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Description of Business
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business

1.Description of Business

The Company’s business is to own and charter out containerships to leading liner companies.

 

On August 14, 2008, Global Ship Lease, Inc. (the “Company”) merged indirectly with Marathon Acquisition Corp., a company then listed on The American Stock Exchange, and with the pre-existing Global Ship Lease, Inc. GSL Holdings, Inc. was the surviving entity (the “Marathon Merger”), changed its name to Global Ship Lease, Inc. and became listed on The New York Stock Exchange (the “NYSE”).

 

On November 15, 2018, the Company completed a transformative transaction and acquired Poseidon Containers’ 20 containerships, one of which, the Argos, was contracted to be sold, which sale was completed in December 2018, (the “Poseidon Transaction”).

 

In 2021, the Company purchased 23 vessels. The Company purchased seven containerships of approximately 6,000 TEU each (the “Seven Vessels”), 12 containerships from Borealis Finance LLC (the “Twelve Vessels”) and four 5,470 TEU Panamax containerships (the “Four Vessels”). Also on June 30, 2021, vessel La Tour was sold.

  

During the second quarter of 2023, the Company purchased four 8,544 TEU vessels for an aggregate purchase price of $123,300, which were delivered in various dates in May and June 2023.

 

With these transactions and following the sale of GSL Amstel on March 23, 2023, the Company’s fleet comprises 68 containerships with average age weighted by TEU capacity of 16.7 years.

The following table provides information about the 68 vessels owned as at June 30, 2023.

 

           
Company Name (1) Country of Incorporation Vessel Name Capacity in TEUs (2) Year Built  Earliest Charter Expiry Date 
Global Ship Lease 54 LLC Liberia CMA CGM Thalassa  11,040 2008 4Q25
Laertis Marine LLC Marshall Islands Zim Norfolk  9,115 2015 2Q27
Penelope Marine LLC Marshall Islands Zim Xiamen  9,115 2015 3Q27
Telemachus Marine LLC (3) Marshall Islands Anthea Y  9,115 2015 3Q25(4)
Global Ship Lease 53 LLC Liberia MSC Tianjin     8,603 2005 2Q24
Global Ship Lease 52 LLC Liberia MSC Qingdao 8,603 2004 2Q24
Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 3Q27(5) 
Global Ship Lease 72 LLC Liberia tbr GSL Alexandra 8,544 2004 3Q25(6)
Global Ship Lease 73 LLC Liberia tbr GSL Sofia 8,544 2003 3Q25(6)
Global Ship Lease 74 LLC Liberia tbr GSL Effie 8,544 2003 3Q25(6)
Global Ship Lease 75 LLC Liberia GSL Lydia 8,544 2003 2Q25(6)
Global Ship Lease 30 Limited Marshall Islands GSL Eleni 7,847 2004 3Q24(7)
Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi  7,847 2004 3Q24(7)
Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 3Q24(7)
Alexander Marine LLC Marshall Islands Mary 6,927 2013 4Q28(8)
Hector Marine LLC Marshall Islands Kristina 6,927 2013 3Q29(8)
Ikaros Marine LLC Marshall Islands Katherine 6,927 2013 1Q29(8)
Philippos Marine LLC Marshall Islands Alexandra 6,927 2013 2Q29(8)
Aristoteles Marine LLC Marshall Islands Alexis 6,882 2015 2Q29(8)
Menelaos Marine LLC Marshall Islands Olivia I 6,882 2015 2Q29(8)
Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 3Q24
Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 3Q23
Global Ship Lease 48 LLC Liberia CMA CGM Berlioz  6,621 2001 4Q25
Leonidas Marine LLC Marshall Islands Agios Dimitrios  6,572 2011 4Q23
Global Ship Lease 33 LLC Liberia GSL Vinia 6,080 2004 3Q24
Global Ship Lease 34 LLC Liberia GSL Christel Elisabeth 6,080 2004 2Q24

 

 

 

1. Description of Business (continued)

 

           
Company Name (1) Country of Incorporation Vessel Name Capacity in TEUs (2) Year Built  Earliest Charter Expiry Date 
GSL Arcadia LLC Liberia  GSL Arcadia 6,008 2000 2Q24(9)
GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q24(9)
GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24(9)
GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24(9)
GSL Tegea LLC Liberia GSL Tegea 5,992 2001 3Q24(9)
GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 3Q24(9)
GSL MYNY LLC Liberia GSL MYNY 6,008 2000 3Q24(9)
Tasman Marine LLC Marshall Islands Tasman  5,936 2000 4Q23(10)
Hudson Marine LLC Marshall Islands Zim Europe  5,936 2000 1Q24
Drake Marine LLC Marshall Islands Ian H  5,936 2000 2Q24
Global Ship Lease 68 LLC (3) Liberia GSL Kithira 5,470 2009 4Q24(11)
Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 4Q24(11)
Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 4Q24(11)
Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 4Q24(11)
Hephaestus Marine LLC Marshall Islands Dolphin II  5,095 2007 1Q25
Zeus One Marine LLC Marshall Islands Orca I  5,095 2006 2Q24(12)
Global Ship Lease 47 LLC  Liberia GSL Château d’If 5,089 2007 4Q26
GSL Alcazar Inc.  Marshall Islands CMA CGM Alcazar   5,089 2007 3Q26
Global Ship Lease 55 LLC Liberia GSL Susan  4,363 2008 3Q27(13)
Global Ship Lease 50 LLC  Liberia  CMA CGM Jamaica    4,298 2006 1Q28(13)
Global Ship Lease 49 LLC  Liberia  CMA CGM Sambhar  4,045 2006 1Q28(13)
Global Ship Lease 51 LLC  Liberia  CMA CGM America   4,045 2006 1Q28(13)
Global Ship Lease 57 LLC Liberia GSL Rossi 3,421 2012 1Q26
Global Ship Lease 58 LLC Liberia GSL Alice 3,421 2014 2Q25
Global Ship Lease 59 LLC Liberia GSL Melina 3,404 2013 2Q24
Global Ship Lease 60 LLC Liberia GSL Eleftheria 3,404 2013 3Q25
Global Ship Lease 61 LLC Liberia GSL Mercer 2,824 2007 4Q24
Global Ship Lease 62 LLC Liberia Matson Molokai 2,824 2007 2Q25
Global Ship Lease 63 LLC Liberia GSL Lalo 2,824 2006 1Q24
Global Ship Lease 42 LLC  Liberia GSL Valerie  2,824 2005 1Q25
Pericles Marine LLC Marshall Islands Athena  2,762 2003 2Q24
Global Ship Lease 64 LLC Liberia GSL Elizabeth  2,741 2006 2Q23
Global Ship Lease 65 LLC Liberia tbr GSL Chloe(14)  2,546 2012 4Q24
Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 1Q24(15)
Aris Marine LLC Marshall Islands Maira  2,506 2000 3Q23
Aphrodite Marine LLC Marshall Islands Nikolas  2,506 2000 1Q24
Athena Marine LLC Marshall Islands Newyorker  2,506 2001 1Q24
Global Ship Lease 38 LLC  Liberia Manet  2,272 2001 4Q24
Global Ship Lease 40 LLC Liberia Keta    2,207 2003 1Q25
Global Ship Lease 41 LLC Liberia Julie 2,207 2002 2Q25(16)
Global Ship Lease 45 LLC Liberia Kumasi 2,207 2002 1Q25
Global Ship Lease 44 LLC  Liberia Akiteta  2,207 2002 4Q24

 

 

  

1. Description of Business (continued)

  

(1)  All subsidiaries are 100% owned, either directly or indirectly;  
(2)  Twenty-foot Equivalent Units;
(3)  Currently, under a sale and leaseback transaction (see note 2g);
(4)  Anthea Y was forward fixed to a leading liner operator for a period of 24 months +/- 30 days, with the new charter to commence upon expiry of the existing charter in 3Q or 4Q23. 
(5)  GSL Ningbo was forward fixed to a leading liner company for minimum 48 months - maximum 52 months. The new charter is scheduled to commence in 3Q 2023;
(6)  Tbr GSL Alexandra, tbr GSL Sofia, tbr GSL Effie and GSL Lydia delivered in 2Q23 and were chartered for a period of minimum 24 months - maximum 28 months, plus additional added drydocking days in accordance plus 12 months in charterer’s option +/- 30 days.
(7)  GSL Eleni delivered 2Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two successive periods of one year each at the option of the charterer. The first of these extension options was exercised for both vessels in 2Q 2022 and commenced for GSL Grania and for GSL Kalliopi in 3Q and in 4Q 2022, respectively. The second of these extension options was exercised for both vessels in 2Q 2023 and will commence for both vessels in 3Q23;
(8)  Mary, Kristina, Katherine, Alexandra, Alexis, Olivia I were forward fixed to a leading liner company for 60 months +/- 45 days, after which the charterer has the option to extend each charter for a further two years. The new charters are scheduled to commence as each of the existing charters expire, between approximately late 2023 and late 2024 following the expiration of the existing charters;
(9)  GSL Arcadia, GSL Melita, GSL Maria, GSL Violetta, GSL Tegea, GSL Dorothea, GSL MYNY. Thereafter, the charterer has the option to extend each charter for a further 12 months, after which they have the option to extend each charter for a second time - for a period concluding immediately prior to each respective vessel’s 25th year drydocking and special survey;
(10) Tasman. 12-month extension at charterer’s option was exercised in 2Q 2022 and commenced in 3Q 2022;
(11) GSL Kithira, GSL Tripoli, GSL Syros, GSL Tinos were chartered for a period of three years from their delivery dates in 2021, after which the charterer has the option to extend each charter for a further three years;
(12) Orca I. After the initial firm period of the charter, the charterer has the option to extend the charter for a further 12-14 months; 
(13) GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America were each forward fixed to a leading liner company for a period of five years with up to +/- 45 days in charterer’s option. The new charter for GSL Susan commenced in October 2022, while the remaining charters commenced in March 2023; 
(14) “tbr” means “to be renamed”; 
(15) GSL Maren. Charter extended for a period of 11 to 14 months and commenced at the end of 1Q 2023; 
(16) Julie. Julie was forward fixed to a leading liner company for a period 24 months +/- 30 days in charterer’s option. The new charter is scheduled to commence in 3Q23.