Global Ship Lease Inc New · NYSE:GSL
Global Ship Lease Inc New — Global Ship Lease — Q1 2026 Earnings Presentation
35 slides from Global Ship Lease Inc New's earnings presentation, May 2026
Slide 1: 1st Quarter 2026 Results Presentation
| 1Q 2026 Results 1 st 1 Quarter Results 2026 Presentation
Slide 2: Disclaimer
Disclaimer | 1Q 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 | 1Q 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: 1Q 2026 Results, and Selected Highlights
1Q 2026 Results, and Selected Highlights | 1Q 2026 Results 4 Geopolitical conflict, changing trade patterns, uncertainty 1Q 2026 Results Contracted revenues: $2.1 billion, over 2.6 years¹ Revenue $198.1 million Fleet contract coverage¹: 100% for 2026, 86% for 2027 Net Income4 $91.4 million Adjusted
Slide 5: We Continue to Build Contract Cover with Top Tier, Diversified Charterer Base
We Continue to Build Contract Cover | 1Q 2026 Results 5 with Top Tier, Diversified Charterer Base ONE 1% RCL 1% (Singapore) (Thailand) COSCO / OOCL 5% (China, incl. Hong Kong) CMA CGM 15% (France) $2.1 billion Contracted revenues @ March 31, 2026¹ ² MSC 29% (Switzerland) Share of 2.6 years of averag
Slide 6: We Allocate Capital Dynamically through the Cycle
We Allocate Capital Dynamically through the Cycle | 1Q 2026 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
Slide 7: We Use the Cycle to Create Significant Long-Term Value
We Use the Cycle | 1Q 2026 Results 7 to Create Significant Long-Term Value June 2021 450 February 2021 June 2021 May 2023 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 2019 November 2019 Charter Rate & Asset Value Indices 3 x 7,800 TE
Slide 8: 1Q 2026 Financials & Recent Developments
1Q 2026 Financials & Recent Developments | 1Q 2026 Results 8 P&L Balance Sheet Shareholder Returns Revenue: $198.1 million, up from $191.0 Gross debt: $657.8 million, down from $694.7 Supplemental dividend introduced in 2Q24, million for 1Q25 million at December 31, 2025 increasing quarterly dividen
Slide 9: We De-lever to De-risk, Grow Equity Value, and Increase Optionality
We De-lever to De-risk, | 1Q 2026 Results 9 Grow Equity Value, and Increase Optionality De-Risking of Balance Sheet Continues¹ Reduced Financial Leverage² Increases Resilience & Flexibility 1000 950 9.0 8.4 Adj. Net Debt / Adj. EBITDA (x)2 900 8.0 Debt Outstanding ($ mm)¹ 823 800 7.0 691 695 700 6.0
Slide 10: Our Low Cost of Debt & Low Break-Even Rates
Our Low Cost of Debt & Low Break-Even Rates: | 1Q 2026 Results 10 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) 8.00% Margin/Cou
Slide 11: We Provide Mid-Size & Smaller Containerships
We Provide Mid-Size & Smaller Containerships: | 1Q 2026 Results 11 Flexible Assets & Backbone of Global Trade GSL focus High-reefer, mid-size & smaller containerships ~75% Deployment of sub-10,000 TEU ships: everywhere¹ Proportion of global containerized trade volume in non - Mainlane trades² Sub-10
Slide 12: Key Middle East Chokepoints Effectively Closed
Key Middle East Chokepoints Effectively Closed¹ | 1Q 2026 Results 12 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 13: Supply-Side Trends: Idle Capacity Minimal, Scrapping Still Largely on Hold
Supply-Side Trends: | 1Q 2026 Results 13 Idle Capacity Minimal, Scrapping Still Largely on Hold Idle Capacity of Global Containership Fleet Remains Minimal¹ 3.0 12,000+ TEU 14.0% 7,600-11,999 TEU Idle Fleet Ratio (Green Line) 2.7 0.8% 12.0% Idle Capacity (TEU mm) 5,200-7,599 TEU 2.4 3,900-5,200 TEU
Slide 14: Overall Orderbook is Meaningful, but Our Sector-Focused Fundamentals Remain Supportive
Overall Orderbook is Meaningful, | 1Q 2026 Results 14 but Our Sector-Focused Fundamentals Remain Supportive Orderbook & Fleet Ratios, by Size Segment¹ Sub-10,000 TEU Deliveries v. Age Profile¹ ² • Median age for 10,000+ TEU fleet: 8.0 years 37.0% 10.0 4.0 • • Median age for sub-10,000 TEU fleet: 17.
Slide 15: Charter Market Rates Firm for Now, but Forward Visibility Limited
Charter Market Rates Firm for Now, | 1Q 2026 Results 15 but Forward Visibility Limited & Sentiment Cautious Short Term (6 – 12 Months) Charter Market Index, 2021 – 1Q26¹ 250 Market Rates (Indicative) Ship Size (TEU) $ / Day 200 * Average break-even rates 2,200 – 2,999 25,000 $9,807 per vessel per da
Slide 16: Summary
Summary | 1Q 2026 Results 16 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 2.6 years / $2.1 billion contracted charter c
Slide 17: Appendix
| 1Q 2026 Results 17 ▪ Financial Statements ▪ EBITDA Calculator & CAPEX Guidance ▪ Reconciliation of Non-GAAP Financial Measures ▪ Debt Structure Appendix ▪ ▪ Decarbonization & Associated Regulations Regulatory Uncertainty Driven by Geopolitcal Tensions ▪ Unpredictable Impact of US Tariff Volatility
Slide 18: Financial Statements: Balance Sheet at March 31, 2026 (Unaudited)
Financial Statements: Balance Sheet at March 31, 2026 (Unaudited) | 1Q 2026 Results 18 (Expressed in thousands of U.S. dollars, except share data) March 31, 2026 December 31, 2025 ASSETS CURRENT ASSETS Cash and cash equivalents $ 404,938 $ 273,876 Time deposits 93,670 199,100 Restricted cash 50,622
Slide 19: Financial Statements: P&L for 1Q26 (Unaudited)
Financial Statements: P&L for 1Q26 (Unaudited) | 1Q 2026 Results 19 (Expressed in thousands of U.S. dollars) Three months ended March 31, 2026 2025 OPERATING REVENUES Time charter revenues $ 191,832 $ 187,761 Amortization of intangible liabilities-charter agreements 6,247 3,214 Total Operating Reven
Slide 20: Financial Statements: Cash Flow for 1Q26 (Unaudited)
Financial Statements: Cash Flow for 1Q26 (Unaudited) | 1Q 2026 Results 20 (Expressed in thousands of U.S. dollars) Three months ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES: NET INCOME $ 93,829 $ 123,394 ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITI
Slide 21: Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative)
Adjusted EBITDA and Operating Cash Flow Calculator (Illustrative) | 1Q 2026 Results 21 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 22: CAPEX Guidance
CAPEX Guidance | 1Q 2026 Results 22 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 (14 vessels) and ~$3.53 million (nine
Slide 23: Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2)
Adjusted EBITDA & Normalized Net Income – Reconciliation (1/2) | 1Q 2026 Results 23 (Expressed in thousands of U.S dollars) Reconciliation of Non-U.S. GAAP Adjusted Financial Measures EBITDA - Unaudited Three months ended Three months ended Adjusted EBITDA March 31, March 31, Adjusted EBITDA represe
Slide 24: Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2)
Adjusted EBITDA & Normalized Net Income – Reconciliation (2/2) | 1Q 2026 Results 24 (Expressed in thousands of U.S dollars) Normalized Net Income Normalized net income represents net income available to common Normalized Net Income - Unaudited shareholders, after adjusting for certain non-recurring
Slide 25: Year-End Adj. Net Debt to TTM Adj. EBITDA - Reconciliation
Year - End Adj. Net Debt to Trailing 12M (TTM) Adj. EBITDA - Reconciliation | 1Q 2026 Results 25 (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 26: EPS & Normalized EPS – Reconciliation (1/2)
EPS & Normalized EPS – Reconciliation (1/2) | 1Q 2026 Results 26 (Expressed in thousands of U.S dollars, except share data) EPS – Basic & Fully Diluted Normalized EPS – Basic & Fully Diluted Three months ended Three months ended Three months ended Three months ended March 31, 2026 March 31, 2025 Mar
Slide 27: EPS & Normalized EPS – Reconciliation (2/2)
EPS & Normalized EPS – Reconciliation (2/2) | 1Q 2026 Results 27 (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 ended Three months ended Three months ended Three months e
Slide 28: Debt Structure as at March 31, 2026
Debt Structure as at March 31, 2026 | 1Q 2026 Results 28 (Expressed in millions of U.S dollars) Collateralized Outstanding Balance Balloon Interest Repayment Maturity Ships as at March 31, 2026 Installment MSC Tianjin, MSC Qingdao, GSL Ningbo, GSL Nicoletta, GSL Christen, GSL Chateau Interpolated in
Slide 29: Revenue origin by country as at March 31, 2026 (unaudited)
Revenue origin by country as at March 31, 2026 (unaudited) | 1Q 2026 Results 29 (Expressed in millions of U.S dollars) Three months ended March 31, Three months ended March 31, Unaudited revenue origin by country 1 2026 2025 Revenue (USD Percentage Revenue (USD Percentage million) of revenue million
Slide 30: Decarbonization Update 1/3
Decarbonization Update 1/3 | 1Q 2026 Results 30 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 31: Decarbonization Update 2/3
Decarbonization Update 2/3 | 1Q 2026 Results 31 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 32: Decarbonization Update 3/3
Decarbonization Update 3/3 | 1Q 2026 Results 32 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 33: Regulatory Uncertainty Driven by Geopolitical Tensions
Regulatory Uncertainty Driven by Geopolitical Tensions | 1Q 2026 Results 33 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 34: Ongoing Impact of US Tariff Volatility is Unpredictable
Ongoing Impact of US Tariff Volatility is Unpredictable | 1Q 2026 Results 34 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
Slide 35: Fleet Segment Composition by Age Category
Age Profile of Global Fleet Varies by Size Segment: | 1Q 2026 Results 35 Sub-10,000 TEU Ships are Aging Out, with Replacement Tonnage Limited Age Profile (Years) by Size Segment (TEU)¹ Orderbook to Fleet Ratio by Size Segment¹ 100% 25+ Yrs Ship Size (TEU) Orderbook-to-Fleet Ratio 90% Fleet Segment C