Global Ship Lease Inc New · NYSE:GSL
Global Ship Lease Inc New — Global Ship Lease — Q2 2026 Earnings Presentation
35 slides from Global Ship Lease Inc New's earnings presentation, Aug 6, 2026
Slide 1: 2Q 2026 Results Presentation
| 2Q 2026 Results 1 nd 2 Quarter Results 2026 Presentation
Slide 2: Disclaimer
Disclaimer | 2Q 2026 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 2026 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 & 1H2026 Results, and Selected Highlights
2Q & 1H2026 Results, and Selected Highlights | 2Q 2026 Results 4 Geopolitical conflict, changing trade patterns, uncertainty 2Q 2026 1H 2026 15 newbuilds contracted, with lucrative charters ex-yard¹ Revenue $198.7 million $396.8 million Added $1.45 billion contracted revenues in 1H26² Net Income $89
Slide 5: Strategic Fleet Renewal
Strategic Fleet Renewal | 2Q 2026 Results 5 Investment in New “Cash Cows”; Opportunistic Monetization of Older Assets Newbuilds: future-proofed, flexible, De-risked, with compelling option Newbuild funding considerations & best-in-class value & upside earnings potential return enhancements 15 x mid-
Slide 6: Structural Opportunity for Newbuilds
Structural Opportunity for Newbuilds | 2Q 2026 Results 6 Mid-Size Ships are Aging Out, Supportive Supply-Side Fundamentals Age Profile of Existing Global Containership Fleet (Years) by Size Segment (TEU)¹ Mid-size & smaller segments of global containership fleet have been under-invested for years; t
Slide 7: We Capitalize on Market Fundamentals & Cyclicality
We Capitalize on Market Fundamentals & Cyclicality | 2Q 2026 Results 7 to Create Significant Long-Term Value: Good Entry Point for Newbuilds June 2021 February 2021 June 2021 May 2023 450 4 x ultra-high 7 x 6,000 TEU ships 12 Borealis ships 4 x 8,500 TEU ships reefer ships 400 December 2024 May 2019
Slide 8: We Continue to Build Contract Cover
We Continue to Build Contract Cover | 2Q 2026 Results 8 with Top Tier, Diversified Charterer Base ONE 2% RCL 1% (Singapore) (Thailand) COSCO / OOCL 7% (China & Hong Kong) CMA CGM 20% (France) $3.2 billion Contracted revenues @ June 30, 2026¹ ² MSC 14% (Switzerland) 3.3 years average remaining contra
Slide 9: We Allocate Capital Dynamically through the Cycle
We Allocate Capital Dynamically through the Cycle | 2Q 2026 Results 9 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
Slide 10: 1H 2026 Financials & Recent Developments
1H 2026 Financials & Recent Developments | 2Q 2026 Results 10 P&L Balance Sheet Shareholder Returns Revenue: $396.8 million Gross debt: $676.4 million, down from $694.7 Supplemental dividend introduced in 2Q24, million at December 31, 2025 increasing quarterly dividend by 20%, to $0.45 Net Income: $
Slide 11: We De-lever to De-risk, Grow Equity Value, and Increase Optionality
We De-lever to De-risk, | 2Q 2026 Results 11 Grow Equity Value, and Increase Optionality De-Risking of Balance Sheet Continues¹ Reduced Financial Leverage² Increases Resilience & Flexibility 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.
Slide 12: Our Low Cost of Debt & Low Break-Even Rates
Our Low Cost of Debt & Low Break-Even Rates: | 2Q 2026 Results 12 Strong Platform to Manage Cycle & Build Value Strong Credit Profile has Reduced Borrowing Costs1 Minimizing Vessels’ Average Daily Break-Even Rates 2 Daily interest expense paid (net of paid interest rate caps income) 0.08 7.56% 7.59%
Slide 13: We Provide Mid-Size & Smaller Containerships
We Provide Mid-Size & Smaller Containerships: | 2Q 2026 Results 13 Flexible Assets, Offering Valuable Optionality in Unpredictable Environment GSL focus High-reefer, mid-size & smaller containerships ~75% Deployment of sub-10,000 TEU ships: everywhere¹ Proportion of global containerized trade volume
Slide 14: Key Middle East Chokepoints Effectively Closed
Key Middle East Chokepoints Effectively Closed¹ | 2Q 2026 Results 14 Geopolitical tensions, trade disruptions, tariffs Strait of Hormuz & Persian Gulf Red Sea & Suez Normally, ~20% of containerized trade Normally, ~3-4% of containerized trade volumes move through Red Sea & Suez² volumes move through
Slide 15: Supply-Side Trends: Idle Capacity Minimal, Scrapping Still Largely on Hold
Supply-Side Trends: | 2Q 2026 Results 15 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) 2.7 7,600-11,999 TEU 0.7% 12.0% Idle Capacity (TEU mm) 2.4 5,200-7,599 TEU 2.1 3,900-5,200
Slide 16: Overall Orderbook is Growing, but Our Sector-Focused Fundamentals Remain Supportive
Overall Orderbook is Growing, | 2Q 2026 Results 16 but Our Sector-Focused Fundamentals Remain Supportive Orderbook & Fleet Ratios, by Size Segment¹ Sub-10,000 TEU Deliveries v. Age Profile¹ ² 39.1% 4.5 39.1% Cumulative Orderbook 10.0 4.0 Orderbook to fleet ratio¹ Deliveries (TEU mm) 55.2% 3.5 9.0 Ov
Slide 17: Charter Market Rates Firm for Now
Charter Market Rates Firm for Now, | 2Q 2026 Results 17 but Forward Visibility Limited & Sentiment Cautious Short Term (6 – 12 Months) Charter Market Index, 2021 – 1H26¹ 250 Market Rates (Indicative) Ship Size (TEU) $ / Day 200 * Average break-even rates 2,200 – 2,999 26,000 $10,121 per vessel per d
Slide 18: Summary: Relentless Focus on Shareholder Value
Summary: Relentless Focus on Shareholder Value | 2Q 2026 Results 18 1 Maximizing optionality and resilience amid macro, geopolitical, and regulatory uncertainty 2 Changing trade patterns and fragmenting global supply chains require and reward flexible tonnage 3 Strong forward visibility, with 3.3 ye
Slide 19: Appendix
| 2Q 2026 Results 19 ▪ Financial Statements ▪ EBITDA Calculator & CAPEX Guidance ▪ Reconciliation of Non-GAAP Financial Measures Appendix ▪ ▪ Debt Structure Decarbonization & Associated Regulations ▪ Regulatory Uncertainty Driven by Geopolitical Tensions ▪ Unpredictable Impact of US Tariff Volatilit
Slide 20: Financial Statements: Balance Sheet at June 30, 2026
Financial Statements: Balance Sheet at June 30, 2026 (Unaudited) | 2Q 2026 Results 20 (Expressed in thousands of U.S. dollars, except share data) 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 5
Slide 21: Financial Statements: P&L for 2Q26 & 1H 2026
Financial Statements: P&L for 2Q26 & 1H 2026 (Unaudited) | 2Q 2026 Results 21 (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
Slide 22: Financial Statements: Cash Flow for 2Q26 & 1H26
Financial Statements: Cash Flow for 2Q26 & 1H26 (Unaudited) | 2Q 2026 Results 22 (Expressed in thousands of U.S. dollars) 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 RE
Slide 23: Adjusted EBITDA and Operating Cash Flow Calculator
Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative) | 2Q 2026 Results 23 The table below presents our illustrative calculator for our fleet for 2026 and 2027, based on historical performance, contracted revenue, and assumed expenses, Capitalized and Drydocking Expenses, Finance Expense
Slide 24: CAPEX Guidance
CAPEX Guidance | 2Q 2026 Results 24 Indicative CAPEX, based on average costs FY2024 – FY2025 and adjusted for annualized inflation modelled at 2.5% and 1.40% for 2026 and 2027, respectively ▪ Average special survey & dry-docking for 2026 and 2027: ~$3.48 million (13 vessels) and ~$3.53 million (nine
Slide 25: Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2)
Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2) | 2Q 2026 Results 25 (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 26: Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2)
Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2) | 2Q 2026 Results 26 (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 27: Year-End Adj. Net Debt to Trailing 12M Adj. EBITDA - Reconciliation
Year - End Adj. Net Debt to Trailing 12M (TTM) Adj. EBITDA - Reconciliation | 2Q 2026 Results 27 (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 28: EPS & Normalized EPS – Reconciliation (1/2)
EPS & Normalized EPS – Reconciliation (1/2) | 2Q 2026 Results 28 (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 months months Three months Three months Six months Six months ended ended e
Slide 29: EPS & Normalized EPS – Reconciliation (2/2)
EPS & Normalized EPS – Reconciliation (2/2) | 2Q 2026 Results 29 (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 30: Debt Structure as at June 30, 2026
Debt Structure as at June 30, 2026 | 2Q 2026 Results 30 (Expressed in millions of U.S dollars) Collateralized Outstanding Balance Balloon Interest Repayment Maturity Ships as at June 30, 2026 Installment MSC Tianjin, GSL Ningbo, GSL Nicoletta, GSL Christen, GSL Chateau d’if, CMA Interpolated interes
Slide 31: Decarbonization Update 1/3
Decarbonization Update 1/3 | 2Q 2026 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 2026 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 2026 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
Slide 34: Regulatory Uncertainty Driven by Geopolitical Tensions
Regulatory Uncertainty Driven by Geopolitical Tensions | 2Q 2026 Results 34 USTR Port fees introduced by US in October 2025, targeting Chinese tonnage Industry successfully adapting to manage / mitigate exposure, helped by a lead time of several months between announcement and implementation October
Slide 35: Ongoing Impact of US Tariff Volatility is Unpredictable
Ongoing Impact of US Tariff Volatility is Unpredictable | 2Q 2026 Results 35 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 (di