Earnings release
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GLOBAL SHIP LEASE Global Ship Lease Reports Results for the Second Quarter of 2026 August 5 , 2026 Ordered 15 mid - size , ultra - high - reefer , wide - beam , latest generation newbuilds for an aggregate contract price of $ 1.33 billion , over 75 % of which is covered by expected Adj . EBITDA from initial charters 100 % contract cover for 2026 and 90 % for 2027 Annualized dividend of $ 2.50 per Class A Common Share ATHENS , Greece , Aug. 05 , 2026 ( 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 , 2026 . Second Quarter of 2026 and Year to Date Highlights and Other Recent Developments - 2Q 2026 operating revenue of $ 198.7 million . 1H 2026 operating revenue of $ 396.8 million . - 2Q 2026 net income available to common shareholders of $ 89.3 million , or $ 2.48 Earnings per Share ( EPS ) . 1H 2026 net income available to common shareholders of $ 180.7 million , or $ 5.02 EPS . - 2Q 2026 normalized net income ( a non - U.S . GAAP financial measure , described below ) ³ of $ 89.3 million , or $ 2.48 normalized EPS3 . 1H 2026 normalized net income of $ 181.4 million , or $ 5.04 normalized EPS . - 2Q 2026 Adjusted EBITDA ( a non - U.S . GAAP financial measure , described below ) ³ of $ 131.4 million . 1H 2026 Adjusted EBITDA of $ 264.6 million . - In June 2026 , announced that we have agreed individual newbuilding contracts for 15 mid - size , ultra - high - reefer , wide - beam , latest - generation containerships ( " Newbuildings " ) for an aggregate purchase price of approximately $ 1.3 billion . These highly flexible ships have been designed and specified to ensure a superior fit for existing and future market needs , with deliveries scheduled to take place between the fourth quarter of 2028 and the first quarter of 2030. Upon delivery from the respective shipyards , the Newbuildings are contracted to commence employment on multi - year charters , with an average TEU - weighted firm charter term of 7.1 years and at rates expected to generate more than $ 1.0 billion of Adjusted EBITDA . - Added $ 1.45 billion of contracted revenues during 1H 2026 from new charters and extensions on our existing fleet and initial firm charters from the 15 Newbuildings , bringing total contracted revenues as of June 30 , 2026 , to $ 3.2 billion , over a TEU - weighted average remaining duration ( assuming median firm charter periods ) of 3.3 years . - Declared a dividend of $ 0.625 per Class A common share for the second quarter of 2026 , to be paid on September 3 , 2026 to Class A common shareholders of record as of August 21 , 2026. Paid a dividend of $ 0.625 per Class A common share for the first quarter of 2026 on June 3 , 2026 . - On June 16 , 2026 , announced updates by two leading credit rating agencies . Moody's Investor Service maintained our Ba2 Corporate Family Rating , and upgraded to a positive outlook from a stable outlook . Kroll Bond Rating Agency maintained our corporate credit rating at BB + , with a stable outlook , while also affirming the BBB / stable investment grade rating and stable outlook for our 5.69 % Senior Secured Notes due July 15 , 2027 ( the " 2027 Secured Notes " ) . In addition , on July 7 , 2026 , S & P Global issued a press release maintaining our Issuer Credit Rating for GSL of BB + , with a stable outlook . - During April and May of 2026 , we entered into agreements for the forward sales of four non - core ships , built 2000 - 2002 , for an aggregate price of $ 65.5 million and an anticipated gain on sale of approximately $ 33.0 million . The ships are scheduled to be delivered to the buyers upon expiry of the vessels ' respective charters : Manet , Kumasi and Julie ( 2,200 TEU , 2001 / 2 - built ) in 4Q 2026 , 1Q 2027 and 3Q 2027 , respectively , and lan H ( 5,900 TEU , 2000 - built ) in 4Q 2027 . -On December 1 , 2025 , announced the purchase of three 8,586 TEU Korean - built containerships with ECO upgrades ( the " Three Newly Acquired Vessels " ) for an aggregate purchase price of $ 90.0 million . Two of the vessels were delivered to us in December 2025 and the third was delivered to us in January 2026. In June 2026 , we entered into a loan agreement with Bank of America for $ 55.5 million to finance these acquisitions . The loan bears interest at SOFR + 1.40 % and has a maturity of five years . George Youroukos , our Executive Chairman , stated : " We are proud to have delivered another quarter of strong results , as our strategic focus on optionality and flexible tonnage continues to serve us well in a highly volatile and unpredictable world . While underlying containerized freight flows remained quite firm throughout the quarter , geopolitics once again played an outsized role in re - arranging and complicating global trade . This was evident not only in and around the Strait of Hormuz , but also in the continued decentralization of global supply chains outside of China and beyond the East - West mainlane trades serviced by ultra - large containership tonnage . As a result , our liner customers are placing a premium on flexibility and reliability in the supply chain , actively expanding their access to flexible , mid - size containerships like those in the GSL fleet . In these conditions , we have taken the opportunity to continue locking in multi - year charters at attractive rates . With 100 % charter coverage for 2026 , 90 % coverage for 2027 , and over $ 3 billion in contracted revenues over 3.3 years , including our Newbuildings , we are in a strong position now and moving forward . " We have long appreciated that a combination of patience , discipline and the ability to act quickly is essential to successful fleet investment . On that basis , we are very pleased to have complemented our ongoing on - the - water investment strategy with the addition of highly attractive newbuilding orders for 15 mid - size , ultra - high - reefer , wide - beam , latest generation ECO newbuildings . The initial charters for the Newbuildings , averaging just over 7 years in duration , de - risk the investment right out of the gate , providing expected adjusted EBITDA equivalent to over 75 % of the contracted purchase price within 25 % of the ships ' expected economic life . Thereafter , we believe that the highly optimized specification and flexibility of these vessels position them to be the workhorses of global containerized trade for many years to come . With charters for five of the 15 Newbuildings structured to include extension options at rates 25 % above their initial levels , it is clear that we are not alone in this view . In summary , these high - upside , low - downside risk Newbuildings meet our long - established , demanding investment criteria while also significantly reducing our average
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fleet age and providing a runway for reliable cash generation throughout the years ahead.” Thomas Lister , our Chief Executive Officer, stated: “Optionality remains at the core of our approach to an ever more complex and dynamic containerized trade landscape. As the industry grapples with an ever-expanding series of unpredictable and sometimes dangerous geopolitical developments, it remains imperative that we all keep the welfare of seafarers front-of-mind. Amid this environment, we have continued to find prudent, attractive opportunities to unlock value across finance, operations, chartering, selective divestments and fleet renewal. The strength of our fortress balance sheet and our disciplined capital allocation and decision-making have been affirmed by successive enhancements to our credit ratings and outlooks, and those in turn have provided yet further support to our ability to pay a robust dividend while also being nimble enough to pounce on exciting opportunities to partner with top liners in the newbuild market. Our joint commitment to optionality maximization and decisive, opportunistic action is driving this progress on all fronts, enabling us to create lasting shareholder value amidst both natural cyclicality and unprecedented geopolitical tumult." SELECTED FINANCIAL DATA – UNAUDITED (thousands of U.S. dollars) Three Three Six Six months ended months ended months ended months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Operating Revenues (1) 198,689 191,859 396,768 382,834 Operating Income 93,867 101,762 191,285 230,260 Net Income (2) 89,292 93,053 180,737 214,063 Adjusted EBITDA (3) 131,366 134,183 264,551 266,481 Normalized Net Income (3) 89,261 95,149 181,351 189,426 (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 for vessel upgrades or retrofits. 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 $198.7 million in the second quarter of 2026, up $6.8 million (or 3.5%) on operating revenues of $191.9 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 Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025 and (iii) a non-cash $3.1 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions counterbalanced by a non-cash $0.4 million negative effect from straight lining time charter modifications. There were 210 days of offhire in the second quarter of 2026, of which 181 were for scheduled drydockings, compared to 182 days of offhire and idle time in the prior year period, of which 145 were for scheduled drydockings. Utilization for the second quarter of 2026 was 96.7% compared to utilization of 97.1% in the prior year period. For the six months ended June 30, 2026, operating revenues were $396.8 million, up $14.0 million (or 3.7%) on operating revenues of $382.8 million in the comparative period, mainly due to (i) the net effect of higher rates on charter renewals, (ii) the addition of the Three Newly Acquired Vessels offset by the sales of four vessels in 2025 ( Tasman, Keta, Akiteta and Dimitris Y) and (iii) a non-cash $6.1 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions counterbalanced by a non-cash $1.7 million negative effect from straight lining time charter modifications. There were 328 days of offhire in the six-month period ended June 30, 2026 , of which 265 were for scheduled drydockings, compared to 588 days of offhire and idle time in the prior year period, of which 475 were for scheduled drydockings. Utilization for the six-month period ended June 30, 2026 was 97.4% compared to utilization of 95.4% 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 months ended June 30, 2026 and 2025, respectively, was as follows: Unaudited Revenue origin by country1 Six months ended June 30, 2026 Six months ended June 30, 2025 Revenue (USD million) Percentage of revenue Revenue (USD million) Percentage of revenue Denmark (Maersk) 117.45 29.60% 122.00 31.87% France (CMA CGM) 79.07 19.93% 71.14 18.59% Germany (Hapag Lloyd) 74.17 18.69% 73.03 19.08% Switzerland (MSC) 55.76 14.05% 42.99 11.23% China, including Hong Kong (COSCO & OOCL) 29.11 7.34% 21.99 5.74% Israel (ZIM) 26.52 6.68% 33.75 8.81%
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Singapore (ONE, Swire Shipping, RCL Feeder) 14.69 3.71% 9.85 2.57% USA (Matson) - - 5.80 1.51% Taiwan (Wan Hai) - - 2.28 0.60% Total 396.77 100.00% 382.83 100.00% Based on jurisdiction of head office of each charterer.1. The table below shows unaudited fleet utilization data for the three and six months ended June 30, 2026 and 2025, and for the years ended December 31, 2025, 2024, 2023 and 2022. 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 2026 2025 2026 2025 2025 2024 2023 2022 Ownership days 6,461 6,279 12,843 12,683 25,323 24,937 24,285 23,725 Planned offhire - scheduled drydock (181) (145) (265) (475) (816) (807) (701) (581) Unplanned offhire (29) (29) (63) (70) (262) (144) (233) (460) Idle time - (8) - (43) (47) (15) (62) (30) Operating days 6,251 6,097 12,515 12,095 24,198 23,971 23,289 22,654 Utilization 96.7% 97.1% 97.4% 95.4% 95.6% 96.1% 95.9% 95.5% During the six-month period ended in June 30, 2026, we completed four drydockings. As of June 30, 2026, one regulatory drydocking was in progress and 11 further regulatory drydockings are anticipated in 2026. Vessel Operating Expenses Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 12.9% to $57.0 million for the second quarter of 2026 or an average of $8,821 per day, compared to $50.5 million in the prior year period, or an average of $8,045 per day. The increase of $6.5 million was mainly due to (i) the addition of the Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025, (ii) an increase in crew expenses following the continued strength of the market that led to crew shortage, resulting in an increase in crew wages by approximately 5.0%, (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, (iv) an increase in annual premiums for all P&I Clubs and (v) the impact of inflation on fees and expenses, including management fees. For the six-month period ended June 30, 2026, vessel operating expenses were $109.7 million, or an average of $8,543 per day, compared to $100.5 million in the comparative period, or $7,925 per day, an increase of $618 per ownership day, or 7.8%. The increase of $9.2 million was mainly due to (i) the addition of the Three Newly Acquired Vessels offset by the sale of four vessels in 2025, (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, (iv) an increase in annual premiums for all P&I Clubs and (v) the impact of inflation on fees and expenses, including management fees. Time Charter and Voyage Expenses Time charter and voyage expenses comprise mainly commissions 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 second quarter of 2026, compared to $5.1 million in the prior year period due to (i) increase in voyage administration costs and operational requests from charterers and (ii) increase in brokerage commissions on charter renewals at higher rates. For the six-month period ended June 30, 2026, time charter and voyage expenses were $12.1 million, or an average of $941 per day, compared to $11.6 million in the comparative period, or $915 per day, an increase of $26 per ownership day, or 2.8% mainly due to increased commissions on charter renewals at higher rates. Depreciation and Amortization Depreciation and amortization for the second quarter of 2026 was $34.2 million, compared to $30.3 million in the prior year period. The increase was mainly due to the nine drydockings completed after June 30, 2025 and the addition of the Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025. Depreciation and amortization for the six-month period ended June 30, 2026 was $67.7 million, compared to $60.1 million in the comparative period, mainly due to the factors noted above offset by the sale of four vessels in 2025. General and Administrative Expenses General and administrative expenses were $7.2 million in the second quarter of 2026, compared to $4.1 million in the comparative period. The increase was mainly due to the non-cash charge for stock based compensation expense recognized in relation to the valuation of awards of Class A common shares under our Equity Incentive Plan. General and administrative expenses were $16.0 million for the six-month period ended June 30, 2026, compared to $8.7 million in the comparative period mainly due to the factors noted above.
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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. None of our vessels were sold during the first half of 2026. Adjusted EBITDA1 Adjusted EBITDA was $131.4 million for the second quarter of 2026, down from $134.2 million for the prior year period, with the net decrease being mainly due to increased operating and voyage expenses. Adjusted EBITDA for the six-month period ended June 30, 2026 was $264.6 million , compared to $266.5 million for the comparative period, a decrease of $1.9 million or 0.7% mainly due to the reasons noted above. Interest Expense and Interest Income Debt as of June 30, 2026 totaled $676.4 million, comprising $328.5 million of secured bank debt collateralized by vessels, $153.1 million of our 2027 Secured Notes collateralized by vessels, and $194.8 million under sale and leaseback financing transactions. As of June 30, 2026, 21 of our vessels were unencumbered. Debt as at June 30, 2025 totaled $768.5 million, 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. Interest and other finance expenses for the second quarter of 2026 were $9.4 million, down from $10.6 million for the prior year period. The decrease was due to the lower amortization expense of our deferred loan fees. Interest and other finance expenses for the six-month period ended June 30, 2026 were $18.8 million, down from $20.5 million for the prior year period. Interest expense of 2025 included (i) a prepayment fee of $0.2 million following the full repayment of the Macquarie Credit Facility and (ii) the non-cash write off of deferred financing costs of $0.7 million on the full repayments of the Macquarie Credit Facility, the HCOB-CACIB Credit Facility and the ESUN Credit Facility. Interest income for the second quarter of 2026 was $5.6 million, up from $4.7 million for the prior year period mainly due to higher invested amounts. Interest income for the six-month period ended June 30, 2026 was $11.3 million, up from $7.9 million for the prior year period mainly due to higher invested amounts. Other income, net Other income, net was $1.9 million in the second quarter of 2026, up from $0.8 million in the comparative period. Other income, net was $2.9 million in the six-month period ended June 30, 2026, down from $4.0 million in the comparative period. Fair value adjustment on derivatives and other financial instruments 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 $1.1 million for the six-month period ended June 30, 2026 was recorded through the statement of income. In January 2026, we entered into a series of FX Reverse Convertible transactions with UBS AG to hedge our exposure to foreign exchange risk while also achieving improved interest income on deposits. These instruments are USD-denominated structured notes with returns linked to the EUR/USD exchange rate. We elected the Fair Value Option to measure these instruments. 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 2026 was $2.4 million, the same as in the prior year period. The cost for the six months ended June 30, 2026 was $4.8 million, the same as in the prior year period. Net Income Available to Common Shareholders Net income available to common shareholders for the second quarter of 2026 was $89.3 million. Net income available to common shareholders for the prior year period was $93.1 million. Earnings per share for the second quarter of 2026 was $2.48, a decrease of 5.0% from the earnings per share for the prior year period, which was $2.61. Net income available to common shareholders for the six months ended June 30, 2026 was $180.7 million . Net income available to common shareholders for the prior year period was $214.1 million. Net income available to common shareholders for the prior year period included a $28.3 million gain from the sales of Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003). Earnings per share for the six months ended June 30, 2026 was $5.02, a decrease of 16.5% from the earnings per share for the prior year period, which was $6.01. Normalized net income 1 for the second quarter of 2026 was $89.3 million . Normalized net income for the prior year period was $95.1 million .
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Normalized earnings per share1 for the second quarter of 2026 was $2.48, a decrease of 7.1% from Normalized earnings per share for the prior year period, which was $2.67. Normalized net income 1 for the six months ended June 30, 2026 was $181.4 million. Normalized net income for the prior year period was $189.4 million. Normalized earnings per share1 for the six months ended June 30, 2026 was $5.04, a decrease of 5.3% from Normalized earnings per share for the prior year period, which was $5.32. 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, 2026 , our fleet consisted of (i) 71 operating containerships and (ii) 15 containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030. Operating Containerships 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 1Q29 47,200 ZIM Norfolk (1) 9,115 31,764 2015 ZIM 2Q32 4Q32 65,000 (3) Anthea Y (1) 9,115 31,890 2015 MSC 4Q28 4Q28 Footnote (4) ZIM Xiamen (1) 9,115 31,820 2015 ZIM 3Q32 4Q32 65,000 (3) Sydney Express (1) 9,019 31,254 2016 Hapag-Lloyd 3Q27 4Q29 Footnote (5) Istanbul Express (1) 9,019 31,380 2016 Hapag-Lloyd 1Q28 2Q30 Footnote (5) Bremerhaven Express (1) 9,019 31,319 2015 Hapag Lloyd 2Q27 3Q29 Footnote (5) Czech (1) 9,019 31,319 2015 Hapag-Lloyd 2Q28 3Q30 Footnote (5) MSC Tianjin 8,603 34,243 2005 MSC (6) 3Q30 1Q31 Footnote (6) MSC Qingdao 8,603 34,586 2004 MSC (6) 4Q30 1Q31 Footnote (6) GSL Ningbo 8,603 34,340 2004 MSC (7) 3Q30 1Q31 Footnote (7) GSL Alexandra 8,599 37,809 2004 Maersk (8) 3Q28 4Q33 Footnote (8) GSL Sofia 8,599 37,777 2003 Maersk (8) 2Q28 4Q33 Footnote (8) GSL Effie 8,599 37,777 2003 Maersk (8) 3Q28 1Q34 Footnote (8) GSL Lydia 8,599 37,777 2003 Maersk (8) 1Q28 3Q33 Footnote (8) Lotus A 8,586 33,026 2010 CMA CGM 4Q26 3Q30 Footnote (9) Koi 8,586 33,005 2011 CMA CGM 4Q26 3Q30 Footnote (9) Cypress 8,586 33,026 2011 CMA CGM 4Q26 3Q30 Footnote (9) GSL Eleni 7,847 29,261 2004 Maersk 4Q27 2Q29 Footnote (10) GSL Kalliopi 7,847 29,261 2004 Maersk 1Q28 3Q29 Footnote (10) GSL Grania 7,847 29,261 2004 Maersk 1Q28 3Q29 Footnote (10) Colombia Express (1) 7,072 23,424 2013 Hapag-Lloyd 4Q28 1Q31 Footnote (11) Panama Express (1) 7,072 23,424 2013 Hapag-Lloyd 4Q29 4Q31 Footnote (11) Costa Rica Express (1) 7,072 23,424 2013 Hapag-Lloyd 2Q29 3Q31 Footnote (11) Nicaragua Express (1) 7,072 23,424 2013 Hapag-Lloyd 3Q29 4Q31 Footnote (11) Ateti (ex CMA CGM Berlioz) (12) 7,023 26,776 2001 MSC 2Q29 2Q29 Footnote (12) Mexico Express (1) 6,918 23,970 2015 Hapag-Lloyd 3Q29 4Q31 Footnote (11) Jamaica Express (1) 6,918 23,915 2015 Hapag-Lloyd 3Q29 4Q31 Footnote (11) GSL Christen 6,858 27,954 2002 Maersk 4Q27 1Q28 Footnote (13) GSL Nicoletta 6,858 28,070 2002 Maersk 1Q28 2Q28 Footnote (13) Agios Dimitrios 6,572 24,931 2011 MSC 3Q30 4Q30 Footnote (6) GSL Vinia 6,080 23,737 2004 Maersk 1Q28 4Q29 Footnote (14) GSL Christel Elisabeth 6,080 23,745 2004 Maersk 1Q28 3Q29 Footnote (14) GSL Arcadia 6,008 24,859 2000 Footnote (15) 1Q29 2Q29 Footnote (15) GSL Violetta 6,008 24,873 2000 Footnote (15) 1Q29 1Q29 Footnote (15) GSL Maria 6,008 24,414 2001 Maersk (15) 1Q30 2Q30 12,700 (15) GSL MYNY 6,008 24,876 2000 Footnote (15) 1Q29 2Q29 Footnote (15)
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GSL Melita 6,008 24,859 2001 Maersk (15) 4Q29 4Q29 12,700 (15) GSL Tegea 5,994 24,308 2001 Maersk (15) 4Q29 1Q30 12,700 (15) GSL Dorothea 5,994 24,243 2001 Maersk (15) 4Q29 4Q29 12,700 (15) Ian H 5,936 25,128 2000 COSCO 4Q27 4Q27 Footnote (16) 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 Footnote (17) 3Q28 4Q28 Footnote (17) Dolphin II 5,095 20,596 2007 Footnote (17) 1Q28 2Q28 Footnote (17) CMA CGM Alcazar 5,089 20,087 2007 CMA CGM 3Q29 4Q29 35,500 (18) GSL Château d’If 5,089 19,994 2007 CMA CGM 4Q29 1Q30 35,500 (18) GSL Susan 4,363 17,309 2008 CMA CGM 3Q27 1Q28 Footnote (19) CMA CGM Jamaica 4,298 17,272 2006 CMA CGM 1Q28 2Q28 Footnote (19) CMA CGM Sambhar 4,045 17,355 2006 CMA CGM 1Q28 2Q28 Footnote (19) CMA CGM America 4,045 17,355 2006 CMA CGM 1Q28 2Q28 Footnote (19) GSL Rossi 3,421 16,309 2012 Maersk 1Q29 2Q29 Footnote (20) GSL Alice 3,421 16,543 2014 CMA CGM 2Q28 3Q28 31,000 GSL Eleftheria 3,421 16,642 2013 Maersk 3Q28 4Q28 33,000 GSL Melina 3,421 16,703 2013 Maersk 4Q29 1Q30 29,900 (21) Athena I 2,980 13,538 2003 MSC 2Q27 3Q27 Footnote (22) GSL Valerie 2,824 11,971 2005 ZIM 2Q27 3Q27 27,000 GSL Mamitsa 2,824 11,949 2007 RCL 1Q28 2Q28 28,000 GSL Lalo 2,824 11,950 2006 MSC 2Q27 3Q27 Footnote (23) GSL Mercer 2,824 11,970 2007 ONE 1Q27 2Q27 24,500 GSL Elizabeth 2,741 11,530 2006 Maersk 3Q28 4Q28 20,360 (24) Newyorker 2,635 11,463 2001 Maersk 2Q27 3Q27 26,000 Nikolas 2,635 11,370 2000 CMA CGM 1Q27 2Q27 26,000 GSL Chloe 2,546 12,212 2012 ONE 1Q27 2Q27 24,500 GSL Maren 2,546 12,243 2014 OOCL 2Q28 3Q28 Footnote (25) Maira 2,506 11,453 2000 CMA CGM 1Q27 2Q27 26,000 Manet (28) 2,288 11,534 2001 OOCL 3Q26 4Q26 24,000 Kumasi (28) 2,220 11,652 2002 MSC 4Q26 1Q27 Footnote (26) Julie (28) 2,207 11,731 2002 MSC 3Q27 3Q27 Footnote (27) (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, 2026, 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) Zim Norfolk and Zim Xiamen were forward extended for 60 – 63 months. The extensions are expected to commence between 2Q-3Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $13.5 million per ship. (4) Anthea Y is fixed for 36 months +/- 30 days and is chartered at a rate expected to generate average 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. 12-month extension options were exercised in 3Q 2025 for Bremerhaven Express and Sydney Express. 12-month extension options were exercised in 2Q 2026 for Istanbul Express and Czech. (6) MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate average annualized Adjusted EBITDA of approximately $6.9 million, $8.1 million, and $5.9 million, respectively. MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed for 36 – 38 months with the new charters expected to commence between 3Q-4Q 2027. MSC Tianjin, MSC Qingdao and Agios Dimitrios new charters are expected to generate average annualized Adjusted EBITDA of approximately $7.8 million, $7.8 million, and $7.1 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 average annualized Adjusted EBITDA of approximately $16.5 million. GSL Ningbo is forward fixed for 36 – 38 months with the new charter expected to commence on 3Q 2027 and is expected to generate average annualized Adjusted EBITDA of approximately $7.8 million.
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(8) GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia. After the initial charter period, extension options were exercised by charterers at rates expected to generate average annualized Adjusted EBITDA of approximately $4.9 million per ship. Thereafter, the ships have been forward fixed for approximately 24 months, with the new charters expected to commence in 3Q 2026 and generate average annualized Adjusted EBITDA of approximately $8.1 million per ship. During 2Q 2026, GSL Alexandra, GSL Sofia, GSL Lydia and GSL Effie were further forward fixed for 36 – 38 months plus optional period of 24 – 26 months to commence after drydocking at rates expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship. The new charters (firm period plus two-year option) may be cancelled by charterers at any time up to April 1, 2027. (9) Lotus A and Koi were delivered to our fleet on December 12, 2025, and December 29, 2025, respectively. Cypress was delivered on January 9, 2026. Lotus A, Koi and Cypress charters have flexible durations, with latest redeliveries in mid-2030, and are expected to generate average annualized Adjusted EBITDA of approximately $3.5 million, $3.1 million, and $3.1 million respectively. (10) 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. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $9.6 million for the firm period. (11) 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. (12) Ateti (ex CMA CGM Berlioz) is fixed for 36 – 38 months. The charter commenced in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $6.8 million. (13) GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship. (14) 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 charters are expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per ship for the firm period and $5.8 million per ship for the option period. (15) 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 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. GSL Arcadia, GSL Violetta and GSL MYNY new charters commenced in 1Q 2026. The remaining new charters are expected to commence between 4Q 2026 and 1Q 2027. The new charters are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship. (16) Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately $10.3 million. (17) Dolphin II and Orca I are fixed to a leading liner company. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $10.0 million per ship. (18) GSL Château d’If and CMA CGM Alcazar were forward fixed for 36 – 38 months. The new charters are expected to commence between 3Q-4Q 2026 and are expected to generate average annualized Adjusted EBITDA of approximately $9.2 million per ship. (19) 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 ship. (20) GSL Rossi is fixed for 35 – 37 months. The new charter commenced in 1Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.5 million. (21) GSL Melina was forward fixed for 35 – 37 months. The new charter is expected to commence in 4Q 2026 and to generate average annualized Adjusted EBITDA of approximately $7.5 million. (22) Athena I (ex Athena) is fixed for 24 – 30 months. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.7 million. On June 14, 2026, Athena was renamed to Athena I. (23) GSL Lalo. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.5 million. (24) GSL Elizabeth was forward fixed for 24 – 27 months. The new charter is expected to commence in 3Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.3 million. (25) GSL Maren is fixed in direct continuation for 24 – 26 months. The charter commenced in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.3 million. (26) Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $4.4 million. (27) Julie. The charter is expected to generate average annualized Adjusted EBITDA of approximately $2.9 million. (28) During 2Q 2026, the Company entered into agreements for the forward sales of four ships, Ian H, Manet, Kumasi and Julie, for an aggregate sale price of $65.5 million. The ships are scheduled to be delivered to buyers upon expiry of their respective charters 4Q 2026 - 4Q 2027. Newbuildings Under Construction Vessel Name Vessel Type Expected Delivery Hull 1 Container 4Q28 Hull 2 Container 2Q29 Hull 3 Container 3Q29 Hull 4 Container 2Q29 Hull 5 Container 3Q29 Hull 6 Container 3Q29 Hull 7 Container 3Q29 Hull 8 Container 4Q29
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Hull 9 Container 4Q29 Hull 10 Container 4Q29 Hull 11 Container 1Q30 Hull 12 Container 1Q29 Hull 13 Container 1Q29 Hull 14 Container 2Q29 Hull 15 Container 2Q29 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, 2026 today, Wednesday, August 5, 2026 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: 2443665 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 2025 was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2026. 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 operating fleet of 71 containerships as of June 30, 2026, had an average age weighted by TEU capacity of 18.4 years. 41 ships are wide-beam Post-Panamax. As of June 30, 2026, our fleet also included 15 newbuilding containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030. As of June 30, 2026, 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, including our Newbuildings, was 3.3 years on a TEU-weighted basis. Contracted revenue, including our Newbuildings, on the same basis was $3.2 billion. Contracted revenue was $4.1 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 4.4 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, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for stock based compensation, fair value adjustment on derivative assets and other financial instruments, 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
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(thousands of U.S. dollars) Three Three Six Six months ended months ended months ended months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income available to Common Shareholders 89,292 93,053 180,737 214,063 Adjust: Depreciation and amortization 34,189 30,328 67,661 60,121 Loss/(gain) on sale of vessels - 115 - (28,343) Amortization of intangible liabilities (6,425) (3,319) (12,672) (6,533) Fair value adjustment on derivative assets and other financial instruments 227 1,208 1,127 2,831 Interest income (5,606) (4,676) (11,272) (7,871) Interest expense 9,440 10,596 18,779 20,463 Stock based compensation 5,079 2,122 10,998 4,244 Earnings allocated to preferred shares 2,384 2,384 4,768 4,768 Effect from straight lining time charter modifications 2,786 2,372 4,425 2,738 Adjusted EBITDA 131,366 134,183 264,551 266,481 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, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income available to Common Shareholders 89,292 93,053 180,737 214,063 Adjust: Fair value adjustment on derivative assets and other financial instruments 227 1,208 1,127 2,831 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 Amortization of original issue discount (258) - (513) - Normalized net income 89,261 95,149 181,351 189,426 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, 2026 June 30, 2025 June 30, 2026 June 30, 2025
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EPS as reported (USD) 2.48 2.61 5.02 6.01 Normalized net income adjustments-Class A common shares (in thousands USD) (31) 2,096 614 (24,637) Weighted average number of Class A Common shares 36,035,434 35,612,413 36,005,151 35,598,601 Adjustment on EPS (USD) 0.00 0.06 0.02 (0.69) Normalized EPS (USD) 2.48 2.67 5.04 5.32 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 war in Iran and disruption to the Strait of Hormuz, 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; the disruptions of shipping routes, including due to the closure of the Strait of Hormuz, 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 uncertainty surrounding the imposition and legality of 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 that may be applicable to a number of our vessels; 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;
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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, 2026 December 31, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $ 388,599 $ 273,876 Time deposits 110,450 199,100 Restricted cash 51,326 50,520 Accounts receivable, net 50,500 49,887 Inventories 22,357 14,600 Prepaid expenses and other current assets 20,483 33,623 Derivative assets and other financial instruments 22,954 5,234 Due from related parties 1,309 148 Total current assets $ 667,978 $ 626,988 NON - CURRENT ASSETS Vessels in operation $ 1,966,440 1,962,888 Advances for vessels' acquisitions, vessels under construction and other additions 129,383 35,961 Deferred dry dock and special survey costs, net 111,766 110,936 Other non - current assets 8,565 10,830 Restricted cash and other instruments, net of current portion 98,664 113,600 Total non - current assets 2,314,818 2,234,215 TOTAL ASSETS $ 2,982,796 $ 2,861,203 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 71,639 $ 61,912 Accrued liabilities 41,637 47,727 Current portion of long-term debt 154,504 147,567 Current portion of deferred revenue 45,482 48,885 Due to related parties 740 692 Total current liabilities $ 314,002 $ 306,783 LONG-TERM LIABILITIES Long - term debt, net of current portion and deferred financing costs $ 517,260 $ 541,575 Intangible liabilities-charter agreements 96,443 90,054 Deferred revenue, net of current portion 108,383 121,707 Total non - current liabilities 722,086 753,336 Total liabilities $ 1,036,088 $ 1,060,119 Commitments and Contingencies - - SHAREHOLDERS' EQUITY
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Class A common shares - authorized 214,000,000 shares with a $0.01 par value 36,035,434 shares issued and outstanding (2025 – 35,913,628 shares) $ 360 $ 359 Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2025 – 43,592 shares) - - Additional paid in capital 705,328 694,331 Retained earnings 1,240,348 1,104,617 Accumulated other comprehensive income 672 1,777 Total shareholders' equity 1,946,708 1,801,084 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,982,796 $ 2,861,203 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, 2026 2025 2026 2025 OPERATING REVENUES Time charter revenues $ 192,264 $ 188,540 $ 384,096 $ 376,301 Amortization of intangible liabilities-charter agreements 6,425 3,319 12,672 6,533 Total Operating Revenues 198,689 191,859 396,768 382,834 OPERATING EXPENSES: Vessel operating expenses (including $6,457 and $5,858 for each of the three month periods ended June 30, 2026 and 2025, respectively, and $12,989 and $11,466 for each of the six month periods ended June 30, 2026 and 2025, respectively, to related party) 56,994 50,511 109,712 100,519 Time charter and voyage expenses (including $2,269 and $1,787 for each of the three month periods ended June 30, 2026 and 2025, respectively, and $4,477 and $3,719 for each of the six month periods ended June 30, 2026 and 2025, respectively, to related party) 6,464 5,074 12,088 11,603 Depreciation and amortization 34,189 30,328 67,661 60,121 General and administrative expenses 7,175 4,069 16,022 8,674 Loss/(gain) on sale of vessels - 115 - (28,343) Operating Income 93,867 101,762 191,285 230,260 NON-OPERATING INCOME/(EXPENSES) Interest income 5,606 4,676 11,272 7,871 Interest and other finance expenses (9,440) (10,596) (18,779) (20,463) Other income, net 1,870 803 2,854 3,994 Fair value adjustment on derivative asset and other financial instruments (227) (1,208) (1,127) (2,831) Total non-operating expenses (2,191) (6,325) (5,780) (11,429) Income before income taxes 91,676 95,437 185,505 218,831 Income taxes - - - - Net Income 91,676 95,437 185,505 218,831 Earnings allocated to Series B Preferred Shares (2,384) (2,384) (4,768) (4,768) Net Income available to Common Shareholders $ 89,292 $ 93,053 $ 180,737 $ 214,063 Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in thousands of U.S. dollars)
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Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Cash flows from operating activities: Net income $ 91,676 $ 95,437 $ 185,505 $ 218,831 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization $ 34,189 $ 30,328 $ 67,661 $ 60,121 Loss/(gain) on sale of vessels - 115 - (28,343) Amortization of derivative assets' premium 443 857 1,048 1,949 Amortization of deferred financing costs 607 1,342 1,239 2,257 Amortization of original issue discount on instruments (258) (3,319) (513) - Amortization of intangible liabilities-charter agreements (6,425) 1,208 (12,672) (6,533) Fair value adjustment on derivative asset/financial instruments 227 175 1,127 2,831 Prepayment fees on debt repayment - - - 175 Stock-based compensation expense 5,079 2,122 10,998 4,244 Changes in operating assets and liabilities: Decrease/(increase) in accounts receivable and other assets $ 10,919 $ (3,227) $ 14,793 $ (10,242) (Increase)/decrease in inventories (7,516) (1,742) (7,757) 825 Decrease/(increase) in derivative assets and other financial instruments 12,000 - (21,000) (194) Increase in accounts payable and other liabilities 8,785 7,815 2,796 13,740 (Increase)/decrease in related parties' balances, net (491) 274 (1,112) (504) Decrease in deferred revenue (8,808) (1,346) (16,725) (10,006) Payments for drydocking and special survey costs (14,085) (10,804) (18,766) (27,104) Unrealized foreign exchange loss/(gain) 1 (2) (3) - Net cash provided by operating activities $ 126,343 $ 119,233 $ 206,619 $ 222,047 Cash flows from investing activities: Acquisition of vessels $ - $ - $ - $ (61,541) Cash paid for vessel expenditures (812) (2,537) (1,574) (9,799) Advances for vessels' acquisitions, vessels under construction and other additions (125,171) (1,941) (125,225) (2,348) Net proceeds from sale of vessels - (743) - 53,483 Time deposits and other instruments (acquired)/withdrawn (16,780) (4,550) 88,650 11,150 Net cash used in investing activities $ (142,763) $ (9,771) $ (38,149) $ (9,055) Cash flows from financing activities: Proceeds from drawdown of credit facilities/sale and leaseback 55,500 85,000 55,500 218,500 Repayment of credit facilities/sale and leaseback (36,891) (29,892) (73,783) (70,889) Prepayment of debt including prepayment fees - (64,493) - (70,393) Deferred financing costs paid (333) (850) (333) (2,185) Net proceeds from offering of Class A common shares, net of offering costs 40 - - - Class A common shares-dividend paid (22,522) (18,763) (45,006) (34,806) Series B preferred shares-dividend paid (2,384) (2,384) (4,768) (4,768) Net cash (used in)/provided by financing activities $ (6,590) $ (31,382) $ (68,390) $ 35,459 Net (decrease)/increase in cash and cash equivalents and restricted cash (23,010) 78,080 100,080 248,451 Cash and cash equivalents and restricted cash at beginning of the period 462,430 417,995 339,340 247,624 Cash and cash equivalents and restricted cash at end of the period $ 439,420 $ 496,075 $ 439,420 $ 496,075 Supplementary Cash Flow Information: Cash paid for interest 9,564 11,846 20,035 23,061 Cash received from interest rate caps 1,703 4,641 4,067 9,133 Non-cash investing activities: Acquisition of vessels and intangibles - - 19,061 15,987 Non-cash financing activities: Unrealized loss on derivative assets/ FX option (947) (2,459) (2,153) (5,960) Investor and Media Contacts: IGB Group Bryan Degnan 646-673-9701 or Leon Berman 212-477-8438
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Source: Global Ship Lease Inc.