$GSL-PB

Global Ship Lease, Inc.

CIK:0001430725|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING REVENUES
Time charter revenue	$ 752,965	$ 705,529	$ 666,715
Amortization of intangible liabilities-charter agreements	13,486	5,526	8,080
Total operating revenues	766,451	711,055	674,795
OPERATING EXPENSES:
Vessel operating expenses (include related party vessels operating expenses of $23,817, $21,804 and $19,086 for each of the years ended December 31, 2025, 2024 and 2023, respectively)	208,426	191,257	179,221
Time charter and voyages expenses (include related party time charter and voyage expenses of $8,689, $8,610 and $7,995 for each of the years ended December 31, 2025, 2024 and 2023, respectively)	25,134	23,536	23,582
Depreciation and amortization	121,961	99,991	91,727
Impairment of vessels	0	0	18,830
General and administrative expenses	22,080	17,132	18,217
Gain on sale of vessels	(46,272)	0	0
Operating Income	435,122	379,139	343,218
NON-OPERATING INCOME/(EXPENSES)
Interest income	19,192	16,735	9,777
Interest and other finance expenses (include $875, $3,627 and $108 expenses relating to prepayment fees and acceleration of deferred financing costs, if any, for each of the years ended December 31, 2025, 2024 and 2023, respectively)	(38,966)	(40,676)	(44,824)
Other income, net	6,059	3,601	2,149
Fair value adjustment on derivative asset	(4,952)	(5,170)	(5,372)
Total non-operating expenses	(18,667)	(25,510)	(38,270)
Income before income taxes	416,455	353,629	304,948
Income taxes	0	(1)	(448)
Net Income	416,455	353,628	304,500
Earnings allocated to Series B Preferred Shares	(9,536)	(9,536)	(9,536)
Net Income available to Common Shareholders, Basic	406,919	344,092	294,964
Net Income available to Common Shareholders, Diluted	$ 406,919	$ 344,092	$ 294,964
Common Class A [Member]
Weighted average number of Class A common shares outstanding
Basic	35,708,122	35,316,495	35,405,458
Diluted	35,962,136	35,577,956	35,928,922
Net Earnings per Class A common share
Basic	$ 11.40	$ 9.74	$ 8.33
Diluted	$ 11.32	$ 9.67	$ 8.21

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 416,455	$ 353,628	$ 304,500
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	121,961	99,991	91,727
Gain on sale of vessels	(46,272)	0	0
Impairment of vessels	0	0	18,830
Amounts reclassified to other comprehensive income	0	877	214
Amortization of derivative assets’ premium	3,568	4,586	4,271
Amortization of deferred financing costs	3,660	6,828	5,526
Amortization of original issue discount on instruments	(73)	0	0
Amortization of intangible liabilities - charter agreements	(13,486)	(5,526)	(8,080)
Fair value adjustment on derivative asset	4,952	5,170	5,372
Prepayment fees on debt repayment	175	870	0
Stock based compensation expense	13,964	8,704	10,189
Changes in operating assets and liabilities:
(Increase)/decrease in accounts receivable and other assets	(29,735)	4,535	(669)
Decrease/(increase) in inventories	4,305	(3,141)	(3,527)
Increase in derivative assets	(194)	(249)	0
Increase/(decrease) in accounts payable and other liabilities	38,745	16,244	(5,890)
Decrease in related parties' balances, net	163	290	192
Increase/(decrease) in deferred revenue	68,299	(20,153)	(9,306)
Payments for drydocking and special survey costs	(58,189)	(42,506)	(38,341)
Unrealized foreign exchange loss/(gain)	1	(2)	0
Net cash provided by operating activities	528,299	430,146	375,008
Cash flows from investing activities:
Acquisition of vessels	(121,541)	(205,500)	(123,300)
Cash paid for vessel expenditures	(14,173)	(12,840)	(19,586)
Net proceeds from sale of vessels	88,568	0	5,940
Advances for vessel acquisitions and other additions	(33,226)	(24,154)	(9,587)
Time deposits and other instruments acquired	(271,532)	(12,150)	(5,450)
Net cash used in investing activities	(351,904)	(254,644)	(151,983)
Cash flows from financing activities:
Proceeds from drawdown of credit facilities and sale and leaseback	218,500	344,500	76,000
Repayment of credit facilities and sale and leaseback	(144,672)	(185,438)	(202,348)
Repayment of refinanced debt, including prepayment fees	(70,393)	(292,010)	0
Deferred financing costs paid	(2,185)	(3,120)	(1,140)
Net proceeds from offering of Class A common shares, net of offering costs	(332)	445	0
Cancellation of Class A common shares	0	(4,994)	(21,969)
Class A common shares - dividend paid	(76,061)	(58,438)	(53,249)
Series B Preferred Shares - dividend paid	(9,536)	(9,536)	(9,536)
Net cash used in financing activities	(84,679)	(208,591)	(212,242)
Net increase/(decrease) in cash and cash equivalents and restricted cash	91,716	(33,089)	10,783
Cash and cash equivalents and restricted cash at beginning of the year	247,624	280,713	269,930
Cash and cash equivalents and restricted cash at end of the year	339,340	247,624	280,713
Supplementary Cash Flow Information:
Cash paid for interest	46,806	55,421	67,997
Cash received from interest rate caps	16,600	27,027	32,549
Non-cash investing activities:
Acquisition of intangibles	54,109	49,295	0
Non-cash financing activities:
Unpaid offering costs	40	0	0
Unrealized loss on derivative assets/FX option	$ (10,415)	$ (16,179)	$ (16,625)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 273,876	$ 141,375
Time deposits	199,100	26,150
Restricted cash	50,520	55,583
Accounts receivable, net	49,887	12,501
Inventories	14,600	18,905
Prepaid expenses and other current assets	33,623	31,949
Derivative assets	5,234	14,437
Due from related parties	$ 148	$ 342
Accounts Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current assets	$ 626,988	$ 301,242
NON - CURRENT ASSETS
Vessels in operation	1,962,888	1,884,640
Advances for vessels acquisitions and other additions	35,961	18,634
Deferred dry dock and special survey costs, net	110,936	91,939
Other non-current assets	10,830	20,155
Derivative assets, net of current portion	0	5,969
Restricted cash and other instruments, net of current portion	113,600	50,666
Total non - current assets	2,234,215	2,072,003
TOTAL ASSETS	2,861,203	2,373,245
CURRENT LIABILITIES
Accounts payable	61,912	26,334
Accrued liabilities	47,727	46,926
Current portion of long - term debt	147,567	145,276
Current portion of deferred revenue	48,885	44,742
Due to related parties	$ 692	$ 723
Accounts Payable, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Total current liabilities	$ 306,783	$ 264,001
LONG - TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs	541,575	538,781
Intangible liabilities - charter agreements	90,054	49,431
Deferred revenue, net of current portion	121,707	57,551
Total non - current liabilities	753,336	645,763
Total liabilities	1,060,119	909,764
Commitments and Contingencies	0	0
SHAREHOLDERS' EQUITY
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,913,628 shares issued and outstanding (2024 - 35,447,370 shares)	359	355
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2024 - 43,592 shares)	0	0
Additional paid in capital	694,331	680,743
Retained Earnings	1,104,617	773,759
Accumulated other comprehensive income	1,777	8,624
Total shareholders' equity	1,801,084	1,463,481
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,861,203	$ 2,373,245