Global Ship Lease Announces Forward Charter Agreements

New multi-year forward charters to Hapag-Lloyd for six ECO 6,900 TEU ships expected to generate aggregate $393 million EBITDA

London - Aug 30, 2022

Global Ship Lease, Inc. (NYSE: GSL) (the "Company") today announced that it has entered into new multi-year charters with Hapag-Lloyd for six ECO 6,900 TEU ships. The new charters are each for a firm period of five years, followed by two 12 month periods at the option of the charterer, and are scheduled to commence between late 2023 and late 2024, following the expiration of existing charters to a different counterparty. The charters are expected to generate average Adjusted EBITDA of approximately $13.1 million per ship, per year; and total Adjusted EBITDA of around $393 million for the six ships over the firm charter period.

George Youroukos, Executive Chairman of Global Ship Lease, commented, "We are pleased to announce that we have chartered these high-quality Post-Panamax containerships at rates that reflect the current market, but particularly the long-term need by liner operators for these well-specified vessels. These new forward charters provide a significant extension of our contracted revenue streams through nearly the end of the decade, and we are delighted to deepen our relationship with Hapag-Lloyd. So far this year, through three charter extension options, one prompt fixture, and eleven forward fixtures, we have added almost $920 million of contracted revenues, and we continue to pursue additional attractive, long-term employment for our in-demand fleet."

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.

As at August 30, 2022, Global Ship Lease owned 65 containerships, ranging from 1,118 to 11,040 TEU, with an aggregate capacity of 342,348 TEU. 32 ships are wide-beam Post-Panamax.

Adjusted to include all charters agreed, up to August 30, 2022, the average remaining term of the Company’s charters as at June 30, 2022, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 3.1 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.4 billion. Contracted revenue was $2.8 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 4.0 years.

Global Ship Lease press release