Global Ship Lease Reports Results for the Fourth Quarter of 2025

Forward contract cover locked in for 99% of 2026 and 81% of 2027.

Earnings, cashflow, forward visibility, and return of capital to shareholders materially increased y-o-y maximizing strategic optionality.

Annualized dividend increased to $2.50 per Class A Common Share.

ATHENS, Greece, March 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 months and year ended December 31, 2025.

Full Year and Fourth Quarter Highlights and Other Recent Developments

- 4Q 2025 operating revenue of $190.9 million. Full year operating revenue of $766.5 million, up 7.8% on 2024.

- 4Q 2025 net income available to common shareholders of $100.2 million, or $2.79 Earnings per Share (“EPS”). Full year 2025 net income available to common shareholders of $406.9 million, or $11.40 EPS, up 18.3% on 2024.

- 4Q 2025 normalized net income (a non-U.S. GAAP financial measure, described below) 3 of $83.2 million, or $2.32 normalized EPS³. Full year 2025 normalized net income of $366.4 million, or $10.26 normalized EPS, up 3.9% on 2024.

- 4Q 2025 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below) 3 of $124.7 million. Full year 2025 Adjusted EBITDA of $521.4 million; up 5.4% on 2024.

- Added $1.26 billion of contracted revenues during 2025 and the first two months of 2026, bringing total contracted revenues as of December 31, 2025, as adjusted to include all charters agreed through February 28, 2026, to $2.24 billion, over a weighted average remaining duration of 2.7 years.

- On February 11, 2026, declared a dividend of $0.625 per Class A common share for the fourth quarter of 2025, to be paid on or about March 6, 2026 to common shareholders of record as of February 24, 2026. Paid a dividend of $0.625 per Class A common share for the third quarter of 2025 on December 4, 2025.

- On December 1, 2025, announced the purchase of three 8,600 TEU Korean built containerships with ECO upgrades (the “Three Newly Acquired Vessels”) for an aggregate purchase price of $90.0 million. The Three Newly Acquired Vessels have attached charters with a leading liner company. Two of the Three Newly Acquired Vessels were delivered to us in December 2025 and the third was delivered to us in January 2026.

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

- In May 2025, Dimitris Y (5,900 TEU, built 2000) was contracted to be sold for $35.6 million. On October 13, 2025 the vessel was delivered to her new buyers, for a gain of $17.9 million. We have also completed the sales of Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) for an aggregate gain of $28.3 million; the vessels were delivered to their new owners in the first quarter of 2025.

- Agreed, in March 2025, to an $85.0 million Credit Facility with UBS to fully prepay certain of our outstanding credit facilities which would otherwise have matured between May 2026 and July 2026. The new loan bears interest at SOFR + 2.15%, and matures in the second quarter of 2028.

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

George Youroukos, our Executive Chairman, stated: “We are proud to have closed out 2025 with significant positive momentum, both operationally and financially, and taking full advantage of continued market demand and a scarce supply of flexible mid-size and smaller containerships like those in our fleet. Our longstanding emphasis on maximizing optionality has served us well in a volatile and unpredictable environment marked by ever-shifting tariff policies and geopolitical instability which have combined to re-shape trade patterns and fragment supply chains. The recent outbreak of hostilities in and around Iran has introduced yet a further source of volatility and uncertainty to global containerized trade, most notably by turning the Strait of Hormuz into a chokepoint. The situation in Iran remains highly dynamic and the longer-term implications are difficult to predict, but seafarer safety is the paramount concern.

“These changing dynamics have once again put a spotlight on the practical value of containerships that provide a combination of deployment flexibility and efficiency, such as those in the GSL fleet. In addition, decentralized and dispersed supply chains are inherently more inefficient than the streamlined model that prevailed in years past, requiring more ships to transport the same aggregate volume of cargo. This was further compounded in 2025 as underlying containerized volumes increased by 5% year-over-year. By remaining agile during this period, we now have 2.7 years of contract cover and $2.2 billion in contracted revenues, with 99% of our open positions covered for 2026 and 80% for 2027. As the year drew to a close, we were pleased to have pounced upon the opportunity to buy three 8,600 TEU ships with ECO-upgrades: great ships, purchased at a great price, with minimal downside risk and lots of upside potential.

“Our outperformance in 2025 caps a 5-year period during which GSL has undergone a profound transformation. Our cashflow, earnings, leverage profile, forward visibility, credit ratings, and return of capital to shareholders have all improved dramatically, such that we are better positioned operationally, financially, and strategically than we have ever been before. Our financial strength, ability to act decisively and selectively on acquisition opportunities, and robust, visible cash flows have us ideally poised to continue building value for shareholders throughout the cycle.”

Thomas Lister, our Chief Executive Officer, stated: “Amidst a market that has only grown more complex and unpredictable over time, we have continued to focus on maximizing our optionality throughout the fourth quarter and 2025 as a whole. We have reduced our financial leverage to 0.5x, and lowered our average breakeven rates per vessel to only a fraction of current market rates and – equally importantly – to levels that afford resilience at more challenging phases of the cycle. These steps, alongside our growing contracted revenues and charter coverage, have enabled us to build a fortress balance sheet. Our progress has been reflected not only by our strong credit ratings from leading rating agencies, but also by our ability to move fast and execute on value-accretive transactions when such opportunities arise. As we move ahead into 2026 and beyond, we are pleased to be operating from a position of strength to both mitigate the risks and capitalize on the opportunities provided by the natural cyclicality of our industry and the heightened volatility driven by an increasingly unpredictable geopolitical backdrop.”

SELECTED FINANCIAL DATA – UNAUDITED

(thousands of U.S. dollars)

(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 $190.9 million in the fourth quarter of 2025, up $8.5 million (or 4.7%) on operating revenues of $182.4 million in the prior year period. The period-on-period increase in operating revenues was principally due to (i) the net effect of higher rates on charter renewals, (ii) the addition of the Four Newly Acquired Vessels, the addition of two of the Three Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025 and (iii) a non-cash $2.6 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions counterbalanced by a non-cash $0.8 million negative effect from straight lining time charter modifications. There were 274 days of offhire and idle time in the fourth quarter of 2025, of which 204 were for scheduled drydockings, compared to 347 days of offhire and idle time in the prior year period, of which 288 were for scheduled drydockings. Utilization for the fourth quarter of 2025 was 95.6% compared to utilization of 94.5% in the prior year period.

For the year ended December 31, 2025, operating revenues were $766.5 million, up $55.4 million (or 7.8%) on operating revenues of $711.1 million in the comparative period, mainly due to (i) the net effect of higher rates on charter renewals, (ii) the addition of the Four Newly Acquired Vessels, the addition of two of the Three Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025 (iii) a non-cash $4.8 million positive effect from straight lining time charter modifications and a non-cash $8.0 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions offset by an increase in off hire days. There were 1,125 days of offhire and idle time in the year ended December 31, 2025 of which 816 were for scheduled drydockings, compared to 966 days of offhire and idle time in the prior year of which 807 were for scheduled drydockings. Utilization for the year ended December 31, 2025 was 95.6% compared to utilization of 96.1% in the prior year.

Our revenue origin by country, using the respective head office location of each of our charterers as a proxy for origin, for the years ended December 31, 2025 and 2024, respectively, was as follows:

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

As of December 31, 2025, one regulatory drydocking was in progress and 16 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 12.7% to $55.9 million for the fourth quarter of 2025, compared to $49.6 million in the prior year period. The increase of $6.3 million was mainly due to (i) the addition of the Four Newly Acquired Vessels, the addition of two of the Three Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025, (ii) an increase in stores, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery due to timing of planned schedule, and (iii) the impact of inflation on fees and expenses, including management fees. The average cost per ownership day in the quarter was $8,877, compared to $7,871 for the prior year period, up $1,006 per day, or 12.8%.

For the year ended December 31, 2025, vessel operating expenses were $208.4 million, or an average of $8,230 per day, compared to $191.3 million in the comparative period, or $7,670 per day, an increase of $560 per ownership day, or 7.3%. The increase of $17.1 million was mainly due to (i) the addition of the Four Newly Acquired Vessels, the addition of two of the Three Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 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, and (iv) the impact of inflation on fees and expenses, including management fees.

Time Charter and Voyage Expenses

Time charter and voyage expenses comprise mainly 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 $6.6 million for the fourth quarter of 2025, compared to $6.5 million in the prior year period due to (i) an increase in voyage administration costs and operational requests from charterers and (ii) an increase in commissions on charter renewals at higher rates, offset by decreases in bunkering expenses due to lower off hire days.

For the year ended December 31, 2025, time charter and voyage expenses were $25.1 million, or an average of $993 per day, compared to $23.5 million in the comparative period, or $944 per day, an increase of $49 per ownership day, or 5.2% mainly due to increased commissions on charter renewals at higher rates and increase in bunkering expenses due to higher off hire days.

Depreciation and Amortization

Depreciation and amortization for the fourth quarter of 2025 was $31.1 million, compared to $26.2 million in the prior year period. The increase was mainly due to the 13 drydockings completed in 2025 and the addition of the Four Newly Acquired Vessels, the addition of two of the Three Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025.

Depreciation and amortization for the year ended December 31, 2025 was $122.0 million, compared to $100.0 million in the comparative period, mainly due to the factors noted above.

General and Administrative Expenses

General and administrative expenses were $9.7 million in the fourth quarter of 2025, compared to $4.1 million in the comparative period. The increase was mainly due to a non-cash charge for stock-based compensation expense relating to the Omnibus Incentive Plan (the “Plan”), which is based on the valuation of awards under the Plan as of the grant date, such valuation being a function of the Company’s increased share price. The Plan was amended, effective September 25, 2025, to replenish the number of class A common shares that may be issued thereunder by 2,430,000 shares.

General and administrative expenses were $22.1 million for the year ended December 31, 2025, compared to $17.1 million in the comparative period due to the increase in the stock-based compensation expense.

Gain on sale of vessels

Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) were sold for an aggregate gain of $28.3 million in the first quarter of 2025. Dimitris Y (5,900 TEU, built 2000) was sold for an aggregate gain of $17.9 million in the fourth quarter of 2025.

Adjusted EBITDA 1

Adjusted EBITDA was $124.7 million for the fourth quarter of 2025, up from $123.7 million for the prior year period, with the net increase being mainly due to increased revenue from charter renewals at higher rates and the addition of the new vessels partially offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025.

Adjusted EBITDA for the year ended December 31, 2025 was $521.4 million, compared to $494.7 million for the comparative period, an increase of $26.7 million or 5.4% mainly due to increased revenue from charter renewals at higher rates and the addition of the Four Newly Acquired Vessels, the addition of two of the Three Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and the sale of Dimitris Y in the fourth quarter of 2025.

Interest Expense and Interest Income

Debt as at December 31, 2025 totaled $694.7 million, after inclusion of the Four Newly Acquired Vessels, comprising $311.0 million of secured bank debt collateralized by vessels, $179.4 million of 2027 Secured Notes collateralized by vessels, and $204.3 million under sale and leaseback financing transactions. As of December 31, 2025, 18 of our vessels were unencumbered.

Debt as at December 31, 2024 totaled $691.1 million, comprising $371.9 million of secured bank debt collateralized by vessels, $231.9 million of 2027 Secured Notes collateralized by vessels, and $87.3 million under sale and leaseback financing transactions. As of December 31, 2024, 18 of our vessels were unencumbered.

Interest and other finance expenses for the fourth quarter of 2025 were $9.0 million, up from $7.8 million for the prior year period. The increase was due to the fact that our additional floating debt was not covered by our interest rate caps, which hedge only 75% of our floating rate debt.

Interest and other finance expenses for the year ended December 31, 2025 were $39.0 million, down from $40.7 million for the prior year. Interest and other finance expenses for the year ended December 31, 2025 of $39.0 million, included (i) a prepayment fee of $0.2 million following the full repayment of 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 in 2025. In March 2025, we entered into a loan agreement with UBS for $85.0 million, to refinance certain of our existing loans. The new loan is priced at SOFR + 2.15% and has a maturity of three years. During March of 2025, we fully repaid the outstanding balance of ESUN Credit Facility amounting to $5.9 million. During April of 2025, we fully repaid the outstanding balance of the Macquarie Credit Facility amounting to $17.5 million and the outstanding balance of the HCOB-CACIB Credit Facility amounting to $46.8 million. Interest and other finance expenses for the year ended December 31, 2024 of $40.7 million, included (i) the non-cash write off of deferred financing costs of $2.7 million on the full repayments of six of our credit facilities and two of our sale and leaseback agreements, (ii) a prepayment fee of $0.7 million on the full repayment of the sale and leaseback agreement with CMB Financial Leasing Co. Ltd and (iii) a prepayment fee of $0.2 million on the partial repayment of the Macquarie Credit Facility.

Interest income for the fourth quarter of 2025 was $5.9 million, up from $4.2 million for the prior year period mainly due to higher invested amounts.

Interest income for the year ended December 31, 2025 was $19.2 million, up from $16.7 million in the comparative period.

Other income, net

Other income, net was $1.0 million in the fourth quarter of 2025, up from $0.4 million in the comparative period.

Other income, net was $6.1 million for the year ended December 31, 2025, compared to $3.6 million for the comparative period.

Fair value adjustment on derivatives

In December 2021, we entered into a USD 1-month LIBOR interest rate cap of 0.75% through the fourth quarter of 2026 on $484.1 million of floating rate debt, which reduces over time in line with anticipated debt amortization and represented approximately half of the outstanding floating rate debt. In February 2022, we entered into two additional USD 1-month LIBOR interest rate caps of 0.75% through the fourth quarter of 2026 on the remaining balance of $507.9 million of floating rate debt. As a result of the discontinuation of LIBOR, on July 1, 2023, our interest rate caps automatically transited to 1 month Compounded SOFR at a net rate of 0.64%. A negative fair value adjustment of $1.0 million for the fourth quarter of 2025 was recorded through the statement of income. The negative fair value adjustment for the year ended December 31, 2025 was $5.0 million.

Earnings Allocated to Preferred Shares

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

The cost for the year ended December 31, 2025 was $9.5 million, the same as for the comparative period.

Net Income Available to Common Shareholders

Net income available to common shareholders for the fourth quarter of 2025 was $100.2 million. Net income available to common shareholders for the prior year period was $90.2 million.

Earnings per share for the fourth quarter of 2025 was $2.79, an increase of 9.8% from the earnings per share for the prior year period, which was $2.54.

For the year ended December 31, 2025, net income available to common shareholders was $406.9 million. Net income available to common shareholders for the year ended December 31, 2024 was $344.1 million.

Earnings per share for the year ended December 31, 2025 was $11.40, an increase of 17.0% from the earnings per share for the comparative period, which was $9.74.

Normalized net income 1 for the fourth quarter of 2025 was $83.2 million. Normalized net income for the prior year period was $90.4 million. Normalized earnings per share 1 for the fourth quarter of 2025 was $2.32, a decrease of 9.0% from Normalized earnings per share for the prior year period, which was $2.55.

Normalized net income 1 for the year ended December 31, 2025 was $366.4 million. Normalized net income for the prior year period was $352.7 million. Normalized earnings per share 1 for the year ended December 31, 2025 was $10.26, an increase of 2.7% from Normalized earnings per share for the prior year period, which was $9.99.

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

Other Developments – Common Stock and Preferred Stock

- On September 23, 2025, we renewed our “at the market” offering program for our Class A common shares, pursuant to which we may, from time to time, offer and sell up to $100.0 million of our Class A common shares (“Common Share ATM Program”). We have not sold any Class A common shares under the renewed Common Share ATM Program.

- On September 23, 2025,we renewed our “at the market” offering program for our depositary shares (the “Depositary Shares”), each of which represents 1/100th of one share of our 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock, pursuant to which we may, from time to time, offer and sell up to $150.0 million of our Depositary Shares (the “Preferred Share ATM Program”). We have not sold any shares under the renewed Preferred Share ATM Program.

- As of the date of this press release, approximately $33.0 million of capacity remains available under our share repurchase program, pursuant to which we may opportunistically repurchase our Class A common shares.

Fleet

As of December 31, 2025, there were 71 containerships in the fleet, including the third of the Three Newly Acquired Vessel (Cypress) which was delivered to us in January 2026. Charters agreed up until February 28, 2026, are detailed in the table below:

Conference Call and Webcast

Global Ship Lease will hold a conference call to discuss the Company's results for the three months and year ended December 31, 2025 today, Thursday, March 5, 2026 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:

(1) Dial-in: (646) 968-2525 or (888) 596-4144; Event ID: 7391058

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

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

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

Annual Report on Form 20-F

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

About Global Ship Lease

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

Our fleet of 71 vessels as of December 31, 2025, including the third of the Three Newly Acquired Vessel (Cypress) delivered in January 2026, had an average age weighted by TEU capacity of 17.9 years. 41 ships are wide-beam Post-Panamax.

As of December 31, 2025, including the last of the Three Newly Acquired Vessel, Cypress, delivered on January 9, 2026 and all charters agreed during 2025 and through February 28, 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, was 2.7 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.24 billion. Contracted revenue was $2.77 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.6 years.

Reconciliation of Non-U.S. GAAP Financial Measures

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

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

A. Adjusted EBITDA

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

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

ADJUSTED EBITDA - UNAUDITED

(thousands of U.S. dollars)

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)

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

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:

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.

Investor and Media Contacts:

IGB Group

Bryan Degnan

646-673-9701

or

Leon Berman

212-477-8438