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GLOBAL SHIP LEASE Global Ship Lease Reports Results for the Third Quarter of 2021 November 10 , 2021 Declares Dividend of $ 0.25 per Common Share Expanded Fleet by over 50 % in Year to Date , with all Acquired Ships Now Delivered and on Charter LONDON , Nov. 10 , 2021 ( 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 nine month periods ended September 30 , 2021 . Third Quarter 2021 and Year To Date Highlights -- Reported operating revenue of $ 138.6 million for the third quarter 2021. Operating revenue for the nine months ended September 30 , 2021 was $ 294.4 million . Reported net income available to common shareholders of $ 62.9 million for the third quarter 2021 after a prepayment fee of $ 0.2 million on the repayment of the Hayfin Facility , giving normalized net income ( 3 ) for the quarter of $ 63.1 million . - For the nine months ended September 30 , 2021 , net income available to common shareholders was $ 97.1 million , after $ 5.8 million premium paid on the full optional redemption of our outstanding 9.875 % Senior Secured Notes due 2022 ( " 2022 Notes " ) on January 20 , 2021 , associated non - cash write offs of deferred financing charges of $ 3.7 million and of original issue discount of $ 1.1 million , a non - cash charge of $ 1.3 million for accelerated stock based compensation expense , a prepayment fee of $ 1.6 million on the partial repayment of the Blue Ocean Junior Credit Facility , a prepayment fee of $ 1.4 million on the completion of the refinancing of the Odyssia Credit Facilities , a prepayment fee of $ 0.2 million on the repayment of Hayfin Facility and a $ 7.8 million net gain from the sale of La Tour , giving normalized net income ( 3 ) for the nine months of $ 104.6 million . - Generated $ 72.7 million of Adjusted EBITDA ( 3 ) for the third quarter 2021. Adjusted EBITDA ( 3 ) for the nine months ended September 30 , 2021 was $ 166.5 million . - Earnings per share for the third quarter of 2021 , as reported , was $ 1.73 . Normalized earnings per share ( 3 ) for the third quarter of 2021 was $ 1.74 . Earnings per share for the nine months ended September 30 , 2021 , as reported , was $ 2.80 . Normalized earnings per share ( 3 ) for the nine months ended September 30 , 2021 was $ 3.01 . - Declared a dividend of $ 0.25 per Class A common share for the third quarter of 2021 to be paid on December 2 , 2021 to common shareholders of record as of November 22 , 2021. Paid a dividend of $ 0.25 per Class A common share for the second quarter 2021 on September 3 , 2021 to common shareholders of record as of August 23 , 2021 . - During the third quarter 2021 , raised $ 16.9 million net proceeds under the ATM program for the 8.75 % Series B Preferred Shares ( " Series B Preferred Shares " ) . During the period from October 1 , 2021 through November 9 , 2021 , a further $ 0.03 million net proceeds was raised under this ATM program and since the inception of this ATM program in December 2019 , a total of $ 71.4 million net proceeds has been raised , non - dilutive funding and facilitating both growth and the refinancing of more expensive debt . As of September 30 , 2021 , we had 43,579 Series B Preferred Shares outstanding . - On June 8 , 2021 , announced the agreement to purchase 12 containerships from Borealis Finance LLC ( the " Borealis Fleet " ) , with an average size of approximately 3,000 TEU and a weighted average age of 11 years for an aggregate purchase price of $ 233.9 million . All of these vessels were delivered in July 2021 . - The total outstanding on our Senior Unsecured Notes due 2024 ( the " 2024 Notes " ) as at September 30 , 2021 was $ 117.5 million , which includes the issuance in July 2021 of $ 35.0 million aggregate principal amount of the 2024 Notes to the sellers of the Borealis Fleet , as part of the consideration . Since the inception of the ATM program for the 2024 Notes in November 2019 , a total of $ 50.9 million net proceeds has been raised . We did not sell any 2024 Notes under our ATM program in the third quarter of 2021 . - On June 16 , 2021 , announced the agreement to purchase four 5,470 TEU ultra - high reefer capacity Panamax containerships with an average age of approximately 11 years for an aggregate purchase price of $ 148.0 million . Three of these vessels were delivered to us in September 2021 and the remaining vessel was delivered on October 13 , 2021. All 23 ships acquired year - to - date have now been delivered and are on charter . - On August 20 , 2021 , S & P upgraded the Corporate Family Rating to BB- from B + . - On August 27 , 2021 , entered into a term loan facility of $ 12.0 million with Sinopac Capital International ( HK ) Limited to refinance the Hayfin Facility , which was the last facility maturing in 2022. There are now no material debt maturities until May 2024 . - On September 1 , 2021 , announced the purchase and retirement of 521,650 shares for $ 10.0 million , reducing our issued and outstanding shares to 36,216,803 as of that date . - Between January 1 and November 9 , 2021 , including the charters on the 23 ships purchased year to date , added 48 charters ( including extensions ) , representing approximately $ 1.25 billion of contracted revenues and $ 929.0 million of expected aggregate Adjusted EBITDA ( 3 ) , calculated on the basis of the median firm periods of the respective charters . 25 charters were for 1,100-3,500 TEU feeder ships , nine were for 4,250 - 5,470 TEU Panamax ships , and 14 were for 5,900 - 6,800 TEU Post - Panamaxes . Charter durations ranged from approximately 21 months to five years , with shorter durations for the smaller ships and longer durations for the larger ships . Rates were up significantly against those previously contracted .