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Description of Business | 12 Months Ended
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Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Description of Business | 1. Description of Business On August 14, 2008, Global Ship Lease, Inc. (the “Company”) merged indirectly with Marathon Acquisition Corp. (“Marathon”), a company then listed on The American Stock Exchange. Under the merger agreement, Marathon, a U.S. corporation, first merged with its wholly owned Marshall Islands subsidiary, GSL Holdings, Inc. (“Holdings”), with Holdings continuing as the surviving company. Global Ship Lease, Inc., at that time a subsidiary of CMA CGM S.A. (“CMA CGM”), then merged with Holdings, with Holdings again being the surviving company. Holdings was renamed Global Ship Lease, Inc. and became listed on the New York Stock Exchange on August 15, 2008 (the “Marathon Merger”). On November 15, 2018, the Company completed the acquisition of 20 containerships, one of which, the Argos, was contracted to be sold which sale was completed in December 2018, from Poseidon Containers Holdings LLC and K&T Marine LLC (together, “Poseidon Containers”) and the transaction (the “Poseidon Transaction”). References herein to “GSL Fleet” are to the 19 vessels that were owned by the Company prior to the consummation of the Poseidon Transaction, and references to “Poseidon Fleet” are to the 19 vessels that were acquired by the Company from Poseidon Containers upon consummation of the Poseidon Transaction, excluding the one additional vessel acquired but held for sale and was delivered to its new owner on December 19, 2018. On March 25, 2019, the Company’s common shares began trading on a reverse-split-adjusted basis, following approval received from the Company’s shareholders at a Special Meeting held on March 20, 2019 and subsequently approval from the Company’s Board of Directors to reverse split the Company’s common shares at a ratio of one-for-eight. The Class A common shares and Class B common shares per share amounts disclosed in the consolidated financial statements and notes give effect to the reverse stock split retroactively, for all periods presented. The Company’s business is to own and charter out containerships to leading liner companies. As of December 31, 2018, the Company owned 38 vessels with average age weighted by TEU capacity of 11.0 years. The following table provides information about the vessels:
Company Name (1) | Fleet (2),(3) | Country of Incorporation | Vessel Name | Capacity in TEUs (4) | Year Built | Earliest Charter Expiry Date |
Global Ship Lease 3 Limited | GSL | Cyprus | CMA CGM Matisse | 2,262 | 1999 | 3Q19 |
Global Ship Lease 4 Limited | GSL | Cyprus | CMA CGM Utrillo | 2,262 | 1999 | 3Q19 |
Global Ship Lease 5 Limited | GSL | Cyprus | GSL Keta | 2,207 | 2003 | 2Q19 |
Global Ship Lease 6 Limited | GSL | Cyprus | GSL Julie | 2,207 | 2002 | 1Q19 |
Global Ship Lease 7 Limited | GSL | Cyprus | Kumasi | 2,207 | 2002 | 4Q19 |
Global Ship Lease 8 Limited | GSL | Cyprus | Marie Delmas | 2,207 | 2002 | 4Q19 |
Global Ship Lease 9 Limited | GSL | Cyprus | CMA CGM La Tour | 2,272 | 2001 | 3Q19 |
Global Ship Lease 10 Limited | GSL | Cyprus | CMA CGM Manet | 2,272 | 2001 | 3Q19 |
Global Ship Lease 12 Limited | GSL | Cyprus | CMA CGM Château d’If | 5,089 | 2007 | 4Q20 |
Global Ship Lease 13 Limited | GSL | Cyprus | CMA CGM Thalassa | 11,040 | 2008 | 4Q25 |
Global Ship Lease 14 Limited | GSL | Cyprus | CMA CGM Jamaica | 4,298 | 2006 | 3Q22 |
Global Ship Lease 15 Limited | GSL | Cyprus | CMA CGM Sambhar | 4,045 | 2006 | 3Q22 |
Global Ship Lease 16 Limited | GSL | Cyprus | CMA CGM America | 4,045 | 2006 | 3Q22 |
Global Ship Lease 20 Limited | GSL | Hong Kong | GSL Tianjin | 8,667 | 2005 | 2Q19 |
Global Ship Lease 21 Limited | GSL | Hong Kong | OOCL Qingdao | 8,667 | 2004 | 1Q19 |
Global Ship Lease 22 Limited | GSL | Hong Kong | GSL Ningbo | 8,667 | 2004 | 2Q19 |
Global Ship Lease 23 Limited | GSL | Hong Kong | CMA CGM Berlioz | 6,621 | 2001 | 2Q21 |
Global Ship Lease 26 Limited | GSL | Hong Kong | GSL Valerie | 2,824 | 2005 | 2Q19 |
GSL Alcazar Inc. | GSL | Marshall Islands | CMA CGM Alcazar | 5,089 | 2007 | 4Q20 |
Aris Marine LLC | Poseidon | Marshall Islands | Maira | 2,506 | 2000 | 1Q19 |
Aphrodite Marine LLC | Poseidon | Marshall Islands | Nikolas | 2,506 | 2000 | 1Q19 |
Athena Marine LLC | Poseidon | Marshall Islands | Newyorker | 2,506 | 2001 | 1Q19 |
Hephaestus Marine LLC | Poseidon | Marshall Islands | Dolphin II | 5,095 | 2007 | 2Q19 |
Pericles Marine LLC | Poseidon | Marshall Islands | Athena | 2,762 | 2003 | 1Q19 |
Zeus One Marine LLC | Poseidon | Marshall Islands | Orca I | 5,095 | 2006 | 2Q19 |
Leonidas Marine LLC | Poseidon | Marshall Islands | Agios Dimitrios | 6,572 | 2011 | 3Q19 |
Alexander Marine LLC | Poseidon | Marshall Islands | Mary | 6,927 | 2013 | 3Q23 |
Hector Marine LLC | Poseidon | Marshall Islands | Kristina | 6,927 | 2013 | 2Q19(6) |
Ikaros Marine LLC | Poseidon | Marshall Islands | Katherine | 6,927 | 2013 | 1Q24 |
Tasman Marine LLC | Poseidon | Marshall Islands | Tasman | 5,936 | 2000 | 1Q19 |
Hudson Marine LLC | Poseidon | Marshall Islands | Dimitris Y | 5,936 | 2000 | 2Q19 |
Drake Marine LLC | Poseidon | Marshall Islands | Ian H | 5,936 | 2000 | 2Q19 |
Phillipos Marine LLC | Poseidon | Marshall Islands | Alexandra | 6,927 | 2013 | 1Q19(6) |
Aristoteles Marine LLC | Poseidon | Marshall Islands | UASC Bubiyan | 6,882 | 2015 | 1Q19(6) |
Menelaos Marine LLC(5) | Poseidon | Marshall Islands | UASC Yas | 6,882 | 2015 | 1Q24 |
Laertis Marine LLC | Poseidon | Marshall Islands | UASC Al Khor | 9,115 | 2015 | 1Q19 |
Penelope Marine LLC | Poseidon | Marshall Islands | Maira XL | 9,115 | 2015 | 2Q20 |
Telemachus Marine LLC | Poseidon | Marshall Islands | Anthea Y | 9,115 | 2015 | 2Q20 |
(1) All subsidiaries are 100% owned, either directly or indirectly; (2) The GSL Fleet comprises the 19 vessels wholly owned by the Company prior to completion of the Poseidon Transaction; |
(3) The Poseidon Fleet comprises the 19 vessels wholly owned by Poseidon Containers as at the completion of the Poseidon Transaction, excluding one additional vessel held for sale; |
(4) Twenty-foot Equivalent Units; (5) Renamed Olivia I, effective March 19, 2019; |
(6) Thereafter, five years to CMA CGM at $25,910 per day. |

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