Global Ship Lease Reports Results for the Third Quarter of 2025

Rhea-AI Summary

Global Ship Lease (NYSE: GSL) reported 3Q 2025 results with operating revenue $192.7M (+10.7% YoY) and net income $92.6M (EPS $2.59, +17.5% YoY). 9M 2025 operating revenue was $575.5M (+8.9% YoY) and 9M net income was $306.7M (EPS $8.60, +20.8% YoY).

The company reported Adjusted EBITDA $130.2M in 3Q and backlog of $1.92B over a 2.5-year weighted average. Forward cover: 100% for 2025, 96% for 2026, 74% for 2027. Financial leverage ~0.5x.

Board raised annualized dividend to $2.50 per Class A share (commencing with 3Q dividend of $0.625) and added an $85M credit facility priced at SOFR+2.15% maturing 2Q 2028.

Positive

• Operating revenue up 10.7% in 3Q 2025
• Net income available to common shareholders $92.6M (3Q 2025)
• Backlog of contracted revenues $1.92B over 2.5 years
• Forward charter cover: 100% 2025, 96% 2026, 74% 2027
• Annualized dividend increased to $2.50 per Class A share

Negative

• Vessel operating expenses rose 11.8% in 3Q 2025
• Utilization down to 95.5% for 9M 2025 from 96.7% prior-year
• Remaining opportunistic share repurchase capacity only $33M

Insights

Shipping finance analyst

Strong quarter: higher revenue, rising EPS, increased dividend and sizable forward coverage boost near-term cash visibility.

Operating revenue rose to $192.7 million in 3Q 2025, up 10.7% year‑over‑year, with net income available to common shareholders of $92.6 million and EPS of $2.59; year‑to‑date operating revenue reached $575.5 million (+8.9%). The company also reports a backlog of $1.92 billion over a weighted average of 2.5 years, and forward contract cover of 100 for 2025, 96 for 2026, and 74 for 2027, which directly supports near‑term cashflow predictability.

Risks and dependencies include rising vessel operating costs (vessel operating expenses up 11.8 in the quarter) and scheduled drydock/offhire days that affect utilization; credit metrics remain supported by stable ratings and a $85.0 million UBS facility priced at SOFR + 2.15. Key monitorables over the next quarters are the realization of reported sale gains (e.g., $17.7 million gain delivered Oct 13, 2025), recognition of backlog into revenue as charters commence, dividend payments (record Nov 21, 2025, payable on or about Dec 4, 2025), and the pace of converting remaining 2027 open positions into fixtures, all material within a 12–36 month horizon.

Forward contract cover locked in for 100% of 2025, 96% of 2026, and 74% of 2027. 
Maximizing strategic optionality while also returning capital to shareholders.
Annualized dividend to increase to $2.50 per Class A Common Share.

ATHENS, Greece, Nov. 10, 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 and nine-month periods ended September 30, 2025.

Third Quarter of 2025 and Year to Date Highlights and Other Recent Developments

• 3Q 2025 operating revenue of $192.7 million; up 10.7% on 3Q 2024. 9M 2025 operating revenue of $575.5 million; up 8.9% on 9M 2024.
  
  
• 3Q 2025 net income available to common shareholders of $92.6 million, or $2.59 Earnings per Share (EPS); up 17.5% on 3Q 2024. 9M 2025 net income available to common shareholders of $306.7 million, or $8.60 EPS; up 20.8% on 9M 2024.
  
  
• 3Q 2025 normalized net income (a non-U.S. GAAP financial measure, described below)³ of $93.8 million, or $2.62 normalized EPS³ up 8.3% on 3Q 2024. 9M 2025 normalized net income of $283.2 million, or $7.94 normalized EPS up 8.0% on 9M 2024.
  
  
• 3Q 2025 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)³ of $130.2 million; up 5.6% on 3Q 2024. 9M 2025 Adjusted EBITDA of $396.7 million; up 6.9% on 9M 2024.
  
  
• Added $778.0 million of contracted revenues during 9M 2025, bringing total contracted revenues as of September 30, 2025 to $1.92 billion, over a weighted average remaining duration of 2.5 years.
  
  
• Declared a dividend of $0.625 per Class A common share for the third quarter of 2025, to be paid on or about December 4, 2025 to common shareholders of record as of November 21, 2025 (the “Third Quarter Dividend”). The 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 $0.10 per share increase in our quarterly supplemental dividend, amounting to a 19.0% increase in total annualized dividends per share, to $2.50 ($0.625 per quarter), commencing with, and reflected in, the Third Quarter Dividend.
  
  
• 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 $17.7 million (which will be reflected in our 4Q 2025 results). 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.
  
  
• 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 (“Newly Acquired Vessels”).
  
  
• 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 is priced at SOFR + 2.15%, and matures in the second quarter of 2028.
  
  
• Paid a dividend of $0.525 per Class A common share for the second quarter of 2025 on September 4, 2025.
  
  
• Approximately $33.0 million of capacity remains available under our opportunistic share repurchase authorization.

George Youroukos, our Executive Chairman, stated: “Throughout 2025, the immense complexity and instability of the geopolitical situation and the heightened uncertainty around trade policy have stood in stark contrast to the consistency and strength of the mid-sized and smaller containership charter market. In this environment, our commitment to maximizing optionality in both our fleet and our balance sheet has continued to serve GSL well, both in terms of growing our quarterly earnings and in our ability to secure additional forward charter coverage at attractive rates for the multi-year period ahead. A growing number of external factors and disruptions is progressively fragmenting and reducing the efficiency of the global containership supply chain and, as a consequence, increasing the number of ships required to move a given quantity of cargo. Diffusion of intermediate and final manufacturing out from China and across Southeast Asia; companies in large consumer economies diversifying the sourcing and geographic origins of goods to manage supply chain risk; China developing and diversifying its end-markets; sudden trade policy changes disrupting or diverting trade flows – all of these factors are driving the liners to seek additional, flexible tonnage to meet the practical needs of their existing business. While routing, timing, and deployments are all in flux, the reality is that containerized trade continues to grow. With idle capacity in the global fleet almost non-existent, we continue to negotiate and sign attractively priced charters off forward positions. 2025 is fully covered, 2026 is approaching full coverage, and our open positions in 2027 are reducing fast. Driven by those newly signed charters that have brought our revenue backlog to nearly $2 billion over an average of 2.5 years, we have decided to once again increase our supplemental quarterly dividend. We are raising it by a further $0.40 per common share on an annualized basis, an uplift of 19%, which will push our overall dividend up to $2.50 per common share, annualized. By way of the supplemental dividend, we have now up-sized our overall dividend three times since 2Q 2024, by an aggregate annualized total of $1.00 per common share, an increase of 67%. We remain both vigilant and disciplined in our assessment of fleet renewal opportunities and believe that we are well positioned to act decisively when the right opportunities present themselves.”

Thomas Lister, our Chief Executive Officer, stated: “Surveying the current landscape of global containerized trade and an unprecedented array of unpredictable factors of potential relevance to our business, our conviction in a strategy of maximizing optionality has only grown stronger. We are continuing to de-lever our fortress balance sheet and achieve extraordinarily low breakeven costs despite an inflationary environment; to sign attractive charters that add to our cashflow and our multi-year backlog; and to combine prudence and agility in our opportunistic fleet renewal, while demonstrating our commitment to return capital to our shareholders. We acknowledge that the unknowns in the market are diverse and potentially material. However, with 2.5 years of fixed-rate charter coverage and financial leverage of 0.5x, we are confident that our disciplined, dynamic approach puts us in an excellent position to manage risks and capitalize on opportunities going forward.”

SELECTED FINANCIAL DATA – UNAUDITED

(thousands of U.S. dollars)

	Three	Three	Nine	Nine
	months ended	months ended	months ended	months ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Operating Revenues(1)	192,668	174,064	575,502	528,622
Operating Income	99,203	92,189	329,463	283,130
Net Income(2)	92,635	78,763	306,698	253,912
Adjusted EBITDA(3)	130,191	123,349	396,672	371,061
Normalized Net Income(3)	93,755	86,583	283,181	262,295

(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 $192.7 million in the third quarter of 2025, up $18.6 million (or 10.7%) on operating revenues of $174.1 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 offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and (iii) a non-cash $4.1 million positive effect from straight lining time charter modifications and a non-cash $1.8 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions. There were 263 days of offhire and idle time in the third quarter of 2025, of which 137 were for scheduled drydockings, compared to 362 days of offhire and idle time in the prior year period, of which 333 were for scheduled drydockings. Utilization for the third quarter of 2025 was 95.9% compared to utilization of 94.2% in the prior year period.

For the nine months ended September 30, 2025, operating revenues were $575.5 million, up $46.9 million (or 8.9%) on operating revenues of $528.6 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 offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025 and (iii) a non-cash $5.6 million positive effect from straight lining time charter modifications and a non-cash $5.4 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 851 days of offhire and idle time in the nine-month period ended September 30, 2025 of which 612 were for scheduled drydockings, compared to 619 days of offhire and idle time in the prior year of which 519 were for scheduled drydockings. Utilization for the nine-month period ended September 30, 2025 was 95.5% compared to utilization of 96.7% in the prior year period.

Our revenue origin by country, using the respective head office location of each of our charterers as a proxy for origin, for the nine-month periods ended September 30, 2025 and 2024, respectively, was as follows:

Unaudited Revenue origin by country1	Nine months ended September 30, 2025			Nine months ended September 30, 2024
	Revenue (USD million)	Percentage of revenue		Revenue (USD million)	Percentage of revenue
Denmark (Maersk)	185.49	32.23	%	176.93	33.47	%
Germany (Hapag Lloyd)	110.64	19.23	%	31.39	5.94	%
France (CMA CGM)	104.96	18.24	%	123.99	23.46	%
Switzerland (MSC)	63.37	11.01	%	46.32	8.76	%
Israel (ZIM)	51.45	8.94	%	65.26	12.35	%
China, including Hong Kong (COSCO & OOCL)	32.48	5.64	%	39.18	7.41	%
Singapore (ONE, Swire Shipping, RCL Feeder)	19.03	3.31	%	22.84	4.32	%
USA (Matson)	5.80	1.00	%	9.62	1.82	%
Taiwan (Wan Hai)	2.28	0.40	%	10.40	1.97	%
Denmark / Dubai (Unifeeder)2	-	-		2.68	0.50	%
Total	575.50	100.00	%	528.61	100.00	%

1. Based on jurisdiction of head office of each charterer
2. Unifeeder is headquartered in Denmark, but owned by DP World (Dubai)

The table below shows unaudited fleet utilization data for the three and nine months ended September 30, 2025 and 2024, and for the years ended December 31, 2024, 2023, 2022 and 2021.

	Three months ended					Nine months ended					Year ended
	Sep 30,		Sep 30,			Sep 30,		Sep 30,			Dec 31,		Dec 31,		Dec 31,		Dec 31,
Days	2025		2024			2025		2024			2024		2023		2022		2021
Ownership days	6,348		6,256			19,031		18,632			24,937		24,285		23,725		19,427
Planned offhire - scheduled drydock	(137	)	(333	)		(612	)	(519	)		(807	)	(701	)	(581	)	(752	)
Unplanned offhire	(126	)	(29	)		(196	)	(98	)		(144	)	(233	)	(460	)	(260	)
Idle time	-		-			(43	)	(2	)		(15	)	(62	)	(30	)	(88	)
Operating days	6,085		5,894			18,180		18,013			23,971		23,289		22,654		18,327
Utilization	95.9	%	94.2	%		95.5	%	96.7	%		96.1	%	95.9	%	95.5	%	94.3	%

As of September 30, 2025, three regulatory drydockings were in progress and three further 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 11.8% to $52.1 million for the third quarter of 2025, compared to $46.6 million in the prior year period. The increase of $5.5 million was mainly due to (i) the addition of the four Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in the first 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 $8,199, compared to $7,447 for the prior year period, up $752 per day, or 10.1%.

For the nine-month period ended September 30, 2025, vessel operating expenses were $152.6 million, or an average of $8,017 per day, compared to $141.6 million in the comparative period, or $7,601 per day, an increase of $416 per ownership day, or 5.5%. The increase of $11.0 million was mainly due to (i) the addition of the four Newly Acquired Vessels offset by the sale of Tasman, Keta and Akiteta in the first 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 as well as main engine annual spares delivery due to timing of planned schedule, 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 $7.0 million for the third quarter of 2025, compared to $6.4 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 nine-month period ended September 30, 2025, time charter and voyage expenses were $18.6 million, or an average of $975 per day, compared to $17.1 million in the comparative period, or $915 per day, an increase of $60 per ownership day, or 6.6% 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 third quarter of 2025 was $30.7 million, compared to $25.0 million in the prior year period. The increase was mainly due to the 12 drydockings completed after September 30, 2024 and the addition of the four Newly Acquired Vessels in December 2024 offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025.

Depreciation and amortization for the nine-month period ended September 30, 2025 was $90.8 million, compared to $73.8 million in the comparative period, mainly due to the factors noted above plus the acquisition of the four Newly Acquired Vessels in December 2024 offset by the sale of Tasman, Keta and Akiteta in the first quarter of 2025.

General and Administrative Expenses

General and administrative expenses were $3.7 million in the third quarter of 2025, compared to $3.9 million in the comparative period.

General and administrative expenses were $12.4 million for the nine-month period ended September 30, 2025, compared to $13.0 million in the comparative 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.

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.

Adjusted EBITDA¹

Adjusted EBITDA was $130.2 million for the third quarter of 2025, up from $123.3 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 four Newly Acquired Vessels.

Adjusted EBITDA for the nine-month period ended September 30, 2025 was $396.7 million, compared to $371.1 million for the comparative period, an increase of $25.6 million or 6.9% mainly due to increased revenue from charter renewals at higher rates.

Interest Expense and Interest Income

Debt as at September 30, 2025 totaled $731.6 million, after inclusion of the four Newly Acquired Vessels, comprising $330.0 million of secured bank debt collateralized by vessels, $192.5 million of 2027 Secured Notes collateralized by vessels, and $209.1 million under sale and leaseback financing transactions. As of September 30, 2025, 17 of our vessels were unencumbered.

Debt as at September 30, 2024 totaled $688.0 million, comprising $397.6 million of secured bank debt collateralized by vessels, $245.0 million of 2027 Secured Notes collateralized by vessels, and $45.4 million under sale and leaseback financing transactions. As of September 30, 2024, 16 vessels were unencumbered.

Interest and other finance expenses for the third quarter of 2025 were $9.5 million, down from $12.5 million for the prior year period. The decrease was due to (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, and (ii) a prepayment fee of $0.7 million on the full repayment of the sale and leaseback agreement with CMBFL back in 2024, offset by the fact that our additional floating debt was not covered by the caps since our interest rate caps hedge 76% of our floating rate debt. 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 nine-month period ended September 30, 2025 were $30.0 million, down from $32.8 million for the prior year period. The decrease was due to the factors mentioned above offset by (i) a prepayment fee of $0.2 million following the full repayment of Macquarie Credit Facility and (iii) the non-cash write off of deferred financing costs of $0.6 million on the full repayments of the Macquarie Credit Facility and the HCOB-CACIB Credit Facility in 2025.

Interest income for the third quarter of 2025 was $5.4 million, up from $4.7 million for the prior year period mainly due to higher invested amounts.

Interest income for the nine-month period ended September 30, 2025 was $13.3 million, up from $12.5 million in the comparative period.

Other income, net

Other income, net was $1.0 million in the third quarter of 2025, the same as in the comparative period.

Other income, net was $5.0 million for the nine-month period ended September 30, 2025, compared to $3.2 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 $1.1 million for the third quarter of 2025 was recorded through the statement of income. The negative fair value adjustment for the nine-month period ended September 30, 2025 was $3.9 million.

Earnings Allocated to Preferred Shares

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

The cost for the nine months ended September 30, 2025 was $7.2 million, the same as for the comparative period.

Net Income Available to Common Shareholders

Net income available to common shareholders for the third quarter of 2025 was $92.6 million. Net income available to common shareholders for the prior year period was $78.8 million.

Earnings per share for the third quarter of 2025 was $2.59, an increase of 16.7% from the earnings per share for the prior year period, which was $2.22.

For the nine months ended September 30, 2025, net income available to common shareholders was $306.7 million. Net income available to common shareholders for the nine months ended September 30, 2024 was $253.9 million.

Earnings per share for the nine months ended September 30, 2025 was $8.60, an increase of 19.4% from the earnings per share for the comparative period, which was $7.20.

Normalized net income¹ for the third quarter of 2025 was $93.8 million. Normalized net income for the prior year period was $86.6 million. Normalized earnings per share¹ for the third quarter of 2025 was $2.62, an increase of 6.9% from Normalized earnings per share for the prior year period, which was $2.45.

Normalized net income¹ for the nine-month period ended September 30, 2025 was $283.2 million. Normalized net income for the prior year period was $262.3 million. Normalized earnings per share¹ for the nine-month period ended September 30, 2025 was $7.94, an increase of 6.7% from Normalized earnings per share for the prior year period, which was $7.44.

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 September 30, 2025, there were 69 containerships in the fleet, detailed in the table below:

Vessel Name	Capacity in TEUs	Lightweight (tons)	Year Built	Charterer	Earliest Charter Expiry Date	Latest Charter Expiry Date (2)	Daily Charter Rate $
CMA CGM Thalassa	11,040	38,577	2008	CMA CGM	3Q28	4Q28	47,200 (3)
ZIM Norfolk (1)	9,115	31,764	2015	ZIM	2Q27	4Q27	65,000
Anthea Y (1)	9,115	31,890	2015	MSC	4Q28	1Q29	Footnote (4)
ZIM Xiamen (1)	9,115	31,820	2015	ZIM	3Q27	4Q27	65,000
Sydney Express (1)	9,019	31,254	2016	Hapag-Lloyd	3Q27	4Q29	Footnote (5)
Istanbul Express (1)	9,019	31,380	2016	Hapag-Lloyd	3Q26	2Q30	Footnote (5)
Bremerhaven Express (1)	9,019	31,199	2015	Hapag Lloyd	2Q27	3Q29	Footnote (5)
Czech (1)	9,019	31,319	2015	Hapag-Lloyd	4Q26	3Q30	Footnote (5)
MSC Tianjin	8,603	34,243	2005	MSC (6)	3Q27	1Q28	Footnote (6)
MSC Qingdao	8,603	34,586	2004	MSC (6)	3Q27	4Q27	Footnote (6)
GSL Ningbo	8,603	34,340	2004	MSC	3Q27	1Q28	Footnote (7)
GSL Alexandra	8,544	37,809	2004	Maersk (8)	2Q28	3Q28	Footnote (8)
GSL Sofia	8,544	37,777	2003	Maersk (8)	3Q28	3Q28	Footnote (8)
GSL Effie	8,544	37,777	2003	Maersk (8)	3Q28	3Q28	Footnote (8)
GSL Lydia	8,544	37,777	2003	Maersk (8)	2Q28	3Q28	Footnote (8)
GSL Eleni	7,847	29,261	2004	Maersk	4Q27	2Q29	Footnote (9)
GSL Kalliopi	7,847	29,261	2004	Maersk	1Q28	3Q29	Footnote (9)
GSL Grania	7,847	29,261	2004	Maersk	1Q28	3Q29	Footnote (9)
Colombia Express (ex Mary) (1)	7,072	23,424	2013	Hapag-Lloyd	4Q28	1Q31	Footnote (10)
Panama Express (ex Kristina) (1)	7,072	23,421	2013	Hapag-Lloyd	4Q29	4Q31	Footnote (10)
Costa Rica Express (ex Katherine) (1)	7,072	23,403	2013	Hapag-Lloyd	2Q29	3Q31	Footnote (10)
Nicaragua Express (ex Alexandra) (1)	7,072	23,348	2013	Hapag-Lloyd	3Q29	4Q31	Footnote (10)
CMA CGM Berlioz	7,023	26,776	2001	CMA CGM (11)	1Q29	2Q29	37,750 (11)
Mexico Express (ex Alexis) (1)	6,918	23,970	2015	Hapag-Lloyd	3Q29	4Q31	Footnote (10)
Jamaica Express (ex Olivia I) (1)	6,918	23,915	2015	Hapag-Lloyd	3Q29	4Q31	Footnote (10)
GSL Christen	6,858	27,954	2002	Maersk	4Q27	1Q28	Footnote (12)
GSL Nicoletta	6,858	28,070	2002	Maersk	1Q28	2Q28	Footnote (12)
Agios Dimitrios	6,572	24,931	2011	MSC	2Q27	3Q27	Footnote (6)
GSL Vinia	6,080	23,737	2004	Maersk	1Q28	4Q29	Footnote (13)
GSL Christel Elisabeth	6,080	23,745	2004	Maersk	1Q28	3Q29	Footnote (13)
GSL Arcadia	6,008	24,858	2000	Maersk (14)	1Q29	2Q29	12,700 (14)
GSL Violetta	6,008	24,873	2000	Maersk (14)	1Q29	1Q29	12,900 (14)
GSL Maria	6,008	24,414	2001	Maersk (14)	1Q30	2Q30	12,900 (14)
GSL MYNY	6,008	24,876	2000	Maersk (14)	1Q29	2Q29	12,700 (14)
GSL Melita	6,008	24,859	2001	Maersk (14)	3Q29	3Q29	12,700 (14)
GSL Tegea	5,994	24,308	2001	Maersk (14)	3Q29	4Q29	12,700 (14)
GSL Dorothea	5,994	24,243	2001	Maersk (14)	3Q29	3Q29	12,700 (14)
Dimitris Y (ex Zim Europe) (27)	5,936	25,010	2000	ONE	4Q25	4Q25	33,900
Ian H	5,936	25,128	2000	COSCO	4Q27	4Q27	Footnote (15)
GSL Tripoli	5,470	22,109	2009	Maersk	3Q27	4Q27	17,250
GSL Kithira	5,470	22,259	2009	Maersk	4Q27	1Q28	17,250
GSL Tinos	5,470	22,068	2010	Maersk	3Q27	4Q27	17,250
GSL Syros	5,470	22,099	2010	Maersk	4Q27	4Q27	17,250
Orca I	5,308	20,633	2006	Maersk (16)	3Q28	4Q28	21,000 (16)
Dolphin II	5,095	20,596	2007	Footnote (16)	1Q28	2Q28	Footnote (16)
CMA CGM Alcazar	5,089	20,087	2007	CMA CGM	3Q26	1Q27	35,500
GSL Château d’If	5,089	19,994	2007	CMA CGM	4Q26	1Q27	35,500
GSL Susan	4,363	17,309	2008	CMA CGM	3Q27	1Q28	Footnote (17)
CMA CGM Jamaica	4,298	17,272	2006	CMA CGM	1Q28	2Q28	Footnote (17)
CMA CGM Sambhar	4,045	17,355	2006	CMA CGM	1Q28	2Q28	Footnote (17)
CMA CGM America	4,045	17,355	2006	CMA CGM	1Q28	2Q28	Footnote (17)
GSL Rossi	3,421	16,420	2012	ZIM	1Q26	3Q26	35,000
GSL Alice	3,421	16,543	2014	CMA CGM	2Q28	3Q28	Footnote (3)
GSL Eleftheria	3,421	16,642	2013	Maersk (18)	3Q28	4Q28	37,975 (18)
GSL Melina	3,404	16,703	2013	Maersk	4Q26	4Q26	29,900
Athena	2,980	13,538	2003	Footnote (19)	2Q27	3Q27	Footnote (19)
GSL Valerie	2,824	11,971	2005	ZIM	2Q27	3Q27	Footnote (20)
GSL Mamitsa (ex Matson Molokai)	2,824	11,949	2007	RCL	1Q28	2Q28	Footnote (21)
GSL Lalo	2,824	11,950	2006	Footnote (22)	2Q27	3Q27	Footnote (22)
GSL Mercer	2,824	11,970	2007	ONE	1Q27	2Q27	Footnote (23)
GSL Elizabeth	2,741	11,530	2006	Maersk	2Q26	2Q26	20,360
GSL Chloe (ex Beethoven)	2,546	12,212	2012	ONE	1Q27	2Q27	Footnote (23)
GSL Maren	2,546	12,243	2014	OOCL	1Q26	2Q26	16,500
Maira	2,506	11,453	2000	CMA CGM	4Q26	1Q27	26,000
Nikolas	2,506	11,370	2000	CMA CGM	4Q26	2Q27	26,000
Newyorker	2,506	11,463	2001	Maersk	2Q27	3Q27	Footnote (24)
Manet	2,288	11,534	2001	OOCL	3Q26	4Q26	24,000
Kumasi	2,220	11,652	2002	MSC	4Q26	1Q27	Footnote (25)
Julie	2,207	11,731	2002	Footnote (26)	3Q27	3Q27	Footnote (26)
(1) Modern design, high reefer capacity, fuel-efficient “ECO” vessel.  (2) In many instances, charterers have the option to extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time (“Offhire Extension”) is computed at the end of the initially contracted charter period. The Latest Charter Expiry Dates shown in this table have been adjusted to reflect offhire accrued up to September 30, 2025, plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers – may exceed the Latest Charter Expiry Dates indicated. (3) CMA CGM Thalassa and GSL Alice were both forward fixed for 36 months +/- 45 days. CMA CGM Thalassa’s new charter is expected to commence in 4Q2025 and GSL Alice’s new charter commenced in 2Q2025 and are expected to generate annualized Adjusted EBITDA of approximately $14.0 million and $8.3 million, respectively. (4) Anthea Y. The current charter is expected to generate annualized Adjusted EBITDA of approximately $11.8 million. Anthea Y was forward fixed for 36 months +/- 30 days. The new charter is expected to commence in 4Q 2025 and to generate annualized Adjusted EBITDA of approximately $12.6 million. (5) Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q 2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately $9.5 million per ship. 12 months extension options were exercised in 3Q 2025 for Bremerhaven Express and Sydney Express. (6) MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate annualized Adjusted EBITDA of approximately $6.9 million, $8.1 million, and $5.9 million, respectively. MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (“scrubbers”).  (7) GSL Ningbo is chartered at a rate expected to generate annualized Adjusted EBITDA of approximately $16.5 million. (8) GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia were delivered in 2Q 2023. Contract cover for each vessel is for a minimum firm period of 24 months from the date each vessel was delivered, with charterers holding one year extension options. GSL Sofia and GSL Effie options were exercised in January 2025. GSL Alexandra and GSL Lydia options were exercised in February 2025. The vessels are expected to generate average annualized Adjusted EBITDA of approximately $9.7 million per ship over the median firm period and average annualized Adjusted EBITDA of $4.9 million per ship if one year option is exercised. The vessels were forward fixed for 24 months +/- 30 days. The new charters are expected to commence between 2Q-3Q 2026 and are expected to generate average annualized Adjusted EBITDA of approximately $8.2 million per ship.  (9) GSL Eleni, GSL Kalliopi and GSL Grania, are chartered for 35 – 38 months, after which the charterer has the option to extend each charter for a further 12 – 16 months. New charters commenced in 1Q 2025 and each is expected to generate annualized Adjusted EBITDA of approximately $9.6 million for the firm period. (10) Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/- 45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship. (11) CMA CGM Berlioz was forward fixed for 36 – 38 months. The new charter is expected to commence in 1Q 2026 and to generate average annualized Adjusted EBITDA of approximately $7.0 million. (12) GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship. (13) GSL Vinia and GSL Christel Elizabeth are chartered for 36 – 40 months, after which the charterer has the option to extend each charter for a further 12 – 15 months. The new charters both commenced in 1Q 2025. The charters are expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per ship for the firm period and $5.8 million per ship for the option period. (14) GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, with charterers holding a one-year extension option on each charter (at a rate of $12,900 per day), followed by a second option (at a rate of $12,700 per day) with the period determined by – and terminating prior to – each vessel’s 25th year drydocking & special survey. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months. The new charters are expected to commence between 1Q 2026 and 1Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $5.8 million per ship.  (15) Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately $10.3 million. (16) Dolphin II. Chartered by a leading liner company from 1Q 2025. Orca I. Forward fixed to a leading liner company, with the new charter expected to commence in 4Q 2025. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $10.1 million per ship. (17) GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per vessel.  (18) GSL Eleftheria was forward fixed for 33 – 37 months. The new charter is expected to commence in 4Q 2025 and is expected to generate average annualized Adjusted EBITDA of approximately $8.7 million.  (19) Athena is fixed for 24 – 30 months. The charter commenced in 3Q 2025 and is expected to generate average annualized Adjusted EBITDA of approximately $5.8 million.  (20) GSL Valerie. The charter is expected to generate average annualized Adjusted EBITDA of approximately $6.6 million. (21) GSL Mamitsa. The charter is expected to generate average annualized Adjusted EBITDA of approximately $7.1 million. (22) GSL Lalo. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.6 million. (23) GSL Mercer and GSL Chloe. The charters are expected to generate average annualized Adjusted EBITDA of approximately $5.8 million per vessel. (24) Newyorker is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $6.2 million. (25) Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $4.4 million. (26) Julie. The charter is expected to generate average annualized Adjusted EBITDA of approximately $3.0 million. (27) In May 2025, Dimitris Y was contracted to be sold and was delivered to the buyers on October 13, 2025, upon redelivery from the existing charter.

Conference Call and Webcast

Global Ship Lease will hold a conference call to discuss the Company's results for the three and nine months ended September 30, 2025 today, Monday, November 10, 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: 9222938

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 69 vessels as of September 30, 2025 had an average age weighted by TEU capacity of 18.0 years. 39 ships are wide-beam Post-Panamax.

As of September 30, 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 2.5 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.92 billion. Contracted revenue was $2.40 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.1 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)

		Three		Three		Nine		Nine
		months ended		months ended		months ended		months ended
		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income available to Common Shareholders		92,635		78,763		306,698		253,912
Adjust:	Depreciation and amortization	30,696		24,965		90,817		73,775
	Loss/(gain on sale of vessels)	14		-		(28,329	)	-
	Amortization of intangible liabilities	(3,355	)	(1,518	)	(9,888	)	(4,523	)
	Fair value adjustment on derivative asset	1,106		4,193		3,937		4,957
	Interest income	(5,434	)	(4,705	)	(13,305	)	(12,532	)
	Interest expense	9,542		12,540		30,005		32,883
	Share based compensation	2,120		2,122		6,364		6,582
	Earnings allocated to preferred shares	2,384		2,384		7,152		7,152
	Income Tax	-		-		-		1
	Effect from straight lining time charter modifications	483		4,605		3,221		8,854
Adjusted EBITDA		130,191		123,349		396,672		371,061

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)

		Three	Three	Nine		Nine
		months ended	months ended	months ended		months ended
		September 30, 2025	September 30, 2024	September 30, 2025		September 30, 2024
Net income available to Common Shareholders		92,635	78,763	306,698		253,912
Adjust:	Fair value adjustment on derivative assets	1,106	4,193	3,937		4,957
	Loss/(gain) on sale of vessels	14	-	(28,329	)	-
	Acceleration of deferred financing costs on full repayment of Credit Facilities/Sale and Leaseback agreements	-	2,757	-		2,757
	Prepayment fee on full repayment of Sale and Leaseback Agreement-CMBFL-$54,000	-	685	-		685
	Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility	-	-	102		-
	Accelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility	-	-	216		-
	Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility	-	-	382		-
	Prepayment fee on partial/full repayment of Macquarie Credit Facility	-	185	175		185
	Effect from new stock-based compensation awards plus acceleration and forfeit of certain stock-based compensation awards	-	-	-		(201	)
Normalized net income		93,755	86,583	283,181		262,295

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

	Three	Three	Nine		Nine
	months ended	months ended	months ended		months ended
	September 30, 2025	September 30, 2024	September 30, 2025		September 30, 2024
EPS as reported (USD)	2.59	2.22	8.60		7.20
Normalized net income adjustments-Class A common shares (in thousands USD)	1,120	7,820	(23,517	)	8,383
Weighted average number of Class A Common shares	35,757,185	35,411,553	35,651,708		35,272,574
Adjustment on EPS (USD)	0.03	0.23	(0.66	)	0.24
Normalized EPS (USD)	2.62	2.45	7.94		7.44

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:

• future operating or financial results;
• expectations regarding the strength of future growth of the container shipping industry, including the rates of annual demand and supply growth;
• geo-political events such as the continuing war between Russia and Ukraine; ongoing tensions between Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between the U.S. and China, and ongoing political unrest and conflicts in the Middle East and other regions throughout the world;
• the potential disruption of shipping routes, including due to lower water levels in the Panama Canal and the ongoing attacks by Houthis in the Red Sea;
• public health threats, pandemics, epidemics, and other disease outbreaks around the world and governmental responses thereto;
• the financial condition of our charterers and their ability and willingness to pay charterhire to us in accordance with the charters and our expectations regarding the same;
• the overall health and condition of the U.S. and global financial markets;
• changes in tariffs, trade barriers, and embargos, including recently imposed tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries;
• uncertainties surrounding recently implemented and suspended port fee regimes in the United States and China that may be applicable to a number of our vessels;
• our financial condition and liquidity, including our ability to obtain additional financing to fund capital expenditures, vessel acquisitions and for other general corporate purposes and our ability to meet our financial covenants and repay our borrowings;
• our expectations relating to dividend payments and expectations of our ability to make such payments including the availability of cash and the impact of constraints under our loan agreements;         
• future acquisitions, business strategy and expected capital spending;
• operating expenses, availability of key employees, crew, number of off-hire days, drydocking and survey requirements, costs of regulatory compliance, insurance costs and general and administrative costs;
• general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
• assumptions regarding interest rates and inflation;
• changes in the rate of growth of global and various regional economies;
• risks incidental to vessel operation, including piracy, discharge of pollutants and vessel accidents and damage including total or constructive total loss;
• estimated future capital expenditures needed to preserve our capital base;
• our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;
• our continued ability to enter into or renew charters including the re-chartering of vessels on the expiry of existing charters, or to secure profitable employment for our vessels in the spot market;
• our ability to realize expected benefits from our acquisition of secondhand vessels;
• our ability to capitalize on our management’s and directors’ relationships and reputations in the containership industry to its advantage;
• changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities;
• expectations about the availability of insurance on commercially reasonable terms;
• changes in laws and regulations (including environmental rules and regulations);
• potential liability from future litigation; and
• other important factors described from time to time in the reports we file with the SEC.
  

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.

Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Balance Sheets (Expressed in thousands of U.S. dollars except share data)
		As of,
		September 30, 2025			December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	289,373		$	141,375
Time deposits		200,500			26,150
Restricted cash		49,090			55,583
Accounts receivable, net		32,921			12,501
Inventories		13,387			18,905
Prepaid expenses and other current assets		31,851			31,949
Derivative assets		7,823			14,437
Due from related parties		173			342
Total current assets	$	625,118		$	301,242
NON - CURRENT ASSETS
Vessels in operation	$	1,895,735		$	1,884,640
Advances for vessels' acquisitions and other additions		7,418			18,634
Deferred dry dock and special survey costs, net		101,871			91,939
Other non - current assets		13,936			20,155
Derivative assets, net of current portion		544			5,969
Restricted cash, net of current portion		23,223			50,666
Total non-current assets		2,042,727			2,072,003
TOTAL ASSETS	$	2,667,845		$	2,373,245
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	42,608		$	26,334
Accrued liabilities		43,223			46,926
Current portion of long-term debt		147,567			145,276
Current portion of deferred revenue		51,119			44,742
Due to related parties		716			723
Total current liabilities	$	285,233		$	264,001
LONG-TERM LIABILITIES
Long-term debt, net of current portion and deferred financing costs	$	577,783		$	538,781
Intangible liabilities-charter agreements		55,530			49,431
Deferred revenue, net of current portion		32,337			57,551
Total non-current liabilities		665,650			645,763
Total liabilities	$	950,883		$	909,764
Commitments and Contingencies		-			-
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,770,652 shares issued and outstanding (2024 – 35,447,370 shares)	$	358		$	355
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2024 – 43,592 shares)		-			-
Additional paid in capital		686,659			680,743
Retained earnings		1,026,842			773,759
Accumulated other comprehensive income		3,103			8,624
Total shareholders' equity		1,716,962			1,463,481
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,667,845		$	2,373,245

Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Income (Expressed in thousands of U.S. dollars)
	Three months ended September 30,								Nine months ended September 30,
	2025				2024				2025				2024
OPERATING REVENUES
Time charter revenues	$	189,313			$	172,546			$	565,614			$	524,099
Amortization of intangible liabilities-charter agreements		3,355				1,518				9,888				4,523
Total Operating Revenues		192,668				174,064				575,502				528,622
OPERATING EXPENSES:
Vessel operating expenses (include related party vessel operating expenses of $6,194 and $5,481 for each of the three month periods ended September 30, 2025 and 2024, respectively, and $17,660 and $16,289 for each of the nine month periods ended September 30, 2025 and 2024, respectively)		52,050				46,590				152,569				141,628
Time charter and voyage expenses (include related party time charter and voyage expenses of $2,781 and $2,170 for each of the three month periods ended September 30, 2025 and 2024, respectively, and $6,500 and $6,487 for each of the nine month periods ended September 30, 2025 and 2024, respectively)		6,960				6,420				18,563				17,051
Depreciation and amortization		30,696				24,965				90,817				73,775
General and administrative expenses		3,745				3,900				12,419				13,038
Loss/(gain) on sale of vessels		14				-				(28,329	)			-
Operating Income		99,203				92,189				329,463				283,130
NON-OPERATING INCOME/(EXPENSES)
Interest income		5,434				4,705				13,305				12,532
Interest and other finance expenses		(9,542	)			(12,540	)			(30,005	)			(32,883	)
Other income, net		1,030				986				5,024				3,243
Fair value adjustment on derivative asset		(1,106	)			(4,193	)			(3,937	)			(4,957	)
Total non-operating expenses		(4,184	)			(11,042	)			(15,613	)			(22,065	)
Income before income taxes		95,019				81,147				313,850				261,065
Income taxes		-				-				-				(1	)
Net Income		95,019				81,147				313,850				261,064
Earnings allocated to Series B Preferred Shares		(2,384	)			(2,384	)			(7,152	)			(7,152	)
Net Income available to Common Shareholders	$	92,635			$	78,763			$	306,698			$	253,912

Global Ship Lease, Inc. Interim Unaudited Condensed Consolidated Statements of Cash Flows (Expressed in thousands of U.S. dollars)
		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Cash flows from operating activities:
Net income	$	95,019			$	81,147			$	313,850			$	261,064
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	$	30,696			$	24,965			$	90,817			$	73,775
Loss/(gain) on sale of vessels		14				-				(28,329	)			-
Amounts reclassified to other comprehensive income		-				326				-				877
Amortization of derivative assets' premium		826				1,178				2,775				3,473
Amortization of deferred financing costs		720				3,598				2,977				5,920
Amortization of intangible liabilities-charter agreements		(3,355	)			(1,518	)			(9,888	)			(4,523	)
Fair value adjustment on derivative asset		1,106				4,193				3,937				4,957
Prepayment fees on debt repayment		-				870				175				870
Stock-based compensation expense		2,120				2,122				6,364				6,582
Changes in operating assets and liabilities:
(Increase)/decrease in accounts receivable and other assets	$	(3,860	)		$	7,326			$	(14,102	)		$	2,837
Decrease/(increase) in inventories		4,693				(186	)			5,518				7
Increase in derivative asset		-				(81	)			(194	)			(109	)
Increase in accounts payable and other liabilities		809				11,088				14,549				10,949
Decrease in related parties' balances, net		666				477				162				121
Decrease in deferred revenue		(8,831	)			(1,159	)			(18,837	)			(15,613	)
Payments for drydocking and special survey costs		(8,172	)			(16,137	)			(35,276	)			(26,879	)
Unrealized foreign exchange loss/(gain)		-				3				-				(1	)
Net cash provided by operating activities	$	112,451			$	118,212			$	334,498			$	324,307
Cash flows from investing activities:
Acquisition of vessels	$	-			$	-			$	(61,541	)		$	-
Cash paid for vessel expenditures		(2,831	)			(4,647	)			(12,630	)			(9,350	)
Advances for vessel acquisitions and other additions		(424	)			(4,466	)			(2,772	)			(11,993	)
Net proceeds from sale of vessels		-				-				53,483				-
Time deposits (acquired)/withdrawn		(185,500	)			26,550				(174,350	)			(12,450	)
Net cash (used in)/provided by investing activities	$	(188,755	)		$	17,437			$	(197,810	)		$	(33,793	)
Cash flows from financing activities:
Proceeds from drawdown of credit facilities		-				300,000				218,500				300,000
Repayment of credit facilities/sale and leaseback		(36,892	)			(41,982	)			(107,781	)			(144,045	)
Repayment of refinanced debt, including prepayment fees		-				(292,010	)			(70,393	)			(292,010	)
Deferred financing costs paid		-				(2,625	)			(2,185	)			(2,625	)
Net proceeds from offering of Class A common shares, net of offering costs		-				652				-				652
Cancellation of Class A common shares		-				-				-				(4,994	)
Class A common shares-dividend paid		(18,809	)			(15,965	)			(53,615	)			(42,434	)
Series B preferred shares-dividend paid		(2,384	)			(2,384	)			(7,152	)			(7,152	)
Net cash used in financing activities	$	(58,085	)		$	(54,314	)		$	(22,626	)		$	(192,608	)
Net (decrease)/increase in cash and cash equivalents and restricted cash		(134,389	)			81,335				114,062				97,906
Cash and cash equivalents and restricted cash at beginning of the period		496,075				297,284				247,624				280,713
Cash and cash equivalents and restricted cash at end of the period	$	361,686			$	378,619			$	361,686			$	378,619
Supplementary Cash Flow Information:
Cash paid for interest		12,247				12,654				35,308				43,280
Cash received from interest rate caps		4,003				6,832				13,136				21,198
Non-cash investing activities:
Acquisition of vessels and intangibles		-				-				15,987				-
Non-cash financing activities:
Unpaid offering costs		445				115				445				115
Unrealized loss on derivative assets		(2,336	)			(10,637	)			(8,296	)			(14,961	)

Investor and Media Contacts:
IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438

FAQ

What did GSL report for 3Q 2025 revenue and EPS?

GSL reported $192.7M operating revenue and $2.59 EPS in 3Q 2025.

How much contracted revenue backlog does GSL have as of Sept 30, 2025?

Contracted revenues totaled $1.92 billion with a 2.5-year weighted average duration.

What dividend change did GSL announce on Nov 10, 2025 (GSL)?

The Board raised the annualized dividend to $2.50 per Class A share, a 19% increase.

How covered is GSL’s fleet with forward contracts for 2025–2027?

Forward contract cover is 100% for 2025, 96% for 2026, and 74% for 2027.

What is GSL’s reported financial leverage and recent financing?

GSL reports financial leverage of about 0.5x and agreed an $85M UBS credit facility at SOFR+2.15% maturing 2Q 2028.

How did vessel operating costs change in 3Q 2025 for GSL?

Vessel operating expenses increased to $52.1M, up 11.8% versus prior year quarter.