Global Ship Lease, Inc 6-K, filed May 20, 2024

Global Ship Lease, Inc. (GSL)

6-K 2024-05-20 For: 2024-05-20

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Global Ship Lease, Inc filed this 6-K on May 20, 2024.

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	GLOBAL SHIP LEASE, INC. (Registrant)

Dated: May 20, 2024

	By:	/s/ Thomas Lister
		Thomas Lister
		Chief Executive Officer

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

	Three		Three
	months ended		months ended
	March 31, 2024		March 31, 2023

Operating Revenue ⁽¹⁾		179,561		159,291
Operating Income		97,099		85,098
Net Income ⁽²⁾		89,506		72,220
Adjusted EBITDA ⁽³⁾		125,363		104,906
Normalized Net Income ⁽³⁾		89,055		75,564

	Three months ended				Year ended
	Mar 31,		Mar 31,		Dec 31,		Dec 31,		Dec 31,		Dec 31,
Days	2024		2023		2023		2022		2021		2020

Ownership days		6,188		5,843		24,285		23,725		19,427		16,044
Planned offhire - scheduled drydock		(33)		(200)		(701)		(581)		(752)		(687)
Unplanned offhire		(40)		(102)		(233)		(460)		(260)		(95)
Idle time	nil		nil			(62)		(30)		(88)		(338)
Operating days		6,115		5,541		23,289		22,654		18,327		14,924

Utilization		98.8%		94.8%		95.9%		95.5%		94.3%		93.0%

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 ⁽¹⁾	9,115	31,764	2015	ZIM	2Q27	4Q27	65,000
Anthea Y ⁽¹⁾	9,115	31,890	2015	MSC	3Q25	4Q25	Footnote ⁽³⁾
ZIM Xiamen ⁽¹⁾	9,115	31,820	2015	ZIM	3Q27	4Q27	65,000
MSC Tianjin	8,603	34,325	2005	MSC	3Q27	3Q27	19,000 ⁽⁴⁾
MSC Qingdao	8,603	34,609	2004	MSC	3Q27	4Q27	23,000 ⁽⁴⁾
GSL Ningbo	8,603	34,340	2004	MSC	3Q27	4Q27 ⁽⁵⁾	Footnote ⁽⁵⁾
GSL Alexandra	8,544	37,777	2004	Maersk	3Q25	3Q26	Footnote ⁽⁶⁾
GSL Sofia	8,544	37,777	2003	Maersk	3Q25	3Q26	Footnote ⁽⁶⁾
GSL Effie	8,544	37,777	2003	Maersk	3Q25	3Q26	Footnote ⁽⁶⁾
GSL Lydia	8,544	37,777	2003	Maersk	2Q25	3Q26	Footnote ⁽⁶⁾
GSL Eleni	7,847	29,261	2004	Maersk	3Q24	1Q25	16,500
GSL Kalliopi	7,847	29,105	2004	Maersk	3Q24	4Q24	18,900
GSL Grania	7,847	29,190	2004	Maersk	3Q24	1Q25	17,750
Colombia Express (ex Mary) ^{(1) (19)}	6,927	23,424	2013	Hapag-Lloyd ⁽⁷⁾	4Q28	1Q31⁽⁷⁾	Footnote ⁽⁷⁾
Kristina ⁽¹⁾	6,927	23,421	2013	CMA CGM ⁽⁷⁾	3Q29	4Q31⁽⁷⁾	25,910 ⁽⁷⁾
Katherine ⁽¹⁾	6,927	23,403	2013	CMA CGM ⁽⁷⁾	2Q29	3Q31⁽⁷⁾	25,910 ⁽⁷⁾
Alexandra ⁽¹⁾	6,927	23,348	2013	CMA CGM ⁽⁷⁾	2Q29	3Q31⁽⁷⁾	25,910 ⁽⁷⁾
Alexis ⁽¹⁾	6,882	23,919	2015	CMA CGM ⁽⁷⁾	2Q29	3Q31⁽⁷⁾	25,910 ⁽⁷⁾
Olivia I ⁽¹⁾	6,882	23,864	2015	CMA CGM ⁽⁷⁾	2Q29	3Q31⁽⁷⁾	25,910 ⁽⁷⁾
GSL Christen	6,840	27,954	2002	OOCL	3Q24	4Q24	20,500
GSL Nicoletta	6,840	28,070	2002	Maersk	3Q24	1Q25	35,750
CMA CGM Berlioz	6,621	26,776	2001	CMA CGM	4Q25	2Q26	37,750
Agios Dimitrios	6,572	24,931	2011	MSC	2Q27	3Q27	20,000 ⁽⁴⁾
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	2Q25	3Q26	18,600⁽⁸⁾
GSL Arcadia	6,008	24,858	2000	Maersk	1Q25	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	3Q25	3Q26	18,600⁽⁸⁾
GSL Tegea	5,992	24,308	2001	Maersk	3Q25	3Q26	18,600⁽⁸⁾
Tasman	5,936	25,010	2000	Maersk	1Q25	1Q25	20,000⁽⁹⁾
Dimitris Y (ex ZIM Europe) ⁽¹⁹⁾	5,936	25,010	2000	ZIM	2Q24	2Q24	24,250
Ian H	5,936	25,128	2000	ZIM	2Q24	4Q24	32,500
GSL Tripoli	5,470	22,259	2009	Maersk	4Q24	4Q27	36,500⁽¹⁰⁾
GSL Kithira	5,470	22,108	2009	Maersk	4Q24	1Q28	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	2Q25	4Q25	21,000⁽¹¹⁾
CMA CGM Alcazar	5,089	20,087	2007	CMA CGM	3Q26	1Q27	35,500
GSL Château d’If	5,089	19,994	2007	CMA CGM	4Q26	1Q27	35,500
GSL Susan	4,363	17,309	2008	CMA CGM	3Q27	1Q28	Footnote ⁽¹²⁾
CMA CGM Jamaica	4,298	17,272	2006	CMA CGM	1Q28	2Q28	Footnote ⁽¹²⁾
CMA CGM Sambhar	4,045	17,429	2006	CMA CGM	1Q28	2Q28	Footnote ⁽¹²⁾
CMA CGM America	4,045	17,428	2006	CMA CGM	1Q28	2Q28	Footnote ⁽¹²⁾
GSL Rossi	3,421	16,420	2012	ZIM	1Q26	3Q26	36,295⁽¹³⁾
GSL Alice	3,421	16,543	2014	CMA CGM	2Q25	2Q25	20,500
GSL Eleftheria	3,404	16,642	2013	Maersk	3Q25	4Q25	37,975
GSL Melina	3,404	16,703	2013	Hapag-Lloyd	2Q24	3Q24	21,000
GSL Valerie	2,824	11,971	2005	ZIM	1Q25	3Q25	32,000
Matson Molokai	2,824	11,949	2007	Matson	2Q25	3Q25	36,600
GSL Lalo	2,824	11,950	2006	MSC	2Q25	3Q25	17,500⁽¹⁴⁾
GSL Mercer	2,824	11,970	2007	ONE	4Q24	2Q25	35,750
Athena	2,762	13,538	2003	Hapag-Lloyd	2Q24	2Q24	21,500
GSL Elizabeth	2,741	11,507	2006	Unifeeder	2Q24	2Q24	15,250
GSL Chloe (ex Beethoven) ⁽¹⁹⁾	2,546	12,212	2012	ONE	4Q24	1Q25	33,000
GSL Maren	2,546	12,243	2014	Swire	1Q24	1Q24	18,200⁽¹⁵⁾
Maira	2,506	11,453	2000	Hapag-Lloyd	3Q24	4Q24	16,000
Nikolas	2,506	11,370	2000	Maersk	4Q24	4Q24	14,250⁽¹⁶⁾
Newyorker	2,506	11,463	2001	CMA CGM	1Q25	2Q25	20,700⁽¹⁷⁾
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	MSC	2Q25	3Q25	Footnote ⁽¹⁸⁾
Kumasi	2,207	11,791	2002	Wan Hai	1Q25	2Q25	38,000
Akiteta	2,207	11,731	2002	OOCL	4Q24	1Q25	32,000

		Three months			Three months
		ended			ended
		March 31,			March 31,
		2024			2023

Net income available to Common Shareholders			89,506			72,220

Adjust:	Depreciation and amortization		24,270			21,184
	Amortization of intangible liabilities		(1,503	)		(3,364	)
	Fair value adjustment on derivative asset		(250	)		2,785
	Interest income		(3,684	)		(1,812	)
	Interest expense		10,450			11,103
	Share-based compensation expense		2,304			2,674
	Earnings allocated to preferred shares		2,384			2,384
	Effect from straight lining time charter modifications		1,886			(2,268	)
Adjusted EBITDA			125,363			104,906

	As of,
	March 31, 2024		December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	168,957	$	138,640
Time deposits		14,000		14,000
Restricted cash		59,287		56,803
Accounts receivable, net		7,584		4,741
Inventories		15,243		15,764
Prepaid expenses and other current assets		41,041		40,464
Derivative asset		24,150		24,639
Due from related parties		276		626
Total current assets	$	330,538	$	295,677
NON - CURRENT ASSETS
Vessels in operation	$	1,649,360	$	1,664,101
Advances for vessels' acquisitions and other additions		13,335		12,210
Deferred charges, net		71,653		73,720
Other non - current assets		23,423		23,935
Derivative asset, net of current portion		16,466		16,867
Restricted cash, net of current portion		75,027		85,270
Total non - current assets		1,849,264		1,876,103
TOTAL ASSETS	$	2,179,802	$	2,171,780
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	13,598	$	17,601
Accrued liabilities		26,018		28,538
Current portion of long-term debt		184,932		193,253
Current portion of deferred revenue		40,978		40,331
Due to related parties		750		717
Total current liabilities	$	266,276	$	280,440
LONG-TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs	$	576,596	$	619,175
Intangible liabilities-charter agreements		4,159		5,662
Deferred revenue, net of current portion		74,540		82,115
Total non - current liabilities		655,295		706,952
Total liabilities	$	921,571	$	987,392
Commitments and Contingencies		-		-
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,077,907 shares issued and outstanding (2023 – 35,188,323 shares)	$	351	$	351
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2023 – 43,592 shares)		-		-
Additional paid in capital		673,902		676,592
Retained earnings		564,397		488,105
Accumulated other comprehensive income		19,581		19,340
Total shareholders' equity		1,258,231		1,184,388
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,179,802	$	2,171,780

	Three months ended March 31,
	2024			2023
OPERATING REVENUES
Time charter revenue	$	178,058		$	155,927
Amortization of intangible liabilities-charter agreements		1,503			3,364
Total Operating Revenues		179,561			159,291

OPERATING EXPENSES:
Vessel operating expenses (include related party vessel operating expenses of $5,423 and $4,345 for each of the three month periods ended March 31, 2024 and 2023, respectively)		47,858			42,762
Time charter and voyage expenses (include related party time charter and voyage expenses of $2,192 and $1,720 for the three month periods ended March 31, 2024 and 2023, respectively)		5,245			5,458
Depreciation and amortization		24,270			21,184
General and administrative expenses		5,089			4,789
Operating Income		97,099			85,098

NON-OPERATING INCOME/(EXPENSES)
Interest income		3,684			1,812
Interest and other finance expenses		(10,450	)		(11,103	)
Other income, net		1,307			1,582
Fair value adjustment on derivative asset		250			(2,785	)
Total non-operating expenses		(5,209	)		(10,494	)
Income before income taxes		91,890			74,604
Income taxes		-			-
Net Income		91,890			74,604
Earnings allocated to Series B Preferred Shares		(2,384	)		(2,384	)
Net Income available to Common Shareholders	$	89,506		$	72,220

Index	Page
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT MARCH 31, 2024 AND DECEMBER 31, 2023	F-1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023	F-2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023	F-3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023	F-4
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023	F-5
NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	F-6

			As of
	Note		March 31, 2024		December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents			$	168,957	$	138,640
Time deposits				14,000		14,000
Restricted cash				59,287		56,803
Accounts receivable, net				7,584		4,741
Inventories				15,243		15,764
Prepaid expenses and other current assets				41,041		40,464
Derivative asset		5		24,150		24,639
Due from related parties		7		276		626
Total current assets			$	330,538	$	295,677
NON - CURRENT ASSETS
Vessels in operation		3	$	1,649,360	$	1,664,101
Advances for vessels acquisitions and other additions		3		13,335		12,210
Deferred charges, net				71,653		73,720
Other non-current assets		2g		23,423		23,935
Derivative asset, net of current portion		5		16,466		16,867
Restricted cash, net of current portion				75,027		85,270
Total non - current assets				1,849,264		1,876,103
TOTAL ASSETS			$	2,179,802	$	2,171,780
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable			$	13,598	$	17,601
Accrued liabilities				26,018		28,538
Current portion of long - term debt		6		184,932		193,253
Current portion of deferred revenue				40,978		40,331
Due to related parties		7		750		717
Total current liabilities			$	266,276	$	280,440
LONG - TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs		6	$	576,596	$	619,175
Intangible liabilities - charter agreements		4		4,159		5,662
Deferred revenue, net of current portion				74,540		82,115
Total non - current liabilities				655,295		706,952
Total liabilities			$	921,571	$	987,392
Commitments and Contingencies		8		-		-
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,077,907 shares issued and outstanding (2023 - 35,188,323 shares)		9	$	351	$	351
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2023 - 43,592 shares)		9		-		-
Additional paid in capital				673,902		676,592
Retained Earnings				564,397		488,105
Accumulated other comprehensive income				19,581		19,340
Total shareholders' equity				1,258,231		1,184,388
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$	2,179,802	$	2,171,780

			Three months ended March 31,
	Note		2024			2023
OPERATING REVENUES
Time charter revenues			$	178,058		$	155,927
Amortization of intangible liabilities-charter agreements		4		1,503			3,364
Total Operating Revenues				179,561			159,291

OPERATING EXPENSES
Vessel operating expenses (include related party vessel operating expenses of $5,423 and $4,345 for each of the periods ended March 31, 2024 and 2023, respectively)		7		47,858			42,762
Time charter and voyage expenses (include related party time charter and voyage expenses of $2,192 and $1,720 for each of the periods ended March 31, 2024 and 2023, respectively)		7		5,245			5,458
Depreciation and amortization		3		24,270			21,184
General and administrative expenses				5,089			4,789
Operating Income				97,099			85,098

NON-OPERATING INCOME/(EXPENSES)
Interest income				3,684			1,812
Interest and other finance expenses				(10,450	)		(11,103	)
Other income, net				1,307			1,582
Fair value adjustment on derivative asset		5		250			(2,785	)
Total non-operating expenses				(5,209	)		(10,494	)
Income before income taxes				91,890			74,604
Income taxes				-			-
Net Income				91,890			74,604
Earnings allocated to Series B Preferred Shares		9		(2,384	)		(2,384	)
Net Income available to Common Shareholders			$	89,506		$	72,220
Earnings per Share

Weighted average number of Class A common shares outstanding
Basic		11		35,229,566			35,696,225
Diluted		11		35,636,064			36,444,047

Net Earnings per Class A common share
Basic		11	$	2.54		$	2.02
Diluted		11	$	2.51		$	1.98

	Number of Common Shares at par value $0.01			Number of Series B Preferred Shares at par value $0.01		Common Shares			Series B Preferred Shares		Series C Preferred Shares		Additional paid-in capital			Retained Earnings			Accumulated Other Comprehensive Income			Total Shareholders' Equity
Balance at December 31, 2022		35,990,288			43,592	$	359		$	-	$	-	$	688,262		$	246,390		$	31,480		$	966,491

Stock-based compensation expense (Note 10)		82,944			-		1			-		-		2,673			-			-			2,674
Cancellation of Class A common shares (Note 9)		(582,178	)		-		(6	)		-		-		(9,982	)		-			-			(9,988	)
Issuance of Series B Preferred shares, net of offering costs (Note 9)		-			-		-			-		-		102			-			-			102
Other comprehensive loss		-			-		-			-		-		-						(7,182	)		(7,182	)
Net Income for the period		-			-		-			-		-		-			74,604			-			74,604
Series B Preferred Shares dividend (Note 9)		-			-		-			-		-		-			(2,384	)		-			(2,384	)
Class A common shares dividend (Note 9)		-			-		-			-		-		-			(13,351	)		-			(13,351	)
Balance at March 31, 2023		35,491,054			43,592	$	354		$	-	$	-	$	681,055		$	305,259		$	24,298		$	1,010,966

Balance at December 31, 2023	35,188,323		43,592	$	351		$	-	$	-	$	676,592		$	488,105		$	19,340	$	1,184,388

Stock-based compensation expense (Note 10)	141,356		-		2			-		-		2,302			-			-		2,304
Cancellation of Class A common shares (Note 9)	(251,772	)	-		(2	)		-		-		(4,992	)		-			-		(4,994	)
Other comprehensive income	-		-		-			-		-		-			-			241		241
Net Income for the period	-		-		-			-		-		-			91,890			-		91,890
Series B Preferred Shares dividend (Note 9)	-		-		-			-		-		-			(2,384	)		-		(2,384	)
Class A common shares dividend (Note 9)	-		-		-			-		-		-			(13,214	)		-		(13,214	)
Balance at March 31, 2024	35,077,907		43,592	$	351		$	-	$	-	$	673,902		$	564,397		$	19,581	$	1,258,231

Company Name ⁽¹⁾	Country of Incorporation	Vessel Name	Capacity in TEUs ⁽²⁾	Year Built	Earliest Charter Expiry Date
Global Ship Lease 54 LLC	Liberia	CMA CGM Thalassa	11,040	2008	4Q25
Laertis Marine LLC	Marshall Islands	Zim Norfolk	9,115	2015	2Q27
Penelope Marine LLC	Marshall Islands	Zim Xiamen	9,115	2015	3Q27
Telemachus Marine LLC ⁽³⁾	Marshall Islands	Anthea Y	9,115	2015	3Q25
Global Ship Lease 53 LLC	Liberia	MSC Tianjin	8,603	2005	3Q27⁽⁴⁾
Global Ship Lease 52 LLC	Liberia	MSC Qingdao	8,603	2004	3Q27⁽⁴⁾
Global Ship Lease 43 LLC	Liberia	GSL Ningbo	8,603	2004	3Q27
Global Ship Lease 72 LLC	Liberia	GSL Alexandra	8,544	2004	3Q25⁽⁵⁾
Global Ship Lease 73 LLC	Liberia	GSL Sofia	8,544	2003	3Q25⁽⁵⁾
Global Ship Lease 74 LLC	Liberia	GSL Effie	8,544	2003	3Q25⁽⁵⁾
Global Ship Lease 75 LLC	Liberia	GSL Lydia	8,544	2003	2Q25⁽⁵⁾
Global Ship Lease 30 Limited	Marshall Islands	GSL Eleni	7,847	2004	3Q24
Global Ship Lease 31 Limited	Marshall Islands	GSL Kalliopi	7,847	2004	3Q24
Global Ship Lease 32 Limited	Marshall Islands	GSL Grania	7,847	2004	3Q24
Alexander Marine LLC	Marshall Islands	Colombia Express ⁽¹⁵⁾	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	2Q29⁽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	3Q24
Global Ship Lease 48 LLC	Liberia	CMA CGM Berlioz	6,621	2001	4Q25
Leonidas Marine LLC	Marshall Islands	Agios Dimitrios	6,572	2011	2Q27⁽⁴⁾
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, 2023	$	1,886,158		$	(262,851	)	$	1,623,307

Additions		138,802			-			138,802
Depreciation		-			(72,443	)		(72,443	)
Impairment loss		(25,544	)		6,714			(18,830	)
Disposals		(6,803	)		68			(6,735	)
As of December 31, 2023	$	1,992,613		$	(328,512	)	$	1,664,101

Additions		3,824			-			3,824
Depreciation		-			(18,565	)		(18,565	)
As of March 31, 2024	$	1,996,437		$	(347,077	)	$	1,649,360

Name	Capacity in TEUs	Year Built	Purchase Price	Delivery date
GSL Alexandra	8,544	2004	$30,000	June 2, 2023
GSL Sofia	8,544	2003	$30,000	May 22, 2023
GSL Effie	8,544	2003	$30,000	May 30, 2023
GSL Lydia	8,544	2003	$33,300	June 26, 2023

	March 31, 2024			December 31, 2023
Opening balance	$	5,662		$	14,218
Disposals (*)		-			(476	)
Amortization		(1,503	)		(8,080	)
Total	$	4,159		$	5,662

Facilities	March 31, 2024			December 31, 2023
Macquarie loan (a)	$	60,000		$	66,000
2027 Secured Notes (b)		271,250			284,375
E.SUN, MICB, Cathay, Taishin Credit Facility (c)		24,000			28,500
Sinopac Credit Facility (d)		7,800			8,220
HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e)		67,990			73,283
Deutsche Credit Facility (f)		38,883			40,046
HCOB Credit Facility (g)		20,731			24,744
CACIB, Bank Sinopac, CTBC Credit Facility (h)		37,675			38,950
Chailease Credit Facility (i)		2,349			2,608
Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j)		141,200			149,200
Total credit facilities	$	671,878		$	715,926
Sale and Leaseback Agreement CMBFL - $120,000 (k)		58,087			64,438
Sale and Leaseback Agreement CMBFL - $54,000 (l)		35,127			36,018
Sale and Leaseback Agreement - Neptune $14,735 (m)		6,002			6,796
Total Sale and Leaseback Agreements	$	99,216		$	107,252
Total borrowings	$	771,094		$	823,178
Less: Current portion of long-term debt		(161,601	)		(164,888	)
Less: Current portion of Sale and Leaseback Agreements (k,l,m)		(23,331	)		(28,365	)
Less: Deferred financing costs (o)		(9,566	)		(10,750	)
Non-current portion of Long-Term Debt	$	576,596		$	619,175

Payment due by period ended	Amount
March 31, 2025		184,932
March 31, 2026		131,490
March 31, 2027		285,525
March 31, 2028		148,276
March 31, 2029 and thereafter		20,871
	$	771,094

Period ending	Amount
March 31, 2025	$	581,775
March 31, 2026		345,222
March 31, 2027		258,672
March 31, 2028		164,868
Thereafter		109,695
Total minimum lease revenue, net of address commissions	$	1,460,232

	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, 2023		1,316,711		$	22.35		n/a
Vested in year ended December 31, 2023		(399,727	)		n/a		18.87
Forfeit in March 2023		(35,771	)		n/a		n/a
Unvested as at December 31, 2023		881,213		$	22.35		n/a
Vested in three months ended March 31, 2024		(80,376	)		n/a		20.33
Granted in January 2024		13,195			18.82		n/a
Granted in March 2024		58,215			17.80		n/a
Forfeit in March 2024		(155,250	)		n/a		n/a
Unvested as at March 31, 2024		716,997		$	21.92		n/a

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