UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2021

Commission File Number:  001-34153

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K (this “Report”) as Exhibit 99.1 is a copy of the press release of Global Ship Lease, Inc. (the “Company”), dated November 10, 2021, reporting the Company’s financial results for the three and nine months ended September 30, 2021.

Attached to this Report as Exhibit 99.2 are the Company’s interim unaudited consolidated financial statements for the nine months ended September 30, 2021.

The information contained in this Report, except for the commentary of George Youroukos and Ian Webber contained in Exhibit 99.1, is hereby incorporated by reference into the Company's registration statements on Form F-3 (File Nos. 333-231509, 333-234343, 333-235305 and 333-258800) and Form S-8 (File No. 333-258992).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 99.1

Investor and Media Contacts:

The IGB Group

Bryan Degnan

646-673-9701

or

Leon Berman

212-477-8438

Global Ship Lease Reports Results for the Third Quarter of 2021

Declares Dividend of $0.25 per Common Share

Expanded Fleet by over 50% in Year to Date, with all Acquired Ships Now Delivered and on Charter

LONDON, ENGLAND — November 10, 2021 - Global Ship Lease, Inc. (NYSE:GSL) (the “Company”, “Global Ship Lease” or “GSL”), an owner of containerships, announced today its unaudited results for the three and nine month periods ended September 30, 2021.

Third Quarter 2021 and Year To Date Highlights

- Reported operating revenue of $138.6 million for the third quarter 2021. Operating revenue for the nine months ended September 30, 2021 was $294.4 million.

- Reported net income available to common shareholders of $62.9 million for the third quarter 2021 after a prepayment fee of $0.2 million on the repayment of the Hayfin Facility, giving normalized net income⁽³⁾ for the quarter of $63.1 million.

- For the nine months ended September 30, 2021, net income available to common shareholders was $97.1 million, after $5.8 million premium paid on the full optional redemption of our outstanding 9.875% Senior Secured Notes due 2022 (“2022 Notes”) on January 20, 2021, associated non-cash write offs of deferred financing charges of $3.7 million and of original issue discount of $1.1 million, a non-cash charge of $1.3 million for accelerated stock based compensation expense, a prepayment fee of $1.6 million on the partial repayment of the Blue Ocean Junior Credit Facility, a prepayment fee of $1.4 million on the completion of the refinancing of the Odyssia Credit Facilities, a prepayment fee of $0.2 million on the repayment of Hayfin Facility and a $7.8 million net gain from the sale of La Tour, giving normalized net income⁽³⁾ for the nine months of $104.6 million.

- Generated $72.7 million of Adjusted EBITDA⁽³⁾ for the third quarter 2021. Adjusted EBITDA⁽³⁾ for the nine months ended September 30, 2021 was $166.5 million.

- Earnings per share for the third quarter of 2021, as reported, was $1.73. Normalized earnings per share⁽³⁾ for the third quarter of 2021 was $1.74. Earnings per share for the nine months ended September 30, 2021, as reported, was $2.80. Normalized earnings per share⁽³⁾ for the nine months ended September 30, 2021 was $3.01.

- Declared a dividend of $0.25 per Class A common share for the third quarter of 2021 to be paid on December 2, 2021 to common shareholders of record as of November 22, 2021. Paid a dividend of $0.25 per Class A common share for the second quarter 2021 on September 3, 2021 to common shareholders of record as of August 23, 2021.

- On June 8, 2021, announced the agreement to purchase 12 containerships from Borealis Finance LLC (the “Borealis Fleet”), with an average size of approximately 3,000 TEU and a weighted average age of 11 years for an aggregate purchase price of $233.9 million. All of these vessels were delivered in July 2021.

- The total outstanding on our Senior Unsecured Notes due 2024 (the “2024 Notes”) as at September 30, 2021 was $117.5 million, which includes the issuance in July 2021 of $35.0 million aggregate principal amount of the 2024 Notes to the sellers of the Borealis Fleet, as part of the consideration. Since the inception of the ATM program for the 2024 Notes in November 2019, a total of $50.9 million net proceeds has been raised. We did not sell any 2024 Notes under our ATM program in the third quarter of 2021.

- On June 16, 2021, announced the agreement to purchase four 5,470 TEU ultra-high reefer capacity Panamax containerships with an average age of approximately 11 years for an aggregate purchase price of $148.0 million. Three of these vessels were delivered to us in September 2021 and the remaining vessel was delivered on October 13, 2021. All 23 ships acquired year-to-date have now been delivered and are on charter.

- On August 20, 2021, S&P upgraded the Corporate Family Rating to BB- from B+.

- On August 27, 2021, entered into a term loan facility of $12.0 million with Sinopac Capital International (HK) Limited to refinance the Hayfin Facility, which was the last facility maturing in 2022. There are now no debt maturities until May 2024.

- On September 1, 2021, announced the purchase and retirement of 521,650 shares for $10.0 million, reducing our issued and outstanding shares to 36,216,803 as of that date.

- Between January 1 and November 9, 2021, including the charters on the 23 ships purchased year to date, added 48 charters (including extensions), representing approximately $1.25 billion of contracted revenues and $929.0 million of expected aggregate Adjusted EBITDA⁽³⁾, calculated on the basis of the median firm periods of the respective charters. 25 charters were for 1,100 – 3,500 TEU feeder ships, nine were for 4,250 – 5,470 TEU Panamax ships, and 14 were for 5,900 – 6,800 TEU Post-Panamaxes. Charter durations ranged from approximately 21 months to five years, with shorter durations for the smaller ships and longer durations for the larger ships. Rates were up significantly against those previously contracted.

George Youroukos, Executive Chairman of Global Ship Lease, stated, “Driven by the continued strength of underlying containerized freight volumes, supply chain congestion that shows little sign of near-term resolution, and the heightened competition between the liner companies to secure containership capacity, the demand for high-quality mid-sized and smaller containerships like those in the GSL fleet is as strong as it has ever been. With few new vessels delivering in our target size segments through at least 2023/2024, liner companies have been willing to pay attractive charter rates well above those available in the market in recent years. Moreover, liners have been eager to secure that capacity for extended durations spanning multiple years, significantly longer than has been the case historically and well aligned with GSL’s strategic preference to lock in value over time and provide forward visibility on cash flows while reinforcing our long-term relationships with our customers. As the factors driving both the demand for containerships and the limitations to supply growth appear to be increasingly durable, particularly as forthcoming environmental regulations in 2023 are expected to reduce the operating speed and thus the effective capacity of the global fleet, we are confident that the conditions are in place to sustain this tight containership market for some time to come.”

“We have taken numerous steps to translate this extraordinary market environment into sustainable, long-term benefits for GSL, adding 48 charters in the year-to-date for incremental contracted revenues of $1.25 billion of contracted revenues and almost $930.0 million of expected Adjusted EBITDA⁽³⁾ over durations ranging from 21 months to five years. Notably, we have grown our fleet by more than 50% while maintaining strict pricing discipline and selectivity in regards to vessel specifications, condition, and chartering prospects. All of the vessels that we agreed to acquire earlier in the year have now been delivered with attractive charters in place and are set to provide full earnings contribution from mid October, when the twenty-third vessel was delivered. The economics of the twelve-ship deal we announced in June are even stronger than originally anticipated, with five of the nearer-term availability ships now forward fixed, at superior rates, on charters agreed since the transaction closed. Moving forward, our long-term contracted cashflows from a diversified group of strong liner counterparties put us in an excellent position to maintain strategic discipline and selectivity in regards to additional growth opportunities, all the while providing an attractive and well supported dividend for our shareholders.”

Ian Webber, Chief Executive Officer of Global Ship Lease, commented, “As we have expanded our portfolio of long-term contracted cashflows with our liner company customers who themselves have rapidly improving balance sheets, we have repeatedly found opportunities to improve our own balance sheet in ways that will benefit GSL for the long term. In the year-to-date, we have refinanced $383.1 million of debt, reducing our blended cost of debt from 6.3% to 4.9%, while eliminating all debt maturities until May 2024. This significant progress was acknowledged most recently by S&P’s upgrade of GSL’s Corporate Family Rating to BB- from B+, unlocking still further opportunities to sustain the virtuous cycle of balance sheet enhancement and reduction in the cost of debt that we have achieved since our strategic combination with Poseidon in 2018. In the third quarter, we opportunistically repurchased and retired 521,650 of our common shares at an attractive price, for total consideration of $10.0 million. At the same time, our Executive Chairman purchased a further 521,650 common shares for $10.0 million. In this highly supportive environment, we aim to continue pursuing a range of value-creative opportunities to strengthen our balance sheet, enhance our financial and strategic flexibility, and ensure that we achieve the greatest possible long-term benefit for our shareholders.”

SELECTED FINANCIAL DATA – UNAUDITED

(thousands of U.S. dollars)

(1) Operating Revenue is net of address commissions which represents a discount provided directly to a charterer based on a fixed percentage of the agreed upon charter rate and includes the amortization of intangible liabilities. Brokerage commissions are included in “Time charter and voyage expenses”.

(2) Net Income available to common shareholders.

(3) Adjusted EBITDA, Normalized Net Income and Normalized Earnings Per Share are non-U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial measures, as explained further in this press release, and are considered by Global Ship Lease to be a useful measure of its performance. For reconciliations of these non-U.S. GAAP financial measure to net income or earnings per share as reported, the most directly comparable U.S. GAAP financial measures, please see “Reconciliation of Non-U.S. GAAP Financial Measures” below.

Revenue and Utilization

Revenue from fixed-rate, mainly long-term, time-charters was $138.6 million in the three months ended September 30, 2021, up $68.1 million (or 96.6%) on revenue of $70.5 million for the prior year period. The period-on-period increase in revenue was principally due to (i) a 34.1% increase in ownership days, due to a net increase of 22 vessels since October 1, 2020, of which 16 were delivered during the third quarter 2021, resulting in 5,334 ownership days in the quarter, compared to 3,977 in the third quarter 2020, (ii) increased revenue on charter renewals at higher rates on multiple vessels since October 1, 2020 (iii) $24.2 million credit from amortization of intangible liabilities arising on below-market charters attached to vessel additions in the third quarter 2021, (iv) $8.5 million due to the modification of time charter contracts with a direct continuation at a different rate with the same charterer and, (v) less idle time, down to 13 days in the third quarter 2021 from 62 in the third quarter 2020 offset by an increase in unplanned offhire days from 20 in the third quarter of 2020 to 137 days in the same quarter of 2021 and an increase in planned offhire days from 125 in the third quarter of 2020 to 190 in the same quarter of 2021. The 137 days of unplanned offhire in the third quarter of 2021 includes two incidents totaling 78 days and 26 days for deviations due to Covid for crew changes on five vessels. The 190 days of planned offhire for drydockings in the third quarter 2021 were attributable to five regulatory drydockings. In the comparative period of 2020, the 125 days of offhire for drydockings were mainly attributable to three drydockings; two for extended scrubber installation and one for regulatory reasons that completed during the quarter. Utilization for the third quarter of 2021 was 93.6% compared to utilization of 94.8% in the same period of the prior year.

For the nine months ended September 30, 2021, revenue was $294.4 million, up $81.6 million (or 38.3%) on revenue of $212.8 million in the comparative period, mainly due to the factors noted above.

The table below shows fleet utilization for the three and nine months ended September 30, 2021 and 2020, and for the years ended December 31, 2020, 2019, 2018 and 2017.

Four drydockings for regulatory requirements were completed in the quarter and, as of September 30, 2021, one such drydocking was in progress. In the remaining quarter of 2021, we anticipate nine further drydockings, six scheduled and three brought forward for commercial reasons.

Vessel Operating Expenses

Vessel operating expenses, which primarily include costs of crew, lubricating oil, repairs, maintenance, insurance and technical management fees, were up 35.0% to $34.3 million for the third quarter 2021, compared to $25.4 million in the comparative period. The increase of $8.9 million was mainly due to 1,357 or 34.1% net additional ownership days in the third quarter 2021 as the result of the net increase of 22 vessels since October 1, 2020, of which 16 were delivered during the third quarter 2021. The average cost per ownership day in the quarter was $6,428, compared to $6,397 for the prior year period, up $31 per day, or 0.5%.

For the nine months ended September 30, 2021, vessel operating expenses were $86.7 million, or an average of $6,441 per day, compared to $75.1 million in the comparative period, or $6,215 per day, an increase of $226 per ownership day, or 3.6%.

Time Charter and Voyage Expenses

Time charter and voyage expenses comprise mainly commission paid to ship brokers, the cost of bunker fuel for owner’s account when a ship is off-hire or idle and miscellaneous owner’s costs associated with a ship’s voyage. Time charter and voyage expenses were $4.4 million for the third quarter 2021, compared to $2.5 million in the third quarter of 2020. The increase was mainly due to the net increase of 22 vessels since October 1, 2020, of which 16 were delivered during the third quarter 2021, plus the increase in unplanned off hire days resulting in higher costs for bunker fuel for owner’s account.

For the nine months ended September 30, 2021, time charter and voyage expenses were $8.3 million, or an average of $617 per day, compared to $8.7 million in the comparative period, or $721 per day, a decrease of $104 per ownership day, or 14.4%.

Depreciation and Amortization

Depreciation and amortization for the third quarter 2021 was $16.8 million, compared to $11.8 million in the third quarter of 2020. The increase was mainly due to the net increase of 22 vessels since October 1, 2020, of which 16 were delivered during the third quarter 2021 and the 10 drydockings that have been completed since October 1, 2020, including four drydockings for vessels acquired in 2021.

Depreciation for the nine months ended September 30, 2021 was $42.3 million, compared to $35.0 million in the comparative period, with the increase being due mainly to the reasons noted above.

Gain on sale of vessel and impairment of vessels

The 2001-built, 2,272 TEU containership, La Tour, was sold on June 30, 2021 for net proceeds of $16.5 million resulting in a gain of $7.8 million. As of March 31, 2020, we had an expectation that the 1999-built, 2,200 TEU feeder ships, GSL Matisse and Utrillo, would be sold before the end of their previously estimated useful life, and as a result performed an impairment test of these two asset groups and an impairment charge of $7.6 million was recognized. An additional impairment charge of $0.9 million was recognized on these two vessels in the three months ended June 30, 2020 for a total of $8.5 million in the nine month period ended September 30, 2020. The two vessels were sold in July 2020. 

General and Administrative Expenses

General and administrative expenses were $3.4 million in the third quarter 2021, compared to $1.6 million in the third quarter of 2020. The increase was mainly due to social tax costs related to vesting of stock awards and increased levels of activity. The average general and administrative expense per ownership day for the third quarter 2021 was $642, compared to $407 in the comparative period, an increase of $235 or 57.7%.

For the nine months ended September 30, 2021, general and administrative expenses were $9.6 million, compared to $6.4 million in the comparative period mainly due to the non-cash effect of accelerated stock based compensation expense recognized in the first quarter of 2021. The average general and administrative expense per ownership day for the nine-month period ended September 30, 2021 was $710, compared to $528 in the comparative period, an increase of $182 or 34.5%.

Adjusted EBITDA

Adjusted EBITDA was $72.7 million for the third quarter 2021, up from $41.5 million for the third quarter of 2020, with the net increase being mainly due to the increased operating days and a net increase of 22 vessels since October 1, 2020.

Adjusted EBITDA for the nine months ended September 30, 2021 was $166.5 million, compared to $124.5 million for the comparative period, with the increase being due to the reason noted above.

Interest Expense and Interest Income

Debt as at September 30, 2021 totaled $1,093.4 million, comprising $820.0 million secured debt collateralized by vessels, $155.9 million from sale and leaseback financing transactions and $117.5 million of unsecured indebtedness on our 2024 Notes. As of September 30, 2021, none of our vessels were unencumbered.

Debt at September 30, 2020 totaled $830.3 million, comprising $265.1 million of indebtedness on our 2022 Notes and $4.7 million of indebtedness under a secured term loan, both cross collateralized by 16 vessels in the legacy GSL fleet, $501.5 million other secured debt collateralized by our other vessels, and $59.0 million of unsecured indebtedness on our 2024 Notes. As of September 30, 2020, five of our vessels were unencumbered.

Interest and other finance expenses for the third quarter 2021 were $15.0 million, the same as in the comparative period. The effect of full repayment of our higher interest rate 2022 Notes in January 2021 and the partial repayment of our higher interest rate Blue Ocean Junior Credit Facility in February 2021 was offset by the interest on new loans with Hamburg Commercial Bank AG (“HCOB”) and new sale and leaseback agreements with Neptune Maritime Leasing (“Neptune”) and with CMB Financial Leasing Co. Ltd. (“CMBFL”), all for vessel additions.

Interest and other finance expenses for the nine months ended September 30, 2021 were $54.3 million, an increase of $3.8 million, or 7.5%, on the interest and other finance expenses for the comparative period, of $50.5 million. The increase was mainly due to $5.8 million premium paid on the redemption in full of our 2022 Notes in January 2021 compared to $2.3 million premium paid on the redemption $46.0 million of the 2022 Notes in March 2020, the non-cash write off of deferred financing charges of $3.7 million and of original issue discount of $1.1 million associated with the redemption of the 2022 Notes, the prepayment fee of $1.6 million paid on the partial repayment of our Blue Ocean Junior Credit Facility, the prepayment fee of $1.4 million paid on the repayment and completion of the refinancing of our Odyssia Credit Facilities and interest on new loans with HCOB and new sale and leaseback agreements with Neptune and CMBFL, all for vessel additions, offset by a decrease in LIBOR.

Interest income for the third quarter 2021 was $0.01 million, compared to $0.1 million for the third quarter of 2020.

Interest income for the nine months period ended September 30, 2021 was $0.4 million, compared to $0.9 million for the comparative period.

Other Income, Net

Other income, net was $0.8 million in the three months ended September 30, 2021, compared to income of $0.7 million in the third quarter of 2020.

Other income, net was $1.7 million in the nine months period ended September 30, 2021, compared to income of $0.4 million in the comparative period.

Taxation

Taxation for the three months ended September 30, 2021 was a credit of $0.06 million, compared to a credit of $0.05 million in the third quarter of 2020.

Taxation for the nine months ended September 30, 2021 was a credit of $0.06 million, compared to a credit of $0.05 million in the nine months ended September 30, 2020.

Earnings Allocated to Preferred Shares

Net Income Available to Common Shareholders

Net income available to common shareholders for the three months ended September 30, 2021 was $62.9 million, including the prepayment fee of $0.2 million on the completion of the refinancing of our Hayfin Credit Facility. Net income available to common shareholders for the prior period was $13.6 million including $0.2 million loss from the sale of GSL Matisse and Utrillo. Earnings per share for the three months ended September 30, 2021 was $1.73. Earnings per share for the comparative period was $0.44.

Net income available to common shareholders for the nine months ended September 30, 2021 was $97.1 million, including the $7.8 million net gain on the sale of La Tour, the prepayment fee of $1.6 million on the partial repayment of our Blue Ocean Junior Credit Facility, the prepayment fee of $1.4 million on the completion of the refinancing of our Odyssia Credit Facilities, the prepayment fee of $0.2 million on the repayment of our Hayfin Credit Facility, the non-cash effect of $1.3 million for accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares, $5.8 million premium paid on the redemption in full of our 2022 Notes in January 2021, and associated accelerated amortization of $3.7 million deferred financing charges and $1.1 million original issue discount. Net income available to common shareholders for the prior period was $26.8 million, after a non-cash impairment charge of $8.5 million, $0.2 million loss on sale of two ships, $2.3 million premium paid on the redemption of $46.0 million of our 2022 Notes in February 2020 and $0.4 million new awards of fully vested incentive shares. Earnings per share for the nine months ended September 30, 2021 was $2.80. Earnings per share for the comparative period was $0.88.

Normalized net income (a non-GAAP financial measure) for the three months ended September 30, 2021, was $63.1 million, before the prepayment fee of $0.2 million paid on the repayment of our Hayfin Credit Facility. Normalized earnings per share for the three months ended September 30, 2021 was $1.74. Normalized net income for the three months ended September 30, 2020, was $13.8 million, before the $0.2 million loss on sale of two ships. Normalized earnings per share for the three months ended September 30, 2020 was $0.45.

Normalized net income for the nine months period ended September 30, 2021 was $104.6 million before the $7.8 million net gain on the sale of La Tour, the prepayment fee of $1.6 million on the partial repayment of our Blue Ocean Junior Credit Facility, the prepayment fee of $1.4 million on the completion of the refinancing of our Odyssia Credit Facilities, the prepayment fee of $0.2 million on the repayment of our Hayfin Credit Facility, the non-cash effect of $1.3 million for accelerated stock based compensation expense, $5.8 million premium paid on the redemption in full of our 2022 Notes in January 2021, the associated accelerated amortization of $3.7 million deferred financing charges and $1.1 million original issue discount. Normalized earnings per share for the nine months ended September 30, 2021 was $3.01. Normalized net income in the comparative period was $38.3 million, before the non-cash impairment charge of $8.5 million, $2.3 million premium paid on the redemption of 2022 Notes, $0.2 million of loss on sale of the two ships and $0.4 million new awards of fully vested incentive shares. Normalized earnings per share for the nine months ended September 30, 2020 was $1.25.

Fleet

As at November 9, 2021, we had 65 containerships in our fleet.

(1)	Modern design, high reefer capacity, fuel-efficient vessel.

(2)	MSC Tianjin. Chartered at $23,000 per day through drydocking in 2Q2021; thereafter at $19,000 per day, due to cancellation of scrubber installation. MSC Qingdao has a scrubber installed and will continue to trade at a rate of $23,000 per day.

(3)

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 at the option of the charterer. During the option periods the charter rates for GSL Kalliopi and GSL Grania are $18,900 per day and $17,750 per day respectively.

(4)	GSL Nicoletta. Chartered to MSC at $13,500 per day through July 2021; thereafter chartered to Maersk at $35,750 per day.

(5)	CMA CGM Berlioz. Chartered at $34,000 per day through December 2021, at which time the rate will increase to $37,750 per day.

(6)

On February 9, 2021 we announced that we had contracted to purchase seven ships of approximately 6,000 TEU each, which have now been delivered. Contract cover for each ship is for a firm period of at least three years from the date each vessel is delivered, with charterers holding a one-year extension option on each charter (at a rate of $12,900 per day), followed by a second option (at a rate of $12,700 per day) with the period determined by - and terminating prior to - each vessel’s 25th year drydocking & special survey. Five ships are chartered to Maersk from delivery at a rate of $18,600 per day; the remaining two (tbr GSL Maria & GSL Violetta) are chartered to Maersk upon completion of short charters to ONE (to October 2021, at $17,800 per day) and Wan Hai (to December 2021, at $21,500 per day), respectively.

(7)	Tasman. 12-month extension at charterer’s option callable in 2Q2022, at an increased rate of $20,000 per day.

(8)	A package agreement with ZIM, for direct charter extensions on two 5,900 TEU ships: Ian H, at a rate of $32,500 per day from May 2021, and ZIM Europe (formerly Dimitris Y), at a rate of $24,250 per day, from May 2022.

(9)

On June 16, 2021 we announced that we had contracted to purchase four ultra-high reefer ships of 5,470 TEU each. These ships delivered in September and October of 2021. Contract cover on each ship is for a firm period of three years at a rate of $36,500 per day, with a period of an additional three years (at $17,250 per day) at charterers’ option.

(10)	Dolphin II. Chartered to OOCL at $24,500 per day through April 2022, at which time the rate will increase to $53,500 per day.

(11)	Orca I. Chartered at $21,000 per day through to the median expiry of the charter in 2Q2024; thereafter the charterer has the option to charter the vessel for a further 12-14 months at the same rate.

(12)	CMA CGM Alcazar and GSL Chateau d’If. Both ships have been forward fixed to CMA CGM for five years at $35,500 per day, up from $16,000 per day for Alcazar, and $14,500 per day for Chateau d’If, with the new charters commencing in October and November of 2021, respectively;

(13)	GSL Rossi. Chartered to Gold Star / ZIM to March 2022 at a rate of $20,000 per day; thereafter the rate increases to an average of $38,875 per day;

(14)	GSL Eleftheria. Chartered to Maersk at $12,000 per day through September 2021; thereafter at the rate increases to $37,975 per day;

(15)	GSL Valerie: chartered to ZIM at $13,250 per day to January 2022; thereafter the rate increases to an average of $35,600 per day-$40,000 for the first 12 months, $36,000 for the next 12 months and $32,000 for the remaining period;

(16)	Matson Molokai. Chartered to Matson to July 2021 at $20,250 per day; thereafter from May 2022 the rate increases to $36,500 per day;

(17)	GSL Mercer. Chartered to Hapag-Lloyd through October 2021 at $11,700 per day; Thereafter chartered to ONE at $35,750 per day;

(18)	GSL Chole. Chartered to ONE to November 2021 at $15,000 per day; thereafter the rate increases to $33,000 per day;

(19)	Manet. Chartered to Sea-Lead at $12,850 per day to 4Q21; thereafter the vessel is to be dry-docked and then chartered to OOCL at a rate of $32,000 per day;

(20)	Keta. Chartered to OOCL at $9,400 per day through 3Q2021. Thereafter fixed to CMA CGM at $25,000 per day;

(21)	Kumasi (or Marie Delmas, at option of GSL). Chartered to CMA CGM at $9,300 per day to 4Q21; thereafter the vessel is to be dry-docked and then chartered to OOCL at a rate of $32,000 per day.

Conference Call and Webcast

Global Ship Lease will hold a conference call to discuss the Company's results for the three months ended September 30, 2021 today, Wednesday November 10, 2021 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:

(1) Dial-in: (877) 445-2556 or (908) 982-4670; Passcode: 2790545

Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.

(2) Live Internet webcast and slide presentation: http://www.globalshiplease.com

If you are unable to participate at this time, a replay of the call will be available through Friday, November 26, 2021 at (855) 859-2056 or (404) 537-3406. Enter the code 2790545 to access the audio replay. The webcast will also be archived on the Company’s website: http://www.globalshiplease.com

Annual Report on Form 20-F

The Company’s Annual Report for 2020 was filed with the Securities and Exchange Commission (the “Commission”) on March 19, 2021. A copy of the report can be found under the Investor Relations section (Annual Reports) of the Company’s website at http://www.globalshiplease.com or on the Commission’s website at www.sec.gov.  Shareholders may request a hard copy of the audited financial statements free of charge by contacting the Company at info@globalshiplease.com or by writing to Global Ship Lease, Inc, care of Global Ship Lease Services Limited, 25 Wilton Road, London SW1V ILW.

About Global Ship Lease

Reconciliation of Non-U.S. GAAP Financial Measures

Adjusted EBITDA represents net income available to common shareholders before interest income and expense, earnings allocated to preferred shares, income taxes, depreciation and amortization of drydocking net costs, gains or losses on the sale of vessels, amortization of intangible liabilities, charges for share based compensation and impairment losses.  Adjusted EBITDA is a non-U.S. GAAP quantitative measure used to assist in the assessment of our ability to generate cash from our operations. We believe that the presentation of Adjusted EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Adjusted EBITDA is not defined in U.S. GAAP and should not be considered to be an alternative to net income or any other financial metric required by such accounting principles. Our use of Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry.

Adjusted EBITDA is presented herein both on a historic basis and on a forward-looking basis in certain instances. We do not provide a reconciliation of such forward looking non-U.S. GAAP financial measure to the most directly comparable U.S. GAAP measure because such U.S. GAAP financial measure on a forward-looking basis is not available to us without unreasonable effort.

ADJUSTED EBITDA - UNAUDITED

(thousands of U.S. dollars)

Normalized net income represents net income available to common shareholders adjusted for impairment charges, the premium paid on redemption of our 2022 Notes together with the associated accelerated amortization of deferred financing costs and original issue discount, prepayment fees on repayment of credit facilities, accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares and gains or losses on sale of vessels. Normalized net income is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported net income for items that do not affect operating performance or operating cash generated. Normalized net income is not defined in U.S. GAAP and should not be considered to be an alternate to net income or any other financial metric required by such accounting principles. Our use of Normalized net income may vary from the use of similarly titled measures by others in our industry.

NORMALIZED NET INCOME

(thousands of U.S. dollars)

Normalized Earnings per Share represents Earnings per Share adjusted for impairment charges, the premium paid on redemption of our 2022 Notes together with the associated accelerated amortization of deferred financing costs and original issue discount, prepayment fees on repayment of credit facilities, accelerated stock based compensation expense due to vesting and new awards of fully vested incentive shares and gains or losses on sale of vessels. Normalized Earnings per Share is a non-U.S. GAAP quantitative measure which we believe will assist investors and analysts who often adjust reported Earnings per Share for items that do not affect operating performance or operating cash generated. Normalized Earnings per Share is not defined in U.S. GAAP and should not be considered to be an alternate to Earnings per Share as reported or any other financial metric required by such accounting principles. Our use of Normalized Earnings per Share may vary from the use of similarly titled measures by others in our industry.

NORMALIZED EARNINGS PER SHARE

Safe Harbor Statement

This communication contains forward-looking statements. Forward-looking statements provide Global Ship Lease's current expectations or forecasts of future events. Forward-looking statements include statements about Global Ship Lease'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," "ongoing," "plan," "potential," "predict," “should,” "project," "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and Global Ship Lease cannot assure you that these projections included in these forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.

The risks and uncertainties include, but are not limited to:

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Global Ship Lease's actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in Global Ship Lease's filings with the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication.

Global Ship Lease undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Global Ship Lease describes in the reports it will file from time to time with the SEC after the date of this communication.

Global Ship Lease, Inc.

(Expressed in thousands of U.S. dollars except share data)

Global Ship Lease, Inc.

(Expressed in thousands of U.S. dollars)

Global Ship Lease, Inc.

Interim Unaudited Condensed Consolidated Statements of Cash Flows

(Expressed in thousands of U.S. dollars)

Exhibit 99.2

Index		Page
INTERIM UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS AT SEPTEMBER 30, 2021 AND DECEMBER 31, 2020				F-1
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020				F-2
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020				F-3
INTERIM UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020				F-4
NOTES TO THE INTERIM UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			F-5

						As of
		Note				September 30, 2021				December 31, 2020
ASSETS
CURRENT ASSETS
Cash and cash equivalents						$	81,917			$	80,757
Restricted cash							28,524				825
Accounts receivable, net							3,676				2,532
Inventories							9,261				6,316
Prepaid expenses and other current assets							20,696				6,711
Due from related parties			6				1,248				1,472
Total current assets						$	145,322			$	98,613
NON - CURRENT ASSETS
Vessels in operation			3			$	1,655,567			$	1,140,583
Advances for vessels acquisitions and other additions			3				6,109				1,364
Deferred charges, net							29,107				22,951
Other non-current assets							7,426				—
Restricted cash, net of current portion							2,554				10,680
Total non - current assets							1,700,763				1,175,578
TOTAL ASSETS						$	1,846,085			$	1,274,191
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable						$	15,161			$	10,557
Accrued liabilities							22,170				19,127
Current portion of long - term debt			5				150,717				76,681
Current portion of deferred revenue							6,942				5,623
Due to related parties			6				338				225
Total current liabilities						$	195,328			$	112,213
LONG - TERM LIABILITIES
Long - term debt, net of current portion and deferred financing costs			5			$	926,708			$	692,775
Non-current intangible liabilities - charter agreements			4				69,529				4,462
Non - current deferred revenue							239				—
Total non - current liabilities							996,476				697,237
Total liabilities						$	1,191,804			$	809,450
Commitments and Contingencies			7				—				—
SHAREHOLDERS' EQUITY
Class A common shares – authorized 214,000,000 shares with a $0.01 par value 36,216,803 shares issued and outstanding (2020 – 17,741,008 shares)			8			$	362			$	177
Series B Preferred Shares – authorized 44,000 shares with a $0.01 par value 43,579 shares issued and outstanding (2020 – 22,822 shares)			8				—				—
Series C Preferred Shares – authorized 250,000 shares with a $0.01 par value Nil shares issued and outstanding (2020 - 250,000 shares)			8				—				3
Additional paid in capital							697,281				586,355
Accumulated deficit							(43,362	)			(121,794	)
Total shareholders' equity							654,281				464,741
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY						$	1,846,085			$	1,274,191

						Nine months ended September 30,
		Note				2021				2020
OPERATING REVENUES
Time charter revenues (includes related party revenues of $104,995 and $110,223 for the periods ended September 30, 2021 and 2020, respectively)						$	267,357			$	212,755
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $3,524 and $1,328 for the periods ended September 30, 2021 and 2020, respectively)			4				27,068				88
Total operating revenues							294,425				212,843
OPERATING EXPENSES
Vessels operating expenses (includes related party vessels operating expenses of $10,755 and $9,381 for the periods ended September 30, 2021 and 2020, respectively)							86,692				75,124
Time charter and voyage expenses (includes related party time charter and voyage expenses of $2,365 and $1,801 for the periods ended September 30, 2021 and 2020, respectively)							8,311				8,718
Depreciation and amortization			3				42,318				34,970
Impairment of vessels			3				—				8,497
General and administrative expenses							9,554				6,378
(Gain)/loss on sale of vessels			3				(7,770	)			244
Operating Income							155,320				78,912
NON-OPERATING INCOME/(EXPENSES)
Interest income							369				897
Interest and other finance expenses (includes $5,764 and $2,271 Notes premium for the periods ended September 30, 2021 and 2020, respectively)							(54,302	)			(50,533	)
Other income/(expense), net							1,687				(337	)
Total non-operating expenses							(52,246	)			(49,299	)
Income before income taxes							103,074				29,613
Income taxes							(58	)			(50	)
Net Income						$	103,016			$	29,563
Earnings allocated to Series B Preferred Shares			8				(5,879	)			(2,747	)
Net Income available to Common Shareholders						$	97,137			$	26,816
Earnings per Share
Weighted average number of Class A common shares outstanding
Basic			10				34,734,005				17,669,049
Diluted			10				34,743,297				17,750,749
Net Earnings per Class A common share
Basic			10			$	2.80			$	0.88
Diluted			10			$	2.80			$	0.87

						Nine months ended September 30,
		Note				2021				2020
Cash flows from operating activities:
Net Income						$	103,016			$	29,563
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization							42,318				34,970
Impairment of vessels			3				—				8,497
(Gain)/loss on sale of vessels							(7,770	)			244
Amortization of deferred financing costs			5				6,810				3,030
Amortization of original issue discount/premium on repurchase of notes							8,734				2,455
Amortization of intangible liabilities/assets - charter agreements			4				(27,068	)			(88	)
Share based compensation			9				2,005				1,640
Changes in operating assets and liabilities:
(Increase)/decrease in accounts receivable and other assets							(22,555	)			2,051
(Increase)/decrease in inventories							(2,945	)			180
(Decrease)/increase in accounts payable and other liabilities							(1,172	)			4,520
Decrease in related parties' balances, net			6				337				1,533
Increase/(decrease) in deferred revenue							1,558				(3,872	)
Unrealized foreign exchange loss							3				2
Net cash provided by operating activities						$	103,271			$	84,725
Cash flows from investing activities:
Acquisition of vessels and intangibles							(427,749	)			(23,060	)
Cash paid for vessel expenditures							(2,758	)			(4,489	)
Advances for vessel acquisitions and other additions							(4,318	)			(6,118	)
Cash paid for drydockings							(7,566	)			(10,099	)
Net proceeds from sale of vessels							16,514				6,852
Net cash used in investing activities						$	(425,877	)		$	(36,914	)
Cash flows from financing activities:
Proceeds from issuance of 2024 Notes							22,702				19,193
Repurchase of 2022 Notes, including premium							(239,183	)			(59,615	)
Proceeds from drawdown of credit facilities							714,505				47,000
Repayment of credit facilities							(77,667	)			(46,802	)
Repayment of refinanced debt							(149,632	)			(44,366	)
Deferred financing costs paid							(11,905	)			(962	)
Net proceeds from offering and repurchase of Class A common shares, net of offering costs							57,849				(76	)
Proceeds from offering of Series B preferred shares, net of offering costs			8				51,254				6,836
Class A common shares - dividend paid							(18,705	)			—
Series B preferred shares - dividend paid							(5,879	)			(2,747	)
Net cash provided by/(used in) financing activities						$	343,339			$	(81,539	)
Net increase/(decrease) in cash and cash equivalents and restricted cash							20,733				(33,728	)
Cash and cash equivalents and restricted cash at beginning of the period							92,262				147,636
Cash and cash equivalents and restricted cash at end of the period						$	112,995			$	113,908
Supplementary Cash Flow Information:
Cash paid for interest						$	36,290			$	40,371
Non-cash investing activities:
Unpaid drydocking expenses							6,509				260
Unpaid vessel expenditures							4,729				90
Acquisition of vessels and intangibles							92,135				—
Advances for vessel acquisitions and other additions							426				—
Non-cash financing activities:
Unpaid deferred financing costs							1,395				—
Issuance of 2024 Notes for the acquisition of vessels							35,000				—
Premium on the 2024 Notes issued for the acquisition of vessels							1,680				—

		Number of Common Shares at par value $0.01				Number of Series B Preferred Shares at par value $0.01				Number of Series C Preferred Shares at par value $0.01				Common Shares				Series B Preferred Shares				Series C Preferred Shares				Additional paid-in capital				(Accumulated Deficit)				Total Shareholders' Equity
Balance at December 31, 2019			17,556,738				14,428				250,000			$	175			$	-			$	3			$	565,586			$	(159,362	)		$	406,402
Issuance of Restricted Stock Units (Note 9)			—				—				—				—				—				—				429				—				429
Issuance of Class A common shares, net of offering costs			—				—				—				—				—				—				(39	)			—				(39	)
Net Income for the period			—				—				—				—				—				—				—				1,500				1,500
Series B Preferred Shares dividend (Note 8)			—				—				—				—				—				—				—				(879	)			(879	)
Issuance of Series B Preferred shares, net of offering costs			—				1,646				—				—				—				—				4,003				—				4,003
Balance at March 31, 2020			17,556,738				16,074				250,000			$	175			$	—			$	3			$	569,979			$	(158,741	)		$	411,416
Issuance of Restricted Stock Units (Note 9)			—				—				—				—				—				—				853				—				853
Issuance of Class A common shares, net of offering costs			184,270				—				—				2				—				—				(37	)			—				(35	)
Net Income for the period			—				—				—				—				—				—				—				13,516				13,516
Series B Preferred Shares dividend (Note 8)			—				—				—				—				—				—				—				(911	)			(911	)
Issuance of Series B Preferred shares, net of offering costs			—				581				—				—				—				—				1,179				—				1,179
Balance at June 30, 2020			17,741,008				16,655				250,000			$	177			$	—			$	3			$	571,974			$	(146,136	)		$	426,018
Issuance of Restricted Stock Units (Note 9)			—				—				—				—				—				—				358				—				358
Issuance of Class A common shares, net of offering costs			—				—				—				—				—				—				—				—				—
Net Income for the period			—				—				—				—				—				—				—				14,547				14,547
Series B Preferred Shares dividend (Note 8)			—				—				—				—				—				—				—				(957	)			(957	)
Issuance of Series B Preferred shares, net of offering costs			—				853				—				—				—				—				1,854				—				1,854
Balance at September 30, 2020			17,741,008				17,508				250,000			$	177			$	—			$	3			$	574,186			$	(132,546	)		$	441,820

		Number of Common Shares				Number of Series B Preferred Shares at par value $0.01				Number of Series C Preferred Shares at par value $0.01				Common Shares				Series B Preferred Shares				Series C Preferred Shares				Additional paid-in capital				(Accumulated Deficit)				Total Shareholders' Equity
Balance at December 31, 2020			17,741,008				22,822				250,000			$	177			$	—			$	3			$	586,355			$	(121,794	)		$	464,741
Issuance of Restricted Stock Units (Note 9)			45,313				—				—				—				—				—				1,704				—				1,704
Issuance of Class A common shares, net of offering costs			5,541,959				—				—				55				—				—				67,703				—				67,758
Conversion of Series C Preferred shares to Class A common shares (Note 8)			12,955,188				—				(250,000	)			130				—				(3	)			(127	)			—				—
Net Income for the period			—				—				—				—				—				—				—				5,643				5,643
Series B Preferred Shares dividend (Note 8)			—				—				—				—				—				—				—				(1,484	)			(1,484	)
Issuance of Series B Preferred Shares, net of offering costs (Note 8)			—				4,356				—				—				—				—				10,696				—				10,696
Balance at March 31, 2021			36,283,468				27,178				—			$	362			$	—			$	—			$	666,331			$	(117,635	)		$	549,058
Issuance of Restricted Stock Units (Note 9)			—				—				—				—				—				—				150				—				150
Issuance of Class A common shares, net of offering costs			—				—				—				—				—				—				(209	)			—				(209	)
Net Income for the period			—				—				—				—				—				—				—				32,076				32,076
Series B Preferred Shares dividend (Note 8)			—				—				—				—				—				—				—				(2,011	)			(2,011	)
Issuance of Series B Preferred Shares, net of offering costs (Note 8)			—				9,594				—				—				—				—				23,649				—				23,649
Class A common shares dividend			—				—				—				—				—				—								(9,347	)			(9,347	)
Balance at June 30, 2021			36,283,468				36,772				—			$	362			$	—			$	—			$	689,921			$	(96,917	)		$	593,366
Issuance of Restricted Stock Units (Note 9)			437,265				—				—				5				—				—				146				—				151
Issuance of Class A common shares, net of offering costs			17,720				—				—				—				—				—				300				—				300
Cancellation of Class A common shares			(521,650	)			—				—				(5	)			—				—				(9,995	)			—				(10,000	)
Net Income for the period			—				—				—				—				—				—				—				65,297				65,297
Series B Preferred Shares dividend (Note 8)			—				—				—				—				—				—				—				(2,384	)			(2,384	)
Issuance of Series B Preferred Shares, net of offering costs (Note 8)			—				6,807				—				—				—				—				16,909				—				16,909
Class A common shares dividend			—				—				—				—				—				—								(9,358	)			(9,358	)
Balance at September 30, 2021			36,216,803				43,579				—			$	362			$	—			$	—			$	697,281			$	(43,362	)		$	654,281

1.	Description of Business

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	UASC Al Khor	9,115	2015	1Q22
Penelope Marine LLC	Marshall Islands	Maira XL	9,115	2015	2Q22
Telemachus Marine LLC (3)	Marshall Islands	Anthea Y	9,115	2015	3Q23
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	1Q23
Global Ship Lease 30 Limited	Marshall Islands	GSL Eleni	7,847	2004	3Q24(4)
Global Ship Lease 31 Limited	Marshall Islands	GSL Kalliopi	7,847	2004	4Q22(4)
Global Ship Lease 32 Limited	Marshall Islands	GSL Grania	7,847	2004	4Q22(4)
Alexander Marine LLC	Marshall Islands	Mary	6,927	2013	3Q23
Hector Marine LLC	Marshall Islands	Kristina	6,927	2013	2Q24
Ikaros Marine LLC	Marshall Islands	Katherine	6,927	2013	1Q24
Philippos Marine LLC	Marshall Islands	Alexandra	6,927	2013	1Q24
Aristoteles Marine LLC	Marshall Islands	Alexis	6,882	2015	1Q24
Menelaos Marine LLC	Marshall Islands	Olivia I	6,882	2015	1Q24
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 35 LLC	Liberia	GSL Nicoletta	6,840	2002	3Q24
Global Ship Lease 36 LLC	Liberia	GSL Christen	6,840	2002	3Q23
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
GSL Arcadia LLC	Liberia	GSL Arcadia	6,008	2000	2Q24
GSL Melita LLC	Liberia	GSL Melita	6,008	2001	3Q24
GSL Maria LLC	Liberia	tbr GSL Maria (6)	6,008	2001	3Q24
GSL Violetta LLC (3)	Liberia	GSL Violetta	6,008	2000	4Q24
GSL Tegea LLC	Liberia	GSL Tegea	5,992	2001	2Q24
GSL Dorothea LLC	Liberia	GSL Dorothea	5,992	2001	2Q24
GSL MYNY LLC	Liberia	GSL MYNY	6,008	2,000	3Q24
Tasman Marine LLC	Marshall Islands	Tasman	5,936	2000	1Q22
Hudson Marine LLC	Marshall Islands	Zim Europe	5,936	2000	1Q24(5)
Drake Marine LLC	Marshall Islands	Ian H	5,936	2000	2Q24(5)

1.	Description of Business (continued)

Company Name (1)	Country of Incorporation	Vessel Name	Capacity in TEUs (2)	Year Built	Earliest Charter Expiry Date
Global Ship Lease 69 LLC (3)	Liberia	GSL Tripoli	5,470	2009	3Q24
Global Ship Lease 70 LLC (3)	Liberia	GSL Syros	5,470	2010	3Q24
Global Ship Lease 71 LLC (3)	Liberia	GSL Tinos	5,470	2010	3Q24
Hephaestus Marine LLC	Marshall Islands	Dolphin II	5,095	2007	1Q22
Zeus One Marine LLC	Marshall Islands	Orca I	5,095	2006	2Q24(7)
Global Ship Lease 47 LLC	Liberia	GSL Château d’If	5,089	2007	4Q26(8)
GSL Alcazar Inc.	Marshall Islands	CMA CGM Alcazar	5,089	2007	3Q26(8)
Global Ship Lease 55 LLC	Liberia	tbr GSL Susan (6)	4,363	2008	3Q22
Global Ship Lease 50 LLC	Liberia	CMA CGM Jamaica	4,298	2006	3Q22
Global Ship Lease 49 LLC	Liberia	CMA CGM Sambhar	4,045	2006	3Q22
Global Ship Lease 51 LLC	Liberia	CMA CGM America	4,045	2006	3Q22
Global Ship Lease 57 LLC	Liberia	GSL Rossi	3,421	2012	1Q26
Global Ship Lease 58 LLC	Liberia	GSL Alice	3,421	2014	1Q23
Global Ship Lease 59 LLC	Liberia	tbr GSL Melina (6)	3,400	2013	2Q23
Global Ship Lease 60 LLC	Liberia	GSL Eleftheria	3,405	2013	3Q25
Global Ship Lease 61 LLC	Liberia	tbr GSL Mercer (6)	2,824	2007	4Q24
Global Ship Lease 62 LLC	Liberia	Matson Molokai	2,824	2007	2Q25
Global Ship Lease 63 LLC	Liberia	tbr GSL Lalo (6)	2,824	2006	4Q22
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	2,742	2006	3Q22
Global Ship Lease 65 LLC	Liberia	tbr GSL Chloe (6)	2,546	2012	4Q24
Global Ship Lease 66 LLC	Liberia	GSL Maren	2,546	2014	4Q22
Aris Marine LLC	Marshall Islands	Maira	2,506	2000	1Q23
Aphrodite Marine LLC	Marshall Islands	Nikolas	2,506	2000	1Q23
Athena Marine LLC	Marshall Islands	Newyorker	2,506	2001	1Q24
Global Ship Lease 38 LLC	Liberia	Manet	2,272	2001	4Q21
Global Ship Lease 40 LLC	Liberia	Keta	2,207	2003	4Q24
Global Ship Lease 41 LLC	Liberia	Julie	2,207	2002	1Q23
Global Ship Lease 45 LLC	Liberia	Kumasi	2,207	2002	4Q21
Global Ship Lease 44 LLC	Liberia	Marie Delmas	2,207	2002	4Q21
Global Ship Lease 67 LLC	Liberia	tbr GSL Amstel (6)	1,118	2008	3Q23

(1) All subsidiaries are 100% owned, either directly or indirectly;

(2) Twenty-foot Equivalent Units;

(3) Currently, vessel-operating company under a sale and leaseback transaction.

(4) 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 at the option of the charterer;

(5) A package agreement with ZIM, for direct charter extensions on two 5,900 TEU ships: Ian H from May 2021 and Zim Europe (formerly Dimitris Y) from May 2022.On April 9, 2021, Dimiris Y has been renamed to Zim Europe; (6)“tbr” means “to be renamed”;

(7) Orca I. Chartered to Maersk 2Q2021, at which time the charter was extended in direct continuation for 36—39 months; thereafter Maersk has the option to charter the vessel for a further 12-14 months; (8) CMA CGM Alcazar and GSL Chateau d’If. Both ships have been forward fixed for five years with the new charters due to commence in 4Q2021.

1.	Description of Business (continued)

Vessel Name(1)	Fleet	Capacity in TEUs	Lightweight (tons)	Year Built	Charterer
tbr GSL Kithira	Four Vessels	5,470	22,108	2009	Maersk

2.	Summary of Significant Accounting Policies and Disclosures

(a)	Basis of Presentation

(b)	Principles of Consolidation

(c)	Use of estimates

2.	Summary of Significant Accounting Policies and Disclosures (continued)

(d)	Vessels in operation

(e)	Assets Held for Sale

2.	Summary of Significant Accounting Policies and Disclosures (continued)

(f)	Impairment of Long-lived assets

2.	Summary of Significant Accounting Policies and Disclosures (continued)

(g)	Revenue recognition and related expense

2.	Summary of Significant Accounting Policies and Disclosures (continued)

(g)	Revenue recognition and related expense (continued)

(h)	Fair Value Measurement and Financial Instruments

2.	Summary of Significant Accounting Policies and Disclosures (continued)

(i)	Intangible Assets and Liabilities

(j)	Recent accounting pronouncements

3.	Vessels in Operation

		Vessel Cost, as adjusted for				Accumulated				Net Book
		Impairment charges				Depreciation				Value
As of January 1, 2020		$	1,306,936			$	(151,350	)		$	1,155,586
Additions			41,710				—				41,710
Disposals			(7,058	)			—				(7,058	)
Depreciation			—				(41,158	)			(41,158	)
Impairment loss			(43,803	)			35,306				(8,497	)
As of December 31, 2020		$	1,297,785			$	(157,202	)		$	1,140,583
Additions			559,448				—				559,448
Disposals			(23,167	)			14,445				(8,722	)
Depreciation			—				(35,742	)			(35,742	)
As of September 30, 2021		$	1,834,066			$	(178,499	)		$	1,655,567

Name	Capacity in TEUs	Year Built	Purchase Price	Delivery date
GSL Tripoli	5,470	2009	37,000	01/09/2021
GSL Tinos	5,470	2010	37,500	09/09/2021
GSL Syros	5,470	2010	37,500	13/09/2021

3.	Vessels in Operation (continued)

Name	Capacity in TEUs	Year Built	Purchase Price	Delivery Date
tbr GSL Susan	4,363	2008	20,740	29/07/2021
GSL Rossi	3,421	2012	21,580	29/07/2021
GSL Alice	3,421	2014	23,150	29/07/2021
GSL Melina	3,400	2013	23,990	29/07/2021
GSL Eleftheria	3,405	2013	26,870	29/07/2021
tbr GSL Mercer	2,824	2007	20,750	29/07/2021
tbr GSL Lalo	2,824	2006	13,320	29/07/2021
Matson Molokai	2,824	2007	16,430	15/07/2021
GSL Elizabeth	2,742	2006	13,910	28/07/2021
tbr GSL Chloe	2,546	2012	22,320	29/07/2021
GSL Maren	2,546	2014	23,270	29/07/2021
tbr GSL Amstel	1,118	2008	7,560	29/07/2021

3.	Vessels in Operation (continued)

4.	Intangible Liabilities -charter agreements

		September 30, 2021				December 31, 2020
Opening balance		$	4,462			$	6,470
Additions			92,135				—
Amortization			(27,068	)			(2,008	)
Total		$	69,529			$	4,462

4.	Intangible Liabilities -charter agreements (continued)

		Amount
September 30, 2022		$	49,784
September 30, 2023			14,124
September 30, 2024			4,689
September 30, 2025			796
September 30, 2026			136
		$	69,529

5.	Long-Term Debt

Facilities		September 30, 2021				December 31, 2020
Sinopac Credit Facility (a)		$	12,000			$	—
HCOB, CACIB Credit Facility (b)			140,000				—
Deutsche Credit Facility (c)			50,508				—
HCOB Credit Facility (d)			60,856				—
CACIB, Bank Sinopac, CTBC Credit Facility (e)			50,425				—
New Hayfin Credit Facility (f)			210,689				—
Chailease Credit Facility (g)			6,192				7,596
2024 Notes (h)			117,520				59,819
Syndicated Senior Secured Credit Facility (CACIB, ABN, CIT, Siemens, CTBC, Bank Sinopac, Palatine) (i)			219,400				238,000
Blue Ocean Junior Credit Facility (i, j)			26,205				38,500
Hellenic Bank Credit Facility (k)			43,700				49,700
Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility (l)			—				149,055
Hayfin Credit Facility (m)			—				5,833
		$	937,495			$	548,503
2022 Notes			233,436				322,723
Less redemptions and repurchases			(233,436	)			(89,287	)
2022 Notes (n)		$	—			$	233,436
Total credit facilities		$	937,495			$	781,939
Sale and Leaseback Agreement CMBFL – $120,000 (o)			90,000				—
Sale and Leaseback Agreement CMBFL – $54,000 (p)			51,975				—
Sale and Leaseback Agreement – Neptune $14,735 (q)			13,941				—
Total Sale and Leaseback Agreements		$	155,916			$	—
Total borrowings		$	1,093,411			$	781,939
Less: Current portion of 2022 Notes (n)			—				(26,240	)
Less: Current portion of long-term debt			(120,392	)			(50,441	)
Less: Current portion of Sale and Leaseback Agreements (p,q,o)			(30,325	)			—
Less: Original issue discount of 2022 Notes (n)			—				(1,133	)
Plus/(Less): Original issue premium/(discount) of 2024 Notes (h)			1,707				(147	)
Less: Deferred financing costs (s)			(17,693	)			(11,203	)
Non-current portion of Long-Term Debt		$	926,708			$	692,775

5.	Long-Term Debt (continued)

a)	$12.0 Million Sinopac Capital International Credit Facility

b)	$140.0 Million Hamburg Commercial Bank AG Credit Facility

c)	$51.7 Million Deutsche Bank AG Credit Facility

d)	$64.2 Million Hamburg Commercial Bank AG Credit Facility

5.	Long-Term Debt (continued)

e)	$51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility

f)	$236.2 Million Senior secured loan facility with Hayfin Capital Management, LLP

g)	$9.0 Million Chailease Credit Facility

5.	Long-Term Debt (continued)

h)	8.00% Senior Unsecured Notes due 2024

i)	$268.0 Million Syndicated Senior Secured Credit Facility (CACIB, ABN, CIT, Siemens, CTBC, Bank Sinopac, Palatine)

5.	Long-Term Debt (continued)

j)	$38.5 Million Blue Ocean Junior Credit Facility

k)	$59.0 Million Hellenic Bank Credit Facility

l)	$180.5 Million Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility

5.	Long-Term Debt (continued)

l)	$180.5 Million Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility (continued)

m)	$65.0 Million Hayfin Credit Facility

5.	Long-Term Debt (continued)

m)	$65.0 Million Hayfin Credit Facility (continued)

n)	9.875% First Priority Secured Notes due 2022

o)	$120.0 Million Sale and Leaseback agreements – CMBFL Four Vessels

5.	Long-Term Debt (continued)

p)	$54.0 Million Sale and Leaseback agreement - CMBFL

q)	$14.7 Million Sale and Leaseback agreement – Neptune Maritime Leasing

r)	Repayment Schedule

Payment due in period ending		Amount
September 30, 2022		$	150,717
September 30, 2023			143,965
September 30, 2024			313,699
September 30, 2025			207,118
September 30, 2026 and thereafter			277,912
		$	1,093,411

5.	Long-Term Debt (continued)

s)	Deferred Financing Costs

		September 30, 2021				December 31, 2020
Opening balance		$	11,203			$	14,095
Expenditure in the period			13,300				1,193
Amortization included within interest expense			(6,810	)			(4,085	)
Closing balance		$	17,693			$	11,203

t)	Debt covenants-securities

6.	Related Party Transactions

7.	Commitments and Contingencies

During period ending:		Amount
September 30, 2022		$	509,513
September 30, 2023			430,120
September 30, 2024			296,730
September 30, 2025			104,621
Thereafter			36,484
Total minimum lease revenue, net of address commissions		$	1,377,468

8.	Share Capital

8.	Share Capital (continued)

9.	Share-Based Compensation

9.	Share-Based Compensation (continued)

		Restricted Stock Units
		Number of Units
		Number				Weighted Average Fair Value on Grant Date				Actual Fair Value on Vesting Date
Unvested as at January 1, 2020			1,246,096			$	3.79				n/a
Vested in 2020			(317,188	)			—				4.45
Unvested as at December 31, 2020			928,908			$	3.79				n/a
Granted on March 11, 2021			61,625				11.72				n/a
Vested in nine months ended September 30, 2021			(960,924	)			n/a				3.90
Unvested as at September 30, 2021			29,609			$	5.08				n/a

10.	Earnings per Share

10.	Earnings per Share (continued)

		Nine months ended September 30,
		2021				2020
Numerator:
Net income attributable to common shareholders		$	97,137			$	26,815
Undistributed income attributable to Series C participating preferred shares			—				(11,344	)
Net income available to common shareholders, basic and diluted		$	97,137			$	15,471
Net income available to:			97,137				15,471
Class A, basic and diluted
Denominator:
Class A Common shares
Basic weighted average number of common shares outstanding			34,734,005				17,669,049
Plus weighted average number of RSUs with service conditions			9,292				81,700
Common share and common share equivalents, dilutive			34,743,297				17,750,749
Basic earnings per share:
Class A			2.80				0.88
Diluted earnings per share:
Class A			2.80				0.87
Series C Preferred Shares-basic and diluted earnings per share:
Undistributed income attributable to Series C participating preferred shares		$	—			$	11,344
Basic weighted average number of Series C Preferred shares outstanding, as converted			—				12,955,187
Plus weighted average number of RSUs with service conditions			—				59,904
Dilutive weighted average number of Series C Preferred shares outstanding, as converted			—				13,015,091
Basic earnings per share			n/a				0.88
Diluted earnings per share			n/a				0.87

11.	Subsequent events