effect from new share-based compensation awards plus acceleration and forfeit of certain share-based compensation awards- (201) Normalized net income94,277 89,055 C. Normalized Earnings per ShareNormalized 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 months months ended ended March 31, March 31, 2025 2024 EPS as reported (USD)3.40 2.54 Normalized net income adjustments-Class A common shares (in thousands USD)(26,733)(451)Weighted average number of Class A Common shares35,584,556 35,229,566 Adjustment on EPS (USD)(0.75)(0.01)Normalized EPS (USD)2.65 2.53 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; andother important factors described from time to time in the reports we file with the U.S. Securities and Exchange Commission (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, March 31, 2025 December 31, 2024ASSETS CURRENT ASSETS Cash and cash equivalents$323,252$141,375Time deposits 10,450 26,150Restricted cash 53,165 55,583Accounts receivable, net 21,129 12,501Inventories 16,338 18,905Prepaid expenses and other current assets 32,097 31,949Derivative assets 12,365 14,437Due from related parties 1,631 342Total current assets$470,427$301,242NON - CURRENT ASSETS Vessels in operation$1,939,470$1,884,640Advances for vessels' acquisitions and other additions 5,048 18,634Deferred dry dock and special survey costs, net 98,182 91,939Other non - current assets 18,394 20,155Derivative assets, net of current portion 3,110 5,969Restricted cash, net of current portion 41,578 50,666Total non - current assets 2,105,782 2,072,003TOTAL ASSETS$2,576,209$2,373,245LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable$32,788$26,334Accrued liabilities 47,950 46,926Current portion of long-term debt 139,188 145,276Current portion of deferred revenue 45,138 44,742Due to related parties 1,234 723Total current liabilities$266,298$264,001LONG-TERM LIABILITIES Long - term debt, net of current portion and deferred financing costs$631,051$538,781Intangible liabilities-charter agreements 62,204 49,431Deferred revenue, net of current portion 48,495 57,551Total non - current liabilities 741,750 645,763Total liabilities $1,008,048$909,764Commitments and Contingencies - -SHAREHOLDERS' EQUITY Class A common shares - authorized214,000,000 shares with a $0.01 par value35,605,438 shares issued and outstanding (2024 – 35,447,370 shares)$357$355Series B Preferred Shares - authorized104,000 shares with a $0.01 par value43,592 shares issued and outstanding (2024 – 43,592 shares) - -Additional paid in capital 682,863 680,743Retained earnings 878,726 773,759Accumulated other comprehensive income 6,215 8,624Total shareholders' equity 1,568,161 1,463,481TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,576,209$2,373,245 Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Income (Expressed in thousands of U.S. dollars) Three months ended March 31, 2025 2024 OPERATING REVENUES Time charter revenues$187,761 $178,058 Amortization of intangible liabilities-charter agreements 3,214 1,503 Total Operating Revenues 190,975 179,561 OPERATING EXPENSES: Vessel operating expenses (include related party vessel operating expenses of $5,608 and $5,423 for each of the three month periods ended March 31, 2025 and 2024, respectively) 50,008 47,858 Time charter and voyage expenses (include related party time charter and voyage expenses of $1,932 and $2,192 for each of the three month periods ended March 31, 2025 and 2024, respectively) 6,529 5,245 Depreciation and amortization 29,793 24,270 General and administrative expenses 4,605 5,089 Gain on sale of vessels (28,458) - Operating Income 128,498 97,099 NON-OPERATING INCOME/(EXPENSES) Interest income 3,195 3,684 Interest and other finance expenses (9,867) (10,450)Other income/(expenses), net 3,191 1,307 Fair value adjustment on derivative asset (1,623) 250 Total non-operating expenses (5,104) (5,209)Income before income taxes 123,394 91,890 Income taxes - - Net Income 123,394 91,890 Earnings allocated to Series B Preferred Shares (2,384) (2,384)Net Income available to Common Shareholders$121,010 $89,506 Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in thousands of U.S. dollars) Three months ended March 31, 2025 2024 Cash flows from operating activities: Net income$123,394 $91,890 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization$29,793 $24,270 Gain on sale of vessels (28,458) - Amounts reclassified to other comprehensive income - 240 Amortization of derivative assets' premium 1,092 1,141 Amortization of deferred financing costs 915 1,184 Amortization of intangible liabilities-charter agreements (3,214) (1,503)Fair value adjustment on derivative asset 1,623 (250)Stock-based compensation expense 2,122 2,304 Changes in operating assets and liabilities: Increase in accounts receivable and other assets$(7,015) $(2,908)Decrease in inventories 2,567 521 Increase in derivative asset (194) - Increase/(decrease) in accounts payable and other liabilities 5,924 (6,084)(Increase)/decrease in related parties' balances, net (778) 383 Decrease in deferred revenue (8,660) (6,928)Payments for drydocking and special survey costs (16,300) (3,637)Unrealized foreign exchange loss/(gain) 3 (3)Net cash provided by operating activities$102,814 $100,620 Cash flows from investing activities: Acquisition of vessels$(61,541) $- Cash paid for vessel expenditures (7,262) (3,755)Advances for vessel acquisitions and other additions (407) (1,633)Net proceeds from sale of vessels 54,226 - Time deposits withdrawn 15,700 - Net cash provided by/(used in) investing activities$716 $(5,388)Cash flows from financing activities: Proceeds from drawdown of sale and leaseback 133,500 - Repayment of credit facilities/sale and leaseback (40,997) (52,082)Prepayment of debt (5,900) - Deferred financing costs paid (1,335) - Cancellation of Class A common shares - (4,994)Class A common shares-dividend paid (16,043) (13,214)Series B preferred shares-dividend paid (2,384) (2,384)Net cash provided by/(used in) financing activities$66,841 $(72,674)Net increase in cash and cash equivalents and restricted cash 170,371 22,558 Cash and cash equivalents and restricted cash at beginning of the period 247,624 280,713 Cash and cash equivalents and restricted cash at end of the period$417,995 $303,271 Supplementary Cash Flow Information: Cash paid for interest 11,215 15,902 Cash received from interest rate caps 4,492 8,182 Non-cash investing activities: Acquisition of intangibles 15,987 - Non-cash financing activities: Unrealized loss on derivative assets/ FX option (3,501) (1,140)

Global Ship Lease Reports Results for the First Quarter of 2025

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