Ships & Contract Cover
Built: 2008
Yard: Daewoo
TEU - Nominal: 11,040
TEU - 14 mt: 7,990
Reefers: 700
LWT: 38,577
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q28
Latest Charter Expiry: 1Q29
Additional Information
Bulbous bow optimized for fuel efficiency at low operating speeds. Ship has sufficient onboard power to support significant up-sizing of reefer capacity.
Built: 2015
Yard: Hanjin
TEU - Nominal: 9,115
TEU - 14 mt: 7,578
Reefers: 1500
LWT: 31,764
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q32
Latest Charter Expiry: 4Q32
Additional Information
Modern design, high reefer capacity, fuel-efficient “ECO” vessel. Zim Norfolk and Zim Xiamen were forward extended for 60 – 63 months. The extensions are expected to commence between 2Q-3Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $13.5 million per ship.
Built: 2015
Yard: Hanjin
TEU - Nominal: 9,115
TEU - 14 mt: 7,578
Reefers: 1,500
LWT: 31,890
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q28
Latest Charter Expiry: 4Q28
Additional Information
Modern design, high reefer capacity, fuel-efficient “ECO” vessel. The charter is expected to generate annualized Adjusted EBITDA of approximately $11.8 million. Anthea Y is fixed for 36 months +/- 30 days and is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $12.6 million.
Built: 2015
Yard: Hanjin
TEU - Nominal: 9,115
TEU - 14 mt: 7,578
Reefers: 1,500
LWT: 31,820
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q32
Latest Charter Expiry: 4Q32
Additional Information
Modern design, high reefer capacity, fuel-efficient “ECO” vessel. Zim Norfolk and Zim Xiamen were forward extended for 60 – 63 months. The extensions are expected to commence between 2Q-3Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $13.5 million per ship.
Built: 2016
Yard: Hanjin
TEU - Nominal: 9,019
TEU - 14 mt: 7,532
Reefers: 1,500
LWT: 31,254
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q27
Latest Charter Expiry: 4Q29
Additional Information
Modern design, high reefer capacity, fuel-efficient “ECO” vessel. Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately $9.5 million per ship. 12 month extension options were exercised in 3Q 2025 for Bremerhaven Express and Sydney Express.
Built: 2016
Yard: Hanjin
TEU - Nominal: 9,019
TEU - 14 mt: 7,811
Reefers: 1,500
LWT: 31,380
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q26
Latest Charter Expiry: 2Q30
Additional Information
Modern design, high reefer capacity, fuel-efficient “ECO” vessel. Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately $9.5 million per ship. 12 month extension options were exercised in 3Q 2025 for Bremerhaven Express and Sydney Express.
Built: 2015
Yard: Hanjin
TEU - Nominal: 9,019
TEU - 14 mt: 7,532
Reefers: 1500
LWT: 31,199
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q27
Latest Charter Expiry: 3Q29
Additional Information
Modern design, high reefer capacity, fuel-efficient “ECO” vessel. Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately $9.5 million per ship. 12 month extension options were exercised in 3Q 2025 for Bremerhaven Express and Sydney Express.
Built: 2015
Yard: Hanjin
TEU - Nominal: 9,019
TEU - 14 mt: 7,811
Reefers: 1,500
LWT: 31,319
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q26
Latest Charter Expiry: 3Q30
Additional Information
Modern design, high reefer capacity, fuel-efficient “ECO” vessel. Sydney Express, Istanbul Express, Bremerhaven Express and Czech were contracted for purchase in 4Q2024, with three vessels delivered in December 2024 and the fourth in January 2025. Contract cover for each vessel is for a varied median firm duration extending for an average of 1.7 years, or up to an average of 5.1 years if all charterers’ options are exercised. Sydney Express, Istanbul Express, Bremerhaven Express and Czech charters are expected to generate average annualized Adjusted EBITDA of approximately $9.5 million per ship. 12 month extension options were exercised in 3Q 2025 for Bremerhaven Express and Sydney Express.
Built: 2005
Yard: Samsung
TEU - Nominal: 8,603
TEU - 14 mt: 6590
Reefers: 710
LWT: 34,243
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q30
Latest Charter Expiry: 1Q31
Additional Information
Ship has sufficient onboard power to support significant up-sizing of reefer capacity. MSC Tianjin is chartered at a rate expected to generate approximately $6.9 million of annualized Adjusted EBITDA. MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed in direct continuation for 36 – 38 months. The new charters are expected to commence between 3Q-4Q 2027. MSC Tianjin, MSC Qingdao and Agios Dimitrios new charters are expected to generate average annualized Adjusted EBITDA of approximately $7.8 million, $7.8 million, and $7.1 million, respectively.
Built: 2004
Yard: Samsung
TEU - Nominal: 8,603
TEU - 14 mt: 6,590
Reefers: 710
LWT: 34,586
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q30
Latest Charter Expiry: 1Q31
Additional Information
Ship has sufficient onboard power to support significant up-sizing of reefer capacity. MSC Qingdao is chartered at a rate expected to generate approximately $8.1 million of annualized Adjusted EBITDA. MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed in direct continuation for 36 – 38 months. The new charters are expected to commence between 3Q-4Q 2027. MSC Tianjin, MSC Qingdao and Agios Dimitrios new charters are expected to generate average annualized Adjusted EBITDA of approximately $7.8 million, $7.8 million, and $7.1 million, respectively. MSC Qingdao is fitted with Exhaust Gas Cleaning System (“scrubber”).
Built: 2004
Yard: Samsung
TEU - Nominal: 8,603
TEU - 14 mt: 6,590
Reefers: 710
LWT: 34,340
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q30
Latest Charter Expiry: 1Q31
Additional Information
GSL Ningbo is chartered at a rate expected to generate approximately $16.5 million average annualized Adjusted EBITDA. GSL Ningbo is forward fixed in direct continuation for 36 – 38 months. The new charter is expected to commence on 3Q 2027 and is expected to generate average annualized Adjusted EBITDA of approximately $7.8 million.
Built: 2010
Yard: KOREA
TEU - Nominal: 8,586
TEU - 14 mt: 6,311
Reefers: 700
LWT: 33,026.30
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q26
Latest Charter Expiry: 3Q30
Additional Information
Lotus A and Koi were delivered on December 12, 2025, and December 29, 2025, respectively. Cypress was delivered on January 9, 2026. Lotus A, Koi and Cypress charters have flexible durations, with latest redeliveries in mid-2030 and are expected to generate average annualized Adjusted EBITDA of approximately $3.5 million, $3.1 million and $3.1 million, respectively.
Built: 2011
Yard: KOREA
TEU - Nominal: 8,586
TEU - 14 mt: 6,311
Reefers: 700
LWT: 33,019.44
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q26
Latest Charter Expiry: 2Q30
Additional Information
Lotus A and Koi were delivered on December 12, 2025, and December 29, 2025, respectively. Cypress was delivered on January 9, 2026. Lotus A, Koi and Cypress charters have flexible durations, with latest redeliveries in mid-2030 and are expected to generate average annualized Adjusted EBITDA of approximately $3.5 million, $3.1 million and $3.1 million, respectively;
Built: 2004
Yard: N/A
TEU - Nominal: 8,599
TEU - 14 mt: N/A
Reefers: 847
LWT: 37,809
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design): No
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q28
Latest Charter Expiry: 3Q28
Additional Information
GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia. After the initial charter period, extension options were exercised by charterers at rates expected to generate average annualized Adjusted EBITDA of approximately $4.9 million per ship. Thereafter, the ships have been forward fixed for approximately 24 months, with the new charters expected to commence in 2Q-3Q 2026 and generate average annualized Adjusted EBITDA of approximately $8.1 million per ship.
Built: 2011
Yard: KOREA
TEU - Nominal: 8,586
TEU - 14 mt: 6,311
Reefers: 700
LWT: 33,026.30
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q26
Latest Charter Expiry: 2Q30
Additional Information
Lotus A and Koi were delivered on December 12, 2025, and December 29, 2025, respectively. Cypress was delivered on January 9, 2026. Lotus A, Koi and Cypress charters have flexible durations, with latest redeliveries in mid-2030 and are expected to generate average annualized Adjusted EBITDA of approximately $3.5 million, $3.1 million and $3.1 million, respectively;
Built: 2003
Yard: N/A
TEU - Nominal: 8,599
TEU - 14 mt: N/A
Reefers: 847
LWT: 37,777
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q28
Latest Charter Expiry: 3Q28
Additional Information
GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia. After the initial charter period, extension options were exercised by charterers at rates expected to generate average annualized Adjusted EBITDA of approximately $4.9 million per ship. Thereafter, the ships have been forward fixed for approximately 24 months, with the new charters expected to commence in 2Q-3Q 2026 and generate average annualized Adjusted EBITDA of approximately $8.1 million per ship.
Built: 2003
Yard: N/A
TEU - Nominal: 8,599
TEU - 14 mt: N/A
Reefers: 847
LWT: 37,777
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q28
Latest Charter Expiry: 3Q28
Additional Information
GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia. After the initial charter period, extension options were exercised by charterers at rates expected to generate average annualized Adjusted EBITDA of approximately $4.9 million per ship. Thereafter, the ships have been forward fixed for approximately 24 months, with the new charters expected to commence in 2Q-3Q 2026 and generate average annualized Adjusted EBITDA of approximately $8.1 million per ship.
Built: 2003
Yard: N/A
TEU - Nominal: 8,599
TEU - 14 mt: N/A
Reefers: 847
LWT: 37,777
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q28
Latest Charter Expiry: 3Q28
Additional Information
GSL Alexandra, GSL Sofia, GSL Effie and GSL Lydia. After the initial charter period, extension options were exercised by charterers at rates expected to generate average annualized Adjusted EBITDA of approximately $4.9 million per ship. Thereafter, the ships have been forward fixed for approximately 24 months, with the new charters expected to commence in 2Q-3Q 2026 and generate average annualized Adjusted EBITDA of approximately $8.1 million per ship.
Built: 2004
Yard: Hyundai
TEU - Nominal: 7,847
TEU - 14 mt: 6,038
Reefers: 806
LWT: 29,261
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 3Q29
Additional Information
GSL Eleni, GSL Kalliopi and GSL Grania, are chartered for for 35 – 38 months, after which the charterer has the option to extend each charter for a further 12 – 16 months. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $9.6 million for the firm period.
Built: 2004
Yard: Hyundai
TEU - Nominal: 7,847
TEU - 14 mt: 6,038
Reefers: 806
LWT: 29,261
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 3Q29
Additional Information
GSL Eleni, GSL Kalliopi and GSL Grania, are chartered for 35 – 38 months, after which the charterer has the option to extend each charter for a further 12 – 16 months. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $9.6 million for the firm period.
Built: 2004
Yard: Hyundai
TEU - Nominal: 7,847
TEU - 14 mt: 6,038
Reefers: 806
LWT: 29,261
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q27
Latest Charter Expiry: 2Q29
Additional Information
GSL Eleni, GSL Kalliopi and GSL Grania, are chartered for 35 – 38 months, after which the charterer has the option to extend each charter for a further 12 – 16 months. Each charter is expected to generate average annualized Adjusted EBITDA of approximately $9.6 million for the firm period.
Built: 2013
Yard: Hyundai
TEU - Nominal: 7,072
TEU - 14 mt: 5,120
Reefers: 1,600
LWT: 23,424
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q28
Latest Charter Expiry: 1Q31
Additional Information
Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/-45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.
Built: 2013
Yard: Hyundai
TEU - Nominal: 7,072
TEU - 14 mt: 5,120
Reefers: 1,600
LWT: 23,424
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q29
Latest Charter Expiry: 4Q31
Additional Information
Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/-45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.
Built: 2013
Yard: Hyundai
TEU - Nominal: 7,072
TEU - 14 mt: 5,120
Reefers: 1,600
LWT: 23,424
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q29
Latest Charter Expiry: 3Q31
Additional Information
Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/-45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.
Built: 2013
Yard: Hyundai
TEU - Nominal: 7,072
TEU - 14 mt: 5,120
Reefers: 1,600
LWT: 23,424
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q29
Latest Charter Expiry: 4Q31
Additional Information
Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/-45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.
Built: 2015
Yard: Hanjin
TEU - Nominal: 6,918
TEU - 14 mt: 5,105
Reefers: 1,577
LWT: 23,970
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q29
Latest Charter Expiry: 4Q31
Additional Information
Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/-45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.
Built: 2015
Yard: Hanjin
TEU - Nominal: 6,918
TEU - 14 mt: 5,105
Reefers: 1,577
LWT: 23,915
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q29
Latest Charter Expiry: 4Q31
Additional Information
Colombia Express (ex Mary), Panama Express (ex Kristina), Costa Rica Express (ex Katherine), Nicaragua Express (ex Alexandra), Mexico Express (ex Alexis), Jamaica Express (ex Olivia I) are fixed to Hapag-Lloyd for 60 months +/-45 days, followed by two periods of 12 months each at the option of the charterer. The charters are expected to generate average annualized Adjusted EBITDA of approximately $13.1 million per ship.
Built: 2002
Yard: Samsung
TEU - Nominal: 6,858
TEU - 14 mt: 4,990
Reefers: 600
LWT: 27,954
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q27
Latest Charter Expiry: 1Q28
Additional Information
GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship.
Built: 2002
Yard: Samsung
TEU - Nominal: 6,858
TEU - 14 mt: 4,990
Reefers: 1000
LWT: 28,070
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 2Q28
Additional Information
GSL Nicoletta and GSL Christen charters are expected to generate average annualized Adjusted EBITDA of approximately $11.3 million per ship.
Built: 2001
Yard: Hanjin
TEU - Nominal: 7,023
TEU - 14 mt: 4,555
Reefers: 500
LWT: 26,776
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q29
Latest Charter Expiry: 3Q29
Additional Information
CMA CGM Berlioz was forward fixed for 36 – 38 months. The new charter is expected to commence in 1Q 2026 and to generate average annualized Adjusted EBITDA of approximately $6.8 million.
Built: 2011
Yard: Hanjin
TEU - Nominal: 6,572
TEU - 14 mt: 5,002
Reefers: 500
LWT: 24,931
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q30
Latest Charter Expiry: 4Q30
Additional Information
MSC Tianjin, MSC Qingdao and Agios Dimitrios charters are expected to generate annualized Adjusted EBITDA of approximately $6.9 million, $8.1 million, and $5.9 million, respectively. MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed in direct continuation for 36 – 38 months. The new charters are expected to commence between 3Q-4Q 2027. MSC Tianjin, MSC Qingdao and Agios Dimitrios new charters are expected to generate average annualized Adjusted EBITDA of approximately $7.8 million, $7.8 million, and $7.1 million, respectively. MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (“scrubbers”).
Built: 2004
Yard: Samsung
TEU - Nominal: 6,080
TEU - 14 mt: 4,527
Reefers: 500
LWT: 23,745
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 3Q29
Additional Information
GSL Vinia and GSL Christel Elizabeth are chartered for 36 – 40 months, after which the charterer has the option to extend each charter for a further 12 – 15 months. The charters are expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per ship for the firm period and $5.8 million per ship for the option period.
Built: 2004
Yard: Samsung
TEU - Nominal: 6,080
TEU - 14 mt: 4,527
Reefers: 500
LWT: 23,737
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 4Q29
Additional Information
GSL Vinia and GSL Christel Elizabeth are chartered for 36 – 40 months, after which the charterer has the option to extend each charter for a further 12 – 15 months. The charters are expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per ship for the firm period and $5.8 million per ship for the option period.
Built: 2001
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,138
Reefers: 650
LWT: 24,414
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q30
Latest Charter Expiry: 2Q30
Additional Information
GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, 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. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. The new charters are expected to commence between 1Q 2026 and 1Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship.
Built: 2000
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,193
Reefers: 800
LWT: 24,873
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q29
Latest Charter Expiry: 1Q29
Additional Information
GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, 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. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. The new charters are expected to commence between 1Q 2026 and 1Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship.
Built: 2000
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,194
Reefers: 632
LWT: 24,858
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q29
Latest Charter Expiry: 2Q29
Additional Information
GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, 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. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. The new charters are expected to commence between 1Q 2026 and 1Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship.
Built: 2001
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,194
Reefers: 632
LWT: 24,859
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q29
Latest Charter Expiry: 3Q29
Additional Information
GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, 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. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. The new charters are expected to commence between 1Q 2026 and 1Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship.
Built: 2000
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,193
Reefers: 632
LWT: 24,876
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q29
Latest Charter Expiry: 2Q29
Additional Information
GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, 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. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. The new charters are expected to commence on various dates in 2026 and 1Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship. As of December 31, 2025, GSL MYNY is under drydock.
Built: 2001
Yard: Samsung
TEU - Nominal: 5,994
TEU - 14 mt: 4,221
Reefers: 500
LWT: 24,243
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q29
Latest Charter Expiry: 3Q29
Additional Information
GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, 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. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. The new charters are expected to commence between 1Q 2026 and 1Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship.
Built: 2001
Yard: Samsung
TEU - Nominal: 5,994
TEU - 14 mt: 4,185
Reefers: 500
LWT: 24,308
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q29
Latest Charter Expiry: 4Q29
Additional Information
GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. Contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered in 2021, 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. The first extension options have been exercised for all seven ships. Second extension options were exercised in January 2025 for GSL Dorothea, GSL Arcadia, GSL Melita and GSL Tegea, in April 2025 for GSL MYNY and in September 2025 for GSL Maria. The vessels were forward fixed for 36 – 38 months to a leading liner company. The new charters are expected to commence on various dates in 2026 and 1Q 2027 and are expected to generate average annualized Adjusted EBITDA of approximately $5.6 million per ship.
Built: 2000
Yard: Kvaerner
TEU - Nominal: 5,936
TEU - 14 mt: 4,312
Reefers: 500
LWT: 25,128
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q27
Latest Charter Expiry: 4Q27
Additional Information
Hull optimized for fuel efficiency at lower operating speeds. Ian H charter is expected to generate average annualized Adjusted EBITDA of approximately $10.3 million.
Built: 2010
Yard: Zhejang Ouhua
TEU - Nominal: 5,470
TEU @ 14 mt: 3,360
Reefers: 1,200
LWT: 22,068
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q27
Latest Charter Expiry: 4Q27
Additional Information
Ultra-high reefer ship of 5,470 TEU.
Built: 2009
Yard: Zhejiang Ouhua
TEU - Nominal: 5,470
TEU @ 14mt: 3,360
Reefers: 1,200
LWT: 22,109
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q27
Latest Charter Expiry: 4Q27
Additional Information
Ultra-high reefer ship of 5,470 TEU.
Built: 2010
Yard: Zhejiang Ouhua
TEU - Nominal: 5,470
TEU @ 14 mt: 3,360
Reefers: 1,200
LWT: 22,099
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q27
Latest Charter Expiry: 4Q27
Additional Information
Ultra-high reefer ship of 5,470 TEU.
Built: 2009
Yard: Zhejiang Ouhua
TEU - Nominal: 5,470
TEU @ 14 mt: 3,360
Reefers: 1,200
LWT: 22,259
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q27
Latest Charter Expiry: 1Q28
Additional Information
Ultra-high reefer ship of 5,470 TEU.
Built: 2007
Yard: Hyundai
TEU - Nominal: 5,095
TEU - 14 mt: 3,434
Reefers: 330
LWT: 20,596
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 2Q28
Additional Information
Dolphin II is chartered by a leading liner company and is expected to generate average annualized Adjusted EBITDA of approximately $10.0 million.
Built: 2006
Yard: Hyundai
TEU - Nominal: 5,308
TEU - 14 mt: 3,434
Reefers: 330
LWT: 20,633
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q28
Latest Charter Expiry: 4Q28
Additional Information
Orca I is charted by a leading liner company and is expected to generate average annualized Adjusted EBITDA of approximately $10.0 million.
Built: 2007
Yard: Hanjin
TEU - Nominal: 5,089
TEU - 14 mt: 3,350
Reefers: 386
LWT: 20,087
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q29
Latest Charter Expiry: 4Q29
Additional Information
GSL Château d’If and CMA CGM Alcazar were forward fixed for 36 – 38 months. The new charters are expected to commence between 3Q-4Q 2026 and are expected to generate average annualized Adjusted EBITDA of approximately $9.2 million per ship.
Built: 2007
Yard: Hanjin
TEU - Nominal: 5,089
TEU - 14 mt: 3,350
Reefers: 386
LWT: 19,994
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q29
Latest Charter Expiry: 1Q30
Additional Information
GSL Château d’If and CMA CGM Alcazar were forward fixed for 36 – 38 months. The new charters are expected to commence between 3Q-4Q 2026 and are expected to generate average annualized Adjusted EBITDA of approximately $9.2 million per ship.
Built: 2008
Yard: Hyundai
TEU - Nominal: 4,363
TEU @ 14 mt: 2,819
Reefers: 600
LWT: 17,309
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q27
Latest Charter Expiry: 1Q28
Additional Information
GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per vessel.
Built: 2006
Yard: Hyundai
TEU - Nominal: 4,298
TEU - 14 mt: 2,810
Reefers: 600
LWT: 17,272
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 2Q28
Additional Information
GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per vessel.
Built: 2006
Yard: CSBC
TEU - Nominal: 4,045
TEU - 14 mt: 2,881
Reefers: 700
LWT: 17,355
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 2Q28
Additional Information
GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per vessel.
Built: 2006
Yard: CSBC
TEU - Nominal: 4,045
TEU - 14 mt: 2,881
Reefers: 700
LWT: 17,355
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 2Q28
Additional Information
GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America are chartered at rates expected to generate average annualized Adjusted EBITDA of approximately $11.2 million per vessel.
Built: 2013
Yard: Wenchong
TEU - Nominal: 3,404
TEU @ 14 mt: 2,466
Reefers: 506
LWT: 16,703
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q26
Latest Charter Expiry: 4Q26
Built: 2014
Yard: Wenchong
TEU - Nominal: 3,421
TEU @ 14 mt: 2,509
Reefers: 506
LWT: 16,543
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q28
Latest Charter Expiry: 3Q28
Built: 2012
Yard: Rhongcheng Shenfei
TEU - Nominal: 3,421
TEU @ 14 mt: 2,521
Reefers: 538
LWT: 16,420
Flag: Liberia
Post-Panamax
Geared:
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q29
Latest Charter Expiry: 2Q29
Additional Information
GSL Rossi was forward fixed for 35 – 37 months. The new charter is expected to commence in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.4 million.
Built: 2005
Yard: Hyundai
TEU - Nominal: 2,824
TEU - 14 mt: 2,029
Reefers: 586
LWT: 11,971
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q27
Latest Charter Expiry: 3Q27
Additional Information
GSL Valerie. The charter is expected to generate average annualized Adjusted EBITDA of approximately $6.5 million.
Built: 2007
Yard: Hyundai
TEU - Nominal: 2,824
TEU @ 14 mt: 1,952
Reefers: 586
LWT: 11,949
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q28
Latest Charter Expiry: 2Q28
Built: 2013
Yard: Wenchong
TEU - Nominal: 3,421
TEU @ 14 mt: 2,466
Reefers: 506
LWT: 16,642
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q28
Latest Charter Expiry: 4Q28
Additional Information
GSL Eleftheria is fixed for 33 – 37 months. The charter commenced in 4Q 2025 and is expected to generate average annualized Adjusted EBITDA of approximately $8.6 million.
Built: 2006
Yard: Hyundai
TEU - Nominal: 2,824
TEU @ 14 mt: 1,952
Reefers: 586
LWT: 11,950
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q27
Latest Charter Expiry: 3Q27
Additional Information
GSL Lalo. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.5 million.
Built: 2007
Yard: Hyundai
TEU - Nominal: 2,824
TEU @ 14 mt: 1,952
Reefers: 586
LWT: 11, 970
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q27
Latest Charter Expiry: 2Q27
Additional Information
GSL Mercer charter is expected to generate annualized Adjusted EBITDA of approximately $5.8 million.
Built: 2003
Yard: Koyo
TEU - Nominal: 2,980
TEU - 14 mt: 2,330
Reefers: 300
LWT: 13,538
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q27
Latest Charter Expiry: 3Q27
Additional Information
Athena is fixed for 24 – 30 months. The charter is expected to generate average annualized Adjusted EBITDA of approximately $5.7 million.
Built: 2006
Yard: Aker
TEU - Nominal: 2,741
TEU @ 14 mt: 2,131
Reefers: 400
LWT: 11,530
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q28
Latest Charter Expiry: 4Q28
Additional Information
GSL Elizabeth was forward fixed for 24-27 months. The new charter is expected to commence in 3Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.3 million.
Built: 2014
Yard: Jiangsu Yangzijiang
TEU - Nominal: 2,546
TEU @ 14 mt: 1,885
Reefers: 536
LWT: 12,243
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q28
Latest Charter Expiry: 3Q28
Additional Information
GSL Maren was forward fixed in direct continuation for 24 – 26 months. The new charter is expected to commence in 2Q 2026 and is expected to generate average annualized Adjusted EBITDA of approximately $7.3 million.
Built: 2012
Yard: Yangzijiang
TEU - Nominal: 2,546
TEU @ 14 mt: 1,885
Reefers: 400
LWT: 12,212
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q27
Latest Charter Expiry: 2Q27
Additional Information
GSL Chloe. The charter is expected to generate annualized Adjusted EBITDA of approximately $5.8 million.
Built: 2000
Yard: Samsung
TEU - Nominal: 2,506
TEU - 14 mt: 1,805
Reefers: 420
LWT: 11,453
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 1Q27
Latest Charter Expiry: 2Q27
Built: 2000
Yard: Samsung
TEU - Nominal: 2,635
TEU - 14 mt: 1,805
Reefers: 420
LWT: 11,370
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q26
Latest Charter Expiry: 2Q27
Built: 2001
Yard: Samsung
TEU - Nominal: 2,635
TEU - 14 mt: 1,805
Reefers: 420
LWT: 11,463
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 2Q27
Latest Charter Expiry: 3Q27
Additional Information
Newyorker is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $6.1 million.
Built: 2001
Yard: CSBC
TEU - Nominal: 2,288
TEU - 14 mt: 1,735
Reefers: 446
LWT: 11,534
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q26
Latest Charter Expiry: 4Q26
Built: 2002
Yard: CSBC
TEU - Nominal: 2,207
TEU - 14 mt: 1,718
Reefers: 350
LWT: 11,731
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 3Q27
Latest Charter Expiry: 3Q27
Additional Information
Julie. The charter is expected to generate average annualized Adjusted EBITDA of approximately $2.9 million.
Built: 2002
Yard: CSBC
TEU - Nominal: 2,220
TEU - 14 mt: 1,718
Reefers: 350
LWT: 11,652
Flag: Bahamas
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Earliest Charter Expiry: 4Q26
Latest Charter Expiry: 1Q27
Additional Information
Kumasi is chartered at a rate expected to generate average annualized Adjusted EBITDA of approximately $4.4 million.
Footnotes
Geared ships are equipped with onboard cranes, allowing them to load and discharge in ports where shoreside infrastructure is limited.
Wide beam improves vessel stability and reduces the need for ballast water, resulting in lower fuel consumption and higher cargo carrying capacity.
At standard operating speeds, fully laden eco-vessels consume 20 - 30 mt per day less fuel than non-eco tonnage, reducing daily running costs for charterers.
High reefer count allows charterers to carry high-margin refrigerated cargo.
Ships fitted with “scrubbers” (Exhaust Gas Cleaning Systems) are permitted to burn fuel with a higher Sulphur content, while still complying with IMO 2020 emission regulations
In many instances, charterers have the option to further extend a charter beyond the nominal latest expiry date by the amount of time that the vessel was off hire during the course of that charter. This additional charter time (“Offhire Extension”) is computed at the end of the initially contracted charter period. The Latest Charter Expiry dates shown in this table have been adjusted to reflect offhire accrued up to the date of issuance of this release plus estimated offhire scheduled to occur during the remaining lifetimes of the respective charters. However, as actual offhire can only be calculated at the end of each charter, in some cases actual Offhire Extensions – if invoked by charterers - may exceed the Latest Charter Expiry Dates indicated.