Global Ship Lease, Inc 6-K, filed May 22, 2026

Global Ship Lease, Inc. (GSL)

6-K 2026-05-22 For: 2026-05-22

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Added on May 22, 2026

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Global Ship Lease, Inc filed this 6-K on May 22, 2026.

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	GLOBAL SHIP LEASE, INC. (Registrant)

Dated: May 22, 2026

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

	Three months ended March 31, 2026		Three months ended March 31, 2025

Operating Revenues ⁽¹⁾		198,079		190,975
Operating Income		97,418		128,498
Net Income ⁽²⁾		91,445		121,010
Adjusted EBITDA ⁽³⁾		133,186		132,298
Normalized Net Income ⁽³⁾		92,090		94,277

Unaudited Revenue origin by country¹	Three months ended March 31, 2026					Three months ended March 31, 2025
	Revenue (USD million)		Percentage of revenue			Revenue (USD million)		Percentage of revenue
Denmark (Maersk)		57.70		29.13	%		58.88		30.83	%
France (CMA CGM)		41.09		20.75	%		36.07		18.89	%
Germany (Hapag Lloyd)		36.88		18.62	%		36.11		18.91	%
Switzerland (MSC)		26.06		13.16	%		20.15		10.55	%
Israel (ZIM)		14.67		7.41	%		17.76		9.30	%
China, including Hong Kong (COSCO & OOCL)		14.40		7.27	%		11.60		6.07	%
Singapore (ONE, Swire Shipping, RCL Feeder)		7.28		3.66	%		4.97		2.60	%
USA (Matson)		-		-			3.16		1.65	%
Taiwan (Wan Hai)		-		-			2.28		1.20	%
Total		198.08		100.00	%		190.98		100.00	%

	Three months ended				Year ended
	Mar 31, 2026		Mar 31, 2025		Dec 31, 2025		Dec 31, 2024		Dec 31, 2023		Dec 31, 2022		Dec 31, 2021
Days	Mar 31, 2026		Mar 31, 2025		Dec 31, 2025		Dec 31, 2024		Dec 31, 2023		Dec 31, 2022		Dec 31, 2021

Ownership days		6,382		6,404		25,323		24,937		24,285		23,725		19,427
Planned offhire - scheduled drydock		(84)		(330)		(816)		(807)		(701)		(581)		(752)
Unplanned offhire		(34		(41)		(262)		(144)		(233)		(460)		(260)
Idle time		-		(35)		(47)		(15)		(62)		(30)		(88)
Operating days		6,264		5,958		24,198		23,971		23,289		22,654		18,327

Utilization		98.2%		93.7%		95.6%		96.1%		95.9%		95.5%		94.3%

Vessel Name	Capacity in TEUs	Lightweight (tons)	Year Built	Charterer	Earliest Charter Expiry Date	Latest Charter Expiry Date ⁽²⁾	Daily Charter Rate $
CMA CGM Thalassa	11,040	38,577	2008	CMA CGM	3Q28	1Q29	47,200
ZIM Norfolk ⁽¹⁾	9,115	31,764	2015	ZIM	2Q32	4Q32	65,000 ⁽³⁾
Anthea Y ⁽¹⁾	9,115	31,890	2015	MSC	4Q28	4Q28	Footnote ⁽⁴⁾
ZIM Xiamen ⁽¹⁾	9,115	31,820	2015	ZIM	3Q32	4Q32	65,000 ⁽³⁾
Sydney Express ⁽¹⁾	9,019	31,254	2016	Hapag-Lloyd	3Q27	4Q29	Footnote ⁽⁵⁾
Istanbul Express ⁽¹⁾	9,019	31,380	2016	Hapag-Lloyd	4Q26	2Q30	Footnote ⁽⁵⁾
Bremerhaven Express ⁽¹⁾	9,019	31,319	2015	Hapag Lloyd	2Q27	3Q29	Footnote ⁽⁵⁾
Czech ⁽¹⁾	9,019	31,319	2015	Hapag-Lloyd	4Q26	3Q30	Footnote ⁽⁵⁾
MSC Tianjin	8,603	34,243	2005	MSC ⁽⁶⁾	3Q30	1Q31	Footnote ⁽⁶⁾
MSC Qingdao	8,603	34,586	2004	MSC ⁽⁶⁾	4Q30	1Q31	Footnote ⁽⁶⁾
GSL Ningbo	8,603	34,340	2004	MSC ⁽⁷⁾	3Q30	1Q31	Footnote ⁽⁷⁾
GSL Alexandra	8,599	37,809	2004	Maersk ⁽⁸⁾	2Q28	3Q28	Footnote ⁽⁸⁾
GSL Sofia	8,599	37,777	2003	Maersk ⁽⁸⁾	3Q28	3Q28	Footnote ⁽⁸⁾
GSL Effie	8,599	37,777	2003	Maersk ⁽⁸⁾	3Q28	3Q28	Footnote ⁽⁸⁾
GSL Lydia	8,599	37,777	2003	Maersk ⁽⁸⁾	2Q28	3Q28	Footnote ⁽⁸⁾
Lotus A	8,586	33,026	2010	CMA CGM	3Q26	3Q30	Footnote ⁽⁹⁾

Koi	8,586	33,005	2011	CMA CGM	3Q26	2Q30	Footnote ⁽⁹⁾
Cypress	8,586	33,026	2011	CMA CGM	3Q26	2Q30	Footnote ⁽⁹⁾
GSL Eleni	7,847	29,261	2004	Maersk	4Q27	2Q29	Footnote ⁽¹⁰⁾
GSL Kalliopi	7,847	29,261	2004	Maersk	1Q28	3Q29	Footnote ⁽¹⁰⁾
GSL Grania	7,847	29,261	2004	Maersk	1Q28	3Q29	Footnote ⁽¹⁰⁾
Colombia Express ⁽¹⁾	7,072	23,424	2013	Hapag-Lloyd	4Q28	1Q31	Footnote ⁽¹¹⁾
Panama Express ⁽¹⁾	7,072	23,424	2013	Hapag-Lloyd	4Q29	4Q31	Footnote ⁽¹¹⁾
Costa Rica Express ⁽¹⁾	7,072	23,424	2013	Hapag-Lloyd	2Q29	3Q31	Footnote ⁽¹¹⁾
Nicaragua Express ⁽¹⁾	7,072	23,424	2013	Hapag-Lloyd	3Q29	4Q31	Footnote ⁽¹¹⁾
Ateti (ex CMA CGM Berlioz)⁽¹²⁾	7,023	26,776	2001	Footnote ⁽¹²⁾	2Q29	2Q29	Footnote ⁽¹²⁾
Mexico Express ⁽¹⁾	6,918	23,970	2015	Hapag-Lloyd	3Q29	4Q31	Footnote ⁽¹¹⁾
Jamaica Express ⁽¹⁾	6,918	23,915	2015	Hapag-Lloyd	3Q29	4Q31	Footnote ⁽¹¹⁾
GSL Christen	6,858	27,954	2002	Maersk	4Q27	1Q28	Footnote ⁽¹³⁾
GSL Nicoletta	6,858	28,070	2002	Maersk	1Q28	2Q28	Footnote ⁽¹³⁾
Agios Dimitrios	6,572	24,931	2011	MSC	3Q30	4Q30	Footnote ⁽⁶⁾
GSL Vinia	6,080	23,737	2004	Maersk	1Q28	4Q29	Footnote ⁽¹⁴⁾
GSL Christel Elisabeth	6,080	23,745	2004	Maersk	1Q28	3Q29	Footnote ⁽¹⁴⁾
GSL Arcadia	6,008	24,859	2000	Footnote ⁽¹⁵⁾	1Q29	2Q29	Footnote ⁽¹⁵⁾
GSL Violetta	6,008	24,873	2000	Footnote ⁽¹⁵⁾	1Q29	1Q29	Footnote ⁽¹⁵⁾
GSL Maria	6,008	24,414	2001	Maersk ⁽¹⁵⁾	1Q30	2Q30	12,700 ⁽¹⁵⁾
GSL MYNY	6,008	24,876	2000	Footnote ⁽¹⁵⁾	1Q29	2Q29	Footnote ⁽¹⁵⁾
GSL Melita	6,008	24,859	2001	Maersk ⁽¹⁵⁾	3Q29	4Q29	12,700 ⁽¹⁵⁾
GSL Tegea	5,994	24,308	2001	Maersk ⁽¹⁵⁾	4Q29	4Q29	12,700 ⁽¹⁵⁾
GSL Dorothea	5,994	24,243	2001	Maersk ⁽¹⁵⁾	3Q29	4Q29	12,700 ⁽¹⁵⁾
Ian H	5,936	25,128	2000	COSCO	4Q27	4Q27	Footnote ⁽¹⁶⁾
GSL Tripoli	5,470	22,109	2009	Maersk	3Q27	4Q27	17,250
GSL Kithira	5,470	22,259	2009	Maersk	4Q27	1Q28	17,250
GSL Tinos	5,470	22,068	2010	Maersk	3Q27	4Q27	17,250
GSL Syros	5,470	22,099	2010	Maersk	4Q27	4Q27	17,250
Orca I	5,308	20,633	2006	Footnote ⁽¹⁷⁾	3Q28	4Q28	Footnote ⁽¹⁷⁾
Dolphin II	5,095	20,596	2007	Footnote ⁽¹⁷⁾	1Q28	2Q28	Footnote ⁽¹⁷⁾
CMA CGM Alcazar	5,089	20,087	2007	CMA CGM	3Q29	4Q29	35,500 ⁽¹⁸⁾
GSL Château d’If	5,089	19,994	2007	CMA CGM	4Q29	1Q30	35,500 ⁽¹⁸⁾
GSL Susan	4,363	17,309	2008	CMA CGM	3Q27	1Q28	Footnote ⁽¹⁹⁾
CMA CGM Jamaica	4,298	17,272	2006	CMA CGM	1Q28	2Q28	Footnote ⁽¹⁹⁾
CMA CGM Sambhar	4,045	17,355	2006	CMA CGM	1Q28	2Q28	Footnote ⁽¹⁹⁾
CMA CGM America	4,045	17,355	2006	CMA CGM	1Q28	2Q28	Footnote ⁽¹⁹⁾
GSL Rossi	3,421	16,309	2012	Maersk	1Q29	2Q29	Footnote ⁽²⁰⁾
GSL Alice	3,421	16,543	2014	CMA CGM	2Q28	3Q28	31,000
GSL Eleftheria	3,421	16,642	2013	Maersk	3Q28	4Q28	33,000
GSL Melina	3,421	16,703	2013	Maersk	4Q29	1Q30	29,900 ⁽²¹⁾
Athena	2,980	13,538	2003	MSC	2Q27	3Q27	Footnote ⁽²²⁾
GSL Valerie	2,824	11,971	2005	ZIM	2Q27	3Q27	27,000
GSL Mamitsa	2,824	11,949	2007	RCL	1Q28	2Q28	28,000
GSL Lalo	2,824	11,950	2006	MSC	2Q27	3Q27	Footnote ⁽²³⁾
GSL Mercer	2,824	11,970	2007	ONE	1Q27	2Q27	24,500
GSL Elizabeth	2,741	11,530	2006	Maersk	3Q28	4Q28	20,360 ⁽²⁴⁾
Newyorker	2,635	11,463	2001	Maersk	2Q27	3Q27	26,000
Nikolas	2,635	11,370	2000	CMA CGM	1Q27	2Q27	26,000
GSL Chloe	2,546	12,212	2012	ONE	1Q27	2Q27	24,500
GSL Maren	2,546	12,243	2014	OOCL	2Q28	3Q28	16,500 ⁽²⁵⁾
Maira	2,506	11,453	2000	CMA CGM	1Q27	2Q27	26,000
Manet ⁽²⁸⁾	2,288	11,534	2001	OOCL	4Q26	4Q26	24,000
Kumasi ⁽²⁸⁾	2,220	11,652	2002	MSC	4Q26	4Q26	Footnote ⁽²⁶⁾
Julie	2,207	11,731	2002	MSC	3Q27	3Q27	Footnote ⁽²⁷⁾

		Three months ended March 31, 2026			Three months ended March 31, 2025


Net income available to Common Shareholders			91,445			121,010

Adjust:	Depreciation and amortization		33,472			29,793
	Gain on sale of vessels		-			(28,458	)
	Amortization of intangible liabilities		(6,247	)		(3,214	)
	Fair value adjustment on derivative asset and other financial instruments		900			1,623
	Interest income		(5,666	)		(3,195	)
	Interest expense		9,339			9,867
	Stock-based compensation		5,919			2,122
	Earnings allocated to preferred shares		2,384			2,384
	Effect from straight lining time charter modifications		1,640			366
Adjusted EBITDA			133,186			132,298

	Three months ended March 31, 2026		Three months ended March 31, 2025

EPS as reported (USD)		2.54		3.40
Normalized net income adjustments-Class A common shares (in thousands USD)		645		(26,733	)
Weighted average number of Class A Common shares		35,974,531		35,584,556
Adjustment on EPS (USD)		0.02		(0.75	)
Normalized EPS (USD)		2.56		2.65

	March 31, 2026		December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	404,938	$	273,876
Time deposits		93,670		199,100
Restricted cash		50,622		50,520
Accounts receivable, net		53,868		49,887
Inventories		14,841		14,600
Prepaid expenses and other current assets		25,965		33,623
Derivative assets and other financial instruments		36,128		5,234
Due from related parties		1,231		148
Total current assets	$	681,263	$	626,988
NON - CURRENT ASSETS
Vessels in operation	$	1,989,222	$	1,962,888
Advances for vessels' acquisitions and other additions		5,806		35,961
Deferred dry dock and special survey costs, net		106,944		110,936
Other non - current assets		10,633		10,830
Restricted cash and other instruments, net of current portion		105,780		113,600
Total non - current assets		2,218,385		2,234,215
TOTAL ASSETS	$	2,899,648	$	2,861,203
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	63,848	$	61,912
Accrued liabilities		40,898		47,727
Current portion of long-term debt		147,567		147,567
Current portion of deferred revenue		48,023		48,885
Due to related parties		1,154		692
Total current liabilities	$	301,490	$	306,783
LONG-TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs	$	505,315	$	541,575
Intangible liabilities-charter agreements		102,868		90,054
Deferred revenue, net of current portion		114,652		121,707
Total non - current liabilities		722,835		753,336
Total liabilities	$	1,024,325	$	1,060,119
Commitments and Contingencies		-		-
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,918,244 shares issued and outstanding (2025 – 35,913,628 shares)	$	359	$	359
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2025 – 43,592 shares)		-		-
Additional paid in capital		700,210		694,331
Retained earnings		1,173,578		1,104,617
Accumulated other comprehensive income		1,176		1,777
Total shareholders' equity		1,875,323		1,801,084
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	2,899,648	$	2,861,203

	Three months ended March 31,
	2026			2025
OPERATING REVENUES
Time charter revenues	$	191,832		$	187,761
Amortization of intangible liabilities-charter agreements		6,247			3,214
Total Operating Revenues		198,079			190,975

OPERATING EXPENSES:
Vessel operating expenses (includes related party vessel operating expenses of $6,532 and $5,608 for each of the three month periods ended March 31, 2026 and 2025, respectively)		52,718			50,008
Time charter and voyage expenses (includes related party time charter and voyage expenses of $2,208 and $1,932 for each of the three month periods ended March 31, 2026 and 2025, respectively)		5,624			6,529
Depreciation and amortization		33,472			29,793
General and administrative expenses		8,847			4,605
Gain on sale of vessels		-			(28,458	)
Operating Income		97,418			128,498

NON-OPERATING INCOME/(EXPENSES)
Interest income		5,666			3,195
Interest and other finance expenses		(9,339	)		(9,867	)
Other income, net		984			3,191
Fair value adjustment on derivative asset and other financial instruments		(900	)		(1,623	)
Total non-operating expenses		(3,589	)		(5,104	)
Income before income taxes		93,829			123,394
Income taxes		-			-
Net Income		93,829			123,394
Earnings allocated to Series B Preferred Shares		(2,384	)		(2,384	)
Net Income available to Common Shareholders	$	91,445		$	121,010

Index	Page
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT MARCH 31, 2026 AND DECEMBER 31, 2025	F-1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025	F-2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025	F-3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025	F-4
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025	F-5
NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	F-6

			As of
	Note		March 31, 2026		December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents			$	404,938	$	273,876
Time deposits				93,670		199,100
Restricted cash				50,622		50,520
Accounts receivable, net				53,868		49,887
Inventories				14,841		14,600
Prepaid expenses and other current assets				25,965		33,623
Derivative assets and other financial instruments		5		36,128		5,234
Due from related parties		7		1,231		148
Total current assets			$	681,263	$	626,988
NON - CURRENT ASSETS
Vessels in operation		3	$	1,989,222	$	1,962,888
Advances for vessels acquisitions and other additions		3		5,806		35,961
Deferred dry dock and special survey costs, net				106,944		110,936
Other non-current assets		2h		10,633		10,830
Restricted cash and other instruments, net of current portion				105,780		113,600
Total non - current assets				2,218,385		2,234,215
TOTAL ASSETS			$	2,899,648	$	2,861,203
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable			$	63,848	$	61,912
Accrued liabilities				40,898		47,727
Current portion of long - term debt		6		147,567		147,567
Current portion of deferred revenue				48,023		48,885
Due to related parties		7		1,154		692
Total current liabilities			$	301,490	$	306,783
LONG - TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs		6	$	505,315	$	541,575
Intangible liabilities - charter agreements		4		102,868		90,054
Deferred revenue, net of current portion				114,652		121,707
Total non - current liabilities				722,835		753,336
Total liabilities			$	1,024,325	$	1,060,119
Commitments and Contingencies		8		-		-
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,918,244 shares issued and outstanding (2025 - 35,913,628 shares)		9	$	359	$	359
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2025 - 43,592 shares)		9		-		-
Additional paid in capital				700,210		694,331
Retained Earnings				1,173,578		1,104,617
Accumulated other comprehensive income				1,176		1,777
Total shareholders' equity				1,875,323		1,801,084
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			$	2,899,648	$	2,861,203

			Three months ended March 31,

	Note		2026			2025
OPERATING REVENUES
Time charter revenues			$	191,832		$	187,761
Amortization of intangible liabilities-charter agreements		4		6,247			3,214
Total Operating Revenues				198,079			190,975

OPERATING EXPENSES
Vessel operating expenses (includes related party vessel operating expenses of $6,532 and $5,608 for each of the periods ended March 31, 2026 and 2025, respectively)		7		52,718			50,008
Time charter and voyage expenses (includes related party time charter and voyage expenses of $2,208 and $1,932 for each of the periods ended March 31, 2026 and 2025, respectively)		7		5,624			6,529
Depreciation and amortization		3		33,472			29,793
General and administrative expenses				8,847			4,605
Gain on sale of vessels		3		-			(28,458	)
Operating Income				97,418			128,498

NON-OPERATING INCOME/(EXPENSES)
Interest income				5,666			3,195
Interest and other finance expenses				(9,339	)		(9,867	)
Other income, net				984			3,191
Fair value adjustment on derivative asset		5		(900	)		(1,623	)
Total non-operating expenses				(3,589	)		(5,104	)
Income before income taxes				93,829			123,394
Income taxes				-			-
Net Income				93,829			123,394
Earnings allocated to Series B Preferred Shares		9		(2,384	)		(2,384	)
Net Income available to Common Shareholders			$	91,445		$	121,010
Earnings per Share

Weighted average number of Class A common shares outstanding
Basic		11		35,974,531			35,584,556
Diluted		11		36,601,562			35,758,853

Net Earnings per Class A common share
Basic		11	$	2.54		$	3.40
Diluted		11	$	2.50		$	3.38

	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		Additional paid-in capital			Retained Earnings			Accumulated Other Comprehensive Income			Total Shareholders' Equity
Balance at December 31, 2024		35,447,370		43,592	$	355	$	-	$	680,743		$	773,759		$	8,624		$	1,463,481

Stock-based compensation expense (Note 10)		158,068		-		2		-		2,120			-			-			2,122
Other comprehensive loss		-		-		-		-		-			-			(2,409	)		(2,409	)
Net Income for the period		-		-		-		-		-			123,394			-			123,394
Series B Preferred Shares dividend (Note 9)		-		-		-		-		-			(2,384	)		-			(2,384	)
Class A common shares dividend (Note 9)		-		-		-		-		-			(16,043	)		-			(16,043	)
Balance at March 31, 2025		35,605,438		43,592	$	357	$	-	$	682,863		$	878,726		$	6,215		$	1,568,161

Balance at December 31, 2025		35,913,628		43,592	$	359	$	-	$	694,331		$	1,104,617		$	1,777		$	1,801,084

Stock-based compensation expense (Note 10)		4,616		-		-		-		5,919			-			-			5,919
Issuance of Class A common shares, net of offering costs (Note 9)		-		-		-		-		(40	)		-			-			(40	)
Other comprehensive income		-		-		-		-		-			-			(601	)		(601	)
Net Income for the period		-		-		-		-		-			93,829			-			93,829
Series B Preferred Shares dividend (Note 9)		-		-		-		-		-			(2,384	)		-			(2,384	)
Class A common shares dividend (Note 9)		-		-		-		-		-			(22,484	)		-			(22,484	)
Balance at March 31, 2026		35,918,244		43,592	$	359	$	-	$	700,210		$	1,173,578		$	1,176		$	1,875,323

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	3Q28
Laertis Marine LLC	Marshall Islands	Zim Norfolk	9,115	2015	2Q32 ⁽⁴⁾
Penelope Marine LLC	Marshall Islands	Zim Xiamen	9,115	2015	3Q32 ⁽⁴⁾
Telemachus Marine LLC	Marshall Islands	Anthea Y	9,115	2015	4Q28
Global Ship Lease 78 LLC ⁽³⁾	Liberia	Sydney Express	9,019	2016	3Q27 ⁽⁵⁾
Global Ship Lease 79 LLC ⁽³⁾	Liberia	Istanbul Express	9,019	2016	4Q26 ⁽⁵⁾
Global Ship Lease 77 LLC ⁽³⁾	Liberia	Bremerhaven Express	9,019	2015	2Q27 ⁽⁵⁾
Global Ship Lease 76 LLC ⁽³⁾	Liberia	Czech	9,019	2015	4Q26 ⁽⁵⁾
Global Ship Lease 53 LLC	Liberia	MSC Tianjin	8,603	2005	3Q30 ⁽⁶⁾
Global Ship Lease 52 LLC	Liberia	MSC Qingdao	8,603	2004	4Q30 ⁽⁶⁾
Global Ship Lease 43 LLC	Liberia	GSL Ningbo	8,603	2004	3Q30 ⁽⁶⁾
Global Ship Lease 72 LLC	Liberia	GSL Alexandra	8,599	2004	2Q28 ⁽⁷⁾
Global Ship Lease 73 LLC	Liberia	GSL Sofia	8,599	2003	3Q28 ⁽⁷⁾
Global Ship Lease 74 LLC	Liberia	GSL Effie	8,599	2003	3Q28 ⁽⁷⁾
Global Ship Lease 75 LLC	Liberia	GSL Lydia	8,599	2003	2Q28 ⁽⁷⁾
Global Ship Lease 80 LLC	Liberia	Lotus A	8,586	2010	3Q26 ⁽⁸⁾
Global Ship Lease 81 LLC	Liberia	Koi	8,586	2011	3Q26 ⁽⁸⁾
Global Ship Lease 82 LLC	Liberia	Cypress	8,586	2011	3Q26 ⁽⁸⁾
Global Ship Lease 30 Limited	Marshall Islands	GSL Eleni	7,847	2004	4Q27 ⁽⁹⁾
Global Ship Lease 31 Limited	Marshall Islands	GSL Kalliopi	7,847	2004	1Q28 ⁽⁹⁾
Global Ship Lease 32 Limited	Marshall Islands	GSL Grania	7,847	2004	1Q28 ⁽⁹⁾

	March 31, 2026						December 31, 2025
	Book Value			Fair Value			Book Value			Fair Value
Cash and cash equivalents	$	404,938		$	404,938		$	273,876		$	273,876
Time deposits	$	93,670		$	93,670		$	199,100		$	199,100
Restricted cash and other instruments	$	156,402		$	156,402		$	164,120		$	164,120
Derivative assets and other financial instruments	$	36,128		$	36,128		$	5,234		$	5,234
Due from related parties	$	1,231		$	1,231		$	148		$	148
Due to related parties	$	(1,154	)	$	(1,154	)	$	(692	)	$	(692	)
Credit facilities and financial liabilities, including current portion, net	$	(652,882	)	$	(657,817	)	$	(689,142	)	$	(694,709	)

	Fair Value Measurements as at March 31, 2026
	Total			Level I			Level II			Level III
Cash and cash equivalents	$	404,938		$	404,938		$	-		$	-
Time deposits	$	93,670		$	93,670		$	-		$	-
Restricted cash and other instruments	$	156,402		$	156,402		$	-		$	-
Derivative assets and other financial instruments	$	36,128		$	-		$	36,128		$	-
Due from related parties	$	1,231		$	1,231		$	-		$	-
Due to related parties	$	(1,154	)	$	(1,154	)	$	-		$	-
Credit facilities and financial liabilities, including current portion, net	$	(657,817	)	$	-		$	(657,817	)	$	-

	Fair Value Measurements as at December 31, 2025
	Total			Level I			Level II			Level III
Cash and cash equivalents	$	273,876		$	273,876		$	-		$	-
Time deposits	$	199,100		$	199,100		$	-		$	-
Restricted cash and other instruments	$	164,120		$	164,120		$	-		$	-
Derivative assets and other financial instruments	$	5,234		$	-		$	5,234		$	-
Due from related parties	$	148		$	148		$	-		$	-
Due to related parties	$	(692	)	$	(692	)	$	-		$	-
Credit facilities and financial liabilities, including current portion, net	$	(694,709	)	$	-		$	(694,709	)	$	-

	Vessel Cost, as adjusted for			Accumulated			Net Book
	Impairment charges			Depreciation			Value
As of January 1, 2025	$	2,288,855		$	(404,215	)	$	1,884,640
Additions		203,314			-			203,314
Depreciation		-			(91,906	)		(91,906	)
Disposals		(61,111	)		27,951			(33,160	)
As of December 31, 2025	$	2,431,058		$	(468,170	)	$	1,962,888
Additions		51,134			-			51,134
Depreciation		-			(24,800	)		(24,800	)
As of March 31, 2026	$	2,482,192		$	(492,970	)	$	1,989,222

Name	Capacity in TEUs	Year Built	Purchase Price	Delivery date
Koi (*)	8,586	2011	$30,000	December 29, 2025
Lotus A (*)	8,586	2010	$30,000	December 12, 2025
Cypress (*)	8,586	2011	$30,000	January 9, 2026

	March 31, 2026			December 31, 2025
Opening balance	$	90,054		$	49,431
Additions ^(*)		19,061			54,109
Amortization		(6,247	)		(13,486	)
Total	$	102,868		$	90,054

	Amount
March 31, 2027	$	25,772
March 31, 2028		25,842
March 31, 2029		25,772
March 31, 2030		22,598
March 31, 2031		2,884
	$	102,868

Facilities	March 31, 2026			December 31, 2025
UBS Credit Facility (a)	$	64,000		$	71,000
2024 Senior Secured Term Loan Facility (b)		228,000			240,000
2027 Secured Notes (c)		166,250			179,375
Total credit facilities	$	458,250		$	490,375
Sale and Leaseback Agreements
Minsheng Sale and Leaseback Agreements - $178,000 (g)		163,338			166,788
CMBFL Sale and Leaseback Agreements - $120,000 (h)		36,229			37,546
Total Sale and Leaseback Agreements	$	199,567		$	204,334
Total borrowings	$	657,817		$	694,709
Less: Current portion of long-term debt		(128,500	)		(128,500	)
Less: Current portion of Sale and Leaseback Agreements (g, h)		(19,067	)		(19,067	)
Less: Deferred financing costs (j)		(4,935	)		(5,567	)
Non-current portion of Long-Term Debt	$	505,315		$	541,575

Payment due by period ended	Amount
March 31, 2027	$	147,567
March 31, 2028		230,513
March 31, 2029		57,800
March 31, 2030		41,800
March 31, 2031		85,800
March 31, 2032 and thereafter		94,337
	$	657,817

Period ending	Amount
March 31, 2027	$	758,035
March 31, 2028		613,153
March 31, 2029		320,480
March 31, 2030		140,092
March 31, 2031 and thereafter		93,850
Total minimum lease revenue, net of address commissions	$	1,925,610

	Stock-Based Awards
	Number of Shares
	Number			Weighted Average Fair Value on Grant Date		Actual Fair Value on Vesting Date
Unvested as at January 1, 2025		261,461		$	21.92		n/a
Granted in September 2025		2,375,250			25.55		n/a
Vested in year ended December 31, 2025		(322,364	)		n/a		28.23
Unvested as at December 31, 2025		2,314,347		$	25.55		n/a
Vested in period ended March 31, 2026		(60,903	)		n/a		37.23
Unvested as at March 31, 2026		2,253,444		$	25.55		n/a