{"id":990167,"date":"2026-08-05T08:27:43","date_gmt":"2026-08-05T12:27:43","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/global-ship-lease-reports-results-for-the-second-quarter-of-2026\/"},"modified":"2026-08-05T08:27:43","modified_gmt":"2026-08-05T12:27:43","slug":"global-ship-lease-reports-results-for-the-second-quarter-of-2026","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/global-ship-lease-reports-results-for-the-second-quarter-of-2026\/","title":{"rendered":"Global Ship Lease Reports Results for the Second Quarter of 2026"},"content":{"rendered":"
\n

Ordered 15 mid-size, ultra-high-reefer, wide-beam, latest generation newbuilds for an aggregate contract price of $1.33 billion, over 75% of which is covered by expected Adj. EBITDA from initial charters\u00a0
100% contract cover for 2026 and 90% for 2027
Annualized dividend of $2.50 per Class A Common Share<\/p>\n

ATHENS, Greece, Aug. 05, 2026 (GLOBE NEWSWIRE) — Global Ship Lease, Inc. (NYSE: GSL) (the \u201cCompany\u201d, \u201cGlobal Ship Lease\u201d or \u201cGSL\u201d), an owner of containerships, announced today its unaudited results for the three and six-month periods ended June 30, 2026.<\/p>\n

\n Second Quarter of 2026 and Year to Date Highlights and Other Recent Developments<\/strong>\n <\/p>\n

– 2Q 2026 operating revenue of $198.7 million. 1H 2026 operating revenue of $396.8 million.<\/p>\n

– 2Q 2026 net income available to common shareholders of $89.3 million, or $2.48 Earnings per Share (EPS). 1H 2026 net income available to common shareholders of $180.7 million, or $5.02 EPS.<\/p>\n

– 2Q 2026 normalized net income (a non-U.S. GAAP financial measure, described below)3<\/sup> of $89.3 million, or $2.48 normalized EPS\u00b3. 1H 2026 normalized net income of $181.4 million, or $5.04 normalized EPS.<\/p>\n

– 2Q 2026 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)3<\/sup> of $131.4 million. 1H 2026 Adjusted EBITDA of $264.6 million.<\/p>\n

– In June 2026, announced that we have agreed individual newbuilding contracts for 15 mid-size, ultra-high-reefer, wide-beam, latest-generation containerships (\u201cNewbuildings\u201d) for an aggregate purchase price of approximately\u00a0$1.3 billion. These highly flexible ships have been designed and specified to ensure a superior fit for existing and future market needs, with deliveries scheduled to take place between the fourth quarter of 2028 and the first quarter of 2030. Upon delivery from the respective shipyards, the Newbuildings are contracted to commence employment on multi-year charters, with an average TEU-weighted firm charter term of 7.1 years and at rates expected to generate more than $1.0 billion of Adjusted EBITDA.<\/p>\n

– Added $1.45 billion of contracted revenues during 1H 2026 from new charters and extensions on our existing fleet and initial firm charters from the 15 Newbuildings, bringing total contracted revenues as of June 30, 2026, to $3.2 billion, over a TEU-weighted average remaining duration (assuming median firm charter periods) of 3.3 years.<\/p>\n

– Declared a dividend of $0.625 per Class A common share for the second quarter of 2026, to be paid on September 3, 2026 to Class A common shareholders of record as of August 21, 2026. Paid a dividend of $0.625 per Class A common share for the first quarter of 2026 on June 3, 2026.<\/p>\n

– On June 16, 2026, announced updates by two leading credit rating agencies. Moody\u2019s Investor Service maintained our Ba2 Corporate Family Rating, and upgraded to a positive outlook from a stable outlook. Kroll Bond Rating Agency maintained our corporate credit rating at BB+, with a stable outlook, while also affirming the BBB\/stable investment grade rating and stable outlook for our 5.69% Senior Secured Notes due July 15, 2027 (the \u201c2027 Secured Notes\u201d). In addition, on July 7, 2026, S&P Global issued a press release maintaining our Issuer Credit Rating for GSL of BB+, with a stable outlook.<\/p>\n

– During April and May of 2026, we entered into agreements for the forward sales of four non-core ships, built 2000 \u2013 2002, for an aggregate price of $65.5 million and an anticipated gain on sale of approximately $33.0 million. The ships are scheduled to be delivered to the buyers upon expiry of the vessels\u2019 respective charters: Manet, Kumasi and Julie (2,200 TEU, 2001\/2-built) in 4Q 2026, 1Q 2027 and 3Q 2027, respectively, and Ian H (5,900 TEU, 2000-built) in 4Q 2027.<\/p>\n

– On December 1, 2025, announced the purchase of three 8,586 TEU Korean-built containerships with ECO upgrades (the \u201cThree Newly Acquired Vessels\u201d) for an aggregate purchase price of $90.0 million. Two of the vessels were delivered to us in December 2025 and the third was delivered to us in January 2026. In June 2026, we entered into a loan agreement with Bank of America for $55.5 million to finance these acquisitions. The loan bears interest at SOFR + 1.40% and has a maturity of five years.<\/p>\n

George Youroukos, our Executive Chairman, stated: \u201cWe are proud to have delivered another quarter of strong results, as our strategic focus on optionality and flexible tonnage continues to serve us well in a highly volatile and unpredictable world. While underlying containerized freight flows remained quite firm throughout the quarter, geopolitics once again played an outsized role in re-arranging and complicating global trade. This was evident not only in and around the Strait of Hormuz, but also in the continued decentralization of global supply chains outside of China and beyond the East-West mainlane trades serviced by ultra-large containership tonnage. As a result, our liner customers are placing a premium on flexibility and reliability in the supply chain, actively expanding their access to flexible, mid-size containerships like those in the GSL fleet. In these conditions, we have taken the opportunity to continue locking in multi-year charters at attractive rates. With 100% charter coverage for 2026, 90% coverage for 2027, and over $3 billion in contracted revenues over 3.3 years, including our Newbuildings, we are in a strong position now and moving forward.<\/p>\n

\u201cWe have long appreciated that a combination of patience, discipline and the ability to act quickly is essential to successful fleet investment. On that basis, we are very pleased to have complemented our ongoing on-the-water investment strategy with the addition of highly attractive newbuilding orders for 15 mid-size, ultra-high-reefer, wide-beam, latest generation ECO newbuildings. The initial charters for the Newbuildings, averaging just over 7 years in duration, de-risk the investment right out of the gate, providing expected adjusted EBITDA equivalent to over 75% of the contracted purchase price within 25% of the ships\u2019 expected economic life. Thereafter, we believe that the highly optimized specification and flexibility of these vessels position them to be the workhorses of global containerized trade for many years to come. With charters for five of the 15 Newbuildings structured to include extension options at rates 25% above their initial levels, it is clear that we are not alone in this view. In summary, these high-upside, low-downside risk Newbuildings meet our long-established, demanding investment criteria while also significantly reducing our average fleet age and providing a runway for reliable cash generation throughout the years ahead.\u201d<\/p>\n

Thomas Lister, our Chief Executive Officer, stated: \u201cOptionality remains at the core of our approach to an ever more complex and dynamic containerized trade landscape. As the industry grapples with an ever-expanding series of unpredictable and sometimes dangerous geopolitical developments, it remains imperative that we all keep the welfare of seafarers front-of-mind. Amid this environment, we have continued to find prudent, attractive opportunities to unlock value across finance, operations, chartering, selective divestments and fleet renewal. The strength of our fortress balance sheet and our disciplined capital allocation and decision-making have been affirmed by successive enhancements to our credit ratings and outlooks, and those in turn have provided yet further support to our ability to pay a robust dividend while also being nimble enough to pounce on exciting opportunities to partner with top liners in the newbuild market. Our joint commitment to optionality maximization and decisive, opportunistic action is driving this progress on all fronts, enabling us to create lasting shareholder value amidst both natural cyclicality and unprecedented geopolitical tumult.”<\/p>\n

\n SELECTED FINANCIAL DATA \u2013 UNAUDITED<\/strong>\n <\/p>\n

\n (thousands of U.S. dollars)<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\nThree<\/td>\nThree<\/td>\nSix<\/td>\nSix<\/td>\n<\/tr>\n
\u00a0<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n June 30, 2026<\/u>\n <\/td>\n\n June 30, 2025<\/u>\n <\/td>\n\n June 30, 2026<\/u>\n <\/td>\n\n June 30, 2025<\/u>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating Revenues (1)<\/sup><\/td>\n198,689<\/td>\n191,859<\/td>\n396,768<\/td>\n382,834<\/td>\n<\/tr>\n
Operating Income<\/td>\n93,867<\/td>\n101,762<\/td>\n191,285<\/td>\n230,260<\/td>\n<\/tr>\n
Net Income (2)<\/sup><\/td>\n89,292<\/td>\n93,053<\/td>\n180,737<\/td>\n214,063<\/td>\n<\/tr>\n
Adjusted EBITDA (3)<\/sup><\/td>\n131,366<\/td>\n134,183<\/td>\n264,551<\/td>\n266,481<\/td>\n<\/tr>\n
Normalized Net Income (3)<\/sup><\/td>\n89,261<\/td>\n95,149<\/td>\n181,351<\/td>\n189,426<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

(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 \u201cTime charter and voyage expenses\u201d (see below).<\/p>\n

(2) Net Income available to common shareholders.<\/p>\n

(3) Adjusted EBITDA, Normalized Net Income, and Normalized Earnings per Share are non-U.S. Generally Accepted Accounting Principles (\u201cU.S. GAAP\u201d) 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 \u201cReconciliation of Non-U.S. GAAP Financial Measures\u201d below.<\/p>\n

\n Operating Revenues and Utilization<\/em>\n <\/p>\n

Operating revenues derived from fixed-rate, mainly long-term, time-charters were $198.7 million in the second quarter of 2026, up $6.8 million (or 3.5%) on operating revenues of $191.9 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 Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025 and (iii) a non-cash $3.1 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions counterbalanced by a non-cash $0.4 million negative effect from straight lining time charter modifications. There were 210 days of offhire in the second quarter of 2026, of which 181 were for scheduled drydockings, compared to 182 days of offhire and idle time in the prior year period, of which 145 were for scheduled drydockings. Utilization for the second quarter of 2026 was 96.7% compared to utilization of 97.1% in the prior year period.<\/p>\n

For the six months ended June 30, 2026, operating revenues were $396.8 million, up $14.0 million (or 3.7%) on operating revenues of $382.8 million in the comparative period, mainly due to (i) the net effect of higher rates on charter renewals, (ii) the addition of the Three Newly Acquired Vessels offset by the sales of four vessels in 2025 (Tasman, Keta, Akiteta and Dimitris Y) and (iii) a non-cash $6.1 million increase in the amortization of intangible liabilities arising from below-market charters attached to certain vessel additions counterbalanced by a non-cash $1.7 million negative effect from straight lining time charter modifications. There were 328 days of offhire in the six-month period ended June 30, 2026, of which 265 were for scheduled drydockings, compared to 588 days of offhire and idle time in the prior year period, of which 475 were for scheduled drydockings. Utilization for the six-month period ended June 30, 2026 was 97.4% compared to utilization of 95.4% in the prior year period.<\/p>\n

Our revenue origin by country, using the respective head office location of each of our charterers as a proxy for origin, for the six months ended June 30, 2026 and 2025, respectively, was as follows:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Unaudited Revenue origin by country1<\/sup><\/td>\nSix months ended June 30, 2026<\/td>\nSix months ended June 30, 2025<\/td>\n<\/tr>\n
\u00a0<\/td>\nRevenue (USD million)<\/td>\nPercentage of revenue<\/td>\nRevenue (USD million)<\/td>\nPercentage of revenue<\/td>\n<\/tr>\n
Denmark (Maersk)<\/td>\n117.45<\/td>\n\u00a0<\/td>\n29.60<\/td>\n%<\/td>\n122.00<\/td>\n\u00a0<\/td>\n31.87<\/td>\n%<\/td>\n<\/tr>\n
France (CMA CGM)<\/td>\n79.07<\/td>\n\u00a0<\/td>\n19.93<\/td>\n%<\/td>\n71.14<\/td>\n\u00a0<\/td>\n18.59<\/td>\n%<\/td>\n<\/tr>\n
Germany (Hapag Lloyd)<\/td>\n74.17<\/td>\n\u00a0<\/td>\n18.69<\/td>\n%<\/td>\n73.03<\/td>\n\u00a0<\/td>\n19.08<\/td>\n%<\/td>\n<\/tr>\n
Switzerland (MSC)<\/td>\n55.76<\/td>\n\u00a0<\/td>\n14.05<\/td>\n%<\/td>\n42.99<\/td>\n\u00a0<\/td>\n11.23<\/td>\n%<\/td>\n<\/tr>\n
China, including Hong Kong (COSCO & OOCL)<\/td>\n29.11<\/td>\n\u00a0<\/td>\n7.34<\/td>\n%<\/td>\n21.99<\/td>\n\u00a0<\/td>\n5.74<\/td>\n%<\/td>\n<\/tr>\n
Israel (ZIM)<\/td>\n26.52<\/td>\n\u00a0<\/td>\n6.68<\/td>\n%<\/td>\n33.75<\/td>\n\u00a0<\/td>\n8.81<\/td>\n%<\/td>\n<\/tr>\n
Singapore (ONE, Swire Shipping, RCL Feeder)<\/td>\n14.69<\/td>\n\u00a0<\/td>\n3.71<\/td>\n%<\/td>\n9.85<\/td>\n\u00a0<\/td>\n2.57<\/td>\n%<\/td>\n<\/tr>\n
USA (Matson)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n5.80<\/td>\n\u00a0<\/td>\n1.51<\/td>\n%<\/td>\n<\/tr>\n
Taiwan (Wan Hai)<\/td>\n–<\/td>\n\u00a0<\/td>\n–<\/td>\n\u00a0<\/td>\n2.28<\/td>\n\u00a0<\/td>\n0.60<\/td>\n%<\/td>\n<\/tr>\n
\n Total<\/strong>\n <\/td>\n\n 396.77<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 100.00<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n 382.83<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 100.00<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n
    \n
  1. Based on jurisdiction of head office of each charterer.<\/li>\n<\/ol>\n

    The table below shows unaudited fleet utilization data for the three and six months ended June 30, 2026 and 2025, and for the years ended December 31, 2025, 2024, 2023 and 2022.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\nThree months ended<\/td>\n\u00a0<\/td>\nSix months ended<\/td>\n\u00a0<\/td>\nYear ended<\/td>\n<\/tr>\n
    \u00a0<\/td>\nJune 30,<\/td>\nJune 30,<\/td>\n\u00a0<\/td>\nJune 30,<\/td>\nJune 30,<\/td>\n\u00a0<\/td>\nDec 31,<\/td>\nDec 31,<\/td>\nDec 31,<\/td>\nDec 31,<\/td>\n<\/tr>\n
    Days<\/td>\n2026<\/td>\n2025<\/td>\n\u00a0<\/td>\n2026<\/td>\n2025<\/td>\n\u00a0<\/td>\n2025<\/td>\n2024<\/td>\n2023<\/td>\n2022<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Ownership days<\/td>\n6,461<\/td>\n6,279<\/td>\n\u00a0<\/td>\n12,843<\/td>\n12,683<\/td>\n\u00a0<\/td>\n25,323<\/td>\n24,937<\/td>\n24,285<\/td>\n23,725<\/td>\n<\/tr>\n
    Planned offhire – scheduled drydock<\/td>\n(181)<\/td>\n(145)<\/td>\n\u00a0<\/td>\n(265)<\/td>\n(475)<\/td>\n\u00a0<\/td>\n(816)<\/td>\n(807)<\/td>\n(701)<\/td>\n(581)<\/td>\n<\/tr>\n
    Unplanned offhire<\/td>\n(29)<\/td>\n(29)<\/td>\n\u00a0<\/td>\n(63)<\/td>\n(70)<\/td>\n\u00a0<\/td>\n(262)<\/td>\n(144)<\/td>\n(233)<\/td>\n(460)<\/td>\n<\/tr>\n
    Idle time<\/td>\n–<\/td>\n(8)<\/td>\n\u00a0<\/td>\n–<\/td>\n(43)<\/td>\n\u00a0<\/td>\n(47)<\/td>\n(15)<\/td>\n(62)<\/td>\n(30)<\/td>\n<\/tr>\n
    Operating days<\/td>\n6,251<\/td>\n6,097<\/td>\n\u00a0<\/td>\n12,515<\/td>\n12,095<\/td>\n\u00a0<\/td>\n24,198<\/td>\n23,971<\/td>\n23,289<\/td>\n22,654<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Utilization<\/td>\n96.7%<\/td>\n97.1%<\/td>\n\u00a0<\/td>\n97.4%<\/td>\n95.4%<\/td>\n\u00a0<\/td>\n95.6%<\/td>\n96.1%<\/td>\n95.9%<\/td>\n95.5%<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    During the six-month period ended in June 30, 2026, we completed four drydockings. As of June 30, 2026, one regulatory drydocking was in progress and 11 further regulatory drydockings are anticipated in 2026.<\/p>\n

    \n Vessel Operating Expenses<\/em>\n <\/p>\n

    Vessel operating expenses, which are primarily the costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 12.9% to $57.0 million for the second quarter of 2026 or an average of $8,821 per day, compared to $50.5 million in the prior year period, or an average of $8,045 per day. The increase of $6.5 million was mainly due to (i) the addition of the Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025, (ii) an increase in crew expenses following the continued strength of the market that led to crew shortage, resulting in an increase in crew wages by approximately 5.0%, (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, (iv) an increase in annual premiums for all P&I Clubs and (v) the impact of inflation on fees and expenses, including management fees.<\/p>\n

    For the six-month period ended June 30, 2026, vessel operating expenses were $109.7 million, or an average of $8,543 per day, compared to $100.5 million in the comparative period, or $7,925 per day, an increase of $618 per ownership day, or 7.8%. The increase of $9.2 million was mainly due to (i) the addition of the Three Newly Acquired Vessels offset by the sale of four vessels in 2025, (ii) an increase in crew expenses following our decision to increase the number of seafarers on board to improve the vessels\u2019 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, (iv) an increase in annual premiums for all P&I Clubs and (v) the impact of inflation on fees and expenses, including management fees.<\/p>\n

    \n Time Charter and Voyage Expenses<\/em>\n <\/p>\n

    Time charter and voyage expenses comprise mainly commissions paid to ship brokers, the cost of bunker fuel for owner\u2019s account when a ship is off-hire or idle, and miscellaneous owner\u2019s costs associated with a ship\u2019s voyage. Time charter and voyage expenses were $6.5 million for the second quarter of 2026, compared to $5.1 million in the prior year period due to (i) increase in voyage administration costs and operational requests from charterers and (ii) increase in brokerage commissions on charter renewals at higher rates.<\/p>\n

    For the six-month period ended June 30, 2026, time charter and voyage expenses were $12.1 million, or an average of $941 per day, compared to $11.6 million in the comparative period, or $915 per day, an increase of $26 per ownership day, or 2.8% mainly due to increased commissions on charter renewals at higher rates.<\/p>\n

    \n Depreciation and Amortization<\/em>\n <\/p>\n

    Depreciation and amortization for the second quarter of 2026 was $34.2 million, compared to $30.3 million in the prior year period. The increase was mainly due to the nine drydockings completed after June 30, 2025 and the addition of the Three Newly Acquired Vessels offset by the sale of Dimitris Y in the fourth quarter of 2025.<\/p>\n

    Depreciation and amortization for the six-month period ended June 30, 2026 was $67.7 million, compared to $60.1 million in the comparative period, mainly due to the factors noted above offset by the sale of four vessels in 2025.<\/p>\n

    \n General and Administrative Expenses<\/em>\n <\/p>\n

    General and administrative expenses were $7.2 million in the second quarter of 2026, compared to $4.1 million in the comparative period. The increase was mainly due to the non-cash charge for stock based compensation expense recognized in relation to the valuation of awards of Class A common shares under our Equity Incentive Plan.<\/p>\n

    General and administrative expenses were $16.0 million for the six-month period ended June 30, 2026, compared to $8.7 million in the comparative period mainly due to the factors noted above.<\/p>\n

    \n Gain on sale<\/em>
    \n of vessel<\/em>
    \n s<\/em>\n <\/p>\n

    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. None of our vessels were sold during the first half of 2026.<\/p>\n

    \n Adjusted EBITDA<\/em>
    \n
    \n 1<\/em>
    \n <\/sup>\n <\/p>\n

    Adjusted EBITDA was $131.4 million for the second quarter of 2026, down from $134.2 million for the prior year period, with the net decrease being mainly due to increased operating and voyage expenses.<\/p>\n

    Adjusted EBITDA for the six-month period ended June 30, 2026 was $264.6 million, compared to $266.5 million for the comparative period, a decrease of $1.9 million or 0.7% mainly due to the reasons noted above.<\/p>\n

    \n Interest Expense and Interest Income<\/em>\n <\/p>\n

    Debt as of June 30, 2026 totaled $676.4 million, comprising $328.5 million of secured bank debt collateralized by vessels, $153.1 million of our 2027 Secured Notes collateralized by vessels, and $194.8 million under sale and leaseback financing transactions. As of June 30, 2026, 21 of our vessels were unencumbered.<\/p>\n

    Debt as at June 30, 2025 totaled $768.5 million, 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.<\/p>\n

    Interest and other finance expenses for the second quarter of 2026 were $9.4 million, down from $10.6 million for the prior year period. The decrease was due to the lower amortization expense of our deferred loan fees.<\/p>\n

    Interest and other finance expenses for the six-month period ended June 30, 2026 were $18.8 million, down from $20.5 million for the prior year period. Interest expense of 2025 included (i) a prepayment fee of $0.2 million following the full repayment of the Macquarie Credit Facility and (ii) the non-cash write off of deferred financing costs of $0.7 million on the full repayments of the Macquarie Credit Facility, the HCOB-CACIB Credit Facility and the ESUN Credit Facility.<\/p>\n

    Interest income for the second quarter of 2026 was $5.6 million, up from $4.7 million for the prior year period mainly due to higher invested amounts.<\/p>\n

    Interest income for the six-month period ended June 30, 2026 was $11.3 million, up from $7.9 million for the prior year period mainly due to higher invested amounts.<\/p>\n

    \n Other income, net<\/em>\n <\/p>\n

    Other income, net was $1.9 million in the second quarter of 2026, up from $0.8 million in the comparative period.<\/p>\n

    Other income, net was $2.9 million in the six-month period ended June 30, 2026, down from $4.0 million in the comparative period.<\/p>\n

    \n Fair value adjustment on derivatives and other financial instruments<\/em>\n <\/p>\n

    In\u00a0December 2021, we entered into a\u00a0USD 1-month LIBOR interest rate cap of 0.75% through the fourth quarter of 2026 on\u00a0$484.1 million\u00a0of 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\u00a0$507.9 million\u00a0of 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 six-month period ended June 30, 2026 was recorded through the statement of income.<\/p>\n

    In January 2026, we entered into a series of FX Reverse Convertible transactions with UBS AG to hedge our exposure to foreign exchange risk while also achieving improved interest income on deposits. These instruments are USD-denominated structured notes with returns linked to the EUR\/USD exchange rate. We elected the Fair Value Option to measure these instruments.<\/p>\n

    \n Earnings Allocated to Preferred Shares<\/em>\n <\/p>\n

    Our Series B Preferred Shares carry a coupon of 8.75%, the cost of which for the second quarter of 2026 was $2.4 million, the same as in the prior year period.<\/p>\n

    The cost for the six months ended June 30, 2026 was $4.8 million, the same as in the prior year period.<\/p>\n

    \n Net Income Available to Common Shareholders<\/em>\n <\/p>\n

    Net income available to common shareholders for the second quarter of 2026 was $89.3 million. Net income available to common shareholders for the prior year period was $93.1 million.<\/p>\n

    Earnings per share for the second quarter of 2026 was $2.48, a decrease of 5.0% from the earnings per share for the prior year period, which was $2.61.<\/p>\n

    Net income available to common shareholders for the six months ended June 30, 2026 was $180.7 million. Net income available to common shareholders for the prior year period was $214.1 million. Net income available to common shareholders for the prior year period included a $28.3 million gain from the sales of Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003).<\/p>\n

    Earnings per share for the six months ended June 30, 2026 was $5.02, a decrease of 16.5% from the earnings per share for the prior year period, which was $6.01.<\/p>\n

    Normalized net income1<\/sup> for the second quarter of 2026 was $89.3 million. Normalized net income for the prior year period was $95.1 million. Normalized earnings per share1<\/sup> for the second quarter of 2026 was $2.48, a decrease of 7.1% from Normalized earnings per share for the prior year period, which was $2.67.<\/p>\n

    Normalized net income1<\/sup> for the six months ended June 30, 2026 was $181.4 million. Normalized net income for the prior year period was $189.4 million. Normalized earnings per share1<\/sup> for the six months ended June 30, 2026 was $5.04, a decrease of 5.3% from Normalized earnings per share for the prior year period, which was $5.32.<\/p>\n

    \n 1 <\/sup>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 \u201cReconciliation of Non-U.S. GAAP Financial Measures\u201d below.<\/p>\n

    \n Fleet<\/em>\n <\/p>\n

    As of June 30, 2026, our fleet consisted of (i) 71 operating containerships and (ii) 15 containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030.<\/p>\n

    \n Operating Containerships<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n Vessel Name<\/strong>\n <\/td>\n\n Capacity in TEUs<\/strong>\n <\/td>\n\n Lightweight (tons)<\/strong>\n <\/td>\n\n Year Built<\/strong>\n <\/td>\n\n Charterer<\/strong>\n <\/td>\n\n Earliest Charter Expiry Date<\/strong>\n <\/td>\n\n Latest Charter Expiry Date <\/strong>
    \n (2)<\/sup>\n <\/td>\n    		\n Daily Charter Rate $<\/strong>\n <\/td>\n<\/tr>\n
    CMA CGM Thalassa<\/td>\n11,040<\/td>\n38,577<\/td>\n2008<\/td>\nCMA CGM<\/td>\n3Q28<\/td>\n1Q29<\/td>\n47,200<\/td>\n<\/tr>\n
    ZIM Norfolk (1)<\/sup><\/td>\n9,115<\/td>\n31,764<\/td>\n2015<\/td>\nZIM<\/td>\n2Q32<\/td>\n4Q32<\/td>\n65,000 (3)<\/sup><\/td>\n<\/tr>\n
    Anthea Y (1)<\/sup><\/td>\n9,115<\/td>\n31,890<\/td>\n2015<\/td>\nMSC<\/td>\n4Q28<\/td>\n4Q28<\/td>\nFootnote (4)<\/sup><\/td>\n<\/tr>\n
    ZIM Xiamen (1)<\/sup><\/td>\n9,115<\/td>\n31,820<\/td>\n2015<\/td>\nZIM<\/td>\n3Q32<\/td>\n4Q32<\/td>\n65,000 (3)<\/sup><\/td>\n<\/tr>\n
    Sydney Express (1)<\/sup><\/td>\n9,019<\/td>\n31,254<\/td>\n2016<\/td>\nHapag-Lloyd<\/td>\n3Q27<\/td>\n4Q29<\/td>\nFootnote (5)<\/sup><\/td>\n<\/tr>\n
    Istanbul Express (1)<\/sup><\/td>\n9,019<\/td>\n31,380<\/td>\n2016<\/td>\nHapag-Lloyd<\/td>\n1Q28<\/td>\n2Q30<\/td>\nFootnote (5)<\/sup><\/td>\n<\/tr>\n
    Bremerhaven Express (1)<\/sup><\/td>\n9,019<\/td>\n31,319<\/td>\n2015<\/td>\nHapag Lloyd<\/td>\n2Q27<\/td>\n3Q29<\/td>\nFootnote (5)<\/sup><\/td>\n<\/tr>\n
    Czech (1)<\/sup><\/td>\n9,019<\/td>\n31,319<\/td>\n2015<\/td>\nHapag-Lloyd<\/td>\n2Q28<\/td>\n3Q30<\/td>\nFootnote (5)<\/sup><\/td>\n<\/tr>\n
    MSC Tianjin<\/td>\n8,603<\/td>\n34,243<\/td>\n2005<\/td>\nMSC (6)<\/sup><\/td>\n3Q30<\/td>\n1Q31<\/td>\nFootnote (6)<\/sup><\/td>\n<\/tr>\n
    MSC Qingdao<\/td>\n8,603<\/td>\n34,586<\/td>\n2004<\/td>\nMSC (6)<\/sup><\/td>\n4Q30<\/td>\n1Q31<\/td>\nFootnote (6)<\/sup><\/td>\n<\/tr>\n
    GSL Ningbo<\/td>\n8,603<\/td>\n34,340<\/td>\n2004<\/td>\nMSC (7)<\/sup><\/td>\n3Q30<\/td>\n1Q31<\/td>\nFootnote (7)<\/sup><\/td>\n<\/tr>\n
    GSL Alexandra<\/td>\n8,599<\/td>\n37,809<\/td>\n2004<\/td>\nMaersk (8)<\/sup><\/td>\n3Q28<\/td>\n4Q33<\/td>\nFootnote (8)<\/sup><\/td>\n<\/tr>\n
    GSL Sofia<\/td>\n8,599<\/td>\n37,777<\/td>\n2003<\/td>\nMaersk (8)<\/sup><\/td>\n2Q28<\/td>\n4Q33<\/td>\nFootnote (8)<\/sup><\/td>\n<\/tr>\n
    GSL Effie<\/td>\n8,599<\/td>\n37,777<\/td>\n2003<\/td>\nMaersk (8)<\/sup><\/td>\n3Q28<\/td>\n1Q34<\/td>\nFootnote (8)<\/sup><\/td>\n<\/tr>\n
    GSL Lydia<\/td>\n8,599<\/td>\n37,777<\/td>\n2003<\/td>\nMaersk (8)<\/sup><\/td>\n1Q28<\/td>\n3Q33<\/td>\nFootnote (8)<\/sup><\/td>\n<\/tr>\n
    Lotus A<\/td>\n8,586<\/td>\n33,026<\/td>\n2010<\/td>\nCMA CGM<\/td>\n4Q26<\/td>\n3Q30<\/td>\nFootnote (9)<\/sup><\/td>\n<\/tr>\n
    Koi<\/td>\n8,586<\/td>\n33,005<\/td>\n2011<\/td>\nCMA CGM<\/td>\n4Q26<\/td>\n3Q30<\/td>\nFootnote (9)<\/sup><\/td>\n<\/tr>\n
    Cypress<\/td>\n8,586<\/td>\n33,026<\/td>\n2011<\/td>\nCMA CGM<\/td>\n4Q26<\/td>\n3Q30<\/td>\nFootnote (9)<\/sup><\/td>\n<\/tr>\n
    GSL Eleni<\/td>\n7,847<\/td>\n29,261<\/td>\n2004<\/td>\nMaersk<\/td>\n4Q27<\/td>\n2Q29<\/td>\nFootnote (10)<\/sup><\/td>\n<\/tr>\n
    GSL Kalliopi<\/td>\n7,847<\/td>\n29,261<\/td>\n2004<\/td>\nMaersk<\/td>\n1Q28<\/td>\n3Q29<\/td>\nFootnote (10)<\/sup><\/td>\n<\/tr>\n
    GSL Grania<\/td>\n7,847<\/td>\n29,261<\/td>\n2004<\/td>\nMaersk<\/td>\n1Q28<\/td>\n3Q29<\/td>\nFootnote (10)<\/sup><\/td>\n<\/tr>\n
    Colombia Express (1)<\/sup><\/td>\n7,072<\/td>\n23,424<\/td>\n2013<\/td>\nHapag-Lloyd<\/td>\n4Q28<\/td>\n1Q31<\/td>\nFootnote (11)<\/sup><\/td>\n<\/tr>\n
    Panama Express (1)<\/sup><\/td>\n7,072<\/td>\n23,424<\/td>\n2013<\/td>\nHapag-Lloyd<\/td>\n4Q29<\/td>\n4Q31<\/td>\nFootnote (11)<\/sup><\/td>\n<\/tr>\n
    Costa Rica Express (1)<\/sup><\/td>\n7,072<\/td>\n23,424<\/td>\n2013<\/td>\nHapag-Lloyd<\/td>\n2Q29<\/td>\n3Q31<\/td>\nFootnote (11)<\/sup><\/td>\n<\/tr>\n
    Nicaragua Express (1)<\/sup><\/td>\n7,072<\/td>\n23,424<\/td>\n2013<\/td>\nHapag-Lloyd<\/td>\n3Q29<\/td>\n4Q31<\/td>\nFootnote (11)<\/sup><\/td>\n<\/tr>\n
    Ateti (ex CMA CGM Berlioz) (12)<\/sup><\/td>\n7,023<\/td>\n26,776<\/td>\n2001<\/td>\nMSC<\/td>\n2Q29<\/td>\n2Q29<\/td>\nFootnote (12)<\/sup><\/td>\n<\/tr>\n
    Mexico Express (1)<\/sup><\/td>\n6,918<\/td>\n23,970<\/td>\n2015<\/td>\nHapag-Lloyd<\/td>\n3Q29<\/td>\n4Q31<\/td>\nFootnote (11)<\/sup><\/td>\n<\/tr>\n
    Jamaica Express (1)<\/sup><\/td>\n6,918<\/td>\n23,915<\/td>\n2015<\/td>\nHapag-Lloyd<\/td>\n3Q29<\/td>\n4Q31<\/td>\nFootnote (11)<\/sup><\/td>\n<\/tr>\n
    GSL Christen<\/td>\n6,858<\/td>\n27,954<\/td>\n2002<\/td>\nMaersk<\/td>\n4Q27<\/td>\n1Q28<\/td>\nFootnote (13)<\/sup><\/td>\n<\/tr>\n
    GSL Nicoletta<\/td>\n6,858<\/td>\n28,070<\/td>\n2002<\/td>\nMaersk<\/td>\n1Q28<\/td>\n2Q28<\/td>\nFootnote (13)<\/sup><\/td>\n<\/tr>\n
    Agios Dimitrios<\/td>\n6,572<\/td>\n24,931<\/td>\n2011<\/td>\nMSC<\/td>\n3Q30<\/td>\n4Q30<\/td>\nFootnote (6)<\/sup><\/td>\n<\/tr>\n
    GSL Vinia<\/td>\n6,080<\/td>\n23,737<\/td>\n2004<\/td>\nMaersk<\/td>\n1Q28<\/td>\n4Q29<\/td>\nFootnote (14)<\/sup><\/td>\n<\/tr>\n
    GSL Christel Elisabeth<\/td>\n6,080<\/td>\n23,745<\/td>\n2004<\/td>\nMaersk<\/td>\n1Q28<\/td>\n3Q29<\/td>\nFootnote (14)<\/sup><\/td>\n<\/tr>\n
    GSL Arcadia<\/td>\n6,008<\/td>\n24,859<\/td>\n2000<\/td>\nFootnote (15)<\/sup><\/td>\n1Q29<\/td>\n2Q29<\/td>\nFootnote (15)<\/sup><\/td>\n<\/tr>\n
    GSL Violetta<\/td>\n6,008<\/td>\n24,873<\/td>\n2000<\/td>\nFootnote (15)<\/sup><\/td>\n1Q29<\/td>\n1Q29<\/td>\nFootnote (15)<\/sup><\/td>\n<\/tr>\n
    GSL Maria<\/td>\n6,008<\/td>\n24,414<\/td>\n2001<\/td>\nMaersk (15)<\/sup><\/td>\n1Q30<\/td>\n2Q30<\/td>\n12,700 (15)<\/sup><\/td>\n<\/tr>\n
    GSL MYNY<\/td>\n6,008<\/td>\n24,876<\/td>\n2000<\/td>\nFootnote (15)<\/sup><\/td>\n1Q29<\/td>\n2Q29<\/td>\nFootnote (15)<\/sup><\/td>\n<\/tr>\n
    GSL Melita<\/td>\n6,008<\/td>\n24,859<\/td>\n2001<\/td>\nMaersk (15)<\/sup><\/td>\n4Q29<\/td>\n4Q29<\/td>\n12,700 (15)<\/sup><\/td>\n<\/tr>\n
    GSL Tegea<\/td>\n5,994<\/td>\n24,308<\/td>\n2001<\/td>\nMaersk (15)<\/sup><\/td>\n4Q29<\/td>\n1Q30<\/td>\n12,700 (15)<\/sup><\/td>\n<\/tr>\n
    GSL Dorothea<\/td>\n5,994<\/td>\n24,243<\/td>\n2001<\/td>\nMaersk (15)<\/sup><\/td>\n4Q29<\/td>\n4Q29<\/td>\n12,700 (15)<\/sup><\/td>\n<\/tr>\n
    Ian H<\/td>\n5,936<\/td>\n25,128<\/td>\n2000<\/td>\nCOSCO<\/td>\n4Q27<\/td>\n4Q27<\/td>\nFootnote (16)<\/sup><\/td>\n<\/tr>\n
    GSL Tripoli<\/td>\n5,470<\/td>\n22,109<\/td>\n2009<\/td>\nMaersk<\/td>\n3Q27<\/td>\n4Q27<\/td>\n17,250<\/td>\n<\/tr>\n
    GSL Kithira<\/td>\n5,470<\/td>\n22,259<\/td>\n2009<\/td>\nMaersk<\/td>\n4Q27<\/td>\n1Q28<\/td>\n17,250<\/td>\n<\/tr>\n
    GSL Tinos<\/td>\n5,470<\/td>\n22,068<\/td>\n2010<\/td>\nMaersk<\/td>\n3Q27<\/td>\n4Q27<\/td>\n17,250<\/td>\n<\/tr>\n
    GSL Syros<\/td>\n5,470<\/td>\n22,099<\/td>\n2010<\/td>\nMaersk<\/td>\n4Q27<\/td>\n4Q27<\/td>\n17,250<\/td>\n<\/tr>\n
    Orca I<\/td>\n5,308<\/td>\n20,633<\/td>\n2006<\/td>\nFootnote (17)<\/sup><\/td>\n3Q28<\/td>\n4Q28<\/td>\nFootnote (17)<\/sup><\/td>\n<\/tr>\n
    Dolphin II<\/td>\n5,095<\/td>\n20,596<\/td>\n2007<\/td>\nFootnote (17)<\/sup><\/td>\n1Q28<\/td>\n2Q28<\/td>\nFootnote (17)<\/sup><\/td>\n<\/tr>\n
    CMA CGM Alcazar<\/td>\n5,089<\/td>\n20,087<\/td>\n2007<\/td>\nCMA CGM<\/td>\n3Q29<\/td>\n4Q29<\/td>\n35,500 (18)<\/sup><\/td>\n<\/tr>\n
    GSL Ch\u00e2teau d\u2019If<\/td>\n5,089<\/td>\n19,994<\/td>\n2007<\/td>\nCMA CGM<\/td>\n4Q29<\/td>\n1Q30<\/td>\n35,500 (18)<\/sup><\/td>\n<\/tr>\n
    GSL Susan<\/td>\n4,363<\/td>\n17,309<\/td>\n2008<\/td>\nCMA CGM<\/td>\n3Q27<\/td>\n1Q28<\/td>\nFootnote (19)<\/sup><\/td>\n<\/tr>\n
    CMA CGM Jamaica<\/td>\n4,298<\/td>\n17,272<\/td>\n2006<\/td>\nCMA CGM<\/td>\n1Q28<\/td>\n2Q28<\/td>\nFootnote (19)<\/sup><\/td>\n<\/tr>\n
    CMA CGM Sambhar<\/td>\n4,045<\/td>\n17,355<\/td>\n2006<\/td>\nCMA CGM<\/td>\n1Q28<\/td>\n2Q28<\/td>\nFootnote (19)<\/sup><\/td>\n<\/tr>\n
    CMA CGM America<\/td>\n4,045<\/td>\n17,355<\/td>\n2006<\/td>\nCMA CGM<\/td>\n1Q28<\/td>\n2Q28<\/td>\nFootnote (19)<\/sup><\/td>\n<\/tr>\n
    GSL Rossi<\/td>\n3,421<\/td>\n16,309<\/td>\n2012<\/td>\nMaersk<\/td>\n1Q29<\/td>\n2Q29<\/td>\nFootnote (20)<\/sup><\/td>\n<\/tr>\n
    GSL Alice<\/td>\n3,421<\/td>\n16,543<\/td>\n2014<\/td>\nCMA CGM<\/td>\n2Q28<\/td>\n3Q28<\/td>\n31,000<\/td>\n<\/tr>\n
    GSL Eleftheria<\/td>\n3,421<\/td>\n16,642<\/td>\n2013<\/td>\nMaersk<\/td>\n3Q28<\/td>\n4Q28<\/td>\n33,000<\/td>\n<\/tr>\n
    GSL Melina<\/td>\n3,421<\/td>\n16,703<\/td>\n2013<\/td>\nMaersk<\/td>\n4Q29<\/td>\n1Q30<\/td>\n29,900 (21)<\/sup><\/td>\n<\/tr>\n
    Athena I<\/td>\n2,980<\/td>\n13,538<\/td>\n2003<\/td>\nMSC<\/td>\n2Q27<\/td>\n3Q27<\/td>\nFootnote (22)<\/sup><\/td>\n<\/tr>\n
    GSL Valerie<\/td>\n2,824<\/td>\n11,971<\/td>\n2005<\/td>\nZIM<\/td>\n2Q27<\/td>\n3Q27<\/td>\n27,000<\/td>\n<\/tr>\n
    GSL Mamitsa<\/td>\n2,824<\/td>\n11,949<\/td>\n2007<\/td>\nRCL<\/td>\n1Q28<\/td>\n2Q28<\/td>\n28,000<\/td>\n<\/tr>\n
    GSL Lalo<\/td>\n2,824<\/td>\n11,950<\/td>\n2006<\/td>\nMSC<\/td>\n2Q27<\/td>\n3Q27<\/td>\nFootnote (23)<\/sup><\/td>\n<\/tr>\n
    GSL Mercer<\/td>\n2,824<\/td>\n11,970<\/td>\n2007<\/td>\nONE<\/td>\n1Q27<\/td>\n2Q27<\/td>\n24,500<\/td>\n<\/tr>\n
    GSL Elizabeth<\/td>\n2,741<\/td>\n11,530<\/td>\n2006<\/td>\nMaersk<\/td>\n3Q28<\/td>\n4Q28<\/td>\n20,360 (24)<\/sup><\/td>\n<\/tr>\n
    Newyorker<\/td>\n2,635<\/td>\n11,463<\/td>\n2001<\/td>\nMaersk<\/td>\n2Q27<\/td>\n3Q27<\/td>\n26,000<\/td>\n<\/tr>\n
    Nikolas<\/td>\n2,635<\/td>\n11,370<\/td>\n2000<\/td>\nCMA CGM<\/td>\n1Q27<\/td>\n2Q27<\/td>\n26,000<\/td>\n<\/tr>\n
    GSL Chloe<\/td>\n2,546<\/td>\n12,212<\/td>\n2012<\/td>\nONE<\/td>\n1Q27<\/td>\n2Q27<\/td>\n24,500<\/td>\n<\/tr>\n
    GSL Maren<\/td>\n2,546<\/td>\n12,243<\/td>\n2014<\/td>\nOOCL<\/td>\n2Q28<\/td>\n3Q28<\/td>\nFootnote (25)<\/sup><\/td>\n<\/tr>\n
    Maira<\/td>\n2,506<\/td>\n11,453<\/td>\n2000<\/td>\nCMA CGM<\/td>\n1Q27<\/td>\n2Q27<\/td>\n26,000<\/td>\n<\/tr>\n
    Manet (28)<\/sup><\/td>\n2,288<\/td>\n11,534<\/td>\n2001<\/td>\nOOCL<\/td>\n3Q26<\/td>\n4Q26<\/td>\n24,000<\/td>\n<\/tr>\n
    Kumasi (28)<\/sup><\/td>\n2,220<\/td>\n11,652<\/td>\n2002<\/td>\nMSC<\/td>\n4Q26<\/td>\n1Q27<\/td>\nFootnote (26)<\/sup><\/td>\n<\/tr>\n
    Julie (28)<\/sup><\/td>\n2,207<\/td>\n11,731<\/td>\n2002<\/td>\nMSC<\/td>\n3Q27<\/td>\n3Q27<\/td>\nFootnote (27)<\/sup><\/td>\n<\/tr>\n<\/table>\n

    \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n (1)<\/em>\n <\/td>\n\n Modern design, high reefer capacity, fuel-efficient \u201cECO\u201d vessel.<\/em>\n <\/td>\n<\/tr>\n
    \n (2)<\/em>\n <\/td>\n\n 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 (\u201cOffhire Extension\u201d) 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, 2026, 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 \u2013 if invoked by charterers \u2013 may exceed the Latest Charter Expiry Dates indicated.<\/em>\n <\/td>\n<\/tr>\n
    \n (3)<\/em>\n <\/td>\n\n Zim Norfolk and Zim Xiamen were forward extended for 60 \u2013 63 months. The extensions are expected to commence between 2Q-3Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $13.5 million per ship.<\/em>\n <\/td>\n<\/tr>\n
    \n (4)<\/em>\n <\/td>\n\n Anthea Y is fixed for 36 months +\/- 30 days and is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $12.6 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (5)<\/em>\n <\/td>\n\n 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\u2019 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-month extension options were exercised in 3Q 2025 for Bremerhaven Express and Sydney Express. 12-month extension options were exercised in 2Q 2026 for Istanbul Express and Czech.<\/em>\n <\/td>\n<\/tr>\n
    \n (6)<\/em>\n <\/td>\n\n MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate average annualized Adjusted EBITDA of approximately $6.9 million, $8.1 million, and $5.9 million, respectively. MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed for 36 \u2013 38 months with the new charters expected to commence between 3Q-4Q 2027. MSC Tianjin, MSC Qingdao and Agios Dimitrios new charters are expected to generate average annualized Adjusted EBITDA of approximately $7.8 million, $7.8 million, and $7.1 million, respectively. MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (\u201cscrubbers\u201d).<\/em>\n <\/td>\n<\/tr>\n
    \n (7)<\/em>\n <\/td>\n\n GSL Ningbo is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $16.5 million. GSL Ningbo is forward fixed for 36 \u2013 38 months with the new charter expected to commence on 3Q 2027 and is expected to generate average annualized Adjusted EBITDA of approximately $7.8 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (8)<\/em>\n <\/td>\n\n GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia. After the initial charter period, extension options were exercised by charterers at rates expected to generate average annualized Adjusted EBITDA of approximately $4.9 million per ship. Thereafter, the ships have been forward fixed for approximately 24 months, with the new charters expected to commence in 3Q 2026 and generate average annualized Adjusted EBITDA of approximately $8.1 million per ship. During 2Q 2026, GSL Alexandra, GSL Sofia, GSL Lydia and GSL Effie were further forward fixed for 36 \u2013 38 months plus optional period of 24 \u2013 26 months to commence after drydocking at rates expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship. The new charters (firm period plus two-year option) may be cancelled by charterers at any time up to April 1, 2027.<\/em>\n <\/td>\n<\/tr>\n
    \n (9)<\/em>\n <\/td>\n\n Lotus A and Koi were delivered to our fleet on December 12, 2025, and December 29, 2025, respectively. Cypress was delivered on January 9, 2026. Lotus A, Koi and Cypress charters have flexible durations, with latest redeliveries in mid-2030, and are expected to generate average annualized Adjusted EBITDA of approximately $3.5 million, $3.1 million, and $3.1 million respectively.<\/em>\n <\/td>\n<\/tr>\n
    \n (10)<\/em>\n <\/td>\n\n GSL Eleni, GSL Kalliopi and GSL Grania, are chartered for 35 \u2013 38 months, after which the charterer has the option to extend each charter for a further 12 \u2013 16 months. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $9.6 million for the firm period.<\/em>\n <\/td>\n<\/tr>\n
    \n (11)<\/em>\n <\/td>\n\n 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.<\/em>\n <\/td>\n<\/tr>\n
    \n (12)<\/em>\n <\/td>\n\n Ateti (ex CMA CGM Berlioz) is fixed for 36 \u2013 38 months. The charter commenced in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $6.8 million. <\/em>\n <\/td>\n<\/tr>\n
    \n (13)<\/em>\n <\/td>\n\n GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship.<\/em>\n <\/td>\n<\/tr>\n
    \n (14)<\/em>\n <\/td>\n\n GSL Vinia and GSL Christel Elizabeth are chartered for 36 \u2013 40 months, after which the charterer has the option to extend each charter for a further 12 \u2013 15 months. 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. <\/em>\n <\/td>\n<\/tr>\n
    \n (15)<\/em>\n <\/td>\n\n 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 \u2013 and terminating prior to \u2013 each vessel\u2019s 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 \u2013 38 months to a leading liner company. GSL Arcadia, GSL Violetta and GSL MYNY new charters commenced in 1Q 2026. The remaining new charters are expected to commence between 4Q 2026 and 1Q 2027. The new charters are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship. <\/em>\n <\/td>\n<\/tr>\n
    \n (16)<\/em>\n <\/td>\n\n Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately $10.3 million. <\/em>\n <\/td>\n<\/tr>\n
    \n (17)<\/em>\n <\/td>\n\n Dolphin II and Orca I are fixed to a leading liner company. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $10.0 million per ship.<\/em>\n <\/td>\n<\/tr>\n
    \n (18)<\/em>\n <\/td>\n\n GSL Ch\u00e2teau d\u2019If and CMA CGM Alcazar were forward fixed for 36 \u2013 38 months. The new charters are expected to commence between 3Q-4Q 2026 and are expected to generate average annualized Adjusted EBITDA of approximately $9.2 million per ship.<\/em>\n <\/td>\n<\/tr>\n
    \n (19)<\/em>\n <\/td>\n\n 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 ship.<\/em>\n <\/td>\n<\/tr>\n
    \n (20)<\/em>\n <\/td>\n\n GSL Rossi is fixed for 35 \u2013 37 months. The new charter commenced in 1Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.5 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (21)<\/em>\n <\/td>\n\n GSL Melina was forward fixed for 35 \u2013 37 months. The new charter is expected to commence in 4Q 2026 and to generate average annualized Adjusted EBITDA of approximately $7.5 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (22)<\/em>\n <\/td>\n\n Athena I (ex Athena) is fixed for 24 \u2013 30 months. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.7 million. On June 14, 2026, Athena was renamed to Athena I.<\/em>\n <\/td>\n<\/tr>\n
    \n (23)<\/em>\n <\/td>\n\n GSL Lalo. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.5 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (24)<\/em>\n <\/td>\n\n GSL Elizabeth was forward fixed for 24 \u2013 27 months. The new charter is expected to commence in 3Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.3 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (25)<\/em>\n <\/td>\n\n GSL Maren is fixed in direct continuation for 24 \u2013 26 months. The charter commenced in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.3 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (26)<\/em>\n <\/td>\n\n Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $4.4 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (27)<\/em>\n <\/td>\n\n Julie. The charter is expected to generate average annualized Adjusted EBITDA of approximately $2.9 million.<\/em>\n <\/td>\n<\/tr>\n
    \n (28)<\/em>\n <\/td>\n\n During 2Q 2026, the Company entered into agreements for the forward sales of four ships, Ian H, Manet, Kumasi and Julie, for an aggregate sale price of $65.5 million. The ships are scheduled to be delivered to buyers upon expiry of their respective charters 4Q 2026 – 4Q 2027. <\/em>\n <\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n Newbuildings Under Construction<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \n Vessel Name<\/strong>\n <\/td>\n\n Vessel Type<\/strong>\n <\/td>\n\n Expected
    Delivery<\/strong>\n <\/td>\n<\/tr>\n
    Hull 1<\/td>\nContainer<\/td>\n4Q28<\/td>\n<\/tr>\n
    Hull 2<\/td>\nContainer<\/td>\n2Q29<\/td>\n<\/tr>\n
    Hull 3<\/td>\nContainer<\/td>\n3Q29<\/td>\n<\/tr>\n
    Hull 4<\/td>\nContainer<\/td>\n2Q29<\/td>\n<\/tr>\n
    Hull 5<\/td>\nContainer<\/td>\n3Q29<\/td>\n<\/tr>\n
    Hull 6<\/td>\nContainer<\/td>\n3Q29<\/td>\n<\/tr>\n
    Hull 7<\/td>\nContainer<\/td>\n3Q29<\/td>\n<\/tr>\n
    Hull 8<\/td>\nContainer<\/td>\n4Q29<\/td>\n<\/tr>\n
    Hull 9<\/td>\nContainer<\/td>\n4Q29<\/td>\n<\/tr>\n
    Hull 10<\/td>\nContainer<\/td>\n4Q29<\/td>\n<\/tr>\n
    Hull 11<\/td>\nContainer<\/td>\n1Q30<\/td>\n<\/tr>\n
    Hull 12<\/td>\nContainer<\/td>\n1Q29<\/td>\n<\/tr>\n
    Hull 13<\/td>\nContainer<\/td>\n1Q29<\/td>\n<\/tr>\n
    Hull 14<\/td>\nContainer<\/td>\n2Q29<\/td>\n<\/tr>\n
    Hull 15<\/td>\nContainer<\/td>\n2Q29<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n Conference Call and Webcast<\/strong>\n <\/p>\n

    Global Ship Lease will hold a conference call to discuss the Company’s results for the three and six months ended June 30, 2026 today, Wednesday, August 5, 2026 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:<\/p>\n

    (1) Dial-in: (646) 307-1963 or (800) 715-9871; Event ID: 2443665<\/p>\n

    Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.<\/p>\n

    (2) Live Internet webcast and slide presentation: http:\/\/www.globalshiplease.com<\/u><\/a><\/p>\n

    The webcast will also be archived on the Company\u2019s website: http:\/\/www.globalshiplease.com<\/u><\/a>.<\/u><\/p>\n

    \n Annual Report on Form 20-F<\/strong>\n <\/p>\n

    The Company\u2019s Annual Report for 2025 was filed with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) on March 16, 2026. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company\u2019s website at http:\/\/www.globalshiplease.com<\/u><\/a> or on the SEC\u2019s 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<\/u><\/a> or by writing to Global Ship Lease, Inc, c\/o GSL Enterprises Ltd., 9 Irodou Attikou Street, Kifisia, Athens, 14561.<\/p>\n

    \n About Global Ship Lease<\/strong>\n <\/p>\n

    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.<\/p>\n

    Our operating fleet of 71 containerships as of June 30, 2026, had an average age weighted by TEU capacity of 18.4 years. 41 ships are wide-beam Post-Panamax. As of June 30, 2026, our fleet also included 15 newbuilding containerships under construction with scheduled deliveries between the fourth quarter of 2028 and the first quarter of 2030.<\/p>\n

    As of June 30, 2026, the average remaining term of the Company\u2019s charters, to the mid-point of redelivery, including options under the Company\u2019s control and other than if a redelivery notice has been received, including our Newbuildings, was 3.3 years on a TEU-weighted basis. Contracted revenue, including our Newbuildings, on the same basis was\u00a0$3.2 billion. Contracted revenue was\u00a0$4.1 billion, including options under charterers\u2019 control and with latest redelivery date, representing a weighted average remaining term of 4.4 years.<\/p>\n

    \n Reconciliation of Non-U.S. GAAP Financial Measures<\/strong>\n <\/p>\n

    To supplement our financial information presented in accordance with U.S. GAAP, we use certain \u201cnon-GAAP financial measures\u201d 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\u2019s 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.<\/p>\n

    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.<\/p>\n

    A.\u00a0Adjusted EBITDA<\/p>\n

    Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, depreciation and amortization, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for stock based compensation, fair value adjustment on derivative assets and other financial instruments, 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.<\/p>\n

    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\u00a0looking\u00a0non-U.S.\u00a0GAAP\u00a0financial 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.<\/p>\n

    ADJUSTED EBITDA – UNAUDITED<\/p>\n

    \n (thousands of U.S. dollars)<\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\u00a0<\/td>\nThree<\/td>\nThree<\/td>\nSix<\/td>\nSix<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\nJune 30, 2026<\/td>\nJune 30, 2025<\/td>\nJune 30, 2026<\/td>\nJune 30, 2025<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net income available to Common Shareholders<\/td>\n89,292<\/td>\n93,053<\/td>\n180,737<\/td>\n214,063<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Adjust:<\/td>\nDepreciation and amortization<\/td>\n34,189<\/td>\n30,328<\/td>\n67,661<\/td>\n60,121<\/td>\n<\/tr>\n
    \u00a0<\/td>\nLoss\/(gain) on sale of vessels<\/td>\n–<\/td>\n115<\/td>\n–<\/td>\n(28,343)<\/td>\n<\/tr>\n
    \u00a0<\/td>\nAmortization of intangible liabilities<\/td>\n(6,425)<\/td>\n(3,319)<\/td>\n(12,672)<\/td>\n(6,533)<\/td>\n<\/tr>\n
    \u00a0<\/td>\nFair value adjustment on derivative assets and other financial instruments<\/td>\n227<\/td>\n1,208<\/td>\n1,127<\/td>\n2,831<\/td>\n<\/tr>\n
    \u00a0<\/td>\nInterest income<\/td>\n(5,606)<\/td>\n(4,676)<\/td>\n(11,272)<\/td>\n(7,871)<\/td>\n<\/tr>\n
    \u00a0<\/td>\nInterest expense<\/td>\n9,440<\/td>\n10,596<\/td>\n18,779<\/td>\n20,463<\/td>\n<\/tr>\n
    \u00a0<\/td>\nStock based compensation<\/td>\n5,079<\/td>\n2,122<\/td>\n10,998<\/td>\n4,244<\/td>\n<\/tr>\n
    \u00a0<\/td>\nEarnings allocated to preferred shares<\/td>\n2,384<\/td>\n2,384<\/td>\n4,768<\/td>\n4,768<\/td>\n<\/tr>\n
    \u00a0<\/td>\nEffect from straight lining time charter modifications<\/td>\n2,786<\/td>\n2,372<\/td>\n4,425<\/td>\n2,738<\/td>\n<\/tr>\n
    Adjusted EBITDA<\/td>\n131,366<\/td>\n134,183<\/td>\n264,551<\/td>\n266,481<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    B.\u00a0Normalized net income <\/p>\n

    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.<\/p>\n

    NORMALIZED NET INCOME \u2013 UNAUDITED
    (thousands of U.S. dollars)<\/em><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\n\u00a0<\/td>\nThree<\/td>\nThree<\/td>\nSix<\/td>\nSix<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\nJune 30, 2026<\/td>\nJune 30, 2025<\/td>\nJune 30, 2026<\/td>\nJune 30, 2025<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Net income available to Common Shareholders<\/td>\n89,292<\/td>\n93,053<\/td>\n180,737<\/td>\n214,063<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    Adjust:<\/td>\nFair value adjustment on derivative assets and other financial instruments<\/td>\n227<\/td>\n1,208<\/td>\n1,127<\/td>\n2,831<\/td>\n<\/tr>\n
    \u00a0<\/td>\nLoss\/(gain) on sale of vessels<\/td>\n–<\/td>\n115<\/td>\n–<\/td>\n(28,343)<\/td>\n<\/tr>\n
    \u00a0<\/td>\nAccelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility<\/td>\n–<\/td>\n–<\/td>\n–<\/td>\n102<\/td>\n<\/tr>\n
    \u00a0<\/td>\nAccelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility<\/td>\n–<\/td>\n216<\/td>\n–<\/td>\n216<\/td>\n<\/tr>\n
    \u00a0<\/td>\nAccelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility<\/td>\n–<\/td>\n382<\/td>\n–<\/td>\n382<\/td>\n<\/tr>\n
    \u00a0<\/td>\nPrepayment fee on full repayment of Macquarie Credit Facility<\/td>\n–<\/td>\n175<\/td>\n–<\/td>\n175<\/td>\n<\/tr>\n
    \u00a0<\/td>\nAmortization of original issue discount<\/td>\n(258)<\/td>\n–<\/td>\n(513)<\/td>\n–<\/td>\n<\/tr>\n
    Normalized net income<\/td>\n89,261<\/td>\n95,149<\/td>\n181,351<\/td>\n189,426<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    C.\u00a0Normalized Earnings per Share<\/p>\n

    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.<\/p>\n

    NORMALIZED EARNINGS PER SHARE \u2013 UNAUDITED<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
    \u00a0<\/td>\nThree<\/td>\nThree<\/td>\nSix<\/td>\nSix<\/td>\n<\/tr>\n
    \u00a0<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\nmonths ended<\/td>\n<\/tr>\n
    \u00a0<\/td>\nJune 30, 2026<\/td>\nJune 30, 2025<\/td>\nJune 30, 2026<\/td>\nJune 30, 2025<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
    EPS as reported (USD)<\/td>\n2.48<\/td>\n2.61<\/td>\n5.02<\/td>\n6.01<\/td>\n<\/tr>\n
    Normalized net income adjustments-Class A common shares (in thousands USD)<\/td>\n(31)<\/td>\n2,096<\/td>\n614<\/td>\n(24,637)<\/td>\n<\/tr>\n
    Weighted average number of Class A Common shares<\/td>\n36,035,434<\/td>\n35,612,413<\/td>\n36,005,151<\/td>\n35,598,601<\/td>\n<\/tr>\n
    Adjustment on EPS (USD)<\/td>\n0.00<\/td>\n0.06<\/td>\n0.02<\/td>\n(0.69)<\/td>\n<\/tr>\n
    Normalized EPS (USD)<\/td>\n2.48<\/td>\n2.67<\/td>\n5.04<\/td>\n5.32<\/td>\n<\/tr>\n
    \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

    \n Dividend Policy<\/strong>\n <\/p>\n

    The declaration and payment of dividends will be subject at all times to the discretion of the Company\u2019s Board of Directors. The timing and amount of dividends, if any, will depend on the Company\u2019s 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\u2019s dividend policy, please see its most recent Annual Report on Form 20-F.<\/p>\n

    \n Safe Harbor Statement<\/strong>\n <\/p>\n

    This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease\u2019s current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease\u2019s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as \u201canticipate\u201d, \u201cbelieve\u201d, \u201ccontinue\u201d, \u201cestimate\u201d, \u201cexpect\u201d, \u201cintend\u201d, \u201cmay\u201d, \u201congoing\u201d, \u201cplan\u201d, \u201cpotential\u201d, \u201cpredict\u201d, \u201cshould\u201d, \u201cproject\u201d, \u201cwill\u201d 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:<\/p>\n