Global Ship Lease Reports Results for the Fourth Quarter of 2024

About this update from Global Ship Lease Inc New

Forward contract cover locked in for 89% of 2025 days and 66% of 2026 days Annualized Dividend to increase to $2.10 per Class A Common Share ATHENS, Greece, March 05, 2025 (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, 2024. Full Year and Fourth Quarter of 2024 Highlights and Other Recent Developments - 4Q 2024 operating revenue of $182.4 million; full year operating revenue of $711.1 million, up 5.4% on 2023. - 4Q 2024 net income available to common shareholders of $90.2 million, or $2.54 Earnings per Share (EPS); full year 2024 net income of $344.1 million, or $9.74 EPS, up 16.6% on net income of 2023. - 4Q 2024 normalized net income 3 of $90.4 million, or $2.55 normalized EPS³; full year 2024 normalized net income of $352.7 million, or $9.99 normalized EPS³, up 10.3% on normalized net income of 2023. - 4Q 2024 Adjusted EBITDA 3 of $123.7 million; full year 2024 Adjusted EBITDA of $494.7 million, up 7.1% on 2023. - Purchased four high-reefer, ECO-9,000 TEU containerships (the “Newly Acquired Vessels”), with charters attached, for an aggregate price of $274 million, and agreed 10-year financing priced at SOFR + 2.50%. Three of these vessels were delivered to us in December 2024 and the fourth in January 2025. - Sold three older ships, consistent with our fleet renewal strategy. Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) are contracted for sale for an aggregate price of $54.5 million (compared to an aggregate book value at December 31, 2024 of $24.9 million). The sale of Tasman was agreed in December 2024, while those of Keta and Akiteta were agreed in February 2025. Akiteta was delivered to her new owners on February 19 th , 2025 and the remaining two ships are scheduled for delivery to their new owners in first half 2025. - Added $884.8 million of contracted revenues during 2024 and the first two months of 2025, bringing contracted revenues as of December 31, 2024 to $1.88 billion, over a weighted average remaining duration of 2.3 years. - Declared a dividend of $0.45 per Class A common share for the fourth quarter of 2024, to be paid on or about March 6, 2025 to common shareholders of record as of February 24, 2025. Paid a dividend of $0.45 per Class A common share for the third quarter of 2024 on December 4, 2024. - Board of Directors determined that sustained market demand for GSL’s fleet and the Company’s progress on securing forward fixtures at attractive levels supports a $0.075 per share increase in our quarterly supplemental dividend, amounting to a 16.7% increase in total annualized dividends per share to $2.10 ($0.525 per quarter), which is expected to commence with the dividend that is declared for the first quarter 2025 and payable in June 2025. - Repurchased an aggregate of 251,772 Class A common shares during 2024, for a total consideration of approximately $5.0 million; all such repurchases were executed in the first quarter. Since third quarter 2021, the Company has invested $57.0 million in repurchasing an aggregate of 3,076,725 common shares, at an average price of $18.52 per share. Approximately $33.0 million of capacity remains under the Company’s opportunistic share buy-back authorization. - On August 16, 2024, entered into a new equity distribution agreement with Evercore Group L.L.C. to opportunistically offer and sell Class A common shares having an aggregate offering price of up to $100.0 million. 27,106 Class A common shares were issued at an average price of $27.02 during the third quarter for total gross proceeds of $0.7 million; as at the date of this press release no further shares have since been issued. George Youroukos, our Executive Chairman, stated: “Demand for our well-specified, fuel-efficient vessels was very firm throughout 2024, and remains so today. We have taken advantage of these tailwinds to secure extended charter coverage across our fleet, adding $885 million of contracted revenues to our already-substantial backlog. In many cases, we have been able to secure attractive, multi-year coverage even for our oldest ships. Additionally, in December, our financial strength and industry position enabled us to move quickly to acquire four highly specified younger vessels, on charter to Hapag-Lloyd, further increasing our revenue backlog and lowering our average fleet age, with terms and financing that de-risked the transaction upfront. We are also rotating out three of our older ships, all of which are contracted to be sold on attractive terms. In a highly volatile and uncertain geopolitical environment, we benefit from the optionality and deployment flexibility represented by our fleet of mid-sized and smaller containerships. As we closely track developments around the world, we are confident that we are well-positioned now, and in the future, to sustain our track record of creating shareholder value through operational excellence, capital allocation discipline, and opportunistic acquisitions.” Thomas Lister, our Chief Executive Officer, stated: “As we look at a geopolitical environment and global trade landscape that is as complex, unpredictable, and dynamic as any that we have encountered, we are confident that our consistent focus on building balance sheet strength and maintaining a long-term perspective has positioned us well to manage risks and to pounce on opportunities as they arise. Over several years, we have sustained and greatly benefited from the shipping up-cycle, capitalizing on our strong cashflow and forward visibility to opportunistically refinance, extend our debt maturities, and reduce our borrowing costs, thereby further improving our competitiveness, financial strength, and ability to move nimbly and selectively on the right deals. From this robust platform, we are well placed to execute on value-maximizing opportunities in whatever market environment prevails in the quarters and years ahead. Meanwhile, we have the opportunity and confidence to share the uplift in our contracted revenues with our shareholders through an increase in our supplemental dividend, bringing our total annualized dividend to $2.10 per common share, up 40% from $1.50 per common share at this time last year.” 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 installation. 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 $182.4 million in the fourth quarter of 2024, up $3.5 million (or 2.0%) on operating revenues of $178.9 million in the prior year period. The period-on-period increase in operating revenues was principally due to (i) charter renewals at higher rates on a number of vessels, (ii) a non-cash $2.8 million increase in the effect from straight lining time charter modifications and (iii) the addition of three of the four Newly Acquired Vessels, offset by an increase in off hire days. There were 347 days of offhire and idle time in the fourth quarter of 2024 of which 288 were for scheduled drydockings, compared to 120 days of offhire and idle time in the prior year period of which 74 were for scheduled drydockings. Utilization for the fourth quarter of 2024 was 94.5% compared to utilization of 98.1% in the prior year period. For the year ended December 31, 2024, operating revenues were $711.1 million, up $36.3 million (or 5.4%) on operating revenues of $674.8 million in the comparative period, mainly due to: (i) the addition of four vessels which were delivered to us in the second quarter of 2023 (the “Four Vessels”) and the addition of three of the four Newly Acquired Vessels in December 2024, and (ii) due to charter renewals at higher rates on a number of vessels partially offset by a non-cash $4.8 million decrease in the effect from straight lining time charter modifications. There were 966 days of offhire and idle time in the year ended December 31, 2024 of which 807 were for scheduled drydockings, compared to 996 days of offhire and idle time in the prior year of which 701 were for scheduled drydockings. Utilization for the year ended December 31, 2024 was 96.1% compared to utilization of 95.9% in the prior year period. The table below shows fleet utilization for the three months ended December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023, 2022 and 2021. As of December 31, 2024, four regulatory drydocking were in progress. In 2025, 13 regulatory drydockings are anticipated. Vessel Operating Expenses Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 5.5% to $49.6 million for the fourth quarter of 2024, compared to $47.0 million in the prior year period. The increase of $2.6 million was mainly due to (i) the addition of three of the four Newly Acquired Vessels in December 2024, (ii) an increase in repairs, 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 $7,871, compared to $7,505 for the prior year period, up $366 per day, or 4.9%. For the year ended December 31, 2024, vessel operating expenses were $191.3 million, or an average of $7,670 per day, compared to $179.2 million in the comparative period, or $7,380 per day, an increase of $290 per ownership day, or 3.9%. The increase of $12.1 million was mainly due to (i) the acquisition of the Four Vessels in the second quarter of 2023 and of three of the four Newly Acquired Vessels, (ii) an increase in repairs, 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, (iii) an increased cost of insurance due to increased premiums as asset values rose over the period, 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 commission 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 fourth quarter of 2024, compared to $5.4 million in the prior year period. The increase was mainly due to an increase in bunkering expenses due to higher off hire days. For the year ended December 31, 2024, time charter and voyage expenses were $23.5 million, or an average of $944 per day, compared to $23.6 million in the comparative period, or $971 per day, a decrease of $27 per ownership day, or 2.8% mainly due to a decrease in voyage administration costs and operational requests from charterers offset by increased commissions on charter renewals at higher rates. Depreciation and Amortization Depreciation and amortization for the fourth quarter of 2024 was $26.2 million, compared to $24.4 million in the prior year period. The increase was mainly due to the 12 drydockings completed in 2024 and the addition of three of the four Newly Acquired Vessels in December 2024. Depreciation and amortization for the year ended December 31, 2024 was $100.0 million, compared to $91.7 million in the comparative period, mainly due to the factors noted above plus the acquisition of the Four Vessels in the second quarter of 2023. Impairment of vessels A non-cash impairment loss of $18.8 million was recorded in the fourth quarter of 2023 on two vessels. No impairment was recorded in 2024. General and Administrative Expenses General and administrative expenses were $4.1 million in the fourth quarter of 2024, compared to $4.5 million in the prior year period. The movement was mainly due to the decrease in payroll expenses following the retirement of our former Chief Executive Officer effective March 31, 2024 plus a reduction in the non-cash charge for stock-based compensation expense. The average general and administrative expenses per ownership day for the fourth quarter of 2024 was $649, compared to $714 in the prior year period, a decrease of $65 or 9.1%. For the year ended December 31, 2024, general and administrative expenses were $17.1 million, compared to $18.2 million in the comparative period. The movement was mainly due to a decrease in the non-cash charge for stock-based compensation expense. Average general and administrative expenses per ownership day for the year ended December 31, 2024 was $687, compared to $750 in the comparative period, a decrease of $63 or 8.4%. Adjusted EBITDA 1 Adjusted EBITDA was $123.7 million for the fourth quarter of 2024, down from $127.1 million for the prior year period, with the net decrease being mainly due to increase in vessel operating expenses and bunkering expenses. Adjusted EBITDA for the year ended December 31, 2024 was $494.7 million, compared to $462.1 million for the comparative period, an increase of $32.6 million or 7.1% mainly due to increased revenue from charter renewals at higher rates and the acquisition of the Four Vessels in the second quarter of 2023. Interest Expense and Interest Income 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 investment grade rated 5.69% Senior Secured Notes due 2027 (the “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. Debt as at December 31, 2023 totaled $823.2 million, comprising $431.5 million of secured bank debt collateralized by vessels, $284.4 million of 2027 Secured Notes collateralized by vessels, and $107.3 million under sale and leaseback financing transactions. As of December 31, 2023, five vessels were unencumbered. Interest and other finance expenses for the fourth quarter of 2024 was $7.8 million, down from $11.2 million for the prior year period. The decrease was mainly due to our blended cost of debt, which, taking into account our interest rate caps, has significantly decreased from approximately 4.55% for the fourth quarter of 2023 to 3.85% for the fourth quarter of 2024 mainly due to our recent refinancing activity. In December 2024, we entered into two sale and leaseback agreements with Minsheng Financial Leasing Co., Ltd. (“Minsheng”) for $44.5 million each, to finance two of the Newly Acquired Vessels, one having closed in December 2024 and the other in January 2025. The agreements are priced at SOFR + 2.50% and have a maturity of ten years. In January 2025, we entered into two additional sale and leaseback agreements with Minsheng for $44.5 million each, to finance our acquisition of the remaining two Newly Acquired Vessels on the same terms. Interest and other finance expenses for the year ended December 31, 2024 was $40.7 million, down from $44.8 million for the comparative period mainly due to the factors mentioned above offset by (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 2024 was $4.2 million, up from $2.9 million for the prior year period mainly due to higher invested amounts. Interest income for the year ended December 31, 2024 was $16.7 million, compared to $9.8 million for the comparative period. Other income, net Other income, net was $0.4 million in the fourth quarter of 2024, compared to $1.3 million in the prior year period. Other income, net was $3.6 million for the year ended December 31, 2024, compared to $2.1 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 $0.2 million for the fourth quarter of 2024 was recorded through the statement of income. The negative fair value adjustment for the year ended December 31, 2024 was $5.2 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 2024 was $2.4 million, the same as in the prior year period. The cost for the year ended December 31, 2024 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 2024 was $90.2 million. Net income available to common shareholders for the prior year period was $64.7 million. Earnings per share for the fourth quarter of 2024 was $2.54, an increase of 38.0% from the earnings per share for the prior year period, which was $1.84. For the year ended December 31, 2024, net income available to common shareholders was $344.1 million. Net income available to common shareholders for the year ended December 31, 2023 was $295.0 million. Earnings per share for the year ended December 31, 2024 was $9.74, an increase of 16.9% from the earnings per share for the comparative period, which was $8.33. Normalized net income 1 for the fourth quarter of 2024 was $90.4 million. Normalized net income for the prior year period was $87.8 million. Normalized net income 1 for the year ended December 31, 2024 was $352.7 million, as compared to $319.7 for the comparative period. Normalized earnings per share 1 for the fourth quarter of 2024 was $2.55, an increase of 2.4% from Normalized earnings per share for the prior year period, which was $2.49. Normalized earnings per share 1 for the year ended December 31, 2024 was $9.99, an increase of 10.6% from Normalized earnings per share for the comparative period, which was $9.03. 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 December 31, 2024, we had 71 containerships in our fleet, with the fourth Newly Acquired Vessel (Czech) delivered in January 2025. As of February 28, 2025, three of our older vessels (Tasman, Keta, and Akiteta) were contracted for sale. Akiteta was delivered to her new owners on February 19, 2025 and the remaining two are scheduled for delivery to their new owners in first half 2025. Charters agreed up until February 28, 2025 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, 2024 today, Wednesday, March 5, 2025 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: 2916262 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 2023 was filed with the Securities and Exchange Commission (the “Commission”) on March 20, 2024. 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 Commission’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 [email protected] 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, 2024 had an average age weighted by TEU capacity of 17.6 years. In November 2024, we agreed to purchase the Newly Acquired Vessels. Three were delivered in December 2024 and the fourth in January 2025. In addition, during December 2024 we agreed to sell an older vessel Tasman (5,936 TEU built 2000) with expected delivery in late March 2025. In February 2025, we agreed to sell two more vessels Akiteta (2,220 TEU built 2002) which was delivered to her new owners on February 19 th , 2025 and Keta (2,207 TEU, built 2003) with expected delivery in March 2025. As of the date of this release, we have 71 vessels with an average age weighted by TEU capacity of 17.5 years. 40 ships are wide-beam Post-Panamax. As of December 31, 2024, including the last Newly Acquired Vessel, Czech, delivered on January 9, 2025 and all charters agreed during 2024 and through February 28, 2025, 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 2.3 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.88 billion. Contracted revenue was $2.37 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 2.9 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 such as impairment charges, contract termination costs 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, income taxes, 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 derivatives, the effect of the straight lining of time charter modifications, and impairment losses. 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

View stock analysis, news, and events for Global Ship Lease Inc New