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January 2026 1January 2026 Introducing Global Ship Lease Investor Presentation January 2026
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January 2026 2January 2026 This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation regarding any securities. The financial information and data contained in this communication is unaudited. This communication includes certain numerical measures (including estimated financial information presented as pro-forma financial measures) that are not derived in accordance with generally accepted accounting principles (“GAAP”), and which may be deemed to be non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities & Exchange Commission (“SEC”). Global Ship Lease believes that the presentation of these non-GAAP financial measures serves to enhance the understanding of the financial performance of Global Ship Lease. However, these non-GAAP financial measures should be considered in addition to and not as substitutes for, or superior to, financial measures of financial performance prepared in accordance with GAAP. Please refer to the appendix appearing at the end of this presentation and the last quarter’s earnings press release for a discussion of these non-GAAP financial measures and a reconciliation of these measures to the most comparable GAAP measures. The “contracted revenue” presented herein is based on firm commitments represented by signed charters. However, the actual amount or revenues earned and the actual periods during which revenues are earned may differ significantly from the information presented herein. No representations or warranties, express or implied are given in, or in respect of the accuracy or completeness of any information included in, this presentation. Recipients of this presentation are not to construe its contents, or any prior or subsequent communications from or with Global Ship Lease or its representatives as financial, investment, legal, tax, business, or other professional advice. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Global Ship Lease. Recipients of this presentation should consult with their own advisers and should each make their own evaluation of Global Ship Lease and of the relevance and adequacy of the information. Furthermore, this presentation contains certain tables and other statistical analyses (the “Statistical Information”). Numerous assumptions were used in preparing the Statistical Information, which may not be reflected herein. Certain Statistical Information is derived from estimates and subjective judgments made by third parties. As such, no assurance can be given as to the accuracy, appropriateness or completeness of the Statistical Information as used in any particular context; nor as to whether the Statistical Information and/or the judgments and assumptions upon which they are based reflect present market conditions or future market performance. Unless otherwise specified, all information in this presentation is as of the date of this presentation. Neither the delivery of this presentation nor any other communication with you shall, under any circumstances, create any implication that there has been no change in Global Ship Lease’s affairs since such date. Except as otherwise noted herein, Global Ship Lease does not intend to, nor will it assume any obligation to, update this presentation or any of the information included herein. Uncertainties regarding Geopolitical Conflicts There is uncertainty regarding the macro-economic environment and the broader global economic impact of geopolitical conflicts, such as the continuing war between Russia and Ukraine and ongoing tensions between Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between U.S. and China, the imposition of tariffs, trade barriers, sanctions and embargoes, including recently imposed tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries, uncertainties surrounding recently implemented and suspended port fee regimes in the United States and China, ongoing political unrest and conflicts in the Middle East and other regions throughout the world, and disruption of shipping routes resulting from the ongoing attacks by Houthis in the Red Sea. While Global Ship Lease cannot predict the long-term economic impact of these and other similar events, it will continue to actively monitor these situations and may take further actions to alter its business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where Global Ship Lease operates. As a result, many of Global Ship Lease’s estimates and assumptions required increased judgement and carry a higher degree of variability and volatility. The ultimate effects that any such alterations or modifications may have on Global Ship Lease’s business are not clear, including any potential negative effects on its business operations and financial results. Disclaimer
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January 2026 3January 2026 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. Our actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in our filings with the SEC. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this presentation, as predictions of future events. Except as required by law, we undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this presentation or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks that we describe in the reports we will file from time to time with the SEC after the date of this presentation. This presentation contains forward-looking statements. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our 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 we 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; • geopolitical events such as the ongoing war between Russia and Ukraine, ongoing tensions between 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; • uncertainties surrounding recently implemented and suspended port fee regimes in the United Sates and China; • the potential disruption of shipping routes, including due to low water levels in the Panama Canal and 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 and financing arrangements; • 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; • future acquisitions, business strategy, and expected capital spending; • 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 our 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. Safe Harbor Statement
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January 2026 4January 2026 Global Ship Lease (“GSL”) Top tier provider of ships to world’s biggest liner companies Leading independent containership owner and lessor focused on mid-size and smaller fleet segments with supportive fundamentals 1 3 2 Poised to maximize value throughout the cycle: optimizing durations of attractive charters amid charter market strength, but highly opportunistic and dynamic when countercyclical opportunities arise Attractive dividend, low leverage, low breakeven rates, strong cash flow visibility, low cost of borrowing (4.34%), and strong credit ratings (Ba2, BB+, BB+)³ 5 6 4 Nearly $2 billion of contracted revenues over 2.5 year average duration², with 96% coverage for 2026 and 74% for 2027 Global footprint and customer base align with overall growth of containerized trade (up ~5% 2025 YoY¹), rather than with any limited sub-set of tradelanes (1) Estimated growth of global containerized trade volumes in 2025 v. 2024 (2) As at September 30, 2025; average remaining contract cover (years) is TEU-weighted (3) Corporate credit ratings affirmed at Ba2 (Moody’s) / BB+ (S&P) / BB+ (KBRA); $350 million USPP Notes maturing 2027 rated BBB (investment grade) by KBRA: Stable outlook for all
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January 2026 5January 2026Our Business Model - Leasing v. Shipping Geopolitical tensions, trade disruptions, tariffs • Own and manage vessels which are leased to liner companies • Typically employed on time charter contracts with fixed day rates and durations up to several years • Responsible for maintenance, crewing, lubricants, insurance and daily technical operations • No fuel cost or direct exposure to freight market • Cash flows backed by charters • Source and aggregate cargo from shippers • Load and discharge containers • Ocean carriage • Land-based logistics • Responsible for fuel costs • Profitable over time, but volatile cash flows; substantial capital needs Liners highly acquisitive in recent years, sharply reducing the liquidity of the charter market – to the benefit of owners who remain in the charter market Containership Owners (Lessors) Container Liner Companies (Lessees¹) (1) Selection of Lessees is Illustrative
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January 2026 6 (1) Clarksons (Sea Net) – 30-day sailing period in 2023, before Red Sea & Suez disruption (2) Maritime Strategies International Ltd (MSI) - Mainlanes (Transpacific, Asia-Europe, Transatlantic) represented 26.3% of global containerized trade volumes in 2024; Non- Mainlanes accounted for 73.7% Deployment of sub-10,000 TEU ships: everywhere¹ Deployment of 10,000+ TEU ships: arterial trades¹ GSL focus High-reefer, mid-size & smaller containerships ~74% Proportion of global containerized trade volume in non - Mainlane trades² Sub-10,000 TEU Non - Mainlane trades predominantly served by mid-sized & smaller ships Reefer cargo Fastest growing & most lucrative cargo segment We Provide Mid-Size & Smaller Containerships; Flexible Assets & Backbone of Global Trade
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January 2026 7January 2026 Our Transformative 5-Year Performance Annualized Dividend Run-Rate² (1) Adjusted EBITDA, Normalized EPS, and Leverage are Non -GAAP financial measures. Please see Appendix for reconciliation with US GA AP (2) Overall quarterly dividend increased to $0.625 per common share ($2.50 annualized), commencing with 3Q25 dividend (paid in De cember 2025) $212.8 million $575.5 million $123.0 million $396.7 million $26.8 million $306.7 million 4.6x 0.5x - $2.50 9M 2020 9M 2025 Leverage (Net Debt/Adj. EBITDA)¹ Net Income Normalized EPS¹ Adjusted EBITDA¹ Revenue 2.70x 11.44x 3.23x 6.40x -89% ++++ 5 Year Transformation $1.24 $7.94
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January 2026 8 We Continue to Build Contract Cover with Top Tier, Diversified Liner Company Charterer Base $1.92 billion Contracted revenues @ September 30, 2025¹ 2.5 TEU-weighted cover @ September 30, 2025¹ Including charter extension options exercised Added in 9M 2025² years of average remaining contract cover 38 charters added 9M 2025² CMA CGM 14% (France) Hapag-Lloyd 24% (Germany) Maersk 21% (Denmark) ZIM 6% (Israel) MSC 27% (Switzerland) COSCO / OOCL 6% (China, incl. Hong Kong) ONE 1% (Singapore) RCL 1% (Thailand) Share of Contracted Revenues, by Charterer¹ (1) Contracted revenues, share of contracted revenue by charterer, and TEU-weighted average contract cover as at September 30, 2025; median period. See GSL Earnings Release of November 10, 2025, for outline terms and minimum / maximum redelivery windows of our charter portfolio. The actual amount of revenues and the actual period during which revenues are earned may differ from the amounts and periods shown. TEU (“twenty-foot equivalent unit”) measures containership cargo capacity (2) Includes all charters and extensions agreed, including options exercised, up to September 30, 2025, based on the median firm periods of the respective charters $778 million additional contracted revenues
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January 2026 9January 2026 Disruption & Uncertainty are Supportive of Earnings Heightened geopolitical volatility is destabilizing trade policy and amplifying supply chain risk 1 3 2 4 Charter market is shrinking, as liner companies buy secondhand ships. Scarcity increases earnings and value of remaining owners 5 Global fleet below 10k TEU, where we focus, is structurally underbuilt Global containerized trade continues to grow (+5% in 2025), despite the noise; but trade patterns are changing Increased diversification, complexity, and inefficiency across global containerized supply chains drive need for more ships 6 At times of uncertainty and disruption, optionality is valuable. We are providers of optionality (operationally flexible capacity) for liners
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January 2026 10 Impact of Red Sea Disruption has been Significant; Going Forward, Red Sea Dynamics are Unpredictable (1) Maritime Strategies International Ltd (MSI) (2) Estimated annualized impact on effective capacity of global containership fleet if all Suez-related trades were to be diverted around Cape of Good Hope (COGH), while holding all other variables constant 20% Cargo passing via Suez, pre-Red Sea disruption¹ 34% Capacity deployed via Suez, pre-Red Sea disruption¹ Fleet capacity is absorbed by re-routing via COGH¹ ² Absorption of effective capacity is supportive (10%) 0 2,000 4,000 6,000 8,000 10,000 12,000 Via COGH Via Suez Distance (nm) Distance Implications of Red Sea Disruption & Re-Routing of Suez Trades via Cape of Good Hope (COGH)¹ of global containerized trade volumes of global containership fleet capacity impact on effective global capacity (supply) impact on rates in freight & charter markets Liner operators looking for sustained stability & safety before contemplating costly & complex re-routing of service networks via Red Sea
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January 2026 11 Impact of US Tariffs & China’s Reaction is Unpredictable; 2019 Trade Tensions may be Instructive (Directionally) Liner operators currently hesitant to resume Red Sea transits. Service network complexity makes re-routing costly. China / US Mainlane Reduced direct trade, following 2019 tariffs Disruption to China-focused supply chains Negative impact on very large containerships dependent on (direct) mainlane trade Increased trade volumes following 2019 tariffs Diversification of supply chains throughout region Increased demand for small & mid-size ships to support indirect / hub & spoke trades Intra-Asia Takeaways Regional trade volumes increased with tariffs Supply chain diversification has persisted Increased inefficiency in the supply chain can drive increased demand for shipping capacity
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January 2026 12 We Allocate Capital Dynamically through the Cycle Consideration of risks to cash flows, and sustainability and profitability of business through the cycle Forward visibility on contracted cash-flows Macro risks Risks and opportunities of industry cyclicality Regulatory environment Evolving challenges and opportunities presented by decarbonization Growing need for fleet renewal to support forward cash flows, as existing fleet ages Capital allocation driven by relative returns, adjusted for risk Return of capital to investors: - Dividends¹: increased (again) to $2.50 per common share, annualized - Share buy-backs: $57.0 million to date2; Authorization for further $33.0 million3 De-levering to manage balance sheet risk and build equity value CAPEX to meet evolving regulatory & market demands of decarbonization; energy-saving retrofit negotiations with charterers ongoing Cash liquidity for resilience and optionality in an uncertain geopolitical environment Accretive growth & fleet renewal on a selective, disciplined basis Capitalize on cycle to generate long- term value for shareholders Business model intended to provide investors with a stable & liquid platform to participate in cyclical upside & positive volatility of industry, while mitigating exposure to downside risk Share liquidity, to allow investors to enter and exit opportunistically “Easier [for investors] to buy & sell [GSL] shares than to buy and sell ships” (1) Increase in annualized dividend, from $2.10 to $2.50 per common share, comprising $1.50 base dividend + $1.00 supplemental di vidend, from 3Q2025 (paid in December 2025) (2) $10.0 million in 3Q 2021, $20.0 million in 2022, $22.0 million in 2023, $5.0 million in 1Q 2024; aggregating to $57.0 million, at an average re-purchase price of $18.52 (3) $33.0 million of capacity remains under our opportunistic share buy-back authorization
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January 2026 13We Use the Cycle to Create Significant Long-Term Value 0 50 100 150 200 250 300 350 400 450 Newbuild Price Index 1 Yr TC Rate Index Second Hand Price Index June 2021 4 x ultra-high reefer ships June 2021 12 Borealis ships February 2021 7 x 6,000 TEU ships November 2019 2 x 6,100 TEU ships May 2019 3 x 7,800 TEU ships November 2019 2 x 6,800 TEU ships May 2023 4 x 8,500 TEU ships November 2018 GSL & Poseidon merge, doubling fleet Charter Rate & Asset Value Indices (100 = Average 2003 to 9M 2025) December 2024 4 x 9,000 TEU ships (30% Discount) 20212009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023200820072006200520042003 2024 9M25 December 2025 3 x 8,600 TEU ships (“3 for price of 1”)¹ Chart data: Maritime Strategies International Ltd (MSI) – index data through September 30, 2025; (1) See our press release of December 1, 2025 for details
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January 2026 14 (1) Gross debt outstanding at each period-end; 2022, 2023, 2024 actual, 2025 & 2026 illustrative based on the debt and scheduled am ortization detailed on slide 30 of our 3Q25 Earnings Presentation (2) Adjusted EBITDA and Adjusted Net Debt (adjusted for Working Capital) are non-US GAAP measures; please see Appendix for reconciliation with US GAAP 950 823 691 695 547 0 100 200 300 400 500 600 700 800 900 1000 Debt Outstanding ($ mm)¹ Adj. Net Debt / Adj. EBITDA (x)2 De-Risking of Balance Sheet Continues¹ Reduced Financial Leverage² Increases Resilience & Flexibility We De-lever to De-risk, Grow Equity Value, and Increase Optionality Aggressive amortization schedule¹ to continue to de-risk balance sheet Financial leverage (Adjusted Net Debt / Adjusted EBITDA2) continues to strengthen Credit ratings of Ba2 / BB+ / BB+ underscore balance sheet strength 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 8.4 5.0 4.3 4.2 2.0 1.4 1.1 0.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 30-Sep-25
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January 2026 15 (1) Cost of debt includes a Base Rate of US$-SOFR (floating rate average period) and, where relevant, 3.2 year ICUR (fixed at 2.84%) and a Margin reflecting the blended cost of the debt detailed on slide 30. As at September 30, 2025, SOFR is capped at 0.64% for 76% of floating rate debt; SOFR caps are amortizing, and mature in 2026 (2) Daily interest expense paid (net of paid interest rate caps income) data are disclosed in our 3Q25 Statement of Cash Flows (3) Daily Voyage Expenses (excl. brokerage commissions) data are disclosed on EBITDA Calculator slide of our 3Q25 Earnings Presentation (4) Daily Vessel Operating Expenses data are disclosed in our 3Q25 Earnings Press Release and our 2024 20-F Low cost of proforma debt: 4.34%, blended; average margin of 2.34%; 0.64% SOFR interest rate caps on 76% of floating rate debt² Reducing interest expense has off-set impact of inflation on vessel operating expenses, maximizing resilience & competitiveness Our Low Cost of Debt & Low Break-Even Rates; Strong Platform to Manage Cycle & Build Value Minimizing Vessels’ Average Daily Break-Even Rates Key Developments Strong Credit Profile has Reduced Borrowing Costs1 Daily interest expense paid (net of paid interest rate caps income) Daily Voyage Expenses (excl. brokerage commissions) Daily Vessel Operating Expenses 4 3 2 Average Daily Break-Even Rate (US$) Cost of Debt1 1.28% 1.30% 0.85% 0.20% 1.49% 1.40% 1.43% 2.00% 6.28% 6.29% 5.68% 4.62% 3.04% 3.15% 2.47% 2.34% 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 30-Sep-25 Margin/Coupon Base Rate 10Y UST Yield 7.56% 7.59% 6.53% 4.53%4.82% 3.85% 4.55% 4.34% $12,076 $11,457 $10,569 $9,592 $9,268 $9,285 $9,210 $9,578 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 30-Sep-25
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January 2026 16 Overall orderbook, all containerships 15.2% Our focus segments 2,000 – 9,999 TEU 32.1% Orderbook to fleet ratio¹ (1) Maritime Strategies International Ltd (MSI), as at September 30, 2025 Orderbook to fleet ratio¹ (5.3%) Implied net growth of sub-10,000 TEU fleet through 2029 If all 25+ year old ships were scrapped Overall Global Orderbook is Meaningful, but Our Sector-Focused Fundamentals Remain Supportive 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 2,000 – 2,999 TEU 4,000 – 5,099 TEU 5,100 – 7,499 TEU 7,500 – 9,999 TEU 10,000+ TEU 3,000 – 3,999 TEU Sub-2,000 TEU Our Focus Segments 15.2% 14.0% 54.2% 32.1% Global Capacity on Order (TEU mm) 4Q25 2026 2027 2028 2029 Sub-10,000 TEU Cumulative Orderbook Deliveries Sub-10,000 TEU Existing Fleet >25 Years Net Cumulative Deliveries v. >25 Year Old Ships Cumulative Orderbook Deliveries (TEU mm) Existing Fleet >25 Years Old (TEU mm) 2.0 1.5 1.0 0.5 0.5 1.0 1.5 2.5 2.0 • Median age for 10,000+ TEU fleet: 7.5 years • Median age for sub-10,000 TEU fleet: 17.5 years • Implied net fleet shrinkage (5.3%) through 2029 if all capacity 25+ years old were scrapped Orderbook & Fleet Ratios, by Size Segment¹ Sub-10,000 TEU Deliveries v. Age Profile¹ *2.5 3.0
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January 2026 17 Charter Market Rates Still Firm, but Forward Visibility is Limited Short Term (6 – 12 Months) Charter Market Index, 4Q 2020 – 9M 2025¹ Charter Rate Index Market Rates (Indicative) Ship Size (TEU) $ / Day 2,200 – 2,999 25,000 3,500 32,500 4,000 – 5,470 34,000 5,500 – 6,100 36,000 6,500 – 7,000 39,000 7,000 ECO 44,000 7,500 – 8,700 43,000 9,100 ECO 47,000 11,000 47,000 Rates reflect aggregated broker guidance for market rates prevailing in October 2025, assuming prompt availability and for charter terms exceeding one year 0 50 100 150 200 250 (1) Maritime Strategies International Ltd (MSI) – charter rate data through September 30, 2025, based on a basket of ship sizes in the liquid charter market (2) See slide 10 of our 3Q25 Earnings Presentation for further details (3) As at September 30, 2025; average remaining contract cover (years) is TEU-weighted; see slide 5 of our 3Q25 Earnings Presentation for further details Average break-even rates $9,578 per vessel per day in 9M25², well below market rates $1.92 billion / 2.5 years forward contract cover³ provides insulation * ? 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
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January 2026 18January 2026 Summary (1) As at September 30, 2025; average remaining contract cover (years) is TEU-weighted; see slide 5 of our 3Q25 Earnings Presentation for further details (2) Based on 9M 2025; see slide 10 of our 3Q25 Earnings Presentation for further details (3) Commenced with the quarterly dividend for 3Q 2025, paid in December 2025 High levels of macro, geopolitical, and regulatory uncertainty; we are focused on maximizing optionality, to manage risks and capitalize on opportunities Forward visibility on cash flows: $778 million added to contracted revenues in 9M 2025, resulting in forward contract cover of $1.92 billion over 2.5 years¹ 1 3 2 Significant de-levering has reduced average break-even rates to $9,578 per vessel per day²; credit ratings reflect balance street strength: Ba2, BB+, BB+ 5 7 6 4 Returning capital to shareholders by upsizing supplemental dividend: overall quarterly increased to $0.625 per common chare ($2.50 annualized)³ Increasing focus on disciplined fleet renewal to support forward earnings and returns, as existing “cash cows” begin to age out Balance sheet optimization: debt has weighted average cost of 4.34% and weighted average maturity of 4.7 years; SOFR capped at 0.64% for ~76% of floating rate debt Reduced efficiency and growing fragmentation of global containerized supply chain is stimulating demand for mid-size and smaller containerships
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January 2026 19January 2026 ▪ 9M 2025 Financial & Highlights ▪ Supply-Side Trends ▪ Reconciliation of Non-GAAP Financial Measures ▪ Regulatory Instability Appendix
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January 2026 20 9M 2025 Financials & Highlights (1) Adjusted EBITDA and Normalized Net Income are Non-GAAP financial measures; please see subsequent slides in Appendix for reconciliation with US GAAP (2) Gains on selective & opportunistic sales of Tasman (5,900 TEU, blt. 2000), Akiteta (2,200 TEU, blt. 2002), and Keta (2,200 TEU, blt. 2003) positively impact P&L and Balance Sheet (3) 0.64% SOFR interest rate caps cover 76% of floating rate debt as at September 30, 2025; caps are amortizing and mature in 202 6 (4) Credit ratings affirmed in 2Q25 & early-July 2025; please refer to GSL press release of July 8, 2025 Shareholder Returns Supplemental dividend introduced in 2Q24, increasing quarterly dividend by 20%, to $0.45 per Common Share ($1.80 annualized) Supplemental dividend upsized twice, to bring overall quarterly dividend to $0.625 per Common Share ($2.50 annualized), starting with 3Q25 dividend $33.0 million remaining under opportunistic share buy-back authorization Ongoing de-levering continues to build equity value Balance Sheet Gross debt: $731.6 million, up from $691.1 million at December 31, 2024 Cash: $562.2 million. $72.3 million is restricted, of which $56.1 million is advanced receipt of charter hire. Remaining $489.9 million covers minimum liquidity, financial covenants, working capital, and dry powder for fleet renewal $85 million re-fi pushes weighted average debt maturity to 4.7 years & cost to 4.34% $28.3 million gain from sale of older ships² 0.64% SOFR interest rate caps³ P&L Revenue: $575.5 million, up from $528.6 million for 9M24 Net Income: $306.7 million², up from $253.9 million for 9M24 Adjusted EBITDA¹: $396.7 million, up from $371.1 million for 9M24 Normalized Net Income¹: $283.2 million, up from $262.3 million for 9M24 Credit Ratings Affirmed Corporate: Moody’s Ba2 / Stable; S&P BB+ / Stable; KBRA BB+ / Stable $350 million 5.69% Senior Secured Notes due July 15, 2027: KBRA BBB / Stable (investment grade) 4
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January 2026 21 Supply-Side Trends Idle Capacity Minimal, Scrapping Still Largely on Hold 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 100 200 300 400 500 600 700 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 9M25 5,100+ TEU 4,000-5,099 TEU 3,000-3,999 TEU 2,000-2,999 TEU Sub-2,000 TEU Scrapping v. Fleet 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 0.0 0.3 0.6 0.9 1.2 1.5 1.8 2.1 2.4 2.7 3.0 12,000+ TEU 7,600-11,999 TEU 5,200-7,599 TEU 3,900-5,200 TEU 2,900-3,899 TEU 1,300-2,899 TEU Sub-1,300 TEU Idle % of Total Fleet (RH Axis) Idle Capacity (TEU mm) Idle Fleet Ratio (Green Line) Idle Capacity of Global Containership Fleet Remains Minimal¹ Ship Recycling Modest in 2024 & Negligible YTD 2025¹ Capacity Scrapped (TEU kk) Scrapping to Fleet Ratio (Green Line) Minimal slack in system, due to disruption to Red Sea & Suez ~0% Scrapping in wait-and-see mode 9.2 kk TEU scrapped in 9M25¹ 0.8% Idle capacity¹ (1) Maritime Strategies International Ltd (MSI) – data through September 30, 2025 20212009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2022 2023 2024 9M25
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January 2026 22 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 from straight-lining time charter modifications. Fair value adjustments on derivative assets and earnings allocated to preferred shares. Adjusted EBITDA is a non-US GAAP quantitative measure used to assist in the assessment of the Company’s ability to generate cash from its operations. The Company believes 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 US 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 Adjusted EBITDA may vary from the use of similarly titles measures by others in our industry. Adjusted EBITDA is presented herein on a forward-looking basis in certain instances. The Company has not provided a reconciliation of any such forward looking non-US GAAP financial measure to the most directly comparable US 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. Adjusted EBITDA - Unaudited Nine months ended Nine months ended September 30, September 30, 2025 2020 Net income available to Common Shareholders 306,698 26,816 Adjust: Depreciation and amortization 90,817 34,970 Amortization of intangible liabilities (9,888) - Fair value adjustments on derivative assets 3,397 - Interest income (13,305) (897) Interest expense 30,005 50,533 Stock-based compensation expense 6,364 - Earnings allocated to preferred shares 7,152 2,747 Income tax - 50 Effect from straight lining time charter modifications 3,221 - Vessel impairment losses - 8,497 (Gain)/loss on sale of vessels (28,329) 244 Adjusted EBITDA 396,672 122,960 Reconciliation of Non-US GAAP Financial Measures: Adjusted EBITDA (Expressed in thousands of U.S dollars)
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January 2026 23 Normalized net income represents net income available to common shareholders, after adjusting for certain non-recurring items. Normalized net income is a non-GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net loss for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in US 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 Nine months ended Nine months ended September 30, September 30, 2025 2020 Net income available to Common Shareholders 306,698 26,816 Fair value adjustment on derivative assets 3,937 - (Gain)/loss on sale of vessels (28,329) 244 Vessel impairment losses - 8,497 Premium paid on redemption of 2022 Notes - 2,271 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 - Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility 382 - Prepayment fee on partial/full repayment of Macquarie Credit Facility 175 Normalized net income 283,181 37,828 (Expressed in thousands of U.S dollars) Reconciliation of Non-US GAAP Financial Measures: Normalized Net Income
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January 2026 24 TTM TTM 3Q25 3Q20 Adjusted EBITDA (TTM) 520,343 160,694 Gross Debt (731,600) (830,294) Less: Cash and cash equivalents and time deposits 562,186 113,908 Net Debt (169,414) (716,386) plus Accounts receivable, net 32,921 2,356 Inventories 13,387 5,415 Prepaid expenses and other current assets 33,842 6,075 Due from related parties 173 2,371 Accounts payable (42,608) (9,469) Accrued liabilities (43,223) (21,852) Current portion of deferred revenue (51,119) (6,115) Due to related parties (716) (153) Deferred revenue, net of current portion (32,337) (153) Total Working capital (91,671) (21,372) Net Debt adjusted by working capital (261,085) (737,758) Adjusted Net Debt/Adjusted EBITDA 0.5 4.6 Adjusted Net Debt represents net debt after adjusting for working capital, and adjusted net debt/adjusted EBITDA is the ratio of adjusted net debt to adjusted EBITDA, each being a non-U.S. GAAP quantitative measure, which we believe will assist investors and analysists to assess our leverage. Adjusted net debt is not defined in U.S. GAAP and should not be considered to be an alternate to net debt or any other financial metric required by such accounting principles. Our use of adjusted net debt may vary from the use of similarly titled measures by others in our industry. (Expressed in thousands of U.S dollars, except Adjusted Net Debt / LTM Adjusted EBITDA Ratio) Reconciliation of Non-US GAAP Financial Measures: Adj. Net Debt to Trailing 12 Month (TTM) Adj. EBITDA
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January 2026 25 Nine months ended September 30, 2025 Nine months ended September 30, 2020 Basic earnings per share: Class A 8.60 0.88 Numerator: Normalized net income adjustments-Class A Common shares (23,517) 6,354 Denominator: Common share and common share equivalents, basic 35,651,708 17,669,049 Adjustment on basic EPS (0.66) 0.36 Normalized Basic EPS 7.94 1.24 (Expressed in thousands of U.S dollars, except share data) Reconciliation of Non-US GAAP Financial Measures: EPS & Normalized EPS
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January 2026 26Regulatory Instability Driven by Geopolitical Tensions USTR, China Port Fees, IMO Net Zero: Deferrals & Suspensions USTR Port fees introduced by US in October 2025, targeting Chinese tonnage Industry successfully adapting to manage / mitigate exposure, helped by a lead time of several months between announcement and implementation October 30, 2025: US suspended USTR port fees for one year, from November 10, 2025 Port fees introduced by China in October 2025, in reciprocity to USTR Industry [was] reacting to regulation in real time, as announcement and implementation were concurrent October 30, 2025: China suspended port fees for one year, matching USTR suspension China Port Fees IMO Net Zero Framework Regulation intended to establish global framework for decarbonization of shipping Political pressure in October 2025 meeting of IMO forced one year deferral Deferral expected to support value of existing, conventionally-fueled ships such as those in the GSL fleet Lighthouse image courtesy of stockcake.com