Global Ship Lease, Inc 6-K, filed Nov 9, 2022

Global Ship Lease, Inc. (GSL)

6-K 2022-11-09 For: 2022-09-30

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Added on April 05, 2026

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Global Ship Lease, Inc filed this 6-K on November 9, 2022.

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	GLOBAL SHIP LEASE, INC.
	(registrant)


Dated: November 9, 2022	By:	/s/ Ian J. Webber
		Ian J. Webber
		Chief Executive Officer

	Three		Three		Nine		Nine
	months ended		months ended		months ended		months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021

Operating Revenue ⁽¹⁾		172,536		138,574		480,623		294,425
Operating Income		101,725		79,644		269,051		155,320
Net Income ⁽²⁾		89,611		62,913		210,768		97,137
Adjusted EBITDA ⁽³⁾		111,406		64,462		298,363		158,077
Normalized Net Income ⁽³⁾		87,491		63,088		220,970		104,586

	Three months ended						Nine months ended						Year ended
	September 30,			September 30,			September 30,			September 30,			December 31,			December 31,			December 31,			December 31,
Days	2022			2021			2022			2021			2021			2020			2019			2018

Ownership days		5,980			5,334			17,745			13,459			19,427			16,044			14,326			7,675
Planned offhire - scheduled drydock		(47	)		(190	)		(356	)		(385	)		(752	)		(687	)		(537	)		(34	)
Unplanned offhire		(102	)		(137	)		(338	)		(198	)		(260	)		(95	)		(105	)		(17	)
Idle time	nil				(13	)		(30	)		(40	)		(88	)		(338	)		(164	)		(47	)
Operating days		5,831			4,994			17,021			12,836			18,327			14,924			13,520			7,577

Utilization		97.5	%		93.6	%		95.9	%		95.4	%		94.3	%		93.0	%		94.4	%		98.7	%

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	4Q25	2Q26	47,200
ZIM Norfolk (ex UASC Al Khor) ⁽¹⁾	9,115	31,764	2015	ZIM ⁽³⁾	2Q27 ⁽³⁾	4Q27 ⁽³⁾	65,000 ⁽³⁾
Anthea Y ⁽¹⁾	9,115	31,890	2015	COSCO	3Q23	4Q23	38,000
ZIM Xiamen (ex Maira XL)⁽¹⁾	9,115	31,820	2015	ZIM ⁽³⁾	3Q27 ⁽³⁾	4Q27 ⁽³⁾	65,000 ⁽³⁾
MSC Tianjin	8,603	34,325	2005	MSC	2Q24	3Q24	19,000
MSC Qingdao ⁽⁴⁾	8,603	34,609	2004	MSC	2Q24	2Q25	23,000
GSL Ningbo	8,603	34,340	2004	MSC	3Q27	4Q27 ⁽⁵⁾	22,500 ⁽⁵⁾
GSL Eleni	7,847	29,261	2004	Maersk	3Q24	4Q24 ⁽⁶⁾	16,500 ⁽⁶⁾
GSL Kalliopi	7,847	29,105	2004	Maersk	3Q23	4Q24 ⁽⁶⁾	18,900 ⁽⁶⁾
GSL Grania	7,847	29,190	2004	Maersk	3Q23	1Q25 ⁽⁶⁾	17,750 ⁽⁶⁾
Mary ⁽¹⁾	6,927	23,424	2013	CMA CGM	4Q28	1Q31 ⁽⁷⁾	25,910 ⁽⁷⁾
Kristina ⁽¹⁾	6,927	23,421	2013	CMA CGM	3Q29	3Q31 ⁽⁷⁾	25,910 ⁽⁷⁾
Katherine ⁽¹⁾	6,927	23,403	2013	CMA CGM	1Q29	2Q31 ⁽⁷⁾	25,910 ⁽⁷⁾
Alexandra ⁽¹⁾	6,927	23,348	2013	CMA CGM	2Q29	3Q31 ⁽⁷⁾	25,910 ⁽⁷⁾
Alexis ⁽¹⁾	6,882	23,919	2015	CMA CGM	2Q29	3Q31 ⁽⁷⁾	25,910 ⁽⁷⁾
Olivia I ⁽¹⁾	6,882	23,864	2015	CMA CGM	2Q29	2Q31 ⁽⁷⁾	25,910 ⁽⁷⁾
GSL Christen	6,840	27,954	2002	Maersk	3Q23	1Q24	35,000
GSL Nicoletta	6,840	28,070	2002	Maersk	3Q24	4Q24	35,750
CMA CGM Berlioz	6,621	26,776	2001	CMA CGM	4Q25	2Q26	37,750
Agios Dimitrios ⁽⁴⁾	6,572	24,931	2011	MSC	4Q23	3Q24	20,000
GSL Vinia	6,080	23,737	2004	Maersk	3Q24	1Q25	13,250
GSL Christel Elisabeth	6,080	23,745	2004	Maersk	2Q24	1Q25	13,250
GSL Dorothea	5,992	24,243	2001	Maersk	3Q24	3Q26	18,600 ⁽⁸⁾
GSL Arcadia	6,008	24,858	2000	Maersk	2Q24	1Q26	18,600 ⁽⁸⁾
GSL Violetta	6,008	24,873	2000	Maersk	4Q24	4Q25	18,600 ⁽⁸⁾
GSL Maria	6,008	24,414	2001	Maersk	4Q24	1Q27	18,600 ⁽⁸⁾
GSL MYNY	6,008	24,873	2000	Maersk	3Q24	1Q26	18,600 ⁽⁸⁾
GSL Melita	6,008	24,848	2001	Maersk	3Q24	3Q26	18,600 ⁽⁸⁾
GSL Tegea	5,992	24,308	2001	Maersk	3Q24	3Q26	18,600 ⁽⁸⁾
Tasman	5,936	25,010	2000	Maersk	4Q23	1Q24	20,000 ⁽⁹⁾
ZIM Europe	5,936	25,010	2000	ZIM	1Q24	2Q24	24,250
Ian H	5,936	25,128	2000	ZIM	2Q24	4Q24	32,500
GSL Tripoli	5,470	22,259	2009	Maersk	3Q24	4Q27	36,500 ⁽¹⁰⁾
GSL Kithira	5,470	22,108	2009	Maersk	4Q24	4Q27	36,500 ⁽¹⁰⁾
GSL Tinos	5,470	22,067	2010	Maersk	4Q24	4Q27	36,500 ⁽¹⁰⁾
GSL Syros	5,470	22,098	2010	Maersk	4Q24	4Q27	36,500 ⁽¹⁰⁾
Dolphin II	5,095	20,596	2007	OOCL	1Q25	3Q25	53,500
Orca I	5,095	20,633	2006	Maersk	2Q24	4Q25	21,000⁽¹¹⁾
CMA CGM Alcazar	5,089	20,087	2007	CMA CGM	3Q26	4Q26	35,500
GSL Château d'If	5,089	19,994	2007	CMA CGM	4Q26	1Q27	35,500
GSL Susan	4,363	17,309	2008	CMA CGM	3Q27	1Q28	22,000 ⁽¹²⁾
CMA CGM Jamaica	4,298	17,272	2006	CMA CGM	1Q28	2Q28	25,350 ⁽¹²⁾
CMA CGM Sambhar	4,045	17,429	2006	CMA CGM	1Q28	2Q28	25,350 ⁽¹²⁾
CMA CGM America	4,045	17,428	2006	CMA CGM	1Q28	2Q28	25,350 ⁽¹²⁾
GSL Rossi	3,421	16,420	2012	ZIM	1Q26	3Q26	38,875
GSL Alice	3,421	16,543	2014	CMA CGM	1Q23	2Q23	21,500
GSL Eleftheria	3,404	16,642	2013	Maersk	3Q25	4Q25	37,975
GSL Melina	3,404	16,703	2013	Maersk	2Q23	3Q23	24,500
GSL Valerie	2,824	11,971	2005	ZIM	1Q25	3Q25	35,600 ⁽¹³⁾
Matson Molokai	2,824	11,949	2007	Matson	2Q25	3Q25	36,500
GSL Lalo	2,824	11,950	2006	ONE	4Q22	1Q23	18,500
GSL Mercer	2,824	11,970	2007	ONE	4Q24	1Q25	35,750
Athena	2,762	13,538	2003	Hapag-Lloyd	2Q24	3Q24	21,500
GSL Elizabeth	2,741	11,507	2006	ONE	4Q22	4Q22	18,500
Tbr GSL Chloe	2,546	12,212	2012	ONE	4Q24	1Q25	33,000
GSL Maren	2,546	12,243	2014	Westwood	4Q22	2Q23	19,250
Maira	2,506	11,453	2000	Hapag-Lloyd	1Q23	2Q23	14,450
Nikolas	2,506	11,370	2000	CMA CGM	1Q23	2Q23	16,000
Newyorker	2,506	11,463	2001	CMA CGM	1Q24	3Q24	20,700
Manet	2,272	11,727	2001	OOCL	4Q24	2Q25	32,000
Keta	2,207	11,731	2003	CMA CGM	1Q25	1Q25	25,000
Julie	2,207	11,731	2002	Sea Consortium	1Q23	2Q23	20,000
Kumasi	2,207	11,791	2002	Wan Hai	1Q25	2Q25	38,000
Akiteta	2,207	11,731	2002	OOCL	4Q24	1Q25	32,000
GSL Amstel	1,118	5,167	2008	CMA CGM	3Q23	3Q23	11,900

	Three			Three			Nine			Nine
	months			months			months			months
	ended			ended			ended			ended
	September 30,			September 30,			September 30,			September 30,
	2022			2021			2022			2021

Net income available to Common Shareholders		89,611			62,913			210,768			97,137

Adjust:
Depreciation and amortization		20,522			16,799			60,647			42,318
Amortization of intangible liabilities		(9,305	)		(24,607	)		(32,725	)		(27,068	)
Gain on sale of vessel		-			-			-			(7,770	)
Fair value adjustment on derivative asset		(4,660	)		-			(11,308	)		-
Interest income		(680	)		(5	)		(1,195	)		(369	)
Interest expense		16,142			15,048			64,884			54,302
Share based compensation		2,222			150			7,882			2,005
Earnings allocated to preferred shares		2,384			2,384			7,152			5,879
Income tax		(50	)		58			(50	)		58
Effect from straight lining time charter modifications		(4,780	)		(8,278	)		(7,692	)		(8,415	)

Adjusted EBITDA		111,406			64,462			298,363			158,077

	September 30, 2022		December 31, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	102,709	$	67,280
Time deposits		17,400		7,900
Restricted cash		28,802		24,894
Accounts receivable, net		4,147		3,220
Inventories		11,555		11,410
Prepaid expenses and other current assets		24,619		25,224
Derivative assets		27,357		533
Due from related parties		359		2,897
Total current assets	$	216,948	$	143,358
NON-CURRENT ASSETS
Vessels in operation	$	1,640,788	$	1,682,816
Advances for vessels acquisitions and other additions		3,912		6,139
Deferred charges, net		49,394		37,629
Other non-current assets		27,693		14,010
Derivative assets, net of current portion		41,811		6,694
Restricted cash, net of current portion		113,996		103,468
Total non-current assets		1,877,594		1,850,756
TOTAL ASSETS	$	2,094,542	$	1,994,114
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	19,373	$	13,159
Accrued liabilities		25,155		32,249
Current portion of long-term debt		193,619		190,316
Current portion of deferred revenue		17,172		8,496
Due to related parties		552		543
Total current liabilities	$	255,871	$	244,763
LONG-TERM LIABILITIES
Long-term debt, net of current portion and deferred financing costs	$	789,264	$	880,134
Intangible liabilities-charter agreements		22,651		55,376
Deferred revenue, net of current portion		111,650		101,288
Total non-current liabilities		923,565		1,036,798
Total liabilities	$	1,179,436	$	1,281,561
Commitments and Contingencies		-		-
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 36,292,765 shares issued and outstanding (2021 – 36,464,109 shares)	$	362	$	365
Series B Preferred Shares - authorized 44,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2021 – 43,592 shares)		-		-
Additional paid in capital		691,438		698,463
Retained earnings		187,317		13,498
Accumulated other comprehensive income		35,989		227
Total shareholders' equity		915,106		712,553
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,094,542	$	1,994,114

	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
OPERATING REVENUES
Time charter revenue (includes related party revenues of $nil and $38,990 for each of the three month periods ended September 30, 2022 and 2021, respectively, and $66,929 and $104,995 for each of the nine month periods ended September 30, 2022 and 2021, respectively)	$	163,231		$	113,967		$	447,898		$	267,357
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $nil and $2,520 for the three month periods ended September 30, 2022 and 2021, respectively, and $5,385 and $3,524 for each of the nine month periods ended September 30, 2022 and 2021, respectively)		9,305			24,607			32,725			27,068
Total Operating Revenues		172,536			138,574			480,623			294,425

OPERATING EXPENSES:
Vessel operating expenses (includes related party vessel operating expenses of $4,077 and $3,887 for each of the three month periods ended September 30, 2022 and 2021, respectively, and $12,686 and $10,755 for each of the nine month periods ended September 30, 2022 and 2021, respectively)		40,997			34,286			121,883			86,692
Time charter and voyage expenses (includes related party time charter and voyage expenses of $1,696 and $895 for the three month periods ended September 30, 2022 and 2021, respectively, and $4,646 and $2,365 for each of the nine month periods ended September 30, 2022 and 2021, respectively)		5,136			4,422			14,594			8,311
Depreciation and amortization		20,522			16,799			60,647			42,318
General and administrative expenses		4,156			3,423			14,448			9,554
Gain on sale of vessel		-			-			-			(7,770	)
Operating Income		101,725			79,644			269,051			155,320

NON-OPERATING INCOME/(EXPENSES)
Interest income		680			5			1,195			369
Interest and other finance expenses		(16,142	)		(15,048	)		(64,884	)		(54,302	)
Other income, net		1,022			754			1,200			1,687
Fair value adjustment on derivative assets		4,660			-			11,308			-
Total non-operating expenses		(9,780	)		(14,289	)		(51,181	)		(52,246	)
Income before income taxes		91,945			65,355			217,870			103,074
Income taxes		50			(58	)		50			(58	)
Net Income		91,995			65,297			217,920			103,016
Earnings allocated to Series B Preferred Shares		(2,384	)		(2,384	)		(7,152	)		(5,879	)
Net Income available to Common Shareholders	$	89,611		$	62,913		$	210,768		$	97,137

Index	Page
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT SEPTEMBER 30, 2022 AND DECEMBER 31, 2021	F-1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021	F-2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021	F-3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021	F-4
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021	F-5
NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	F-7

					As of
	Note		September 30, 2022			December 31, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents			$	102,709		$	67,280
Time deposits				17,400			7,900
Restricted cash				28,802			24,894
Accounts receivable, net				4,147			3,220
Inventories				11,555			11,410
Prepaid expenses and other current assets				24,619			25,224
Derivative assets		5		27,357			533
Due from related parties		7		359			2,897
Total current assets			$	216,948		$	143,358
NON - CURRENT ASSETS
Vessels in operation		3	$	1,640,788		$	1,682,816
Advances for vessels acquisitions and other additions		3		3,912			6,139
Deferred charges, net				49,394			37,629
Other non-current assets		2g		27,693			14,010
Derivative assets, net of current portion		5		41,811			6,694
Restricted cash, net of current portion				113,996			103,468
Total non - current assets				1,877,594			1,850,756
TOTAL ASSETS			$	2,094,542		$	1,994,114
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable			$	19,373		$	13,159
Accrued liabilities				25,155			32,249
Current portion of long - term debt		6		193,619			190,316
Current portion of deferred revenue				17,172			8,496
Due to related parties		7		552			543
Total current liabilities			$	255,871		$	244,763
LONG - TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs		6	$	789,264		$	880,134
Intangible liabilities - charter agreements		4		22,651			55,376
Deferred revenue, net of current portion				111,650			101,288
Total non - current liabilities				923,565			1,036,798
Total liabilities			$	1,179,436		$	1,281,561
Commitments and Contingencies		8		—			—
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 36,292,765 shares issued and outstanding (2021 – 36,464,109 shares)		9	$	362		$	365
Series B Preferred Shares - authorized 44,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2021 – 43,592 shares)		9		—			—
Additional paid in capital				691,438			698,463
Retained Earnings				187,317			13,498
Accumulated other comprehensive income				35,989			227
Total shareholders' equity				915,106			712,553
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$	2,094,542		$	1,994,114

			Nine months ended September 30,

	Note		2022			2021
OPERATING REVENUES
Time charter revenues (include related party revenues of $66,929 and $104,995 for each of the periods ended September 30, 2022 and 2021, respectively)		7	$	447,898		$	267,357
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $5,385 and $3,524 for each of the periods ended September 30, 2022 and 2021, respectively)		4,7		32,725			27,068
Total Operating Revenues				480,623			294,425

OPERATING EXPENSES
Vessel operating expenses (include related party vessel operating expenses of $12,686 and $10,755 for each of the periods ended September 30, 2022 and 2021, respectively)		7		121,883			86,692
Time charter and voyage expenses (include related party time charter and voyage expenses of $4,646 and $2,365 for each of the periods ended September 30, 2022 and 2021, respectively)		7		14,594			8,311
Depreciation and amortization		3		60,647			42,318
General and administrative expenses				14,448			9,554
Gain on sale of vessel				—			(7,770	)
Operating Income				269,051			155,320

NON-OPERATING INCOME/(EXPENSES)
Interest income				1,195			369
Interest and other finance expenses (include $22,938 expenses relating to prepayment fees, acceleration of deferred financing costs, premium and $5,764 Notes premium for each of the periods ended September 30, 2022 and 2021, respectively)				(64,884	)		(54,302	)
Other income, net				1,200			1,687
Fair value adjustment on derivative asset		5		11,308			—
Total non-operating expenses				(51,181	)		(52,246	)
Income before income taxes				217,870			103,074
Income taxes				50			(58	)
Net Income				217,920			103,016
Earnings allocated to Series B Preferred Shares		9		(7,152	)		(5,879	)
Net Income available to Common Shareholders			$	210,768		$	97,137
Earnings per Share

Weighted average number of Class A common shares outstanding
Basic		11		36,649,874			34,734,005
Diluted		11		37,305,744			34,743,297

Net Earnings per Class A common share
Basic		11	$	5.75		$	2.80
Diluted		11	$	5.65		$	2.80


	Number of Common Shares at par value $0.01			Number of Series B Preferred Shares at par value $0.01		Number of Series C Preferred Shares at par value $0.01			Common Shares			Series B Preferred Shares		Series C Preferred Shares			Additional paid-in capital			Accumulated Deficit			Accumulated Other Comprehensive Income		Total Shareholders' Equity
Balance at December 31, 2020		17,741,008			22,822		250,000		$	177		$	—	$	3		$	586,355		$	(121,794	)	$	—	$	464,741
Stock-based compensation expense (Note 10)		45,313			—		—			—			—		—			1,704			—			—		1,704
Issuance of Class A common shares, net of offering costs		5,541,959			—		—			55			—		—			67,703			—			—		67,758
Conversion of Series C Preferred shares to Class A common shares (Note 9)		12,955,188			—		(250,000	)		130			—		(3	)		(127	)		—			—		—
Net Income for the period		—			—		—			—			—		—			—			5,643			—		5,643
Series B Preferred Shares dividend (Note 9)		—			—		—			—			—		—			—			(1,484	)		—		(1,484	)
Issuance of Series B Preferred shares, net of offering costs		—			4,356		—			—			—		—			10,696			—			—		10,696
Balance at March 31, 2021		36,283,468			27,178		—		$	362		$	—	$	—		$	666,331		$	(117,635	)	$	—	$	549,058

Stock-based compensation expense (Note 10)		—			—		—			—			—		—			150			—			—		150
Issuance of Class A common shares, net of offering costs		—			—		—			—			—		—			(209	)		—			—		(209	)
Net Income for the period		—			—		—			—			—		—			—			32,076			—		32,076
Series B Preferred Shares dividend (Note 9)		—			—		—			—			—		—			—			(2,011	)		—		(2,011	)
Issuance of Series B Preferred shares, net of offering costs		—			9,594		—			—			—		—			23,649			—			—		23,649
Class A common shares dividend (Note 9)		—			—		—			—			—		—			—			(9,347	)		—		(9,347	)
Balance at June 30, 2021		36,283,468			36,772		—		$	362		$	—	$	—		$	689,921		$	(96,917	)	$	—	$	593,366

Stock-based compensation expense (Note 10)		437,265			—		—			5			—		—			146			—			—		151
Issuance of Class A common shares, net of offering costs		17,720			—		—			—			—		—			300			—			—		300
Cancellation of Class A common shares (Note 9)		(521,650	)		—		—			(5	)		—		—			(9,995	)		—			—		(10,000	)
Net Income for the period		—			—		—			—			—		—			—			65,297					65,297
Series B Preferred Shares dividend (Note 9)		—			—		—			—			—		—			—			(2,384	)		—		(2,384	)
Issuance of Series B Preferred Shares, net of offering costs (Note 9)		—			6,807		—			—			—		—			16,909			—			—		16,909
Class A common shares dividend		—			—		—			—			—		—			—			(9,358	)		—		(9,358	)
Balance at September 30, 2021		36,216,803			43,579		—		$	362		$	—	$	—		$	697,281		$	(43,362	)	$	—	$	654,281

	Country of	Vessel	Capacity	Year Built	Earliest
Company Name ⁽¹⁾	Incorporation	Name	in TEUs ⁽²⁾	Year Built	Charter Expiry Date
Global Ship Lease 54 LLC	Liberia	CMA CGM Thalassa	11,040	2008	4Q25
Laertis Marine LLC	Marshall Islands	Zim Norfolk (ex UASC Al Khor) ⁽¹³⁾	9,115	2015	2Q27
Penelope Marine LLC	Marshall Islands	Zim Xiamen (ex Maira XL) ⁽¹³⁾	9,115	2015	3Q27
Telemachus Marine LLC ⁽³⁾	Marshall Islands	Anthea Y	9,115	2015	3Q23
Global Ship Lease 53 LLC	Liberia	MSC Tianjin	8,603	2005	2Q24
Global Ship Lease 52 LLC	Liberia	MSC Qingdao	8,603	2004	2Q24
Global Ship Lease 43 LLC	Liberia	GSL Ningbo	8,603	2004	3Q27⁽⁴⁾
Global Ship Lease 30 Limited	Marshall Islands	GSL Eleni	7,847	2004	3Q24⁽⁵⁾
Global Ship Lease 31 Limited	Marshall Islands	GSL Kalliopi	7,847	2004	3Q23⁽⁵⁾
Global Ship Lease 32 Limited	Marshall Islands	GSL Grania	7,847	2004	3Q23⁽⁵⁾
Alexander Marine LLC	Marshall Islands	Mary	6,927	2013	4Q28⁽⁶⁾
Hector Marine LLC	Marshall Islands	Kristina	6,927	2013	3Q29⁽⁶⁾
Ikaros Marine LLC	Marshall Islands	Katherine	6,927	2013	1Q29⁽⁶⁾
Philippos Marine LLC	Marshall Islands	Alexandra	6,927	2013	2Q29⁽⁶⁾
Aristoteles Marine LLC	Marshall Islands	Alexis	6,882	2015	2Q29⁽⁶⁾
Menelaos Marine LLC	Marshall Islands	Olivia I	6,882	2015	2Q29⁽⁶⁾
Global Ship Lease 35 LLC	Liberia	GSL Nicoletta	6,840	2002	3Q24
Global Ship Lease 36 LLC	Liberia	GSL Christen	6,840	2002	3Q23
Global Ship Lease 48 LLC	Liberia	CMA CGM Berlioz	6,621	2001	4Q25
Leonidas Marine LLC	Marshall Islands	Agios Dimitrios	6,572	2011	4Q23
Global Ship Lease 33 LLC	Liberia	GSL Vinia	6,080	2004	3Q24
Global Ship Lease 34 LLC	Liberia	GSL Christel Elisabeth	6,080	2004	2Q24

	Vessel Cost, as adjusted for Impairment charges			Accumulated Depreciation			Net Book Value
As of January 1, 2021	$	1,297,785		$	(157,202	)	$	1,140,583

Additions		603,514			—			603,514
Disposals		(23,167	)		14,445			(8,722	)
Depreciation		—			(52,559	)		(52,559	)
As of December 31, 2021	$	1,878,132		$	(195,316	)	$	1,682,816

Additions		9,070			—			9,070
Depreciation		—			(51,098	)		(51,098	)
As of September 30, 2022	$	1,887,202		$	(246,414	)	$	1,640,788

	September 30, 2022			December 31, 2021
Opening balance	$	55,376		$	4,462
Additions		—			96,344
Amortization		(32,725	)		(45,430	)
Total	$	22,651		$	55,376

	Amount
September 30, 2023	$	15,471
September 30, 2024		6,041
September 30, 2025		1,003
September 30, 2026		136
	$	22,651

	Three			Three		Nine			Nine
	months			months		months			months
	ended			ended		ended			ended
	September 30,			September 30,		September 30,			September 30,
	2022			2021		2022			2021

Net income available to Common Shareholders		89,611			62,913		210,768			97,137

Adjust:
Fair value adjustment on derivative assets		(4,660	)		-		(11,308	)		-
Gain on sale of vessel		-			-		-			(7,770	)
Prepayment fee on repayment of Blue Ocean Credit Facility		-			-		3,968			1,618
Accelerated write off of deferred financing charges related to full repayment of Blue Ocean Credit Facility		-			-		83			-
Prepayment fee on repayment of Odyssia Credit Facilities		-			-		-			1,438
Premium paid on redemption of 2022 Notes		-			-		-			5,764
Accelerated write off of deferred financing charges related to redemption of 2022 Notes		-			-		-			3,745
Accelerated write off of original issue discount related to redemption of 2022 Notes		-			-		-			1,133
Accelerated write off of deferred financing charges related to redemption of 2024 Notes		2,104			-		2,104			-
Accelerated write off of premium related to redemption of 2024 Notes		(1,344	)		-		(1,344	)		-
Premium paid on redemption of 2024 Notes		1,780			-		2,350			-
Accelerated stock-based compensation expense due to vesting and new awards of fully vested incentive shares		-			-		-			1,346
Accelerated write off of deferred financing charges related to full repayment of Hellenic Credit Facility		-			-		298			-
Accelerated write off of deferred financing charges related to full repayment of Hayfin Credit Facility		-			-		2,822			-
Prepayment fee on repayment of Hayfin Credit Facility		-			175		11,229			175


Normalized net income		87,491			63,088		220,970			104,586

Facilities	September 30, 2022			December 31, 2021
2027 USPP Notes (a)	$	350,000		$	—
E.SUN, MICB, Cathay, Taishin Credit Facility (b)		51,000			—
Sinopac Credit Facility (c)		10,320			11,580
HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (d)		108,000			132,000
Deutsche Credit Facility (e)		45,858			49,345
HCOB Credit Facility (f)		44,806			56,844
CACIB, Bank Sinopac, CTBC Credit Facility (g)		45,325			49,150
New Hayfin Credit Facility (h)		—			204,129
Chailease Credit Facility (i)		4,164			5,568
2024 Notes (j)		—			117,520
Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (k)		189,200			213,200
Blue Ocean Junior Credit Facility (k, l)		—			26,205
Hellenic Bank Credit Facility (m)		—			41,700
	$	848,673		$	907,241
2022 Notes (n)		—			233,436
Less redemptions and repurchases (n)		—			(233,436	)
2022 Notes (n)	$	—		$	—
Total credit facilities	$	848,673		$	907,241
Sale and Leaseback Agreement CMBFL – $120,000 (o)		96,188			115,238
Sale and Leaseback Agreement CMBFL – $54,000 (p)		43,875			49,950
Sale and Leaseback Agreement – Neptune $14,735 (q)		10,765			13,147
Total Sale and Leaseback Agreements	$	150,828		$	178,335
Total borrowings	$	999,501		$	1,085,576
Less: Current portion of long-term debt		(158,077	)		(153,641	)
Less: Current portion of Sale and Leaseback Agreements (o,p,q)		(35,542	)		(36,675	)
Plus: Original issue premium of 2024 Notes (j)		—			1,588
Less: Deferred financing costs (s)		(16,618	)		(16,714	)
Non-current portion of Long-Term Debt	$	789,264		$	880,134

Payment due by period ending	Amount
September 30, 2023		193,619
September 30, 2024		178,054
September 30, 2025		137,882
September 30, 2026		206,432
September 30, 2027		253,531
September 30, 2028 and thereafter		29,983
	$	999,501

Period ending	Amount
September 30, 2023	$	604,676
September 30, 2024		532,040
September 30, 2025		346,305
September 30, 2026		251,156
Thereafter		363,933
Total minimum lease revenue, net of address commissions	$	2,098,110

	Restricted Stock Units
	Number of Units
	Number			Weighted Average Fair Value on Grant Date		Actual Fair Value on Vesting Date
Unvested as at January 1, 2021		928,908		$	3.79		n/a
Granted in March 2021		61,625			11.72		n/a
Granted in July 2021		17,720			16.93		n/a
Granted in October 2021		1,605,000			22.35		n/a
Vested in year ended December 31, 2021		(1,063,428	)		n/a		16.59
Unvested as at December 31, 2021		1,549,825		$	22.35		n/a
Vested in nine months ended September 30, 2022		(164,739	)		n/a		20.28
Cancelled in May 2022		(13,716	)		n/a		n/a
Unvested as at September 30, 2022		1,371,370		$	22.35		n/a