Global Ship Lease Inc New · NYSE:GSL
Global Ship Lease Inc New — Global Ship Lease — Q2 2025 Earnings Presentation
33 slides from Global Ship Lease Inc New's earnings presentation, Aug 5, 2025
Slide 1: 2Q 2025 Results Presentation
| 2Q 2025 Results 1 nd 2 Quarter Results 2025 Presentation
Slide 2: Disclaimer
Disclaimer | 2Q 2025 Results 2 This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis
Slide 3: Safe Harbor Statement
Safe Harbor Statement | 2Q 2025 Results 3 This presentation contains forward-looking statements. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, as
Slide 4: 2Q & 1H 2025 Results, and Selected Highlights
2Q & 1H2025 Results, and Selected Highlights | 2Q 2025 Results 4 Tariffs, trade disruptions, geo-political tensions, uncertainty 2Q 2025 1H 2025 $397 million contracted revenues added in 1H25 Revenue $191.9 million $382.8 million 96% forward contract cover for 2025; 80% for 2026 Net Income $93.1 mil
Slide 5: Continuing to Build Contract Cover
Continuing to Build Contract Cover | 2Q 2025 Results 5 with Top Tier, Diversified Charterer Base ONE 2% RCL <2% (Singapore) (Thailand) COSCO / OOCL 7% $1.73 billion (China, incl. Hong Kong) CMA CGM 18% (France) MSC 13% Contracted revenues @ June 30, 2025¹ (Switzerland) Share of 2.1 years of average
Slide 6: Dynamic Capital Allocation through the Cycle
Dynamic Capital Allocation through the Cycle | 2Q 2025 Results 6 Capital allocation driven by relative Consideration of risks to cash flows, Capitalize on cycle to generate long- returns, adjusted for risk and sustainability and profitability of term value for shareholders business through the cycle
Slide 7: Using the Cycle to Create Significant Long-Term Value
Using the Cycle | 2Q 2025 Results 7 to Create Significant Long-Term Value June 2021 450 February 2021 June 2021 May 2023 Charter Rate & Asset Value Indices (100 = Average 2003 to 1H 2025) 4 x ultra-high 7 x 6,000 TEU ships 12 Borealis ships 4 x 8,500 TEU ships reefer ships 400 350 May 2019 November
Slide 8: 1H 2025 Financials & Highlights
1H 2025 Financials & Highlights | 2Q 2025 Results 8 P&L Balance Sheet Shareholder Returns Revenue: $382.8 million, up from $354.6 Gross debt: $768.5 million, up from $691.1 Supplemental dividend introduced in 2Q24, million for 1H24 million at December 31, 2024 increasing quarterly dividend by 20%, t
Slide 9: De-levering to De-risk, Grow Equity Value, and Increase Optionality
De-levering to De-risk, | 2Q 2025 Results 9 Grow Equity Value, and Increase Optionality De-Risking of Balance Sheet Continues¹ Financial Leverage Now Below 1x² 1000 950 9.0 8.4 Adj. Net Debt / Adj. EBITDA (x)2 900 Debt Outstanding ($ mm)¹ 823 8.0 800 691 695 7.0 700 6.0 600 547 5.0 5.0 4.3 500 4.2 4
Slide 10: Low Cost of Debt & Low Break-Even Rates
Low Cost of Debt & Low Break-Even Rates; | 2Q 2025 Results 10 Strong Platform to Manage Cycle & Build Value Reducing Cost of Debt1 Minimizing Vessels’ Average Daily Break-Even Rates 2 Daily interest expense paid (net of paid interest rate caps income) 8.00% 7.56% 7.59% Margin/Coupon $14,000 Daily Vo
Slide 11: Mid-Size & Smaller Containerships; Flexible Assets & Backbone of Global Trade
Mid-Size & Smaller Containerships; | 2Q 2025 Results 11 Flexible Assets & Backbone of Global Trade GSL focus High-reefer, mid-size & smaller containerships ~74% Deployment of sub-10,000 TEU ships: everywhere¹ Proportion of global containerized trade volume in non - Mainlane trades² Sub-10,000 TEU No
Slide 12: Impact of Red Sea Disruption has been Significant
Impact of Red Sea Disruption has been Significant; | 2Q 2025 Results 12 Going Forward, Red Sea Dynamics are Unpredictable 12,000 10,000 Distance (nm) 20% of global containerized trade volumes 8,000 Cargo passing via Suez, pre-Red Sea disruption¹ 6,000 4,000 2,000 0 Via COGH Via Suez 34% of global co
Slide 13: Impact on Demand from US Tariffs is Unpredictable
Impact on Demand from US Tariffs is Unpredictable; | 2Q 2025 Results 13 2019 Trade Tensions may be Instructive (Directionally) China / US Mainlane Reduced direct trade, following 2019 tariffs Disruption to China-focused supply chains Negative impact on very large containerships dependent on (direct)
Slide 14: Supply-Side Trends
Supply-Side Trends | 2Q 2025 Results 14 Idle Capacity Minimal, Scrapping Still Largely on Hold Idle Capacity of Global Containership Fleet Remains Minimal¹ 3.0 12,000 + TEU 14.0% Idle Fleet Ratio (Green Line) 7,600-11,999 TEU 2.7 0.7% Idle Capacity (TEU mm) 5,200-7,599 TEU 12.0% 2.4 3,900-5,200 TEU
Slide 15: Overall Orderbook is Meaningful, but Sector Fundamentals Remain Supportive
Overall Orderbook is Meaningful, | 2Q 2025 Results 15 but Our Sector-Focused Fundamentals Remain Supportive Orderbook & Fleet Ratios, by Size Segment¹ Sub-10,000 TEU Deliveries v. Age Profile¹ 8.0 29.6% 53.3% 2.5 • • Median age for 10,000+ TEU fleet: 7.5 years Median age for sub-10,000 TEU fleet: 17
Slide 16: Charter Market Rates: 1H 2025 Still Supportive
Charter Market Rates: | 2Q 2025 Results 16 1H 2025 Still Supportive, but Forward Visibility is Limited Short Term (6 – 12 Months) Charter Market Index, 4Q 2020 – 2Q 2025¹ 250 Market Rates (Indicative) Ship Size (TEU) $ / Day 200 * Average break-even rates 2,200 – 2,999 25,000 3,500 32,500 Charter Ra
Slide 17: Summary
Summary | 2Q 2025 Results 17 1 Forward visibility on cash flows: $397 million added to contracted revenues in 1H 2025, resulting in forward contract cover of $1.73 billion over 2.1 years¹ 2 High levels of macro, geo-political, and regulatory uncertainty; we are focused on maximizing optionality, to
Slide 18: Appendix
| 2Q 2025 Results 18 Financial Statements EBITDA Calculator & CAPEX Guidance Appendix Reconciliation of Non-GAAP Financial Measures Debt Structure Decarbonization & Associated Regulations
Slide 19: Financial Statements: Balance Sheet at June 30, 2025
Financial Statements: Balance Sheet at June 30, 2025 (Unaudited) | 2Q 2025 Results 19 (Expressed in thousands of U.S. dollars, except share data) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 415,599 $ 141,375 Time deposits 15,000 26,150 Restricted cash 48,995 55,
Slide 20: Financial Statements: P&L for 2Q25 & 6M 2025
Financial Statements: P&L for 2Q25 & 6M 2025 (Unaudited) | 2Q 2025 Results 20 (Expressed in thousands of U.S. dollars) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 OPERATING REVENUES Time charter revenues $ 188,540 $ 173,495 $ 376,301 $ 351,553 Amortization of intangible
Slide 21: Financial Statements: Cash Flow for 2Q25 & 6M 2025
Financial Statements: Cash Flow for 2Q25 & 6M 2025 (Unaudited) | 2Q 2025 Results 21 (Expressed in thousands of U.S. dollars) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 95,437 $ 88,027 $ 218,731 $ 179,917 ADJUSTMENTS TO
Slide 22: Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative)
Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative) | 2Q 2025 Results 22 The table below presents our illustrative calculator for our fleet for 2025 and 2026, based on historical performance, contracted revenue, and assumed expenses, Capitalized and Drydocking Expenses, Finance Expense
Slide 23: CAPEX Guidance
CAPEX Guidance | 2Q 2025 Results 23 Indicative CAPEX, based on average costs FY2023 – FY2024 and adjusted for annualized inflation modelled at 2.6% and 1.18% for 2025 and 2026, respectively Average special survey & dry-docking for 2025 and 2026: ~$2.74 million (11 vessels) and $2.77 million (12 ve
Slide 24: Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2)
Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2) | 2Q 2025 Results 24 (Expressed in thousands of U.S dollars) Reconciliation of Non-U.S. GAAP Adjusted Financial Measures EBITDA - Unaudited Three months Three months Six months Six months Adjusted EBITDA ended ended ended ended June 30,
Slide 25: Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2)
Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2) | 2Q 2025 Results 25 (Expressed in thousands of U.S dollars) Normalized Net Income Normalized Net Income - Normalized net income represents net income available to common Unaudited shareholders, after adjusting for certain non-recurring
Slide 26: Year-End Adj. Net Debt to TTM Adj. EBITDA – Reconciliation
Year - End Adj. Net Debt to Trailing 12M (TTM) Adj. EBITDA - Reconciliation | 2Q 2025 Results 26 (Expressed in thousands of U.S dollars) (Expressed in thousands of U.S dollars, except Adjusted Net Debt / LTM Adjusted EBITDA Ratio) Adjusted Net Debt / Adjusted EBITDA Year Ending TTM 31-Dec-2018 31-De
Slide 27: EPS & Normalized EPS – Reconciliation (1/2)
EPS & Normalized EPS – Reconciliation (1/2) | 2Q 2025 Results 27 (Expressed in thousands of U.S dollars, except share data) EPS – Basic & Fully Diluted Normalized EPS – Basic & Fully Diluted Three Three Six months Six months Three months Three months Six months Six months months months ended ended e
Slide 28: EPS & Normalized EPS – Reconciliation (2/2)
EPS & Normalized EPS – Reconciliation (2/2) | 2Q 2025 Results 28 (Expressed in thousands of U.S dollars, except share data) Reconciliations of Basic and Normalized Basic EPS Reconciliations of Diluted, and Normalized Diluted EPS Three months Three months Six months Six months Three months Three mont
Slide 29: Debt Structure as at June 30, 2025
Debt Structure as at June 30, 2025 | 2Q 2025 Results 29 (Expressed in millions of U.S dollars) Collateralized Outstanding Balance Balloon Interest Repayment Maturity Ships as at June 30, 2025 Installment ZIM Europe, MSC Tianjin, MSC Qingdao, Kumasi, Ian H, GSL Ningbo, GSL Nicoletta,, Manet, Julie, G
Slide 30: Revenue origin by country as at June 30, 2025
Revenue origin by country as at June 30, 2025 | 2Q 2025 Results 30 (Expressed in millions of U.S dollars) Revenue origin by country 1 Six months ended June 30, 2025 Six months ended June 30, 2024 Percentage Percentage Revenue of revenue Revenue of revenue Denmark (Maersk) 122.00 31.87% 115.23 32.50%
Slide 31: Decarbonization Update 1/3
Decarbonization Update 1/3 | 2Q 2025 Results 31 Evolving Regulatory Environment (Highlights) EEXI – (IMO) Energy Efficiency Existing Ship Index. Determined by ship’s technical characteristics. Pass or fail. Compliance required by ship’s first annual IAPP survey after January 1, 2023 CII – (IMO) Carb
Slide 32: Decarbonization Update 2/3
Decarbonization Update 2/3 | 2Q 2025 Results 32 Expected Implications for Global Containership Fleet Reduced operating speeds to disproportionately reduce fuel consumption and emissions. Decrease in average operating speed of global fleet by one knot would reduce effective supply by ~6% [Red Sea dis
Slide 33: Decarbonization Update 3/3
Decarbonization Update 3/3 | 2Q 2025 Results 33 GSL Actions to Maintain Commercial Positioning of Fleet¹ Engine Power Limiters (EPLs) installed, where appropriate, to facilitate compliance with EEXI Retro-fitting Energy Saving Technologies (ESTs) to ships, for regulatory compliance / commercial valu