LONDON, Jan. 12, 2021 (GLOBE NEWSWIRE) — Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) announced today that its Board of Directors has launched a new dividend policy under which the Company intends to pay shareholders a regular quarterly cash dividend of $0.12 per Class A common share beginning in the first quarter of 2021.

George Youroukos, Executive Chairman of Global Ship Lease, said: “Following the recently announced refinancing of our 2022 bonds on significantly improved terms, as well as the many other steps we have taken to strengthen our fleet, our balance sheet and our many revenue contracts from a diverse portfolio of charterers, I am pleased to report that Global Ship Lease is now in an excellent position to begin providing our common shareholders with a well-sustained and highly predictable quarterly dividend. Once repayment of the 2022 Notes is complete, the significantly improved debt service terms of our newly signed loan facility provide us with additional net cash flow to enable a quarterly cash dividend of $0.12 per share, taking into account account of the conversion of preferred shares held by affiliated companies. of Kelso in common stock.

Mr. Youroukos continued: “The current strength in demand for our fleet, combined with a historically low order book for these asset classes, gives us confidence in the fundamentals supporting the container charter market and in the future prospects of a GSL free of market covenants. 2022 Notes. One of our long-term strategic objectives has been to introduce a recurring dividend policy and we now look forward to seizing a range of attractive opportunities to continue maximizing shareholder value.

The declaration and payment of dividends will at all times be subject to the discretion of the Board of Directors of the Company. The timing and amount of dividends, if any, will depend on earnings, financial condition, cash flow, capital requirements, growth opportunities, restrictions in its loan agreements, Marshall Islands affecting the payment of dividends and other factors. .

About Global Ship Lease

Global Ship Lease is a leading independent container ship owner with a diverse fleet of medium and smaller container ships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with the business of owning and chartering container ships on fixed rate charters to leading container shipping companies. On November 15, 2018, it completed a strategic combination with Poseidon Containers.

Global Ship Lease has 43 container ships, ranging from 2,207 to 11,040 TEUs, with a total capacity of 245,280 TEUs and an average age, weighted by TEU capacity, of 13.4 years as of September 30, 2020 25 ships are Post-Panamax, nine of which are fuel-efficient new-design wide-lights.

Adjusted to include all agreed charters and vessels acquired or divested, through November 12, 2020, the average remaining term of the Company’s charters as of September 30, 2020, through the midpoint of new delivery, including options under control of the Company, was 2.3 years on a TEU-weighted basis. Contract revenue on the same basis was $688.9 million. Contract revenue was $764.9 million, including options under charterer control and with last delivery date, representing a weighted average remaining life of 2.6 years.

Forward-looking statements

This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’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”, “in progress”, “plan” , “potential”, “predict”, “project”, “will” or similar words or expressions, or the negatives of such words or expressions, may identify forward-looking statements, but the absence of such words does not necessarily mean that statement is not forward-looking. These forward-looking statements are based on assumptions which may be incorrect, and the Company cannot assure you that the events or expectations included in these forward-looking statements will occur. Actual results could differ materially from those expressed or implied by the forward-looking statements due to a variety of factors, including the factors described in the “Risk Factors” section of the Company’s Annual Report on Form 20-F and the factors and risks described by the company. in subsequent reports filed from time to time with the United States Securities and Exchange Commission. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the occurrence of unforeseen events.

Investor and media contact:

The IGB group
Bryan Degnan
646-673-9701
Where
Leon Berman
212-477-8438