Global Ship Lease, Inc 6-K, filed Nov 9, 2023

Global Ship Lease, Inc. (GSL)

6-K 2023-11-09 For: 2023-11-09

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Added on April 05, 2026

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Global Ship Lease, Inc filed this 6-K on November 9, 2023.

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	GLOBAL SHIP LEASE, INC.
	(registrant)

Dated: November 9, 2023	By:	/s/ Ian J. Webber
		Ian J. Webber
		Chief Executive Officer

	Three months ended September 30, 2023		Three months ended September 30, 2022		Nine months ended September 30, 2023		Nine months ended September 30, 2022

Operating Revenue ⁽¹⁾		174,530		172,536		495,901		480,623
Operating Income		94,157		101,725		264,364		269,051
Net Income ⁽²⁾		82,687		89,611		230,299		210,768
Adjusted EBITDA ⁽³⁾		121,850		111,406		334,922		298,363
Normalized Net Income ⁽³⁾		82,356		87,491		231,895		220,970

	Three months ended						Nine months ended						Year ended
Days	Sep 30, 2023			Sep 30, 2022			Sep 30, 2023			Sep 30, 2022			Dec 31, 2022			Dec 31, 2021			Dec 31, 2020			Dec 31, 2019

Ownership days		6,256			5,980			18,029			17,745			23,725			19,427			16,044			14,326
Planned offhire - scheduled drydock		(191	)		(47	)		(627	)		(356	)		(581	)		(752	)		(687	)		(537	)
Unplanned offhire		(33	)		(102	)		(207	)		(338	)		(460	)		(260	)		(95	)		(105	)
Idle time		(22	)		nil			(42	)		(30	)		(30	)		(88	)		(338	)		(164	)
Operating days		6,010			5,831			17,153			17,021			22,654			18,327			14,924			13,520

Utilization		96.1	%		97.5	%		95.1	%		95.9	%		95.5	%		94.3	%		93.0	%		94.4	%

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	2Q27	4Q27	65,000
Anthea Y ⁽¹⁾	9,115	31,890	2015	COSCO ⁽³⁾	3Q25	4Q25 ⁽³⁾	38,000 ⁽³⁾
ZIM Xiamen (ex Maira XL)⁽¹⁾	9,115	31,820	2015	ZIM	3Q27	4Q27	65,000
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⁾	Footnote ⁽⁵⁾
GSL Alexandra	8,544	37,777	2004	Confidential	3Q25	3Q26	Footnote ⁽⁶⁾

GSL Sofia	8,544	37,777	2003	Confidential	3Q25	3Q26	Footnote ⁽⁶⁾
GSL Effie	8,544	37,777	2003	Confidential	3Q25	4Q26	Footnote ⁽⁶⁾
GSL Lydia	8,544	37,777	2003	Confidential	2Q25	3Q26	Footnote ⁽⁶⁾
GSL Eleni	7,847	29,261	2004	Maersk	3Q24	1Q25 ⁽⁷⁾	16,500 ⁽⁷⁾
GSL Kalliopi	7,847	29,105	2004	Maersk	3Q24	4Q24 ⁽⁷⁾	18,900 ⁽⁷⁾
GSL Grania	7,847	29,190	2004	Maersk	3Q24	1Q25 ⁽⁷⁾	17,750 ⁽⁷⁾
Mary ⁽¹⁾	6,927	23,424	2013	CMA CGM ⁽⁸⁾	4Q28	1Q31 ⁽⁸⁾	25,910 ⁽⁸⁾
Kristina ⁽¹⁾	6,927	23,421	2013	CMA CGM ⁽⁸⁾	3Q29	4Q31 ⁽⁸⁾	25,910 ⁽⁸⁾
Katherine ⁽¹⁾	6,927	23,403	2013	CMA CGM ⁽⁸⁾	1Q29	2Q31 ⁽⁸⁾	25,910 ⁽⁸⁾
Alexandra ⁽¹⁾	6,927	23,348	2013	CMA CGM ⁽⁸⁾	2Q29	3Q31 ⁽⁸⁾	25,910 ⁽⁸⁾
Alexis ⁽¹⁾	6,882	23,919	2015	CMA CGM ⁽⁸⁾	2Q29	3Q31 ⁽⁸⁾	25,910 ⁽⁸⁾
Olivia I ⁽¹⁾	6,882	23,864	2015	CMA CGM ⁽⁸⁾	2Q29	2Q31 ⁽⁸⁾	25,910 ⁽⁸⁾
GSL Christen	6,840	27,954	2002	Maersk	4Q23	4Q23	35,000
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 ⁽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 ⁽⁹⁾
GSL Arcadia	6,008	24,858	2000	Maersk	2Q24	1Q26	18,600 ⁽⁹⁾
GSL Violetta	6,008	24,873	2000	Maersk	4Q24	4Q25	18,600 ⁽⁹⁾
GSL Maria	6,008	24,414	2001	Maersk	4Q24	1Q27	18,600 ⁽⁹⁾
GSL MYNY	6,008	24,873	2000	Maersk	3Q24	1Q26	18,600 ⁽⁹⁾
GSL Melita	6,008	24,848	2001	Maersk	3Q24	3Q26	18,600 ⁽⁹⁾
GSL Tegea	5,992	24,308	2001	Maersk	3Q24	3Q26	18,600 ⁽⁹⁾
Tasman	5,936	25,010	2000	Maersk	4Q23	2Q24	20,000
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	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	2Q24	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	38,875 ⁽¹³⁾
GSL Alice	3,421	16,543	2014	CMA CGM	2Q25	2Q25	20,500 ⁽¹⁴⁾
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	35,600 ⁽¹⁵⁾
Matson Molokai	2,824	11,949	2007	Matson	2Q25	3Q25	36,500
GSL Lalo	2,824	11,950	2006	MSC	1Q24	2Q24	17,500
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	1Q24	2Q24	15,250
Beethoven (tbr GSL Chloe)	2,546	12,212	2012	ONE	4Q24	1Q25	33,000
GSL Maren	2,546	12,243	2014	Swire	1Q24	2Q24	18,200 ⁽¹⁶⁾
Maira	2,506	11,453	2000	Hapag-Lloyd	3Q24	4Q24	17,750 ⁽¹⁷⁾
Nikolas	2,506	11,370	2000	CMA CGM	1Q24	1Q24	16,750
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	Confidential	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 ended September 30, 2023		Three months ended September 30, 2022			Nine months ended September 30, 2023			Nine months ended September 30, 2022


Net income available to Common Shareholders		82,687			89,611			230,299			210,768

Adjust:	Depreciation and amortization	23,980			20,522			67,336			60,647
	Amortization of intangible liabilities	(1,518	)		(9,305	)		(6,563	)		(32,725	)
	Fair value adjustment on derivative asset	(331	)		(4,660	)		1,037			(11,308	)
	Interest income	(2,501	)		(680	)		(6,895	)		(1,195	)
	Interest expense	11,615			16,142			33,623			64,884
	Share based compensation	2,505			2,222			7,684			7,882
	Earnings allocated to preferred shares	2,384			2,384			7,152			7,152
	Income tax	-			(50	)		5			(50	)
	Effect from straight lining time charter modifications	3,029			(4,780	)		1,244			(7,692	)
Adjusted EBITDA		121,850			111,406			334,922			298,363

	September 30, 2023		December 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	98,086	$	120,130
Time deposits		14,000		8,550
Restricted cash		62,208		28,363
Accounts receivable, net		3,737		3,684
Inventories		14,114		12,237
Prepaid expenses and other current assets		42,025		33,765
Derivative asset		29,580		29,645
Due from related parties		617		673
Total current assets	$	264,367	$	237,047
NON - CURRENT ASSETS
Vessels in operation	$	1,700,935	$	1,623,307
Advances for vessels' acquisitions and other additions		5,872		4,881
Deferred charges, net		73,468		54,663
Other non - current assets		26,220		31,022
Derivative asset, net of current portion		27,275		33,858
Restricted cash, net of current portion		93,049		121,437
Total non - current assets		1,926,819		1,869,168
TOTAL ASSETS	$	2,191,186	$	2,106,215
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	19,304	$	22,755
Accrued liabilities		29,248		36,038
Current portion of long-term debt		200,626		189,832
Current portion of deferred revenue		41,106		12,569
Due to related parties		516		572
Total current liabilities	$	290,800	$	261,766
LONG-TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs	$	661,471	$	744,557
Intangible liabilities-charter agreements		7,179		14,218
Deferred revenue, net of current portion		90,178		119,183
Total non - current liabilities		758,828		877,958
Total liabilities	$	1,049,628	$	1,139,724
Commitments and Contingencies		-		-
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,192,029 shares issued and outstanding (2022 – 35,990,288 shares)	$	351	$	359
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2022 – 43,592 shares)		-		-
Additional paid in capital		675,635		688,262
Retained earnings		436,698		246,390
Accumulated other comprehensive income		28,874		31,480
Total shareholders' equity		1,141,558		966,491
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,191,186	$	2,106,215

	Three months ended September 30,						Nine months ended September 30,
	2023			2022			2023			2022
OPERATING REVENUES
Time charter revenue (include related party revenues of $nil and $nil for each of the three month periods ended September 30, 2023 and 2022, respectively, and $nil and $66,929 for each of the nine month periods ended September 30, 2023 and 2022, respectively)	$	173,012		$	163,231		$	489,338		$	447,898
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $nil and $nil for the three month periods ended September 30, 2023 and 2022, respectively, and $nil and $5,385 for each of the nine month periods ended September 30, 2023 and 2022, respectively)		1,518			9,305			6,563			32,725
Total Operating Revenues		174,530			172,536			495,901			480,623

OPERATING EXPENSES:
Vessel operating expenses (include related party vessel operating expenses of $5,171 and $4,077 for each of the three month periods ended September 30, 2023 and 2022, respectively, and $14,072 and $12,686 for each of the nine month periods ended September 30, 2023 and 2022, respectively)		46,099			40,997			132,268			121,883
Time charter and voyage expenses (includes related party time charter and voyage expenses of $2,139 and $1,696 for the three month periods ended September 30, 2023 and 2022, respectively, and $5,801 and $4,646 for each of the nine month periods ended September 30, 2023 and 2022, respectively)		6,046			5,136			18,185			14,594
Depreciation and amortization		23,980			20,522			67,336			60,647
General and administrative expenses		4,248			4,156			13,748			14,448
Operating Income		94,157			101,725			264,364			269,051

NON-OPERATING INCOME/(EXPENSES)
Interest income		2,501			680			6,895			1,195
Interest and other finance expenses		(11,615	)		(16,142	)		(33,623	)		(64,884	)
Other (expenses)/income, net		(303	)		1,022			857			1,200
Fair value adjustment on derivative asset		331			4,660			(1,037	)		11,308
Total non-operating expenses		(9,086	)		(9,780	)		(26,908	)		(51,181	)
Income before income taxes		85,071			91,945			237,456			217,870
Income taxes		-			50			(5	)		50
Net Income		85,071			91,995			237,451			217,920
Earnings allocated to Series B Preferred Shares		(2,384	)		(2,384	)		(7,152	)		(7,152	)
Net Income available to Common Shareholders	$	82,687		$	89,611		$	230,299		$	210,768

Index	Page
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT SEPTEMBER 30, 2023 AND DECEMBER 31, 2022	F-1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022	F-2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022	F-3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022	F-4
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022	F-5
NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	F-7

			As of
	Note			September 30, 2023		December 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents				$	98,086	$	120,130
Time deposits					14,000		8,550
Restricted cash					62,208		28,363
Accounts receivable, net					3,737		3,684
Inventories					14,114		12,237
Prepaid expenses and other current assets					42,025		33,765
Derivative asset		5			29,580		29,645
Due from related parties		7			617		673
Total current assets				$	264,367	$	237,047
NON - CURRENT ASSETS
Vessels in operation		3		$	1,700,935	$	1,623,307
Advances for vessels acquisitions and other additions		3			5,872		4,881
Deferred charges, net					73,468		54,663
Other non-current assets		2g			26,220		31,022
Derivative asset, net of current portion		5			27,275		33,858
Restricted cash, net of current portion					93,049		121,437
Total non - current assets					1,926,819		1,869,168
TOTAL ASSETS				$	2,191,186	$	2,106,215
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable				$	19,304	$	22,755
Accrued liabilities					29,248		36,038
Current portion of long - term debt		6			200,626		189,832
Current portion of deferred revenue					41,106		12,569
Due to related parties		7			516		572
Total current liabilities				$	290,800	$	261,766
LONG - TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs		6		$	661,471	$	744,557
Intangible liabilities - charter agreements		4			7,179		14,218
Deferred revenue, net of current portion					90,178		119,183
Total non - current liabilities					758,828		877,958
Total liabilities				$	1,049,628	$	1,139,724
Commitments and Contingencies		8			-		-
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,192,029 shares issued and outstanding (2022 - 35,990,288 shares)		9		$	351	$	359
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2022 - 43,592 shares)		9			-		-
Additional paid in capital					675,635		688,262
Retained Earnings					436,698		246,390
Accumulated other comprehensive income					28,874		31,480
Total shareholders' equity					1,141,558		966,491
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY				$	2,191,186	$	2,106,215

			Nine months ended September 30,
	Note		2023			2022
OPERATING REVENUES
Time charter revenues (include related party revenues of $nil and $66,929 for each of the periods ended September 30, 2023 and 2022, respectively)			$	489,338		$	447,898
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $nil and $5,385 for each of the periods ended September 30, 2023 and 2022, respectively)		4		6,563			32,725
Total Operating Revenues				495,901			480,623

OPERATING EXPENSES
Vessel operating expenses (include related party vessel operating expenses of $14,072 and $12,686 for each of the periods ended September 30, 2023 and 2022, respectively)		7		132,268			121,883
Time charter and voyage expenses (include related party time charter and voyage expenses of $5,801 and $4,646 for each of the periods ended September 30, 2023 and 2022, respectively)		7		18,185			14,594
Depreciation and amortization		3		67,336			60,647
General and administrative expenses				13,748			14,448
Operating Income				264,364			269,051

NON-OPERATING INCOME/(EXPENSES)
Interest income				6,895			1,195
Interest and other finance expenses (include acceleration of deferred financing costs of $108 and prepayment fees, acceleration of deferred financing costs and premium of $22,938 for each of the periods ended September 30, 2023 and 2022, respectively)				(33,623	)		(64,884	)
Other income, net				857			1,200
Fair value adjustment on derivative asset		5		(1,037	)		11,308
Total non-operating expenses				(26,908	)		(51,181	)
Income before income taxes				237,456			217,870
Income taxes				(5	)		50
Net Income				237,451			217,920
Earnings allocated to Series B Preferred Shares		9		(7,152	)		(7,152	)
Net Income available to Common Shareholders			$	230,299		$	210,768
Earnings per Share

Weighted average number of Class A common shares outstanding
Basic		11		35,473,382			36,649,874
Diluted		11		36,071,632			37,305,744

Net Earnings per Class A common share
Basic		11	$	6.49		$	5.75
Diluted		11	$	6.38		$	5.65

	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, 2021		36,464,109			43,592	$	365		$	-	$	-	$	698,463		$	13,498		$	227	$	712,553
Stock-based compensation expense (Note 10)		447,283			-		4			-		-		3,426			-			-		3,430
Other comprehensive income		-			-		-			-		-		-			-			17,283		17,283
Net Income for the period		-			-		-			-		-		-			70,190			-		70,190
Series B Preferred Shares dividend (Note 9)		-			-		-			-		-		-			(2,384	)		-		(2,384	)
Class A common shares dividend (Note 9)		-			-		-			-		-		-			(9,257	)		-		(9,257	)
Balance at March 31, 2022		36,911,392			43,592	$	369		$	-	$	-	$	701,889		$	72,047		$	17,510	$	791,815

Stock-based compensation expense (Note 10)		-			-		-			-		-		2,231			-			-		2,231
Cancellation of Class A common shares (Note 9)		(184,684	)		-		(2	)		-		-		(4,923	)		-			-		(4,925	)
Other comprehensive income		-			-		-			-		-		-			-			5,760		5,760
Net Income for the period		-			-		-			-		-		-			55,734			-		55,734
Series B Preferred Shares dividend (Note 9)		-			-		-			-		-		-			(2,384	)		-		(2,384	)
Class A common shares dividend (Note 9)		-			-		-			-		-		-			(13,836	)		-		(13,836	)
Balance at June 30, 2022		36,726,708			43,592	$	367		$	-	$	-	$	699,196		$	111,562		$	23,270	$	834,395

Stock-based compensation expense (Note 10)		134.892			-		1			-		-		2,221			-			-		2,222
Cancellation of Class A common shares (Note 9)		(568,835	)		-		(6	)		-		-		(9,979	)		-			-		(9,985	)
Other comprehensive income		-			-		-			-		-		-			-			12,719		12,719
Net Income for the period		-			-		-			-		-		-			91,995			-		91,995
Series B Preferred Shares dividend (Note 9)		-			-		-			-		-		-			(2,384	)		-		(2,384	)
Class A common shares dividend (Note 9)		-			-		-			-		-		-			(13.856	)		-		(13,856	)
Balance at September 30, 2022		36,292,765			43,592	$	362		$	-	$	-		691,438		$	187,317		$	35,989	$	915,106

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⁽⁴⁾
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⁽⁵⁾
Global Ship Lease 72 LLC	Liberia	GSL Alexandra	8,544	2004	3Q25⁽⁶⁾
Global Ship Lease 73 LLC	Liberia	GSL Sofia	8,544	2003	3Q25⁽⁶⁾
Global Ship Lease 74 LLC	Liberia	tbr GSL Effie⁽¹⁴⁾	8,544	2003	3Q25⁽⁶⁾
Global Ship Lease 75 LLC	Liberia	GSL Lydia	8,544	2003	2Q25⁽⁶⁾
Global Ship Lease 30 Limited	Marshall Islands	GSL Eleni	7,847	2004	3Q24⁽⁷⁾
Global Ship Lease 31 Limited	Marshall Islands	GSL Kalliopi	7,847	2004	3Q24⁽⁷⁾
Global Ship Lease 32 Limited	Marshall Islands	GSL Grania	7,847	2004	3Q24⁽⁷⁾
Alexander Marine LLC	Marshall Islands	Mary	6,927	2013	4Q28⁽⁸⁾
Hector Marine LLC	Marshall Islands	Kristina	6,927	2013	3Q29⁽⁸⁾
Ikaros Marine LLC	Marshall Islands	Katherine	6,927	2013	1Q29⁽⁸⁾
Philippos Marine LLC	Marshall Islands	Alexandra	6,927	2013	2Q29⁽⁸⁾
Aristoteles Marine LLC	Marshall Islands	Alexis	6,882	2015	2Q29⁽⁸⁾
Menelaos Marine LLC	Marshall Islands	Olivia I	6,882	2015	2Q29⁽⁸⁾
Global Ship Lease 35 LLC	Liberia	GSL Nicoletta	6,840	2002	3Q24
Global Ship Lease 36 LLC	Liberia	GSL Christen	6,840	2002	4Q23
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, 2022	$	1,878,132		$	(195,316	)	$	1,682,816

Additions		11,756			-			11,756
Depreciation		-			(68,232	)		(68,232	)
Impairment loss		(3,730	)		697			(3,033	)
As of December 31, 2022	$	1,886,158		$	(262,851	)	$	1,623,307

Additions		137,942			-			137,942
Disposals		(6,803	)		68			(6,735	)
Depreciation		-			(53,579	)		(53,579	)
As of September 30, 2023	$	2,017,297		$	(316,362	)	$	1,700,935

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
tbr GSL Effie		8,544		2003	$	30,000	May 30, 2023
GSL Lydia		8,544		2003	$	33,300	June 26, 2023

		Three months ended September 30, 2023		Three months ended September 30, 2022		Nine months ended September 30, 2023		Nine months ended September 30, 2022

Net income available to Common Shareholders		82,687		89,611			230,299		210,768

Adjust:	Fair value adjustment on derivative assets	(331	)	(4,660	)		1,037		(11,308	)
	Premium paid on redemption of 2024 Notes	-		1,780			-		2,350
	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	)
	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	-		-			-		11,229
	Prepayment fee on repayment of Blue Ocean Credit Facility	-		-			-		3,968
	Accelerated write off of deferred financing charges related to full repayment of Blue Ocean Credit Facility	-		-			-		83
	Accelerated write off of deferred financing charges related to partial repayment of HCOB-CACIB Credit Facility	-		-			108		-
	Forfeit of certain stock-based compensation awards	-		-			451		-
Normalized net income		82,356		87,491			231,895		220,970

	September 30, 2023			December 31, 2022
Opening balance	$	14,218		$	55,376
Disposals (*)		(476	)		-
Amortization		(6,563	)		(41,158	)
Total	$	7,179		$	14,218

	Amount
September 30, 2024	$	6,041
September 30, 2025		1,003
September 30, 2026		135
	$	7,179

Facilities	September 30, 2023			December 31, 2022
Macquarie loan (a)	$	71,000		$	-
2027 Secured Notes (b)		297,500			336,875
E.SUN, MICB, Cathay, Taishin Credit Facility (c)		33,000			46,500
Sinopac Credit Facility (d)		8,640			9,900
HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e)		78,576			100,000
Deutsche Credit Facility (f)		41,208			44,695
HCOB Credit Facility (g)		28,756			40,794
CACIB, Bank Sinopac, CTBC Credit Facility (h)		40,225			44,050
Chailease Credit Facility (i)		2,866			3,852
Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j)		157,200			181,200
Total credit facilities	$	758,971		$	807,866
Sale and Leaseback Agreement CMBFL - $120,000 (k)		70,788			89,838
Sale and Leaseback Agreement CMBFL - $54,000 (l)		36,909			41,850
Sale and Leaseback Agreement - Neptune $14,735 (m)		7,590			9,971
Total Sale and Leaseback Agreements	$	115,287		$	141,659
Total borrowings	$	874,258		$	949,525
Less: Current portion of long-term debt		(168,487	)		(155,424	)
Less: Current portion of Sale and Leaseback Agreements (k,l,m)		(32,139	)		(34,408	)
Less: Deferred financing costs (s)		(12,161	)		(15,136	)
Non-current portion of Long-Term Debt	$	661,471		$	744,557

Payment due by period ended	Amount
September 30, 2024		200,626
September 30, 2025		158,579
September 30, 2026		231,540
September 30, 2027		253,531
September 30, 2028 and thereafter		29,982
	$	874,258

Period ending	Amount
September 30, 2024	$	640,926
September 30, 2025		412,244
September 30, 2026		253,415
September 30, 2027		200,500
Thereafter		163,626
Total minimum lease revenue, net of address commissions	$	1,670,711

	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, 2022		1,549,825		$	22.35		n/a
Vested in year ended December 31, 2022		(218,366	)		n/a		19.36
Cancelled in May 2022		(14,748	)		n/a		n/a
Unvested as at December 31, 2022		1,316,711		$	22.35		n/a
Vested in nine months ended September 30, 2023		(324,941	)		n/a		18.65
Forfeit in March 2023		(35,771	)		n/a		n/a
Unvested as at September 30, 2023		955,999		$	22.35		n/a