Global Ship Lease Reports Results for the Second Quarter of 2025
05-Aug-2025 08:00:14 EDT
Global Ship Lease Reports Results for the Second Quarter of 2025
GlobeNewswire August 05, 2025
Forward contract cover locked in for 96% of 2025 days and 80% of 2026 days Maximizing strategic optionality while also returning capital to shareholders via annualized dividend of $2.10 per Class A Common Share
ATHENS, Greece, Aug. 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 and six-month periods ended June 30, 2025.
Second Quarter of 2025 and Year to Date Highlights and Other Recent Developments
– 2Q 2025 operating revenue of $191.9 million; up 9.7% on 2Q 2024. 1H 2025 operating revenue of $382.8 million; up 8.0% on 1H 2024.
– 2Q 2025 net income available to common shareholders of $93.1 million, or $2.61 Earnings per Share (EPS); up 8.8% on 2Q 2024. 1H 2025 net income available to common shareholders of $214.1 million, or $6.01 EPS; up 22.3% on 1H 2024.
– 2Q 2025 normalized net income3 of $95.1 million, or $2.67 normalized EPS(3) up 9.7% on 2Q 2024. 1H 2025 normalized net income of $189.4 million, or $5.32 normalized EPS up 7.8% on 1H 2024.
– 2Q 2025 Adjusted EBITDA3 of $134.2 million; up 9.7% on 2Q 2024. 1H 2025 Adjusted EBITDA of $266.5 million; up 7.6% on 1H 2024.
– Added $397 million of contracted revenues during 1H 2025, bringing total contracted revenues as of June 30, 2025 to $1.73 billion, over a weighted average remaining duration of 2.1 years.
– 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”) kept 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, and is scheduled for delivery to the buyers in 4Q25, upon redelivery from the existing charter.
– 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 1Q 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 4Q 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%, matures in the second quarter of 2028, and brings the weighted average cost of our debt, as at June 30, 2025, to 4.18% and weighted average maturity to 4.9 years.
– Declared a dividend of $0.525 per Class A common share for the second quarter of 2025, to be paid on or about September 4, 2025 to common shareholders of record as of August 22, 2025. Paid a dividend of $0.525 per Class A common share for the first quarter of 2025 on June 3, 2025.
– Approximately $33.0 million of capacity remains available under our opportunistic share repurchase authorization.
George Youroukos, our Executive Chairman, stated: “Even in a macro environment that has become as complex, volatile, and unpredictable as any in the modern history of our industry, we are proud to deliver yet another quarter of strong results and growth. By continuing to sign attractive charters for our fleet of well-specified, mid-sized and smaller containerships, we have during the first half of 2025 added almost $400 million of contracted revenue, bringing our forward contracted revenues to $1.73 billion, our 2025 contract cover to 96%, and our 2026 cover to 80%.
In the volatile aftermath of Liberation Day in early April, which was itself preceded by a spike in cargo movements aimed at getting ahead of forthcoming tariffs, both containerized freight and charter markets experienced something of an air pocket, as parties across the supply chain became focused almost exclusively on solving for short-term tactical challenges while pausing longer term commitments on shipping capacity or capital beyond what seemed necessary for the immediate future. Meanwhile, with recent cautious optimism about the Red Sea and a potential pathway towards normalization having been undermined by multiple Houthi attacks, it seems likely that extensive re-routing around the Cape of Good Hope will continue to extend voyage lengths at the same time as macro volatility continues to impact supply chain efficiency and thus increase the number of ships needed to carry any given quantity of cargo. Given these dynamics, as well as the continued feast-or-famine reaction of underlying freight demand to the imposition, amendment, or delay of tariffs, we are exceptionally pleased to have extensive forward charter cover, a robust balance sheet, and a fleet that offers our customers the operational flexibility and optionality they need. Forward visibility on the market and macro environment is very limited, but our financial strength, discipline, and contracted cash flow generation position us well to continue to create value for our shareholders almost regardless of underlying market dynamics.”
Thomas Lister, our Chief Executive Officer, stated: “Maximizing optionality while strengthening the long-term resilience of our business remains our key strategic focus. Following years of disciplined de-leveraging, we have established a fortress balance sheet with financial leverage below 1x and a low cost of debt corresponding to our strong credit rating. This robust foundation, combined with over two years of weighted average forward contract cover, provides us with optionality and confidence to seize the kinds of value-accretive opportunities that often emerge from complex, volatile conditions such as those currently prevailing. It also positions us to pursue selective fleet renewal, as well as vessel upgrades that both increase our earnings power and enable us to meet evolving and tightening regulations. Consistent with our dynamic capital allocation policy, we believe that we best serve the interests of our investors by both continuing to return significant capital to shareholders via our dividend and remaining nimble, disciplined, and opportunistic in order to capitalize upon the inherent cyclicality of our industry.”
SELECTED FINANCIAL DATA – UNAUDITED
(thousands of U.S. dollars)
Three
Three
Six
Six
months ended
months ended
months ended
months ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Operating Revenues (1)
191,859
174,997
382,834
354,558
Operating Income
101,762
93,842
230,260
190,941
Net Income (2)
93,053
85,643
214,063
175,149
Adjusted EBITDA (3)
134,183
122,349
266,481
247,712
Normalized Net Income (3)
95,149
86,657
189,426
175,712
(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 $191.9 million in the second quarter of 2025, up $16.9 million (or 9.7%) on operating revenues of $175.0 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 and (iii) 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 182 days of offhire and idle time in the second quarter of 2025, of which 145 were for scheduled drydockings, compared to 184 days of offhire and idle time in the prior year period, of which 153 were for scheduled drydockings. Utilization for the second quarter of 2025 was 97.1% compared to utilization of 97.0% in the prior year period.
For the six months ended June 30, 2025, operating revenues were $382.8 million, up $28.2 million (or 8.0%) on operating revenues of $354.6 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 and (iii) a non-cash $1.5 million increase in the effect from straight lining time charter modifications and a non-cash $3.5 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 588 days of offhire and idle time in the six month period ended June 30, 2025 of which 475 were for scheduled drydockings, compared to 257 days of offhire and idle time in the prior year of which 186 were for scheduled drydockings. Utilization for the six month period ended June 30, 2025 was 95.4% compared to utilization of 97.9% 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 six-month periods ended June 30, 2025 and 2024, respectively, was as follows:
Revenue origin by country 1
Six months ended June 30, 2025
Six months ended June 30, 2024
Revenue (USD million)
Percentage of revenue
Revenue (USD million)
Percentage of revenue
Denmark (Maersk)
122.00
31.87
%
115.23
32.50
%
Germany (Hapag Lloyd)
73.03
19.08
%
17.84
5.03
%
France (CMA CGM)
71.14
18.59
%
87.84
24.78
%
Switzerland (MSC)
42.99
11.23
%
33.32
9.40
%
Israel (ZIM)
33.75
8.81
%
44.13
12.45
%
China, including Hong Kong (COSCO & OOCL)
21.99
5.74
%
25.38
7.16
%
Singapore (ONE, Swire Shipping)
9.85
2.57
%
14.84
4.18
%
USA (Matson)
5.80
1.51
%
6.39
1.80
%
Taiwan (Wan Hai)
2.28
0.60
%
6.91
1.95
%
Denmark / Dubai (Unifeeder) 2
–
–
2.68
0.75
%
Total
382.83
100.00
%
354.56
100.00
%
Based on jurisdiction of head office of each charterer
Unifeeder is headquartered in Denmark, but owned by DP World (Dubai)
The table below shows fleet utilization for the three and six months ended June 30, 2025 and 2024, and for the years ended December 31, 2024, 2023, 2022 and 2021.
Three months ended
Six months ended
Year ended
June 30,
June 30,
June 30,
June 30,
Dec 31,
Dec 31,
Dec 31,
Dec 31,
Days
2025
2024
2025
2024
2024
2023
2022
2021
Ownership days
6,279
6,188
12,683
12,376
24,937
24,285
23,725
19,427
Planned offhire – scheduled drydock
(145
)
(153
)
(475
)
(186
)
(807
)
(701
)
(581
)
(752
)
Unplanned offhire
(29
)
(29
)
(70
)
(69
)
(144
)
(233
)
(460
)
(260
)
Idle time
(8
)
(2
)
(43
)
(2
)
(15
)
(62
)
(30
)
(88
)
Operating days
6,097
6,004
12,095
12,119
23,971
23,289
22,654
18,327
Utilization
97.1
%
97.0
%
95.4
%
97.9
%
96.1
%
95.9
%
95.5
%
94.3
%
As of June 30, 2025, two regulatory drydockings were in progress and six 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 7.0% to $50.5 million for the second quarter of 2025, compared to $47.2 million in the prior year period. The increase of $3.3 million was mainly due to (i) the addition of the four Newly Acquired Vessels, (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. The average cost per ownership day in the quarter was $8,045, compared to $7,624 for the prior year period, up $421 per day, or 5.5%.
For the six month period ended June 30, 2025, vessel operating expenses were $100.5 million, or an average of $7,925 per day, compared to $95.0 million in the comparative period, or $7,679 per day, an increase of $246 per ownership day, or 3.2%. 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 1Q25, (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 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 $5.1 million for the second quarter of 2025, compared to $5.4 million in the prior year period due to (i) a decrease in voyage administration costs and operational requests from charterers and (ii) a decrease in bunkering expenses during off hire days offset by increased commissions on charter renewals at higher rates.
For the six-month period ended June 30, 2025, time charter and voyage expenses were $11.6 million, or an average of $915 per day, compared to $10.6 million in the comparative period, or $859 per day, an increase of $56 per ownership day, or 6.5% 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 second quarter of 2025 was $30.3 million, compared to $24.5 million in the prior year period. The increase was mainly due to the 16 drydockings completed after June 30, 2024 and the addition of the four Newly Acquired Vessels in December 2024.
Depreciation and amortization for the six-month period ended June 30, 2025 was $60.1 million, compared to $48.8 million in the comparative period, mainly due to the factors noted above plus the acquisition of the four Newly Acquired Vessels in December 2024.
General and Administrative Expenses
General and administrative expenses were $4.1 million in the second quarter of 2025, the same as in the prior year period.
General and administrative expenses were $8.7 million for the six-month period ended June 30, 2025, compared to $9.1 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 $134.2 million for the second quarter of 2025, up from $122.3 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 six-month period ended June 30, 2025 was $266.5 million, compared to $247.7 million for the comparative period, an increase of $18.7 million or 7.6% mainly due to increased revenue from charter renewals at higher rates.
Interest Expense and Interest Income
Debt as at June 30, 2025 totaled $768.5 million, after inclusion of the four Newly Acquired Vessels, comprising $349.0 million of secured bank debt collateralized by vessels, $205.6 million of 2027 Secured Notes collateralized by vessels, and $213.9 million under sale and leaseback financing transactions. As of June 30, 2025, 16 of our vessels were unencumbered.
Debt as at June 30, 2024 totaled $721.1 million, comprising $371.8 million of secured bank debt collateralized by vessels, $258.1 million of 2027 Secured Notes collateralized by vessels, and $91.2 million under sale and leaseback financing transactions. As of June 30, 2024, five vessels were unencumbered.
Interest and other finance expenses for the second quarter of 2025 were $10.6 million, up from $9.9 million for the prior year period. The increase was due to (i) additional floating debt was not covered by the caps since our interest rate caps hedge 77% of our floating rate debt, (ii) 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 March 2025, we entered into a loan agreement with UBS for $85.0 million, to refinance certain of our existing loans. The agreement 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 six-month period ended June 30, 2025 were $20.5 million, up from $20.3 million for the prior year period. The increase was due to the factors mentioned above plus the non-cash write off of deferred financing costs of $0.1 million on the full repayment of the ESUN Credit Facility.
Interest income for the second quarter of 2025 was $4.7 million, up from $4.1 million for the prior year period mainly due to higher invested amounts.
Interest income for the six-month period ended June 30, 2025 was $7.9 million, up from $7.8 million in the comparative period.
Other income, net
Other income, net was $0.8 million in the second quarter of 2025, compared to $1.0 million in the prior year period.
Other income, net was $4.0 million for the six-month period ended June 30, 2025, compared to $2.3 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 $1.2 million for the second quarter of 2025 was recorded through the statement of income. The negative fair value adjustment for the six-month period ended June 30, 2025 was $2.8 million.
Earnings Allocated to Preferred Shares
Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the second quarter of 2025 was $2.4 million, the same as in the prior year period.
The cost for the six months ended June 30, 2025 was $4.8 million, the same as for the comparative period.
Net Income Available to Common Shareholders
Net income available to common shareholders for the second quarter of 2025 was $93.1 million. Net income available to common shareholders for the prior year period was $85.6 million.
Earnings per share for the second quarter of 2025 was $2.61, an increase of 7.4% from the earnings per share for the prior year period, which was $2.43.
For the six months ended June 30, 2025, net income available to common shareholders was $214.1 million. Net income available to common shareholders for the six months ended June 30, 2024 was $175.1 million.
Earnings per share for the six months ended June 30, 2025 was $6.01, an increase of 20.7% from the earnings per share for the comparative period, which was $4.98.
Normalized net income1 for the second quarter of 2025 was $95.1 million. Normalized net income for the prior year period was $86.7 million. Normalized earnings per share1 for the second quarter of 2025 was $2.67, an increase of 8.5% from Normalized earnings per share for the prior year period, which was $2.46.
Normalized net income1 for the six-month period ended June 30, 2025 was $189.4 million. Normalized net income for the prior year period was $175.7 million. Normalized earnings per share1 for the six-month period ended June 30, 2025 was $5.32, an increase of 6.6% from Normalized earnings per share for the prior year period, which was $4.99.
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 June 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
1Q26
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
1Q26
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
4Q27
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
2Q26
3Q26
Footnote (8)
GSL Sofia
8,544
37,777
2003
Maersk
3Q26
3Q26
Footnote (8)
GSL Effie
8,544
37,777
2003
Maersk
3Q26
3Q26
Footnote (8)
GSL Lydia
8,544
37,777
2003
Maersk
2Q26
3Q26
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
4Q25
2Q26
37,750
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 (11)
GSL Nicoletta
6,858
28,070
2002
Maersk
1Q28
2Q28
Footnote (11)
Agios Dimitrios
6,572
24,931
2011
MSC
2Q27
3Q27
Footnote (6)
GSL Vinia
6,080
23,737
2004
Maersk
1Q28
4Q29
Footnote (12)
GSL Christel Elisabeth
6,080
23,745
2004
Maersk
1Q28
3Q29
Footnote (12)
GSL Arcadia
6,008
24,858
2000
Maersk
3Q25
1Q26
12,700 (13)
GSL Violetta
6,008
24,873
2000
Maersk
2Q25
1Q26
12,900 (13)
GSL Maria
6,008
24,414
2001
Maersk
4Q25
1Q27
12,900 (13)
GSL MYNY
6,008
24,876
2000
Maersk
3Q25
4Q25
12,900 (13)
GSL Melita
6,008
24,859
2001
Maersk
1Q26
3Q26
12,900 (13)
GSL Tegea
5,994
24,308
2001
Maersk
1Q26
3Q26
12,900 (13)
GSL Dorothea
5,994
24,243
2001
Maersk
1Q26
3Q26
12,900 (13)
Dimitris Y (ex Zim Europe) (25)
5,936
25,010
2000
ONE
4Q25
4Q25
33,900
Ian H
5,936
25,128
2000
COSCO
4Q27
4Q27
Footnote (14)
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 (15)
3Q28
4Q28
21,000 (15)
Dolphin II
5,095
20,596
2007
Footnote (15)
1Q28
2Q28
Footnote (15)
CMA CGM Alcazar
5,089
20,087
2007
CMA CGM
3Q26
1Q27
35,500
GSL Chateau 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 (16)
CMA CGM Jamaica
4,298
17,272
2006
CMA CGM
1Q28
2Q28
Footnote (16)
CMA CGM Sambhar
4,045
17,355
2006
CMA CGM
1Q28
2Q28
Footnote (16)
CMA CGM America
4,045
17,355
2006
CMA CGM
1Q28
2Q28
Footnote (16)
GSL Rossi
3,421
16,420
2012
ZIM
1Q26
3Q26
35,000
GSL Alice
3,421
16,543
2014
CMA CGM (3)
2Q28
3Q28
Footnote (3)
GSL Eleftheria
3,421
16,642
2013
Maersk
3Q25
4Q25
37,975
GSL Melina
3,404
16,703
2013
Maersk
4Q26
4Q26
29,900
Athena
2,980
13,538
2003
MSC
2Q27
3Q27
17,500 (17)
GSL Valerie
2,824
11,971
2005
ZIM
2Q27
3Q27
Footnote (18)
GSL Mamitsa (ex Matson Molokai)
2,824
11,949
2007
Footnote (19)
1Q28
2Q28
Footnote (19)
GSL Lalo
2,824
11,950
2006
MSC
2Q27
3Q27
18,000 (20)
GSL Mercer
2,824
11,970
2007
ONE
1Q27
2Q27
Footnote (21)
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 (21)
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
1Q27
26,000
Newyorker
2,506
11,463
2001
Maersk
2Q27
3Q27
Footnote (22)
Manet
2,288
11,534
2001
OOCL
3Q26
4Q26
24,000
Kumasi
2,220
11,652
2002
MSC
4Q26
1Q27
Footnote (23)
Julie
2,207
11,731
2002
MSC
3Q27
3Q27
Footnote (24)
(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 June 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 new charter is expected to commence in 4Q2025 and GSL Alice 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;
(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 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.
(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 1Q2025 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)
GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship.
(12)
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.
(13)
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, the second extension option for GSL MYNY was also exercised.
(14)
Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately $10.3 million.
(15)
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 2H 2025. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $10.1 million per ship.
(16)
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.
(17)
Athena was forward fixed for 24 – 30 months. The new charter is expected to commence in 3Q 2025 and is expected to generate average annualized Adjusted EBITDA of approximately $5.8 million.
(18)
GSL Valerie is fixed in direct continuation for 24 – 27 months. The new charter is expected to generate average annualized Adjusted EBITDA of approximately $6.6 million.
(19)
GSL Mamitsa was forward fixed to RCL for 30 – 32 months to commence in 3Q25 after current drydocking. The new charter is expected to generate average annualized Adjusted EBITDA of approximately $7.0 million.
(20)
GSL Lalo was forward fixed for 24 – 30 months. The new charter is expected to commence in 3Q 2025 and to generate average annualized Adjusted EBITDA of approximately $5.6 million.
(21)
GSL Mercer and GSL Chloe are both fixed for 23.5 – 26 months. The new charters both commenced in 1Q 2025. The new charters are expected to generate average annualized Adjusted EBITDA of approximately $5.8 million per vessel.
(22)
Newyorker is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $6.2 million.
(23)
Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $4.4 million.
(24)
Julie. Chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $2.0 million. Julie was forward fixed for 24 – 30 months. The new charter is expected to commence in 3Q 2025 and to generate average annualized Adjusted EBITDA of approximately $3.0 million.
(25)
In May 2025, Dimitris Y was contracted to be sold and is scheduled for delivery to the buyers in 4Q25 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 six months ended June 30, 2025 today, Tuesday, August 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: 4124631
Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.
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 June 30, 2025 had an average age weighted by TEU capacity of 17.7 years. 39 ships are wide-beam Post-Panamax.
As of June 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 2.1 years on a TEU-weighted basis. Contracted revenue on the same basis was $1.73 billion. Contracted revenue was $2.23 billion, including options under charterers' control and with latest redelivery date, representing a weighted average remaining term of 2.8 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
Six
Six
months ended
months ended
months ended
months ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Net income available to Common Shareholders
93,053
85,643
214,063
175,149
Adjust:
Depreciation and amortization
30,328
24,540
60,121
48,810
Loss/(gain on sale of vessels)
115
–
(28,343
)
–
Amortization of intangible liabilities
(3,319
)
(1,502
)
(6,533
)
(3,005
)
Fair value adjustment on derivative asset
1,208
1,014
2,831
764
Interest income
(4,676
)
(4,143
)
(7,871
)
(7,827
)
Interest expense
10,596
9,893
20,463
20,343
Share based compensation
2,122
2,156
4,244
4,460
Earnings allocated to preferred shares
2,384
2,384
4,768
4,768
Income Tax
–
1
–
1
Effect from straight lining time charter modifications
2,372
2,363
2,738
4,249
Adjusted EBITDA
134,183
122,349
266,481
247,712
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
Six
Six
months ended
months ended
months ended
months ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Net income available to Common Shareholders
93,053
85,643
214,063
175,149
Adjust:
Fair value adjustment on derivative assets
1,208
1,014
2,831
764
Loss/(gain) on sale of vessels
115
–
(28,343
)
–
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
–
216
Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility
382
–
382
Prepayment fee on full repayment of Macquarie Credit Facility
175
–
175
Effect from new share-based compensation awards plus acceleration and forfeit of certain share-based compensation awards
–
–
–
(201
)
Normalized net income
95,149
86,657
189,426
175,712
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
Six
Six
months ended
months ended
months ended
months ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
EPS as reported (USD)
2.61
2.43
6.01
4.98
Normalized net income adjustments-Class A common shares (in thousands USD)
2,096
1,014
(24,637
)
563
Weighted average number of Class A Common shares
35,612,413
35,174,969
35,598,601
35,201,716
Adjustment on EPS (USD)
0.06
0.03
(0.69
)
0.01
Normalized EPS (USD)
2.67
2.46
5.32
4.99
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 wars between Russia and Ukraine and 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;
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.
(Expressed in thousands of U.S. dollars except share data)
As of,
June 30, 2025
December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$
415,599
$
141,375
Time deposits
15,000
26,150
Restricted cash
48,995
55,583
Accounts receivable, net
28,765
12,501
Inventories
18,080
18,905
Prepaid expenses and other current assets
28,685
31,949
Derivative assets
10,318
14,437
Due from related parties
843
342
Total current assets
$
566,285
$
301,242
NON – CURRENT ASSETS
Vessels in operation
$
1,918,103
$
1,884,640
Advances for vessels' acquisitions and other additions
6,785
18,634
Deferred dry dock and special survey costs, net
101,467
91,939
Other non – current assets
17,397
20,155
Derivative assets, net of current portion
1,490
5,969
Restricted cash, net of current portion
31,481
50,666
Total non – current assets
2,076,723
2,072,003
TOTAL ASSETS
$
2,643,008
$
2,373,245
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
$
45,590
$
26,334
Accrued liabilities
41,033
46,926
Current portion of long-term debt
147,567
145,276
Current portion of deferred revenue
47,030
44,742
Due to related parties
720
723
Total current liabilities
$
281,940
$
264,001
LONG-TERM LIABILITIES
Long – term debt, net of current portion and deferred financing costs
$
613,955
$
538,781
Intangible liabilities-charter agreements
58,885
49,431
Deferred revenue, net of current portion
45,257
57,551
Total non – current liabilities
718,097
645,763
Total liabilities
$
1,000,037
$
909,764
Commitments and Contingencies
–
–
SHAREHOLDERS' EQUITY
Class A common shares – authorized 214,000,000 shares with a $0.01 par value 35,612,584 shares issued and outstanding (2024 – 35,447,370 shares)
$
357
$
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
684,985
680,743
Retained earnings
953,016
773,759
Accumulated other comprehensive income
4,613
8,624
Total shareholders' equity
1,642,971
1,463,481
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
2,643,008
$
2,373,245
Global Ship Lease, Inc.
Interim Unaudited Condensed ConsolidatedStatements of Income
(Expressed in thousands of U.S. dollars)
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
OPERATING REVENUES
Time charter revenues
$
188,540
$
173,495
$
376,301
$
351,553
Amortization of intangible liabilities-charter agreements
3,319
1,502
6,533
3,005
Total Operating Revenues
191,859
174,997
382,834
354,558
OPERATING EXPENSES:
Vessel operating expenses (include related party vessel operating expenses of $5,858 and $5,385 for each of the three-month periods ended June 30, 2025 and 2024, respectively, and $11,466 and $10,808 for each of the six-month periods ended June 30, 2025 and 2024, respectively)
50,511
47,180
100,519
95,038
Time charter and voyage expenses (include related party time charter and voyage expenses of $1,787 and $2,125 for each of the three-month periods ended June 30, 2025 and 2024, respectively, and $3,719 and $4,317 for each of the six-month periods ended June 30, 2025 and 2024, respectively)
5,074
5,386
11,603
10,631
Depreciation and amortization
30,328
24,540
60,121
48,810
General and administrative expenses
4,069
4,049
8,674
9,138
Loss/(gain) on sale of vessels
115
–
(28,343
)
–
Operating Income
101,762
93,842
230,260
190,941
NON-OPERATING INCOME/(EXPENSES)
Interest income
4,676
4,143
7,871
7,827
Interest and other finance expenses
(10,596
)
(9,893
)
(20,463
)
(20,343
)
Other income, net
803
950
3,994
2,257
Fair value adjustment on derivative asset
(1,208
)
(1,014
)
(2,831
)
(764
)
Total non-operating expenses
(6,325
)
(5,814
)
(11,429
)
(11,023
)
Income before income taxes
95,437
88,028
218,831
179,918
Income taxes
–
(1
)
–
(1
)
Net Income
95,437
88,027
218,831
179,917
Earnings allocated to Series B Preferred Shares
(2,384
)
(2,384
)
(4,768
)
(4,768
)
Net Income available to Common Shareholders
$
93,053
$
85,643
$
214,063
$
175,149
Global Ship Lease, Inc.
Interim Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
Three months ended June 30,
Six months ended June 30,
2025
2024
2025
2024
Cash flows from operating activities:
Net income
$
95,437
$
88,027
$
218,831
$
179,917
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
$
30,328
$
24,540
$
60,121
$
48,810
Loss/(gain) on sale of vessels
115
–
(28,343
)
–
Amounts reclassified to other comprehensive income
–
311
–
551
Amortization of derivative assets' premium
857
1,154
1,949
2,295
Amortization of deferred financing costs
1,342
1,138
2,257
2,322
Amortization of intangible liabilities-charter agreements
(3,319
)
(1,502
)
(6,533
)
(3,005
)
Fair value adjustment on derivative asset
1,208
1,014
2,831
764
Prepayment fees on debt repayment
175
–
175
–
Stock-based compensation expense
2,122
2,156
4,244
4,460
Changes in operating assets and liabilities:
–
Increase in accounts receivable and other assets
$
(3,227
)
$
(1,581
)
$
(10,242
)
$
(4,489
)
(Increase)/decrease in inventories
(1,742
)
(328
)
825
193
Increase in derivative asset
–
(28
)
(194
)
(28
)
Increase/(decrease) in accounts payable and other liabilities
7,815
5,945
13,740
(139
)
Decrease/(increase) in related parties' balances, net
274
(739
)
(504
)
(356
)
Decrease in deferred revenue
(1,346
)
(7,526
)
(10,006
)
(14,454
)
Payments for drydocking and special survey costs
(10,804
)
(7,105
)
(27,104
)
(10,742
)
Unrealized foreign exchange gain
(2
)
(1
)
–
(4
)
Net cash provided by operating activities
$
119,233
$
105,475
$
222,047
$
206,095
Cash flows from investing activities:
Acquisition of vessels
$
–
$
–
$
(61,541
)
$
–
Cash paid for vessel expenditures
(2,537
)
(948
)
(9,799
)
(4,703
)
Advances for vessel acquisitions and other additions
(1,941
)
(5,894
)
(2,348
)
(7,527
)
Net (expenses)/proceeds from sale of vessels
(743
)
–
53,483
–
Time deposits (acquired)/withdrawn
(4,550
)
(39,000
)
11,150
(39,000
)
Net cash used in investing activities
$
(9,771
)
$
(45,842
)
$
(9,055
)
$
(51,230
)
Cash flows from financing activities:
Proceeds from drawdown of credit facilities/sale and leaseback
85,000
–
218,500
–
Repayment of credit facilities/sale and leaseback
(29,892
)
(49,981
)
(70,889
)
(102,063
)
Prepayment of debt including prepayment fees
(64,493
)
–
(70,393
)
–
Deferred financing costs paid
(850
)
–
(2,185
)
–
Cancellation of Class A common shares
–
–
–
(4,994
)
Class A common shares-dividend paid
(18,763
)
(13,255
)
(34,806
)
(26,469
)
Series B preferred shares-dividend paid
(2,384
)
(2,384
)
(4,768
)
(4,768
)
Net cash (used in)/provided by financing activities
$
(31,382
)
$
(65,620
)
$
35,459
$
(138,294
)
Net increase/(decrease) in cash and cash equivalents and restricted cash
78,080
(5,987
)
248,451
16,571
Cash and cash equivalents and restricted cash at beginning of the period
417,995
303,271
247,624
280,713
Cash and cash equivalents and restricted cash at end of the period
$
496,075
$
297,284
$
496,075
$
297,284
Supplementary Cash Flow Information:
Cash paid for interest
11,846
14,724
23,061
30,626
Cash received from interest rate caps
4,641
6,184
9,133
14,366
Non-cash investing activities:
Acquisition of vessels and intangibles
–
–
15,987
–
Non-cash financing activities:
Unrealized loss on derivative assets/ FX option
(2,459
)
(3,184
)
(5,960
)
(4,324
)
Investor and Media Contacts: IGB Group Bryan Degnan 646-673-9701 or Leon Berman 212-477-8438
