Global Ship Lease Reports Results for the Second Quarter of 2026

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

ATHENS, Greece, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE: GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three and six-month periods ended June 30, 2026.

Second Quarter of 2026 and Year to Date Highlights and Other Recent Developments

- 2Q 2026 operating revenue of $198.7 million. 1H 2026 operating revenue of $396.8 million.

- 2Q 2026 net income available to common shareholders of $89.3 million, or $2.48 Earnings per Share (EPS). 1H 2026 net income available to common shareholders of $180.7 million, or $5.02 EPS.

- 2Q 2026 normalized net income (a non-U.S. GAAP financial measure, described below)3 of $89.3 million, or $2.48 normalized EPS³. 1H 2026 normalized net income of $181.4 million, or $5.04 normalized EPS.

- 2Q 2026 Adjusted EBITDA (a non-U.S. GAAP financial measure, described below)3 of $131.4 million. 1H 2026 Adjusted EBITDA of $264.6 million.

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

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

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

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

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

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

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

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

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

SELECTED FINANCIAL DATA – UNAUDITED

(thousands of U.S. dollars)

 ThreeThreeSixSix months endedmonths endedmonths endedmonths ended June 30, 2026June 30, 2025June 30, 2026June 30, 2025     Operating Revenues (1)198,689191,859396,768382,834Operating Income93,867101,762191,285230,260Net Income (2)89,29293,053180,737214,063Adjusted EBITDA (3)131,366134,183264,551266,481Normalized Net Income (3)89,26195,149181,351189,426     

(1) Operating Revenues are net of address commissions which represent a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and also includes the amortization of intangible liabilities, the effect of the straight lining of time charter modifications and the compensation from charterers for drydock and for other capitalized expenses for vessel upgrades or retrofits. Brokerage commissions are included in “Time charter and voyage expenses” (see below).

(2) Net Income available to common shareholders.

(3) Adjusted EBITDA, Normalized Net Income, and Normalized Earnings per Share are non-U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.

Operating Revenues and Utilization

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

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

Our revenue origin by country, using the respective head office location of each of our charterers as a proxy for origin, for the six months ended June 30, 2026 and 2025, respectively, was as follows:

Unaudited Revenue origin by country1Six months ended June 30, 2026Six months ended June 30, 2025 Revenue (USD million)Percentage of revenueRevenue (USD million)Percentage of revenueDenmark (Maersk)117.45 29.60%122.00 31.87%France (CMA CGM)79.07 19.93%71.14 18.59%Germany (Hapag Lloyd)74.17 18.69%73.03 19.08%Switzerland (MSC)55.76 14.05%42.99 11.23%China, including Hong Kong (COSCO & OOCL)29.11 7.34%21.99 5.74%Israel (ZIM)26.52 6.68%33.75 8.81%Singapore (ONE, Swire Shipping, RCL Feeder)14.69 3.71%9.85 2.57%USA (Matson)- - 5.80 1.51%Taiwan (Wan Hai)- - 2.28 0.60%Total396.77 100.00%382.83 100.00%         

1. Based on jurisdiction of head office of each charterer.

The table below shows unaudited fleet utilization data for the three and six months ended June 30, 2026 and 2025, and for the years ended December 31, 2025, 2024, 2023 and 2022.

 Three months ended Six months ended Year ended June 30,June 30, June 30,June 30, Dec 31,Dec 31,Dec 31,Dec 31,Days2026
2025
 2026
2025
 2025
2024
2023
2022
           Ownership days6,4616,279 12,84312,683 25,32324,93724,28523,725Planned offhire - scheduled drydock(181)(145) (265)(475) (816)(807)(701)(581)Unplanned offhire(29)(29) (63)(70) (262)(144)(233)(460)Idle time-(8) -(43) (47)(15)(62)(30)Operating days6,2516,097 12,51512,095 24,19823,97123,28922,654           Utilization96.7%97.1% 97.4%95.4% 95.6%96.1%95.9%95.5%           

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

Vessel Operating Expenses

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

For the six-month period ended June 30, 2026, vessel operating expenses were $109.7 million, or an average of $8,543 per day, compared to $100.5 million in the comparative period, or $7,925 per day, an increase of $618 per ownership day, or 7.8%. The increase of $9.2 million was mainly due to (i) the addition of the Three Newly Acquired Vessels offset by the sale of four vessels in 2025, (ii) an increase in crew expenses following our decision to increase the number of seafarers on board to improve the vessels’ conditions, (iii) an increase in stores, spares and maintenance expenses for planned main engine maintenance and overhaul of diesel generators as well as main engine annual spares delivery due to timing of planned schedule, (iv) an increase in annual premiums for all P&I Clubs and (v) the impact of inflation on fees and expenses, including management fees.

Time Charter and Voyage Expenses

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

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

Depreciation and Amortization

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

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

General and Administrative Expenses

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

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

Gain on sale of vessels

Tasman (5,900 TEU, built 2000), Akiteta (2,200 TEU, built 2002), and Keta (2,200 TEU, built 2003) were sold for an aggregate gain of $28.3 million in the first quarter of 2025. None of our vessels were sold during the first half of 2026.

Adjusted EBITDA1

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

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

Interest Expense and Interest Income

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

Debt as at June 30, 2025 totaled $768.5 million, comprising $349.0 million of secured bank debt collateralized by vessels, $205.6 million of 2027 Secured Notes collateralized by vessels, and $213.9 million under sale and leaseback financing transactions. As of June 30, 2025, 16 of our vessels were unencumbered.

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

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

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

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

Other income, net

Other income, net was $1.9 million in the second quarter of 2026, up from $0.8 million in the comparative period.

Other income, net was $2.9 million in the six-month period ended June 30, 2026, down from $4.0 million in the comparative period.

Fair value adjustment on derivatives and other financial instruments

In December 2021, we entered into a USD 1-month LIBOR interest rate cap of 0.75% through the fourth quarter of 2026 on $484.1 million of floating rate debt, which reduces over time in-line with anticipated debt amortization and represented approximately half of the outstanding floating rate debt. In February 2022, we entered into two additional USD 1-month LIBOR interest rate caps of 0.75% through the fourth quarter of 2026 on the remaining balance of $507.9 million of floating rate debt. As a result of the discontinuation of LIBOR, on July 1, 2023, our interest rate caps automatically transited to 1 month Compounded SOFR at a net rate of 0.64%. A negative fair value adjustment of $1.1 million for the six-month period ended June 30, 2026 was recorded through the statement of income.

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

Earnings Allocated to Preferred Shares

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

The cost for the six months ended June 30, 2026 was $4.8 million, the same as in the prior year period.

Net Income Available to Common Shareholders

Net income available to common shareholders for the second quarter of 2026 was $89.3 million. Net income available to common shareholders for the prior year period was $93.1 million.

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

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

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

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

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

1 Adjusted EBITDA, Normalized net income, and Normalized earnings per share are non-U.S. GAAP financial measures, as explained further in this press release, and are considered by Global Ship Lease to be useful measures of its performance. For reconciliations of these non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measure, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.

Fleet

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

Operating Containerships

Vessel NameCapacity in TEUsLightweight (tons)Year BuiltChartererEarliest Charter Expiry DateLatest Charter Expiry Date (2)Daily Charter Rate $CMA CGM Thalassa11,04038,5772008CMA CGM3Q281Q2947,200ZIM Norfolk (1)9,11531,7642015ZIM2Q324Q3265,000 (3)Anthea Y (1)9,11531,8902015MSC4Q284Q28Footnote (4)ZIM Xiamen (1)9,11531,8202015ZIM3Q324Q3265,000 (3)Sydney Express (1)9,01931,2542016Hapag-Lloyd3Q274Q29Footnote (5)Istanbul Express (1)9,01931,3802016Hapag-Lloyd1Q282Q30Footnote (5)Bremerhaven Express (1)9,01931,3192015Hapag Lloyd2Q273Q29Footnote (5)Czech (1)9,01931,3192015Hapag-Lloyd2Q283Q30Footnote (5)MSC Tianjin8,60334,2432005MSC (6)3Q301Q31Footnote (6)MSC Qingdao8,60334,5862004MSC (6)4Q301Q31Footnote (6)GSL Ningbo8,60334,3402004MSC (7)3Q301Q31Footnote (7)GSL Alexandra8,59937,8092004Maersk (8)3Q284Q33Footnote (8)GSL Sofia8,59937,7772003Maersk (8)2Q284Q33Footnote (8)GSL Effie8,59937,7772003Maersk (8)3Q281Q34Footnote (8)GSL Lydia8,59937,7772003Maersk (8)1Q283Q33Footnote (8)Lotus A8,58633,0262010CMA CGM4Q263Q30Footnote (9)Koi8,58633,0052011CMA CGM4Q263Q30Footnote (9)Cypress8,58633,0262011CMA CGM4Q263Q30Footnote (9)GSL Eleni7,84729,2612004Maersk4Q272Q29Footnote (10)GSL Kalliopi7,84729,2612004Maersk1Q283Q29Footnote (10)GSL Grania7,84729,2612004Maersk1Q283Q29Footnote (10)Colombia Express (1)7,07223,4242013Hapag-Lloyd4Q281Q31Footnote (11)Panama Express (1)7,07223,4242013Hapag-Lloyd4Q294Q31Footnote (11)Costa Rica Express (1)7,07223,4242013Hapag-Lloyd2Q293Q31Footnote (11)Nicaragua Express (1)7,07223,4242013Hapag-Lloyd3Q294Q31Footnote (11)Ateti (ex CMA CGM Berlioz) (12)7,02326,7762001MSC2Q292Q29Footnote (12)Mexico Express (1)6,91823,9702015Hapag-Lloyd3Q294Q31Footnote (11)Jamaica Express (1)6,91823,9152015Hapag-Lloyd3Q294Q31Footnote (11)GSL Christen6,85827,9542002Maersk4Q271Q28Footnote (13)GSL Nicoletta6,85828,0702002Maersk1Q282Q28Footnote (13)Agios Dimitrios6,57224,9312011MSC3Q304Q30Footnote (6)GSL Vinia6,08023,7372004Maersk1Q284Q29Footnote (14)GSL Christel Elisabeth6,08023,7452004Maersk1Q283Q29Footnote (14)GSL Arcadia6,00824,8592000Footnote (15)1Q292Q29Footnote (15)GSL Violetta6,00824,8732000Footnote (15)1Q291Q29Footnote (15)GSL Maria6,00824,4142001Maersk (15)1Q302Q3012,700 (15)GSL MYNY6,00824,8762000Footnote (15)1Q292Q29Footnote (15)GSL Melita6,00824,8592001Maersk (15)4Q294Q2912,700 (15)GSL Tegea5,99424,3082001Maersk (15)4Q291Q3012,700 (15)GSL Dorothea5,99424,2432001Maersk (15)4Q294Q2912,700 (15)Ian H5,93625,1282000COSCO4Q274Q27Footnote (16)GSL Tripoli5,47022,1092009Maersk3Q274Q2717,250GSL Kithira5,47022,2592009Maersk4Q271Q2817,250GSL Tinos5,47022,0682010Maersk3Q274Q2717,250GSL Syros5,47022,0992010Maersk4Q274Q2717,250Orca I5,30820,6332006Footnote (17)3Q284Q28Footnote (17)Dolphin II5,09520,5962007Footnote (17)1Q282Q28Footnote (17)CMA CGM Alcazar5,08920,0872007CMA CGM3Q294Q2935,500 (18)GSL Château d’If5,08919,9942007CMA CGM4Q291Q3035,500 (18)GSL Susan4,36317,3092008CMA CGM3Q271Q28Footnote (19)CMA CGM Jamaica4,29817,2722006CMA CGM1Q282Q28Footnote (19)CMA CGM Sambhar4,04517,3552006CMA CGM1Q282Q28Footnote (19)CMA CGM America4,04517,3552006CMA CGM1Q282Q28Footnote (19)GSL Rossi3,42116,3092012Maersk1Q292Q29Footnote (20)GSL Alice3,42116,5432014CMA CGM2Q283Q2831,000GSL Eleftheria3,42116,6422013Maersk3Q284Q2833,000GSL Melina3,42116,7032013Maersk4Q291Q3029,900 (21)Athena I2,98013,5382003MSC2Q273Q27Footnote (22)GSL Valerie2,82411,9712005ZIM2Q273Q2727,000GSL Mamitsa2,82411,9492007RCL1Q282Q2828,000GSL Lalo2,82411,9502006MSC2Q273Q27Footnote (23)GSL Mercer2,82411,9702007ONE1Q272Q2724,500GSL Elizabeth2,74111,5302006Maersk3Q284Q2820,360 (24)Newyorker2,63511,4632001Maersk2Q273Q2726,000Nikolas2,63511,3702000CMA CGM1Q272Q2726,000GSL Chloe2,54612,2122012ONE1Q272Q2724,500GSL Maren2,54612,2432014OOCL2Q283Q28Footnote (25)Maira2,50611,4532000CMA CGM1Q272Q2726,000Manet (28)2,28811,5342001OOCL3Q264Q2624,000Kumasi (28)2,22011,6522002MSC4Q261Q27Footnote (26)Julie (28)2,20711,7312002MSC3Q273Q27Footnote (27)

(1)Modern design, high reefer capacity, fuel-efficient “ECO” vessel.(2)In many instances, charterers have the option to extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time (“Offhire Extension”) is computed at the end of the initially contracted charter period. The Latest Charter Expiry Dates shown in this table have been adjusted to reflect offhire accrued up to June 30, 2026, plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers – may exceed the Latest Charter Expiry Dates indicated.(3)Zim Norfolk and Zim Xiamen were forward extended for 60 – 63 months. The extensions are expected to commence between 2Q-3Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $13.5 million per ship.(4)Anthea Y is fixed for 36 months +/- 30 days and is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $12.6 million.(5)Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q 2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately $9.5 million per ship. 12-month extension options were exercised in 3Q 2025 for Bremerhaven Express and Sydney Express. 12-month extension options were exercised in 2Q 2026 for Istanbul Express and Czech.(6)MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate average annualized Adjusted EBITDA of approximately $6.9 million, $8.1 million, and $5.9 million, respectively. MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed for 36 – 38 months with the new charters expected to commence between 3Q-4Q 2027. MSC Tianjin, MSC Qingdao and Agios Dimitrios new charters are expected to generate average annualized Adjusted EBITDA of approximately $7.8 million, $7.8 million, and $7.1 million, respectively. MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (“scrubbers”).(7)GSL Ningbo is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $16.5 million. GSL Ningbo is forward fixed for 36 – 38 months with the new charter expected to commence on 3Q 2027 and is expected to generate average annualized Adjusted EBITDA of approximately $7.8 million.(8)GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia. After the initial charter period, extension options were exercised by charterers at rates expected to generate average annualized Adjusted EBITDA of approximately $4.9 million per ship. Thereafter, the ships have been forward fixed for approximately 24 months, with the new charters expected to commence in 3Q 2026 and generate average annualized Adjusted EBITDA of approximately $8.1 million per ship. During 2Q 2026, GSL Alexandra, GSL Sofia, GSL Lydia and GSL Effie were further forward fixed for 36 – 38 months plus optional period of 24 – 26 months to commence after drydocking at rates expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship. The new charters (firm period plus two-year option) may be cancelled by charterers at any time up to April 1, 2027.(9)Lotus A and Koi were delivered to our fleet on December 12, 2025, and December 29, 2025, respectively. Cypress was delivered on January 9, 2026. Lotus A, Koi and Cypress charters have flexible durations, with latest redeliveries in mid-2030, and are expected to generate average annualized Adjusted EBITDA of approximately $3.5 million, $3.1 million, and $3.1 million respectively.(10)GSL Eleni, GSL Kalliopi and GSL Grania, are chartered for 35 – 38 months, after which the charterer has the option to extend each charter for a further 12 – 16 months. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $9.6 million for the firm period.(11)Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/- 45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.(12)Ateti (ex CMA CGM Berlioz) is fixed for 36 – 38 months. The charter commenced in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $6.8 million. (13)GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship.(14)GSL Vinia and GSL Christel Elizabeth are chartered for 36 – 40 months, after which the charterer has the option to extend each charter for a further 12 – 15 months. The charters are expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per ship for the firm period and $5.8 million per ship for the option period. (15)GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, with charterers holding a one-year extension option on each charter (at a rate of $12,900 per day), followed by a second option (at a rate of $12,700 per day) with the period determined by – and terminating prior to – each vessel’s 25th year drydocking & special survey. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. GSL Arcadia, GSL Violetta and GSL MYNY new charters commenced in 1Q 2026. The remaining new charters are expected to commence between 4Q 2026 and 1Q 2027. The new charters are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship. (16)Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately $10.3 million. (17)Dolphin II and Orca I are fixed to a leading liner company. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $10.0 million per ship.(18)GSL Château d’If and CMA CGM Alcazar were forward fixed for 36 – 38 months. The new charters are expected to commence between 3Q-4Q 2026 and are expected to generate average annualized Adjusted EBITDA of approximately $9.2 million per ship.(19)GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per ship.(20)GSL Rossi is fixed for 35 – 37 months. The new charter commenced in 1Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.5 million.(21)GSL Melina was forward fixed for 35 – 37 months. The new charter is expected to commence in 4Q 2026 and to generate average annualized Adjusted EBITDA of approximately $7.5 million.(22)Athena I (ex Athena) is fixed for 24 – 30 months. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.7 million. On June 14, 2026, Athena was renamed to Athena I.(23)GSL Lalo. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.5 million.(24)GSL Elizabeth was forward fixed for 24 – 27 months. The new charter is expected to commence in 3Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.3 million.(25)GSL Maren is fixed in direct continuation for 24 – 26 months. The charter commenced in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.3 million.(26)Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $4.4 million.(27)Julie. The charter is expected to generate average annualized Adjusted EBITDA of approximately $2.9 million.(28)During 2Q 2026, the Company entered into agreements for the forward sales of four ships, Ian H, Manet, Kumasi and Julie, for an aggregate sale price of $65.5 million. The ships are scheduled to be delivered to buyers upon expiry of their respective charters 4Q 2026 - 4Q 2027.   

Newbuildings Under Construction

Vessel NameVessel TypeExpected
DeliveryHull 1Container4Q28Hull 2Container2Q29Hull 3Container3Q29Hull 4Container2Q29Hull 5Container3Q29Hull 6Container3Q29Hull 7Container3Q29Hull 8Container4Q29Hull 9Container4Q29Hull 10Container4Q29Hull 11Container1Q30Hull 12Container1Q29Hull 13Container1Q29Hull 14Container2Q29Hull 15Container2Q29   

Conference Call and Webcast

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

(1) Dial-in: (646) 307-1963 or (800) 715-9871; Event ID: 2443665

Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.

(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com

The webcast will also be archived on the Company’s website: http://www.globalshiplease.com.

Annual Report on Form 20-F

The Company’s Annual Report for 2025 was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2026. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company’s website at http://www.globalshiplease.com or on the SEC’s website at www.sec.gov. Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at [email protected] or by writing to Global Ship Lease, Inc, c/o GSL Enterprises Ltd., 9 Irodou Attikou Street, Kifisia, Athens, 14561.

About Global Ship Lease

Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York Stock Exchange in August 2008.

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

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

Reconciliation of Non-U.S. GAAP Financial Measures

To supplement our financial information presented in accordance with U.S. GAAP, we use certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the SEC. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in, or excluded from, the most directly comparable measure calculated and presented in accordance with U.S. GAAP. We believe that the presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations, and therefore a more complete understanding of factors affecting our business and financial performance than U.S. GAAP measures alone. In addition, we believe that the presentation of these matters is useful to investors for period-to-period comparison of results as the items may reflect certain unique and/or non-operating items or items outside of our control.

We believe that the presentation of the following non-U.S. GAAP financial measures is useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

A. Adjusted EBITDA

Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, depreciation and amortization, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for stock based compensation, fair value adjustment on derivative assets and other financial instruments, income tax, and the effect of the straight lining of time charter modifications. Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of our ability to generate cash from our operations. We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry.

Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable U.S. GAAP measure due to the inherent difficulty in accurately forecasting and quantifying certain amounts necessary for such reconciliation, and we are not able to provide such reconciliation of such forward-looking non-U.S. GAAP financial measure without unreasonable effort and expense.

ADJUSTED EBITDA - UNAUDITED

(thousands of U.S. dollars)

  ThreeThreeSixSix  months endedmonths endedmonths endedmonths ended  June 30, 2026June 30, 2025June 30, 2026June 30, 2025      Net income available to Common Shareholders89,29293,053180,737214,063      Adjust:Depreciation and amortization34,18930,32867,66160,121 Loss/(gain) on sale of vessels-115-(28,343) Amortization of intangible liabilities(6,425)(3,319)(12,672)(6,533) Fair value adjustment on derivative assets and other financial instruments2271,2081,1272,831 Interest income(5,606)(4,676)(11,272)(7,871) Interest expense9,44010,59618,77920,463 Stock based compensation5,0792,12210,9984,244 Earnings allocated to preferred shares2,3842,3844,7684,768 Effect from straight lining time charter modifications2,7862,3724,4252,738Adjusted EBITDA131,366134,183264,551266,481     

B. Normalized net income

Normalized net income represents net income available to common shareholders after adjusting for certain non-recurring items. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry.

NORMALIZED NET INCOME – UNAUDITED
(thousands of U.S. dollars)

  ThreeThreeSixSix  months endedmonths endedmonths endedmonths ended  June 30, 2026June 30, 2025June 30, 2026June 30, 2025      Net income available to Common Shareholders89,29293,053180,737214,063      Adjust:Fair value adjustment on derivative assets and other financial instruments2271,2081,1272,831 Loss/(gain) on sale of vessels-115-(28,343) Accelerated write off of deferred financing charges related to full repayment of ESUN Credit Facility---102 Accelerated write off of deferred financing charges related to full repayment of Macquarie Credit Facility-216-216 Accelerated write off of deferred financing charges related to full repayment of HCOB-CACIB Credit Facility-382-382 Prepayment fee on full repayment of Macquarie Credit Facility-175-175 Amortization of original issue discount(258)-(513)-Normalized net income89,26195,149181,351189,426     

C. Normalized Earnings per Share

Normalized Earnings per Share represents Earnings per Share after adjusting for certain non-recurring items. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry.

NORMALIZED EARNINGS PER SHARE – UNAUDITED

 ThreeThreeSixSix months endedmonths endedmonths endedmonths ended June 30, 2026June 30, 2025June 30, 2026June 30, 2025     EPS as reported (USD)2.482.615.026.01Normalized net income adjustments-Class A common shares (in thousands USD)(31)2,096614(24,637)Weighted average number of Class A Common shares36,035,43435,612,41336,005,15135,598,601Adjustment on EPS (USD)0.000.060.02(0.69)Normalized EPS (USD)2.482.675.045.32     

Dividend Policy

The declaration and payment of dividends will be subject at all times to the discretion of the Company’s Board of Directors. The timing and amount of dividends, if any, will depend on the Company’s earnings, financial condition, cash flow, capital requirements, growth opportunities, restrictions in its loan agreements and financing arrangements, the provisions of Marshall Islands law affecting the payment of dividends, and other factors. For further information on the Company’s dividend policy, please see its most recent Annual Report on Form 20-F.

Safe Harbor Statement

This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease’s current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “ongoing”, “plan”, “potential”, “predict”, “should”, “project”, “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.
The risks and uncertainties include, but are not limited to:

• future operating or financial results;
• expectations regarding the strength of future growth of the container shipping industry, including the rates of annual demand and supply growth;
• geo-political events such as the war in Iran and disruption to the Strait of Hormuz, war between Russia and Ukraine; ongoing tensions between Israel and Hamas, ongoing disputes between China and Taiwan, deteriorating trade relations between the U.S. and China, and ongoing political unrest and conflicts in the Middle East and other regions throughout the world;
• the disruptions of shipping routes, including due to the closure of the Strait of Hormuz, lower water levels in the Panama Canal and the ongoing attacks by Houthis in the Red Sea;
• public health threats, pandemics, epidemics, and other disease outbreaks around the world and governmental responses thereto;
• the financial condition of our charterers and their ability and willingness to pay charterhire to us in accordance with the charters and our expectations regarding the same;
• the overall health and condition of the U.S. and global financial markets;
• changes in tariffs, trade barriers, and embargos, including uncertainty surrounding the imposition and legality of tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries;
• uncertainties surrounding recently implemented and suspended port fee regimes in the United States and China that may be applicable to a number of our vessels;
• our financial condition and liquidity, including our ability to obtain additional financing to fund capital expenditures, vessel acquisitions and for other general corporate purposes and our ability to meet our financial covenants and repay our borrowings;
• our expectations relating to dividend payments and expectations of our ability to make such payments including the availability of cash and the impact of constraints under our loan agreements; 
• future acquisitions, business strategy and expected capital spending;
• operating expenses, availability of key employees, crew, number of off-hire days, drydocking and survey requirements, costs of regulatory compliance, insurance costs and general and administrative costs;
• general market conditions and shipping industry trends, including charter rates and factors affecting supply and demand;
• assumptions regarding interest rates and inflation;
• changes in the rate of growth of global and various regional economies;
• risks incidental to vessel operation, including piracy, discharge of pollutants and vessel accidents and damage including total or constructive total loss;
• estimated future capital expenditures needed to preserve our capital base;
• our expectations about the availability of vessels to purchase, the time that it may take to construct new vessels, or the useful lives of our vessels;
• our continued ability to enter into or renew charters including the re-chartering of vessels on the expiry of existing charters, or to secure profitable employment for our vessels in the spot market;
• our ability to realize expected benefits from our acquisition of secondhand vessels;
• our ability to capitalize on our management’s and directors’ relationships and reputations in the containership industry to its advantage;
• changes in governmental and classification societies’ rules and regulations or actions taken by regulatory authorities;
• expectations about the availability of insurance on commercially reasonable terms;
• changes in laws and regulations (including environmental rules and regulations);
• potential liability from future litigation; and
• other important factors described from time to time in the reports we file with the SEC.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease’s filings with the SEC. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.

   Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated Balance Sheets

(Expressed in thousands of U.S. dollars except share data)     As of,  June 30, 2026  December 31, 2025ASSETS     CURRENT ASSETS     Cash and cash equivalents$388,599 $273,876Time deposits 110,450  199,100Restricted cash 51,326  50,520Accounts receivable, net 50,500  49,887Inventories 22,357  14,600Prepaid expenses and other current assets 20,483  33,623Derivative assets and other financial instruments 22,954  5,234Due from related parties 1,309  148Total current assets$667,978 $626,988NON - CURRENT ASSETS     Vessels in operation$1,966,440  1,962,888Advances for vessels' acquisitions, vessels under construction and other additions 129,383  35,961Deferred dry dock and special survey costs, net 111,766  110,936Other non - current assets 8,565  10,830Restricted cash and other instruments, net of current portion 98,664  113,600Total non - current assets 2,314,818  2,234,215TOTAL ASSETS$2,982,796 $2,861,203LIABILITIES AND SHAREHOLDERS' EQUITY     CURRENT LIABILITIES     Accounts payable$71,639 $61,912Accrued liabilities 41,637  47,727Current portion of long-term debt 154,504  147,567Current portion of deferred revenue 45,482  48,885Due to related parties 740  692Total current liabilities$314,002 $306,783LONG-TERM LIABILITIES     Long - term debt, net of current portion and deferred financing costs$517,260 $541,575Intangible liabilities-charter agreements 96,443  90,054Deferred revenue, net of current portion 108,383  121,707Total non - current liabilities 722,086  753,336Total liabilities $1,036,088 $1,060,119Commitments and Contingencies  -  -SHAREHOLDERS' EQUITY     Class A common shares - authorized
214,000,000 shares with a $0.01 par value
36,035,434 shares issued and outstanding (2025 – 35,913,628 shares)$360 $359Series 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 705,328  694,331Retained earnings 1,240,348  1,104,617Accumulated other comprehensive income 672  1,777Total shareholders' equity 1,946,708  1,801,084TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$2,982,796 $2,861,203      

Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated Statements of Income

(Expressed in thousands of U.S. dollars)      Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025OPERATING REVENUES           Time charter revenues$192,264 $188,540 $384,096 $376,301Amortization of intangible liabilities-charter agreements 6,425  3,319  12,672  6,533Total Operating Revenues 198,689  191,859  396,768  382,834                        OPERATING EXPENSES:           Vessel operating expenses (including $6,457 and $5,858 for each of the three month periods ended June 30, 2026 and 2025, respectively, and $12,989 and $11,466 for each of the six month periods ended June 30, 2026 and 2025, respectively, to related party) 56,994  50,511  109,712  100,519Time charter and voyage expenses (including $2,269 and $1,787 for each of the three month periods ended June 30, 2026 and 2025, respectively, and $4,477 and $3,719 for each of the six month periods ended June 30, 2026 and 2025, respectively, to related party) 6,464  5,074  12,088  11,603Depreciation and amortization 34,189  30,328  67,661  60,121General and administrative expenses 7,175  4,069  16,022  8,674Loss/(gain) on sale of vessels -  115  -  (28,343)Operating Income 93,867  101,762  191,285  230,260                        NON-OPERATING INCOME/(EXPENSES)           Interest income 5,606  4,676  11,272  7,871Interest and other finance expenses (9,440)  (10,596)  (18,779)  (20,463)Other income, net 1,870  803  2,854  3,994Fair value adjustment on derivative asset and other financial instruments (227)  (1,208)  (1,127)  (2,831)Total non-operating expenses (2,191)  (6,325)  (5,780)  (11,429)Income before income taxes 91,676  95,437  185,505  218,831Income taxes -  -  -  -Net Income 91,676  95,437  185,505  218,831Earnings allocated to Series B Preferred Shares (2,384)  (2,384)  (4,768)  (4,768)Net Income available to Common Shareholders$89,292 $93,053 $180,737 $214,063            

Global Ship Lease, Inc.
Interim Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)        Three months ended June 30,  Six months ended June 30,  2026  2025  2026  2025Cash flows from operating activities:           Net income$91,676  $95,437  $185,505  $218,831 Adjustments to reconcile net income to net cash provided by operating activities:           Depreciation and amortization$34,189  $30,328  $67,661  $60,121 Loss/(gain) on sale of vessels -   115   -   (28,343) Amortization of derivative assets' premium 443   857   1,048   1,949 Amortization of deferred financing costs 607   1,342   1,239   2,257 Amortization of original issue discount on instruments (258)   (3,319)   (513)   - Amortization of intangible liabilities-charter agreements (6,425)   1,208   (12,672)   (6,533) Fair value adjustment on derivative asset/financial instruments 227   175   1,127   2,831 Prepayment fees on debt repayment -   -   -   175 Stock-based compensation expense 5,079   2,122   10,998   4,244 Changes in operating assets and liabilities:           Decrease/(increase) in accounts receivable and other assets$10,919  $(3,227)  $14,793  $(10,242) (Increase)/decrease in inventories (7,516)   (1,742)   (7,757)   825 Decrease/(increase) in derivative assets and other financial instruments 12,000   -   (21,000)   (194) Increase in accounts payable and other liabilities 8,785   7,815   2,796   13,740 (Increase)/decrease in related parties' balances, net (491)   274   (1,112)   (504) Decrease in deferred revenue (8,808)   (1,346)   (16,725)   (10,006) Payments for drydocking and special survey costs (14,085)   (10,804)   (18,766)   (27,104) Unrealized foreign exchange loss/(gain) 1   (2)   (3)   - Net cash provided by operating activities$126,343  $119,233  $206,619  $222,047 Cash flows from investing activities:           Acquisition of vessels$-  $-  $-  $(61,541) Cash paid for vessel expenditures (812)   (2,537)   (1,574)   (9,799) Advances for vessels' acquisitions, vessels under construction and other additions (125,171)   (1,941)   (125,225)   (2,348) Net proceeds from sale of vessels -   (743)   -   53,483 Time deposits and other instruments (acquired)/withdrawn (16,780)   (4,550)   88,650   11,150 Net cash used in investing activities$(142,763)  $(9,771)  $(38,149)  $(9,055) Cash flows from financing activities:           Proceeds from drawdown of credit facilities/sale and leaseback 55,500   85,000   55,500   218,500 Repayment of credit facilities/sale and leaseback (36,891)   (29,892)   (73,783)   (70,889) Prepayment of debt including prepayment fees -   (64,493)   -   (70,393) Deferred financing costs paid (333)   (850)   (333)   (2,185) Net proceeds from offering of Class A common shares, net of offering costs 40   -   -   - Class A common shares-dividend paid (22,522)   (18,763)   (45,006)   (34,806) Series B preferred shares-dividend paid (2,384)   (2,384)   (4,768)   (4,768) Net cash (used in)/provided by financing activities$(6,590)  $(31,382)  $(68,390)  $35,459 Net (decrease)/increase in cash and cash equivalents and restricted cash (23,010)   78,080   100,080   248,451 Cash and cash equivalents and restricted cash at beginning of the period 462,430   417,995   339,340   247,624 Cash and cash equivalents and restricted cash at end of the period$439,420  $496,075  $439,420  $496,075 Supplementary Cash Flow Information:           Cash paid for interest 9,564   11,846   20,035   23,061 Cash received from interest rate caps 1,703   4,641   4,067   9,133 Non-cash investing activities:           Acquisition of vessels and intangibles -   -   19,061   15,987 Non-cash financing activities:           Unrealized loss on derivative assets/ FX option (947)   (2,459)   (2,153)   (5,960)                 

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