Here are 1-3 brief analogies for Global Ship Lease (GSL):

• AerCap for containerships
• Prologis for the ocean

• Containership Chartering: Leasing out container ships under fixed-rate charters to international shipping companies for their global trade routes.

Global Ship Lease (GSL) sells primarily to other companies. As a container ship lessor, its customers are global liner shipping companies that charter its vessels.

Based on their 2023 financial disclosures (10-K filing), GSL's major customers are:

• CMA CGM S.A. (a private company, accounted for approximately 25.1% of 2023 revenues)
• MSC Mediterranean Shipping Company S.A. (a private company, accounted for approximately 17.6% of 2023 revenues)

No other customer accounted for 10% or more of GSL's consolidated revenues for the year ended December 31, 2023.

• Technomar Shipping Inc.
• ConChart Commercial Inc.
• Daehan Shipbuilding Co., Ltd.

George Youroukos, Executive Chairman

Mr. Youroukos is the Executive Chairman of Global Ship Lease. He played a pivotal role in the 2018 strategic combination of Poseidon Containers, a containership owner he had built in collaboration with a large US private equity firm, with Global Ship Lease. Mr. Youroukos founded Technomar, an internationally recognized ship management company, in 1994, and serves as its Managing Director. He has negotiated and executed over 400 secondhand and newbuilding vessel transactions and has partnered with private equity firms to jointly invest in container and dry bulk vessels.

Thomas A. Lister, Chief Executive Officer

Mr. Lister was appointed Chief Executive Officer of Global Ship Lease in March 2024. He was a member of the senior management team that took Global Ship Lease public in 2008 and managed the strategic combination with Poseidon Containers in 2018. Prior to his CEO appointment, Mr. Lister served as Chief Commercial Officer since 2007 and was also Chief Financial Officer from April 2017 until the merger with Poseidon Containers in November 2018. Before joining Global Ship Lease, he was a Senior Vice President at DVB Bank, a specialist transport asset financier, from 2005 to 2007. He also worked for a large German financier and ship owning group, Nordcapital (now E.R. Capital Holding), as Director of Business Development from 2004 to 2005. Mr. Lister has over a decade of experience in strategic, commercial, and operational roles with liner shipping companies and their agents.

Tassos Psaropoulos, Chief Financial Officer

Mr. Psaropoulos became Chief Financial Officer of Global Ship Lease in November 2018. Before this, he served as Chief Financial Officer of Poseidon Containers and Technomar Shipping, Inc. from 2011 until Poseidon's strategic combination with Global Ship Lease in 2018. In this role, he oversaw and successfully executed multiple distressed asset acquisitions. Prior to Poseidon, he held other finance positions, including Financial Controller at Dolphin Capital, an AIM-listed real estate development fund. He also worked as an external auditor with PricewaterhouseCoopers, focusing on the shipping and oil & gas industries from 2006 to 2010.

George Giannopoulos, Chief Compliance Officer

Mr. Giannopoulos became Chief Compliance Officer in May 2024 and has served as Head of Internal Audit since the strategic combination of Poseidon Containers and Global Ship Lease in November 2018. His prior experience includes three years as Financial Controller at Technomar, Global Ship Lease's technical manager, and five years as Financial Controller for the South American logistics arm of Navios, a major shipowning group. He also worked as a senior external auditor for PricewaterhouseCoopers from 2006 to 2010, covering the shipping and oil & gas industries.

Maria Danezi, Company Secretary

Ms. Danezi has served as Company Secretary of Global Ship Lease since November 2018. She is also the Head of the Legal Team at Technomar Shipping, Inc., Global Ship Lease's technical manager, where she has worked since 2002. Her expertise includes global sale & purchase transactions, insurance claim negotiation, and complex, international legal dispute resolution.

The rapid acceleration of decarbonization efforts and the transition to green shipping technologies pose a significant emerging threat to Global Ship Lease. As international regulations tighten (e.g., IMO 2030, 2050 targets) and demand from major shipping lines shifts towards more fuel-efficient, lower-emission, and alternative-fuel-capable vessels, GSL's existing fleet of conventionally-fueled ships faces potential obsolescence. This could lead to lower charter rates, reduced asset values, increased operational costs due to carbon taxes or penalties, and substantial capital expenditure requirements for retrofits or newbuilds to remain competitive, fundamentally challenging the long-term viability and profitability of their current asset base.

Global Ship Lease (GSL) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

1. High Contracted Revenue Backlog and Coverage: A substantial portion of Global Ship Lease's future revenue is secured through existing long-term charter agreements. As of March 31, 2025, the company reported nearly $1.9 billion in total contracted revenues, with an average contract duration of 2.3 years. This provides significant revenue visibility and stability, with contract coverage at 93% for 2025 and 75% for 2026. The company continued to add to this backlog, securing nearly $400 million of additional charter coverage in the first half of 2025, effectively covering its 2025 market exposure and bringing 2026 coverage to 80%.
2. Strong Demand and Favorable Charter Rates for Mid-Sized and Smaller Containerships: Global Ship Lease's fleet is strategically focused on mid-sized and smaller containerships (2,000 to 10,000 TEU), which remain in high demand with essentially no idle capacity in the global system. The increasing complexity and inefficiencies within global container supply chains, coupled with shifting trade patterns and geopolitical disruptions, are boosting the demand for these specific vessel classes. This strong demand allows GSL to benefit from sustained high utilization and favorable charter rates, directly supporting future revenue growth.
3. Strategic Fleet Renewal and Optimization: Global Ship Lease actively manages its fleet through strategic renewal and optimization. The company has been selectively acquiring modern, in-demand containerships while divesting older vessels to maintain an efficient and earnings-focused fleet. For example, in Q4 2024, GSL acquired four high-specification ECO 9,000 TEU ships, and in Q1 2025, it sold several older vessels (approximately 25 years old) at above-charter values, generating cash for future investments and enhancing fleet quality. This strategy aims to ensure that the fleet can command better charter rates and maintain high operational efficiency.
4. Geopolitical Events and Supply Chain Disruptions: Ongoing geopolitical uncertainties, such as disruptions in the Red Sea, continue to support the containership charter market. These events and broader supply chain disruptions can lead to rerouting and increased freight rates, which in turn positively impact GSL's revenue growth. The company has capitalized on these market conditions to secure attractive charters, even in typically slower seasons.

Share Repurchases

• In March 2022, Global Ship Lease authorized a share repurchase program of up to $40 million, which was subsequently increased by an additional $40 million in July 2023, bringing the total authorization to $80 million.
• The company repurchased $10 million worth of stock during the first quarter of 2023 and an additional $3.8 million in April 2023.
• During the first quarter of 2024, Global Ship Lease repurchased approximately $5.0 million of Class A common shares, with about $33.0 million of capacity remaining under the authorization.

Share Issuance

• In January 2021, Global Ship Lease completed an underwritten public offering of 5,400,000 Class A common shares, resulting in gross proceeds of $70.2 million.
• In August 2024, the company confirmed an agreement to issue and sell up to $100 million of its Class A common shares through an at-the-market offering.
• A $150 million follow-on equity offering for depositary shares was completed as of November 2025, strengthening the company's liquidity.

Outbound Investments

• In December 2024, Global Ship Lease contracted to purchase four high-reefer ECO-9,115 TEU containerships for an aggregate price of $274 million, with phased delivery expected between December 2024 and January 2025.
• This acquisition of new vessels aligns with the company's disciplined strategy for fleet renewal and growth.

Capital Expenditures

• Capital expenditures totaled $42.3 million in 2023, with $28.6 million allocated to fleet maintenance and $13.7 million for fleet expansion.
• Historical capital expenditures were $471.64 million in 2021, $152.47 million in 2023, and $242.49 million in 2024.
• Projected capital expenditures include $247 million for 2025, $239 million for 2026, and $202 million for 2027, primarily focused on the expansion and renewal of its containership fleet.