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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2016 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Trading Symbol	GSL
Entity Registrant Name	Global Ship Lease, Inc.
Entity Central Index Key	0001430725
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	47,575,609
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	7,405,956

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 54,243	$ 53,591
Accounts receivable	29	87
Due from related party (note 9)	906	2,124
Prepaid expenses	1,146	1,101
Other receivables	52	118
Inventory	553	610
Total current assets	56,929	57,631
Vessels in operation (note 4)	719,110	846,939
Other fixed assets	7	5
Intangible assets (note 5)	16	39
Other long term assets (note 7)	195	306
Total non-current assets	719,328	847,289
Total Assets	776,257	904,920
Liabilities
Current portion of long-term debt (note 7)	31,026	35,160
Intangible liability - charter agreements (note 6)	1,807	2,104
Deferred revenue	1,940	796
Accounts payable	963	622
Due to related party (note 9)	1,315	1,256
Accrued expenses	11,664	13,694
Total current liabilities	48,715	53,632
Long-term debt (note 7)	388,847	442,913
Intangible liability - charter agreements (note 6)	9,782	11,589
Deferred tax liability	20	20
Total long-term liabilities	398,649	454,522
Total Liabilities	447,364	508,154
Commitments and contingencies (note 10)
Stockholders' Equity
Additional paid in capital	386,708	386,425
(Accumulated deficit) Retained earnings	(58,365)	9,792
Total Stockholders' Equity	328,893	396,766
Total Liabilities and Stockholders' Equity	776,257	904,920
Class A Common Stock [Member]
Stockholders' Equity
Common stock	476	475
Class B Common Stock [Member]
Stockholders' Equity
Common stock	74	74
Series B Preferred Shares [Member]
Stockholders' Equity
Preferred stock	$ 0	$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Class A Common Stock [Member]
Common stock, shares authorized	214,000,000	214,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	47,575,609	47,541,484
Common stock, shares outstanding	47,575,609	47,541,484
Class B Common Stock [Member]
Common stock, shares authorized	20,000,000	20,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	7,405,956	7,405,956
Common stock, shares outstanding	7,405,956	7,405,956
Series B Preferred Shares [Member]
Preferred stock, shares authorized	16,100	16,100
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	14,000	14,000
Preferred stock, outstanding	14,000	14,000

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Revenues
Time charter revenue	$ 37,567	$ 31,568	$ 5,189
Time charter revenue - related party (note 9)	128,956	133,351	133,426
Total operating revenues	166,523	164,919	138,615
Operating Expenses
Vessel operating expenses	44,096	48,238	46,679
Vessel operating expenses - related party (note 9)	1,599	1,866	2,091
Depreciation	42,805	44,859	41,059
Impairment of vessels (note 4)	92,422	44,700
General and administrative	6,297	6,478	7,022
Other operating income (note 8)	(216)	(475)	(510)
Total operating expenses	187,003	145,666	96,341
Operating (Loss) Income	(20,480)	19,253	42,274
Non Operating Income (Expense)
Interest income	198	62	64
Interest expense	(44,767)	(48,152)	(43,872)
Realized loss on interest rate derivatives			(2,801)
Unrealized gain on interest rate derivatives (note 12)			1,944
(Loss) Income before Income Taxes	(65,049)	(28,837)	6,185
Income taxes	(46)	(38)	(75)
Net (Loss) Income	(65,095)	(28,875)	6,110
Net (Loss) Income available to Common Shareholders	(68,157)	(31,937)	4,996
Series A Preferred Shares [Member]
Non Operating Income (Expense)
Gain on redemption of Series A Preferred Shares (note 11)			8,576
Series B Preferred Shares [Member]
Non Operating Income (Expense)
Earnings allocated to Series B Preferred Shares (note 11)	(3,062)	(3,062)	(1,114)
Class A Common Stock [Member]
Non Operating Income (Expense)
Net (Loss) Income available to Common Shareholders	$ (68,157)	$ (31,937)	$ 4,996
Weighted average number of common shares outstanding
Basic (including RSU's without service conditions) (note 15)	47,854,351	47,785,388	47,710,313
Diluted (note 15)	47,854,351	47,785,388	47,823,736
Net (loss) income per common share
Basic (including RSU's without service conditions) (note 15)	$ (1.42)	$ (0.67)	$ 0.10
Diluted (note 15)	$ (1.42)	$ (0.67)	$ 0.10
Class B Common Stock [Member]
Weighted average number of common shares outstanding
Diluted (note 15)	7,405,956	7,405,956	7,405,956
Weighted average number of Class B common shares outstanding Basic and diluted (note 15)	7,405,956	7,405,956	7,405,956
Net (loss) income per common share
Net (loss) income per Class B common share Basic and diluted (note 15)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities
Net (loss) income	$ (65,095)	$ (28,875)	$ 6,110
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities
Depreciation	42,805	44,859	41,059
Vessel impairment (note 4)	92,422	44,700
Gain on sale of vessels (note 4)		(93)
Gain on repurchase of secured notes (note 7)	(2,865)
Amortization of deferred financing costs (note 7)	3,622	3,374	5,732
Change in fair value of derivative instruments (note 12)			(1,944)
Amortization of intangible liability	(2,104)	(2,119)	(2,119)
Settlements of derivative instruments which do not qualify for hedge accounting (note 12)			2,801
Share based compensation (note 13)	283	75	177
Decrease in accounts receivable and other assets	219	334	3,635
Decrease (increase) in inventory	57	(160)	(553)
(Decrease) increase in accounts payable and other liabilities	(1,751)	794	6,699
Increase (decrease) in related party balances	738	(2,050)	6,349
Increase in unearned revenue	1,144	334	462
Unrealized foreign exchange loss (gain)	26	(14)	(11)
Net Cash Provided by Operating Activities	71,152	62,337	60,903
Cash Flows from Investing Activities
Cash paid for vessels (note 4)		(108,187)	(55,162)
Net proceeds from sale of vessels (note 4)	(254)	9,513
Settlements and termination of derivative instruments which do not qualify for hedge accounting (note 12)			(22,146)
Cash paid for other assets	(6)	(3)	(7)
Cash paid for drydockings	(6,681)	(2,548)	(2,765)
Net Cash Used in Investing Activities	(6,941)	(101,225)	(80,080)
Cash Flows from Financing Activities
Repayment of credit facilities (note 7)	(9,500)	(1,925)	(366,366)
Proceeds from drawdown of credit facilities (note 7)		75,000
Deferred financing costs incurred (note 7)		(971)	(15,779)
Variation in restricted cash (note 11)			3
Net Cash (Used in) Provided by Financing Activities	(63,559)	59,184	27,936
Net Increase in Cash and Cash Equivalents	652	20,296	8,759
Cash and Cash Equivalents at Start of Year	53,591	33,295	24,536
Cash and Cash Equivalents at End of Year	54,243	53,591	33,295
Supplemental Information
Total interest paid	43,134	43,103	26,298
Total income tax paid	50	69	80
10.0 % First Priority Secured Notes Due 2019 [Member]
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities
Amortization of original issue discount (note 7)	1,651	1,178	1,082
Cash Flows from Financing Activities
Proceeds from issuance of secured notes (note 7)			413,700
Repurchase of secured notes (note 7)	(50,997)	(350)
Series A Preferred Shares [Member]
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities
Gain on redemption of Series A Preferred Shares (note 11)			(8,576)
Cash Flows from Financing Activities
Redemption of Series A Preferred Shares (note 11)			(36,400)
Series B Preferred Shares [Member]
Cash Flows from Financing Activities
Net proceeds from issuance of Series B Preferred Shares (note 11)			33,892
Series B Preferred Shares - dividends paid (note 11)	$ (3,062)	(3,062)	$ (1,114)
Class A Common Stock [Member]
Cash Flows from Financing Activities
Class A common shares - dividends paid (note 11)		$ (9,508)

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Stock [Member] Class A Common Stock [Member]	Preferred Stock [Member] Series B Preferred Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings/ (Accumulated Deficit) [Member]
Balance at Dec. 31, 2013	$ 399,466	$ 549			$ 352,676	$ 46,241
Balance, shares at Dec. 31, 2013		54,919,890
Restricted Stock Units (note 13)	177				177
Shares issued, shares (notes 11, 13)			27,550	14,000
Shares issued (notes 11, 13)	35,000				35,000
Series B Preferred Shares issue expenses (note 11)	(1,503)				(1,503)
Net income for the year	6,110					6,110
Series B Preferred Shares dividend (note 11)	(1,114)					(1,114)
Balance at Dec. 31, 2014	438,136	$ 549			386,350	51,237
Balance, shares at Dec. 31, 2014		54,947,440		14,000
Restricted Stock Units (note 13)	75				75
Net income for the year	(28,875)					(28,875)
Dividends on Class A common shares (note 11)	(9,508)					(9,508)
Series B Preferred Shares dividend (note 11)	(3,062)					(3,062)
Balance at Dec. 31, 2015	396,766	$ 549			386,425	9,792
Balance, shares at Dec. 31, 2015		54,947,440		14,000
Restricted Stock Units (note 13)	283				283
Shares issued, shares (notes 11, 13)			34,125
Shares issued (notes 11, 13)	1	$ 1
Net income for the year	(65,095)					(65,095)
Series B Preferred Shares dividend (note 11)	(3,062)					(3,062)
Balance at Dec. 31, 2016	$ 328,893	$ 550			$ 386,708	$ (58,365)
Balance, shares at Dec. 31, 2016		54,981,565		14,000

General

12 Months Ended

Dec. 31, 2016

Text Block [Abstract]

General

1.	General

On August 14, 2008, Global Ship Lease, Inc. (the “Company”) merged indirectly with Marathon Acquisition Corp. (“Marathon”), a company then listed on The American Stock Exchange. Under the merger agreement, Marathon, a U.S. corporation, first merged with its wholly owned Marshall Islands subsidiary, GSL Holdings, Inc. (“Holdings”), with Holdings continuing as the surviving company. Global Ship Lease, Inc., at that time a subsidiary of CMA CGM S.A. (“CMA CGM”), then merged with Holdings, with Holdings again being the surviving company. Holdings was renamed Global Ship Lease, Inc. and became listed on the New York Stock Exchange on August 15, 2008.

Nature of Operations and Basis of Preparation

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Preparation

2.	Nature of Operations and Basis of Preparation

(a) Nature of Operations

The Global Ship Lease group owns and charters out containerships. As of December 31, 2016, the group owned 18 vessels; 15 were time chartered to CMA CGM and three to Orient Overseas Container Lines (“OOCL”), with remaining charter periods ranging from 1.00 to 9.00 years.

The following table provides information about the 18 vessels owned as at December 31, 2016:


Vessel Name	Capacity in TEUs ⁽¹⁾		Year Built	Purchase Date by GSL	Charterer	Charter Remaining Duration (years) ⁽²⁾	Daily Charter Rate
CMA CGM Matisse		2,262	1999	December 2007	CMA CGM	3.00	$15.300
CMA CGM Utrillo		2,262	1999	December 2007	CMA CGM	3.00	$15.300
Delmas Keta		2,207	2003	December 2007	CMA CGM	1.00	$18.465
Julie Delmas		2,207	2002	December 2007	CMA CGM	1.00	$18.465
Kumasi ⁽³⁾		2,207	2002	December 2007	CMA CGM	4.00	$13.000
Marie Delmas ⁽³⁾		2,207	2002	December 2007	CMA CGM	4.00	$13.000
CMA CGM La Tour		2,272	2001	December 2007	CMA CGM	3.00	$15.300
CMA CGM Manet		2,272	2001	December 2007	CMA CGM	3.00	$15.300
CMA CGM Alcazar		5,089	2007	January 2008	CMA CGM	4.00	$33.750
CMA CGM Château d’lf		5,089	2007	January 2008	CMA CGM	4.00	$33.750
CMA CGM Thalassa		11,040	2008	December 2008	CMA CGM	9.00	$47.200
CMA CGM Jamaica		4,298	2006	December 2008	CMA CGM	6.00	$25.350
CMA CGM Sambhar		4,045	2006	December 2008	CMA CGM	6.00	$25.350
CMA CGM America		4,045	2006	December 2008	CMA CGM	6.00	$25.350
CMA CGM Berlioz		6,621	2001	August 2009	CMA CGM	4.75	$34.000
OOCL Tianjin		8,063	2005	October 2014	OOCL	1.00	$34.500
OOCL Qingdao		8,063	2004	March 2015	OOCL	1.25	$34.500
OOCL Ningbo		8,063	2004	September 2015	OOCL	1.75	$34.500

(1)

Twenty-foot Equivalent Units.

(2)

Plus or minus 90 days, other than (i) OOCL Tianjin which is between October 28, 2017 and January 28, 2018, (ii) OOCL Qingdao which is between March 11, 2018 and June 11, 2018, and (iii) OOCL Ningbo which is between September 17, 2018 and December 17, 2018, all at charterer’s option.

(3)

The charters on these two vessels were amended in July 2016 to provide for a revised charter rate of $13.0 per day with effect from August 1, 2016 until September 14, 2017 for Marie Delmas and September 21, 2017 for Kumasi, and to provide for three option periods, all at the Company’s option, at a charter rate of $9.8 per day. The option periods are (i) September 15 or 22, 2017 for Marie Delmas and Kumasi respectively to December 31, 2018, (ii) January 1, 2019 to December 31, 2019 and (iii) January 1, 2020 to December 31, 2020.

(a)

Nature of Operations

Segment Information

The activity of the Company currently consists solely of the ownership and chartering out of containerships.

(b)

Basis of Preparation

Counterparty risk

The majority of the Company’s revenues are derived from charters to CMA CGM. The Company is consequently highly dependent on the performance by CMA CGM of its obligations under these charters. The container shipping industry is volatile and is currently experiencing a sustained cyclical downturn. Many container shipping companies have reported financial losses.

If CMA CGM ceases doing business or fails to perform its obligations under the charters, the Company’s business, financial position and results of operations would be materially adversely affected as it is probable that, even if the Company was able to find replacement charters, such replacement charters would be at significantly lower daily rates and shorter durations. If such events occur, there would be significant uncertainty about the Company’s ability to continue as a going concern.

These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, nor to the amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

3.	Significant Accounting Policies

(a)

Basis of consolidation

The accompanying consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. All inter-company transactions and accounts have been eliminated on consolidation.

(b)

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(c)

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

(d)

Accounts receivable

The Company carries its accounts receivable at cost less, if appropriate, an allowance for doubtful accounts, based on a periodic review of accounts receivable, taking into account past write-offs, collections and current credit conditions. The Company does not generally charge interest on past-due accounts. Allowances for doubtful accounts amount to $ nil as of December 31, 2016 (2015: $ nil).

(e)

Vessels

Vessels acquired up to the date of the merger described in note 1, were initially recorded at their acquisition cost, less an amount allocated to drydock component, less accumulated depreciation. From the date of the merger, these vessels have been recorded at their fair value at the date of the merger, less a proportion of the negative goodwill arising at the time of the merger allocated to these vessels, less subsequent accumulated depreciation and impairment loss, if any.

In connection with the merger, the Company recognised an intangible asset, in respect of the five vessels yet to be purchased as at the date of the merger, arising from the comparison of the acquisition prices in the asset purchase agreement between the Company as buyer and CMA CGM as seller and the estimated fair values at the merger date of the vessels yet to be purchased. This intangible asset was transferred to the cost of the appropriate vessel on delivery and as all such vessels have now been delivered, no intangible asset remains in respect of these vessels.

Vessels acquired after the merger are stated at acquisition cost, consisting of the contract price and expenses incurred in connection with the acquisition, less accumulated depreciation.

Subsequent expenditures for major improvements and upgrading are capitalized, provided they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel.

Borrowing costs incurred during the construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no capitalized interest for the years ended December 31, 2016, 2015 or 2014. Other borrowing costs are expensed as incurred.

Vessels are depreciated to their estimated residual value using the straight-line method over their estimated useful lives which are reviewed on an ongoing basis to ensure they reflect current technology, service potential and vessel structure. The useful lives are estimated to be 30 years from original delivery by the shipyard.

Prepayments and costs directly related to the future acquisition of specific vessels are presented in the Consolidated Balance Sheets as vessel deposits.

(f)

Drydocking costs

An element of the purchase price of a vessel is allocated to a drydock component which is amortized on a straight line basis to the next anticipated drydocking date. Vessels are drydocked approximately every five years for major repairs and maintenance that cannot be performed while the vessels are operating. Costs directly associated with a drydocking, including the required regulatory inspection of the vessel, its hull and its machinery and for the defouling and repainting of the hull are capitalized as they are incurred and depreciated on a straight line basis over the period between drydocks. Capitalized drydocking costs are classified within investing activities in the Consolidated Statements of Cash Flows.

(g)

Intangible liabilities – charter agreements

In connection with the merger (see note 1), the Company recognised an intangible liability using the market approach whereby the Company’s actual charter rates were compared to market rates at the merger date. These intangible liabilities, recognizing the below market rates as at the date of merger, are amortized, giving rise to an increase of time charter revenue, over the remaining term of the relevant charters.

(h)

Long-lived assets

Fixed assets such as vessels are reviewed individually for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized when the sum of the expected undiscounted future cash flows from the asset over its estimated remaining useful life is less than its carrying amount and is recorded equal to the amount by which the asset’s carrying amount exceeds its fair value. Fair value is the net present value of estimated future cash flows, discounted by an appropriate discount rate.

The assumptions used involve a considerable degree of estimation. Actual conditions may differ significantly from the assumptions and thus actual cash flows may be significantly different to those estimated with a material effect on the recoverability of each vessel’s carrying amount. The most significant assumptions made for the determination of expected cash flows are (i) charter rates on expiry of existing charters, which are based on forecast charter rates, where relevant, for the four years from the date of the impairment test and a reversion to the historical mean for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company’s fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost and (v) estimated useful life which is assessed as a total of 30 years from original delivery by the shipyard. In the case of an indication of impairment, the results of a recoverability test would also be sensitive to the discount rate applied.

(i)

Derivative instruments

Interest rate hedges

Interest rate derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently re-measured at each period end at their fair value. The method of recognizing the resulting gain or loss depends on whether or not the derivative is designated and qualifies as a hedging instrument, and if so, the nature of the item being hedged.

If the Company’s interest rate derivative instruments do not qualify for hedge accounting, changes in the fair value are recognized immediately in the Consolidated Statements of Income within “Unrealized gain (loss) on interest rate derivatives”. Cash settlements of interest rate derivative instruments are recognized immediately in the Consolidated Statements of Income within “Realized loss on interest rate derivatives”. Cash flows related to interest rate derivatives (including payments and periodic cash settlements) are included within “Net cash used in investing activities”.

(j)

Deferred financing costs

Costs incurred in connection with obtaining long term debt and in obtaining amendments to existing facilities are recorded as deferred financing costs and are amortized to interest expense using the effective interest method over the estimated duration of the related debt. Such costs include fees paid to the lenders or on the lenders’ behalf and associated legal and other professional fees. Debt issuance costs, other than any up-front arrangement fee for revolving credit facilities, related to a recognized debt liability are presented as a direct deduction from the carrying amount of that debt. Arrangement fees for revolving credit facilities are shown within Other Long Term Assets.

(k)

Preferred shares

Series A Preferred Shares were included within Liabilities in the Consolidated Balance Sheets, up to their redemption in August 2014, and the dividends were included within interest expense in the Consolidated Statements of Income as their nature was similar to that of a liability rather than equity. Holders of these mandatorily redeemable preferred shares were entitled to receive a dividend equal to 3-month USD LIBOR plus 2% on the original issue price and ranked senior to the Class A and Class B common shares with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company.

Series B Preferred Shares have been included within Equity in the Consolidated Balance Sheets, from their issue in August 2014, and the dividends are presented as a reduction of Retained Earnings in the Consolidated Statement of Stockholders’ Equity as their nature is similar to that of an equity instrument rather than a liability. Holders of these redeemable perpetual preferred shares, which may only be redeemed at the discretion of the Company, are entitled to receive a dividend equal to 8.75% on the original issue price and rank senior to the Class A and Class B common shares with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company.

(l)

Classification of long term debt

Long term debt is classified within current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

(m)

Other comprehensive income (loss)

Other comprehensive income (loss), which is reported in the Consolidated Statement of Stockholders’ Equity, consists of net income (loss) and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income (loss). Under ASU 2011-05, an entity reporting comprehensive income in a single continuous financial statement shall present its components in two sections, net income and other comprehensive income. As the Company does not, to date, have other comprehensive income, the accompanying consolidated financial statements only include Consolidated Statements of Income.

(n)

Revenue recognition and related operating expense

The Company charters out its vessels on time charters which involves placing a vessel at a charterer’s disposal for a period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating leases and therefore revenue is recognized on a straight line basis as the average revenues over the rental periods of such charter agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options which are more likely than not to be exercised. Any difference between the charter rate invoiced and the time charter revenue recognized is classified as, or released from, deferred revenue within the Consolidated Balance Sheets.

Under time charter arrangements the Company, as owner, is responsible for all the operating expenses of the vessels, such as crew costs, insurance, repairs and maintenance, and such costs are expensed as incurred.

(o)

Foreign currency transactions

The Company’s functional currency is the U.S. dollar as substantially all revenues and a majority of expenditures are denominated in U.S. dollars. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet dates. Expenses paid in foreign currencies are recorded at the rate of exchange at the transaction date. Exchange gains and losses are included in the determination of net income (loss).

(p)

Repairs and maintenance

All expenditures relating to routine maintenance and repairs are expensed when incurred.

(q)

Insurance

The Company maintains hull and machinery insurance, war risks insurance, protection and indemnity insurance coverage, increased value insurance, and freight, demurrage and defence insurance coverage in amounts considered prudent to cover normal risks in the ordinary course of its operations. Premiums paid in advance to insurance providers are recognized as prepaid expenses and are expensed over the period covered by the insurance contract.

(r)

Share based compensation

The Company may award restricted stock units to its management and Directors as part of their compensation.

The fair value of restricted stock unit grants is determined by reference to the quoted stock price on the date of grant, adjusted for estimated dividends forgone until the restricted stock units vest. Compensation expense is recognized based on a graded expense model over the expected vesting period.

(s)

Income taxes

The Company and its Marshall Island subsidiaries are exempt from taxation in the Marshall Islands. The Company’s vessels are flagged in Bahamas, Cyprus, Hong Kong and Panama and are liable for tax based on the tonnage of the vessel. The cost, which is included within operating expenses, amounted to $93, $124 and $126 for the years ended December 31, 2016, 2015 and 2014, respectively. The Cyprus and Hong Kong subsidiaries are liable for income tax on any interest income earned from non-shipping activity.

The Company has one subsidiary in the United Kingdom, where the principal rate of corporate income tax is 20% (2015: 20%, 2014: 21%). This subsidiary earns management and other fees from fellow group companies.

The Company accounts for deferred income taxes using the liability method which requires the determination of deferred tax assets and liabilities, based upon temporary timing differences that arise between the financial statement and tax bases of recorded assets and liabilities, using enacted tax rates in effect for the year in which differences are expected to reverse. The net deferred tax asset is adjusted by a valuation allowance where appropriate, if, based on the weight of available evidence, it is more likely than not that some portion or all of the net deferred tax asset will not be realized. At December 31, 2016 a deferred tax liability of $20 (2015: $20) was recognized relating to stock based compensation costs charged to the Consolidated Statements of Income in respect of unvested shares and timing differences between the carrying amounts of assets for financial reporting purposes and their tax bases.

The Company recognizes uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the position.

(t)

Inventories

Inventories consist of bunkers and lubricants on board certain of the vessels. Inventories are stated at the lower of cost or market value as determined using the first-in, first-out method.

(u)

Dividends

Dividends are recorded in the period in which they are declared by the Company’s Board of Directors. Dividends to be paid are presented in the Consolidated Balance Sheets in the line item “Dividends payable”.

(v)

Earnings per share

Basic earnings per common share are based on income available to common shareholders divided by the weighted-average number of common shares outstanding during the period, excluding unvested restricted stock units. Diluted earnings per common share are calculated by applying the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class method.

(w)

Recently issued accounting standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update in respect of revenue from contracts with customers (Topic 606). The update was originally effective for annual periods beginning after December 15, 2016 and early application was not permitted. In August 2015, the FASB issued a further update to defer the effective date by one year to annual periods beginning after December 15, 2017. The Company is currently reviewing the impact of adopting this update on its revenue recognition.

In February 2016, FASB issued an accounting standards update in respect of leases (Topic 842). The update makes significant changes to the accounting requirements for lessees, who will be required to recognize right-of-use assets with a corresponding lease liability for all but short-term leases. The standard is to be adopted using a modified retrospective transition. The accounting requirements for lessors remain largely unchanged. The update is effective for annual periods beginning after December 15, 2018 although early application is permitted. The Company is currently assessing the impact of adopting this update on its financial statements.

In April 2016, FASB issued an accounting standards update in respect of Compensation – Stock Compensation (Topic 718) – Improvements to Employee Share-Based Payment Accounting. The amendments are intended to simplify various aspects of the accounting for employee share-based payments including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, although early application is permitted. The Company is currently assessing the impact of adopting this update on its financial statements.

In August 2016, FASB issued an accounting standards update in respect of Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments. The update is intended to address diversity in how certain cash receipts and cash payments are presented in the statement of cash flows. The update is effective for annual periods beginning after December 15, 2017, although early application is permitted. The Company is currently assessing the impact of adopting this update on its financial statements.

The Company has adopted the new Going Concern standard under ASU 2014-15.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if currently adopted, would have a material impact on the consolidated financial statements of the Company.

Vessels in Operation, less Accumulated Depreciation

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Vessels in Operation, less Accumulated Depreciation

4.	Vessels in Operation, less Accumulated Depreciation


	December 31, 2016			December 31, 2015

Cost	$	1,095,275		$	1,095,245
Accumulated Depreciation		(283,743	)		(248,306	)
Vessel impairment		(92,422	)		—

Net book value	$	719,110		$	846,939

Due to continuing poor industry conditions, impairment tests were performed on a vessel by vessel basis as at December 31, 2016 (see note 3), which resulted in an impairment charge on four vessels, totalling $63,065, being recognised in the three months ended December 31, 2016.

Impairment tests were performed on two of the group’s vessels as at July 31, 2016, following amendments to the terms of their charters (see note 3), which resulted in an impairment charge of $29,357 being recognised in the three months ended September 30, 2016.

Ville d’Aquarius and Ville d’Orion were redelivered at the end of their charters during the fourth quarter of 2015 and the sales of the vessels were agreed and completed in November 2015 and December 2015, respectively. These vessels were impaired as at September 30, 2015 by $22,203 and $22,497 respectively to their fair value less estimated costs to sell. Following completion of the sales, a gain on sale was recognised in the amount of $93, measured against the revised carrying value, and this is presented in Other Operating Income in the Consolidated Statement of Income. Variations in net book value of vessels, including drydocking, are presented below:


	December 31, 2016			December 31, 2015

Opening balance	$	846,939		$	836,537
Additions in the period		7,370			109,055
Depreciation expense		(42,777	)		(44,829	)
Vessel impairment		(92,422	)		(44,700	)
Disposals		—			(9,124	)

Closing balance	$	719,110		$	846,939

As of December 31, 2016, 17 of the 18 vessels were pledged as collateral under the 2019 Notes and Revolving Credit Facility, or the Secured Term Loan (see note 7).

Intangible Assets

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

5.	Intangible Assets


	December 31, 2016			December 31, 2015

Software development:
Opening balance	$	39		$	67
Additions		—			—
Depreciation		(23	)		(28	)

Closing balance	$	16		$	39

Intangible Liability - Charter Agreements

12 Months Ended

Dec. 31, 2016

Text Block [Abstract]

Intangible Liability - Charter Agreements

6.	Intangible Liability – Charter Agreements


	December 31, 2016			December 31, 2015

Opening balance	$	13,693		$	15,812
Amortization in period		(2,104	)		(2,119	)

Closing balance	$	11,589		$	13,693

Intangible liabilities relate to management’s estimate of the fair value of below-market charters on August 14, 2008, the date of the merger (see note 1). The intangible liabilities are being amortized for each vessel over the remaining life of the associated charter. The fair value was estimated by management based on its experience with regard to availability of similar vessels, costs to build new vessels and current market demand. The contracted lease rates were compared to the estimated market lease rates for similar vessels. The intangible liabilities were determined by discounting the difference in the projected lease cash flows using a discount rate of 8.0% and the remaining length of the charter as the relevant time period.

Amortization of the intangible liabilities for the 12 vessels in the company’s fleet as of the date of the merger began on the date following the merger and for the remaining five vessels purchased by the Company after the merger, amortization commenced upon delivery. These intangible liabilities are amortized over the remaining term of the relevant charter, giving rise to an increase in time charter revenue.

Long Term Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long Term Debt

7.	Long Term Debt


	December 31, 2016			December 31, 2015

2019 Notes	$	420,000		$	420,000
Less repurchase of Notes (note 7(b))		(54,212	)		(350	)
Less original issue discount		(6,300	)		(6,300	)
Amortization of original issue discount		3,910			2,259

2019 Notes (note 7(b))		363,398			415,609
Revolving Credit Facility (note 7(c))		39,200			40,000
Secured Term Loan (note 7(d))		24,375			33,075
Less: Deferred financing costs (note 7(f))		(7,100	)		(10,611	)

Balance		419,873			478,073
Less: Current portion of 2019 Notes (note 7(b))		(19,501	)		(26,660	)
Less: Current portion of Revolving Credit Facility (note 7(c))		—			(800	)
Less: Current portion of Secured Term Loan (note 7(d))		(11,525	)		(7,700	)

Non-current portion of Long-Term Debt		388,847			442,913

(a) Previous Credit Facility

The Company was previously financed by a senior secured credit facility with a final maturity date of August 2016. This credit facility was fully repaid and terminated on March 19, 2014 using the proceeds of the issue of the 2019 Notes (see note 7(b)).

Amounts borrowed under the credit facility bore interest at USD LIBOR plus a margin of between 2.50% and 3.75% depending on the Leverage Ratio (being the ratio of the balance outstanding on the credit facility to the aggregate charter free market value of the secured vessels).

(b) 10.0% First Priority Secured Notes Due 2019

On March 19, 2014 the Company completed the sale of $420,000 of 10.0% First Priority Secured Notes (the “2019 Notes”) which mature on April 1, 2019. Proceeds after the deduction of the original issue discount, but before expenses, amounted to $413,700.

Interest on the 2019 Notes is payable semi-annually on April 1 and October 1 of each year, commencing on October 1, 2014. As at December 31, 2016, the 2019 Notes were secured by first priority ship mortgages on 16 of the Company’s 18 vessels (the “Mortgaged Vessels”) and by assignments of earnings and insurances, a pledge over certain bank accounts, as well as share pledges over each subsidiary owning a Mortgaged Vessel. In addition, the 2019 Notes are fully and unconditionally guaranteed, jointly and severally, by the Company’s 18 vessel owning subsidiaries and Global Ship Lease Services Limited.

The original issue discount is being amortised on an effective interest rate basis over the life of the 2019 Notes.

Under the terms of the 2019 Notes the Company is required within 120 days following the end of each financial year, in which there is at least $1,000 of Excess Cash Flow, as defined, to offer to purchase up to a maximum offer amount of $20,000, such amount being the aggregate of 102% of the principal amount of 2019 Notes plus any accrued and unpaid interest thereon, up to, but not including, the purchase date. The first such offer, for 2014, in the maximum amount of $20,000, was launched on April 21, 2015. At the close of this offer, $350 nominal amount of 2019 Notes was tendered and accepted.

Following the sale of two vessels (see note 4) secured to the 2019 Notes in November and December 2015, the Company was required to offer the net sale proceeds, less a proportion to be used to repay part of the associated Revolving Credit Facility (see note 7(c)), to Noteholders (“Collateral Sale Offer”) within 90 days of receipt of the sale proceeds. The terms of the Collateral Sale Offer are the same as those of the annual Excess Cash Flow Offer. Consequently, on February 2, 2016, the Company launched a combined Excess Cash Flow Offer for 2015 and the Collateral Sale Offer in an aggregate amount of $28,417, at a purchase price of 102% of the aggregate principal amount plus any accrued and unpaid interest thereon, up to, but not including, the purchase date. At the close of this offer, the nominal amount of 2019 Notes tendered exceeded the Maximum Offer Amount and $26,662 were accepted on a pro rata basis.

In May, August and November, 2016, the Company purchased $4,200, $5,000 and $18,000 of Notes respectively, in the open market. This gave rise to gains of $452, $475 and $1,938, which are included within Interest Expense in the Consolidated Statements of Income. These Notes were subsequently cancelled.

(c) Revolving Credit Facility

On March 19, 2014, and in connection with the 2019 Notes, the Company entered into a $40,000 senior secured revolving credit facility with Citibank N.A. (the “Revolving Credit Facility”). This facility matures on October 1, 2018. The interest rate under the facility is USD LIBOR plus a margin of 3.25% and is payable at least quarterly. A commitment fee of 1.30% per annum is due quarterly on undrawn amounts.

The collateral provided to the 2019 Notes also secures on a first priority basis the Revolving Credit Facility. Up to and including December 31, 2015, the Company was required to have a minimum cash balance of $15,000 on each test date, being June 30 and December 31 in each year. After this date, the minimum cash balance on each test date increased to $20,000.

Amounts outstanding under this facility can be prepaid without penalty, other than breakage costs in certain circumstances. During the quarter ended March 31, 2015, the facility was fully drawn down to assist with the purchase of OOCL Qingdao on March 11, 2015. Following the sale of two secured vessels (see note 4) in November and December 2015, a proportion of the net sale proceeds has to be applied to reduce amounts outstanding under the facility.

(d) Secured Term Loan

On July 29, 2015, the Company entered into a $35,000 secured term loan with DVB Bank SE (the “Secured Term Loan”). This facility matures five years after drawdown, with early repayment, inter alia, if the 2019 Notes are not refinanced by November 30, 2018, or if the secured vessel ceases to be employed on a charter for a period in excess of 90 days. The interest rate under the loan is USD LIBOR plus a margin of 2.75%, until November 30, 2018 and 3.25% thereafter, and is payable at least quarterly.

The Secured Term Loan is secured by a first priority ship mortgage on OOCL Tianjin and by assignment of earnings and insurances for the same vessel.

The Secured Term Loan is repayable in 20 equal quarterly instalments, commencing three months after drawdown. $35,000 was drawn down under the Secured Term Loan on September 10, 2015. The loan agreement requires an additional $1,400 to be repaid over eight equal quarterly instalments to provide a reserve for potential enhancement expenditure on the secured vessel ahead of the expiry of the charter to OOCL. These additional instalments reduce the debt balance and can be redrawn to fund the enhancement work, or utilized to permanently reduce the quarterly instalments for the remainder of the term of the loan if no such work is required.

The Secured Term Loan has the same Cash Balance financial covenant as that in the Revolving Credit Facility. In addition, there is a minimum Shareholders Equity covenant of $200,000, also to be tested semi-annually on June 30 and December 31. The Secured Term Loan was amended on November 30, 2016 to exclude from the definition of Shareholders Equity the effect of any impairment charges recognised after July 1, 2016. The amendment also provided for accelerated amortization totalling $5.0 million to be paid equally in five quarterly instalments, commencing fourth quarter 2016. Repayments from March 2018 are to be reduced pro rata for the accelerated amortization.

(e) Repayment Schedule

Based on scheduled and estimated repayments from January 1, 2017 the long term debt will be reduced in each of the relevant periods as follows:


Year ending December 31,
2017	$	31,026
2018		63,374
2019		331,458
2020		3,505
Less: original issue discount		(2,390	)
Less: deferred financing costs		(7,100	)

	$	419,873

(f) Deferred financing costs


	December 31, 2016			December 31, 2015

Opening balance	$	10,611		$	12,913
Expenditure in the period		—			971
Amortization included within interest expense		(3,511	)		(3,273	)

Closing balance	$	7,100		$	10,611

The Company incurred costs during 2015 in relation to the drawdown of the Revolving Credit Facility (see note 7(c)) amounting to $370 and in relation to the drawdown of the Secured Term Loan (see note 7(d)) amounting to $601, which have been deferred.

Deferred financing costs are amortized on an effective interest rate basis over the life of the financings for which they were incurred.

The unamortized balance of deferred financing costs relating to the previous credit facility which was fully repaid and terminated on March 19, 2014 and amounting to $2,986 was written off and recorded within interest expense within the Consolidated Statements of Income in the first quarter of 2014.

The Company has adopted the accounting standards update issued by FASB in April 2015 “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. Effective December 31, 2015, debt issuance costs, other than the up-front arrangement fee for the Revolving Credit Facility, related to our recognized debt liabilities are presented as a direct deduction from the carrying amount of that debt. The arrangement fee for the Revolving Credit Facility is presented in Other Long Term Assets.

Other Operating Income

12 Months Ended

Dec. 31, 2016

Other Income and Expenses [Abstract]

Other Operating Income

8.	Other Operating Income

Other operating income is summarized as follows:


	Year ended December 31,
		2016		2015		2014
Sundry shipping income	$	216	$	382	$	420
Gain on sale of vessels		—		93		—
Other sundry income		—		—		90

	$	216	$	475	$	510

Related Party Transactions

12 Months Ended

Dec. 31, 2016

Related Party Transactions

9.	Related Party Transactions

CMA CGM is presented as a related party as it was, until the merger referred to in note 1, the parent company of Global Ship Lease, Inc. and at December 31, 2016 is a significant shareholder of the Company, owning Class A and Class B common shares representing a 44.4% voting interest in the Company.

Amounts due to and from CMA CGM companies are shown in the Consolidated Balance Sheets. The current account balances at December 31, 2016 and December 31, 2015 relate to amounts payable to or recoverable from CMA CGM group companies. The majority of the Company’s charter arrangements are with CMA CGM and one of its subsidiaries provides the Company with ship management services on the majority of its vessels.

CMA CGM held all of the Series A Preferred Shares of the Company until they were fully redeemed, at a discount, pursuant to a Share Repurchase Agreement on August 22, 2014 (see note 11). Due to the redemption there were no dividends on these preferred shares for the year ended December 31, 2016 (2015: $nil, 2014: $653). Dividends on these preferred shares are included within interest expense.

Time Charter Agreements

The majority of the Company’s time charter arrangements are with CMA CGM. Under these time charters, hire is payable in advance and the daily rate is fixed for the duration of the charter. The charters are for remaining periods as at December 31, 2016 of between 1.00 and 9.00 years (see note 2(a)). Of the $638,530 maximum contracted future charter hire receivable for the fleet set out in note 10, $586,849 relates to the 15 vessels that were chartered to CMA CGM as at December 31, 2016. Revenues generated from charters to CMA CGM are shown separately in the Consolidated Statements of Income.

Ship Management Agreements

At December 31, 2016, the Company outsourced day to day technical management of 13 of its vessels to CMA Ships Limited (“CMA Ships”), a wholly owned subsidiary of CMA CGM. The Company pays CMA Ships an annual management fee of $123 per vessel (2015: $123, 2014: $123) and reimburses costs incurred by CMA Ships on its behalf, mainly being for the provision of crew, lubricating oils and routine maintenance. Such reimbursement is subject to a cap per day per vessel, depending on the vessel. The impact of the cap is determined annually on a vessel by vessel basis for so long as the initial charters remain in place; no claims have been made under the cap agreement. Ship management fees related to CMA Ships are shown separately in the Consolidated Statements of Income.

Except for transactions with CMA CGM companies, the Company did not enter into any other related party transactions.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

Commitments and Contingencies

Charter Hire Receivable

The Company has entered into time charters for its vessels. The charter hire is fixed for the duration of the charter. The maximum contracted annual future charter hire receivable (not allowing for any offhire and assuming expiry at the mid-point between the earliest and latest possible end dates) for the 18 vessels as at December 31, 2016, and assuming the options included in the charters for Kumasi and Marie Delmas are exercised, is as follows:


Year ending December 31,
2017		163,201
2018		126,050
2019		110,439
2020		89,432
2021		53,917
Thereafter		95,491

	$	638,530

Share Capital

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Share Capital

11.	Share Capital

At December 31, 2016 the Company had two classes of common shares. The rights of holders of Class B common shares are identical to those of holders of Class A common shares, except that the dividend rights of holders of Class B common shares are subordinated to those of holders of Class A common shares. Dividends, when declared, must be paid as follows:

•

firstly, to all Class A common shares at the applicable rate for the quarter;

•

secondly, to all Class A common shares until they have received payment for all preceding quarters at the rate of $0.23 per share per quarter;

•

thirdly, to all Class B common shares at the applicable rate for the quarter;

•

then, to all Class A and B common shares as if they were a single class.

The Class B common shares remain subordinated until the Company has paid a dividend at least equal to $0.23 per quarter per share on both the Class A and Class B common shares for the immediately preceding four-quarter period. Due to the requirements described above, Class B common shares cannot receive any dividend until all Class A common shares have received dividends representing $0.23 per share per quarter for all preceding quarters. Should the notional arrearages of dividend on the Class A common shares be made up and a dividend at the rate of $0.23 per share be paid for four consecutive quarters, the Class B common shares convert to Class A common shares on a one-for-one basis. Also, each Class B common share will convert into a Class A common share on a change of control of the Company.

A dividend of $0.10 per Class A common share was paid on August 24, 2015 and on November 24, 2015. Prior to these, the last quarter for which a dividend was paid was the fourth quarter 2008 at $0.23 per Class A common share.

Restricted stock units have been granted periodically to the Directors and management, under the Company’s 2008 Equity Incentive Plan, as part of their compensation arrangements (see note 13). On August 28, 2015, the Company adopted the 2015 Equity Incentive Plan. The 2008 Equity Incentive Plan was closed. The 2015 Plan which permits a maximum issuance of 1,500,000 shares. During the year ended December 31, 2016, 34,125 shares were issued under the 2015 Plan, representing 20% of directors’ base fee for 2016. The number of shares to be issued was determined on the basis of a notional value per share of $4.00 rather than market values.

The Series A Preferred Shares ranked senior to the common shares and were mandatorily redeemable in 12 quarterly instalments commencing August 31, 2016. They were classified as a long-term liability. The dividend on the Series A Preferred shareholders was presented as part of interest expense in the consolidated statements of income. These shares, which had a liquidation value at maturity of $44,976, were redeemed on August 22, 2014, at a discount pursuant to a Share Repurchase Agreement for $36,400, using the proceeds received from the issuance of the Series B Preferred Shares, the balance of the restricted cash and cash on hand.

On August 20, 2014, the Company issued 1,400,000 depositary shares, each of which represents 1/100^th of one share of the Company’s 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”). Dividends are payable at 8.75% per annum in arrears on a quarterly basis. At any time after August 20, 2019 (or within 180 days after the occurrence of a fundamental change), the Series B Preferred Shares may be redeemed, at the discretion of the Company, in whole or in part, at a redemption price of $2,500.00 per share (equivalent to $25.00 per depositary share). The net proceeds from the offering were $33,497. These shares are classified as Equity in the Consolidated Balance Sheets. The dividends payable on the Series B Preferred Shares are presented as a reduction of Retained Earnings in the Consolidated Statements of Equity, when and if declared by the Board of Directors. An initial dividend was declared on September 22, 2014 for the third quarter 2014. Subsequent quarterly dividends have been declared, the latest of which was on December 9, 2016 for the fourth quarter 2016.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6521494

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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Interest Rate Derivatives and Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Interest Rate Derivatives and Fair Value Measurements

12.	Interest Rate Derivatives and Fair Value Measurements

Prior to the issue of the 2019 Notes (see note 7(b)) the Company had been exposed to the impact of changes to interest rates on the floating rate debt drawn under the previous credit facility (see note 7(a)) which also required the Company to hedge at least 50% of any drawings. Accordingly, the Company entered into interest rate swap agreements to manage the exposure.

On March 19, 2014 the secured credit facility was fully repaid and was replaced with the 2019 Notes, which have a fixed interest rate. The $277,000 nominal amount of outstanding interest rate swaps which had hedged the Company’s interest rate risk were terminated accordingly. The cost of the termination included an element of unsettled payments due under the swap agreements up to March 19, 2014 amounting to $307. This amount is included in the Consolidated Statements of Income as a realised loss on derivative instruments.

During the periods when the interest rate swaps were outstanding, they were “marked to market” at each reporting date end and recorded at their fair values. This generated unrealized gains and losses. The unrealized gain on interest rate derivatives for the year ended December 31, 2014 was $1,944.

None of the Company’s interest rate agreements qualified for hedge accounting and therefore the net changes in the fair value of the interest rate derivative assets and liabilities at each reporting period were reflected in the current period operations as unrealized gains and losses on derivatives. Cash flows related to interest rate derivatives (initial payments for the derivatives, periodic cash settlements and termination payments) are included within cash flows from investing activities in the Consolidated Statements of Cash Flows.

The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:


		Level 1.		Observable inputs such as quoted prices in active markets;
		Level 2.		Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
		Level 3.		Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The Company’s derivative instruments were categorized as level 2 in the fair value hierarchy. Due to the termination of these instruments in 2014, the fair value at the reporting date was $ nil (December 31, 2015: $ nil). Within the consolidated balance sheets, there are no offsets of recognized assets or liabilities related to these derivatives.

Share-Based Compensation

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

13.

Share-Based Compensation

In August 2008, the Company’s Board adopted the 2008 Equity Incentive Plan (the “2008 Plan”), which enables management, consultants and Directors of the Company and its subsidiaries to receive options, stock appreciation rights, stock grants, stock units and dividend equivalents.

The 2008 Plan is administered by the Board or a committee of the Board. The maximum aggregate number of Class A common shares that may be delivered pursuant to awards granted under the 2008 Plan during the 10-year term of the Plan was 1,500,000. The maximum number of Class A common shares with respect to which awards may be granted to any participant in the 2008 Plan in any fiscal year was 500,000. Awards totaling 1,498,123 Class A common shares were made under the 2008 Plan until it was closed for new awards in August 2015, when the 2015 Plan was adopted (see below).

The holder of a stock grant awarded under the 2008 Plan has the same voting, dividend and other rights as the Company’s other Class A common shareholders when the grant vests and the shares are issued.

On August 28, 2015, the Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”), which allows the Board of Directors to grant employees, consultants and directors of the Company and its subsidiaries options, stock appreciation rights, stock grants, stock units and dividend equivalents on substantially the same terms as the 2008 Plan, which was closed for further awards. The 2015 Plan permits a maximum issuance of 1,500,000 shares.

Under both the 2008 Plan and 2015 Plan, the Company issued the following share based awards since January 1, 2014:

Restricted Stock Units

Number of Units

Weighted
Average
Fair
Value on
Grant
Date

Actual
Fair
Value
on
Vesting
Date

Management

Directors

Unvested as at January 1, 2014

300,000

27,550

3.26

n/a

Vested in January 2014

—

(27,550

)

3.43

5.85

Unvested as at December 31, 2014

300,000

—

3.25

n/a

Vested in January 2015

—

n/a

Unvested as at December 31, 2015

300,000

—

3.25

n/a

Granted in March 2016

200,000

—

1.18

n/a

Unvested as at December 31, 2016

500,000

—

2.42

n/a

Under the 2008 Plan, restricted stock units granted to Directors on March 7, 2013 vested in January 2014.

Restricted stock units granted to four members of management on September 2, 2011 were to vest over two years; half during September and October 2012 and the remaining half during September and October 2013. In March 2012, these grants were amended and restated to provide that vesting would occur only when the individual leaves employment, for whatever reason, provided that this was after September 30, 2012 in respect of half of the grant and after September 30, 2013 for the other half of the grant. Restricted stock units granted to management on March 13, 2012 are expected to vest when the individual leaves employment, provided that this is after September 30, 2014 and is not as a result of resignation or termination for cause. Restricted stock units granted to management on March 7, 2013 are expected to vest when the individual leaves employment, provided that this is after September 30, 2015 and is not as a result of resignation or termination for cause.

For the grants issued on March 13, 2012 and March 7, 2013, the fair value at the grant date was the closing price for the common stock on that date. The share value has not been discounted as no dividends were expected to be paid on the common stock at that time.

Under the 2015 Plan, restricted stock units granted to four members of management on March 3, 2016 were divided into two tranches. The first tranche (100,000 restricted stock units)) will vest when the individual leaves employment, provided that this is after December 31, 2016 and is not for cause. The second tranche (100,000 restricted stock units) also vests after December 31, 2016 on the same terms, but, in addition, only if and when the stock price has been at or above $5.00 for 20 consecutive trading days and provided that this has occurred before December 31, 2019.

During the year ended December 31, 2016, 34,125 shares were issued under the 2015 Plan, representing 20% of directors’ base fee for 2016. The number of shares to be issued was determined on the basis of a notional value per share of $4.00 rather than market values.

Using the graded vesting method of expensing the restricted stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the consolidated statement of income over the vesting period. The fair value of the restricted stock units for this purpose is calculated by multiplying the number of stock units by the fair value of the shares at the grant date, which is discounted for dividends forfeited over the vesting period. The Company has not factored any anticipated forfeiture into these calculations based on the limited number of participants.

During the year ended December 31, 2016, the Company recognized a total of $283 (2015: $75, 2014: $177) in respect of share based compensation costs. As at December 31, 2016 there were no unrecognized compensation costs relating to the above share based awards (2015: $ nil).

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Risks Associated with Concentration

12 Months Ended

Dec. 31, 2016

Risks and Uncertainties [Abstract]

Risks Associated with Concentration

14.	Risks Associated with Concentration

The Company is exposed to certain concentration risks that may adversely affect the Company’s financial position in the near term:


		(i)		The Company derives the majority of its revenue from CMA CGM which is exposed to the cyclicality of the container shipping industry.

		(ii)		There is a concentration of credit risk with respect to cash and cash equivalents at December 31, 2016 to the extent that substantially all of the amounts are deposited with three banks (2015; three banks). However, the Company believes this risk is remote as the banks are high credit quality financial institutions.

Earnings per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings per Share

15.	Earnings per Share

Basic earnings per common share is presented under the two-class method and is computed by dividing the earnings applicable to common stockholders by the weighted average number of common shares outstanding for the period.

Under the two class method, net income, if any, is first reduced by the amount of dividends declared in respect of common shares for the current period, if any, and the remaining earnings are allocated to common shares and participating securities to the extent that each security can share the earnings assuming all earnings for the period are distributed. The Class B common shareholders’ dividend rights are subordinated to those of holders of Class A common shares (see note 11). Net income for the relevant period is allocated based on the contractual rights of each class of security and as there was insufficient net income to allow any dividend on the Class B common shares no earnings were allocated to Class B common shares.

Losses are only allocated to participating securities in a period of net loss if, based on the contractual terms, the relevant common shareholders have an obligation to participate in such losses. No such obligation exists for Class B common shareholders and, accordingly, losses would only be allocated to the Class A common shareholders.

At December 31, 2016, there were 500,000 restricted stock units granted and unvested as part of management’s equity incentive plan. As of December 31, 2016 only Class A and B common shares are participating securities.

For the years ended December 31, 2016 and December 31, 2015, the diluted weighted average number of Class A common shares outstanding is the same as the basic weighted average number of shares outstanding, including the RSU’s without service conditions. The diluted weighted average number of shares excludes the outstanding share-based incentive awards as these would have had an antidilutive effect. For the year ended December 31, 2014, the diluted weighted average number of shares includes the incremental effect of outstanding share-based incentive awards.


(In thousands, except share data)	Year ended December 31, 2016			Year ended December 31, 2015			Year ended December 31, 2014

Class A common shares
Basic weighted average number of common shares outstanding (B)		47,554,351			47,541,484			47,541,409
Weighted average number of RSU’s without service conditions (note 13) (B)		300,000			243,904			168,904
Dilutive effect of share-based incentive awards		—			—			113,423

Common shares and common share equivalents (F)		47,854,351			47,785,388			47,823,736


Class B common shares
Basic weighted average number of common shares outstanding (D)		7,405,956			7,405,956			7,405,956
Dilutive effect of share-based incentive awards		—			—			—

Common shares (H)		7,405,956			7,405,956			7,405,956


Basic Earnings per Share
Net (loss) income available to common shareholders	$	(68,157	)	$	(31,937	)	$	4,996

Available to:
- Class A shareholders for period	$	(68,157	)	$	(31,937	)	$	4,996
- Class A shareholders for arrears		—			—			—
- Class B shareholders for period		—			—			—
- allocate pro-rata between Class A and B		—			—			—

Net (loss) income available for Class A (A)	$	(68,157	)	$	(31,937	)	$	4,996
Net (loss) income available for Class B (C)		—			—			—

Basic Earnings per share:
Class A (A/B)	$	(1.42	)	$	(0.67	)	$	0.10
Class B (C/D)		—			—			—

Diluted Earnings per Share
Net (loss) income available to common shareholders	$	(68,157	)	$	(31,937	)	$	4,996

Available to:
- Class A shareholders for period	$	(68,157	)	$	(31,937	)	$	4,996
- Class A shareholders for arrears		—			—			—
- Class B shareholders for period		—			—			—
- allocate pro rata between Class A and B		—			—			—

Net (loss) income available for Class A (E)	$	(68,157	)	$	(31,937	)	$	4,996
Net (loss) income available for Class B (G)		—			—			—

Diluted Earnings per share:
Class A (E/F)	$	(1.42	)	$	(0.67	)	$	0.10
Class B (G/H)		—			—			—

Subsequent events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent events

16.	Subsequent events

A dividend of $54.6875 per Series B Preferred Share was declared on March 3, 2017 for the first quarter 2017.

On March 22, 2017, the Company announced a cash tender offer in respect of the Excess Cash Flow, which we are obliged to make under the terms of the indenture. The offer is to purchase up to $20,000 aggregate amount of the 2019 Notes at a price of 102% of their aggregate principal amount plus accrued and unpaid interest to, but not including, the purchase date. The offer will expire at 5.00 p.m., New York City time, on April 19, 2017, unless extended by us, in our sole discretion.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Basis of consolidation

(a)

Basis of consolidation

Use of estimates

(b)

Use of estimates

Cash and cash equivalents

(c)

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

Accounts receivable

(d)

Accounts receivable

Vessels

(e)

Vessels

Vessels acquired after the merger are stated at acquisition cost, consisting of the contract price and expenses incurred in connection with the acquisition, less accumulated depreciation.

Prepayments and costs directly related to the future acquisition of specific vessels are presented in the Consolidated Balance Sheets as vessel deposits.

Drydocking costs

(f)

Drydocking costs

Intangible liabilities - charter agreements

(g)

Intangible liabilities – charter agreements

Long-lived assets

(h)

Long-lived assets

Derivative instruments

(i)

Derivative instruments

Interest rate hedges

Deferred financing costs

(j)

Deferred financing costs

Preferred shares

(k)

Preferred shares

Classification of long term debt

(l)

Classification of long term debt

Long term debt is classified within current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

Other comprehensive income (loss)

(m)

Other comprehensive income (loss)

Revenue recognition and related operating expense

(n)

Revenue recognition and related operating expense

Foreign currency transactions

(o)

Foreign currency transactions

Repairs and maintenance

(p)

Repairs and maintenance

All expenditures relating to routine maintenance and repairs are expensed when incurred.

Insurance

(q)

Insurance

Share based compensation

(r)

Share based compensation

The Company may award restricted stock units to its management and Directors as part of their compensation.

Income taxes

(s)

Income taxes

Inventories

(t)

Inventories

Inventories consist of bunkers and lubricants on board certain of the vessels. Inventories are stated at the lower of cost or market value as determined using the first-in, first-out method.

Dividends

(u)

Dividends

Earnings per share

(v)

Earnings per share

Recently issued accounting standards

(w)

Recently issued accounting standards

The Company has adopted the new Going Concern standard under ASU 2014-15.

Nature of Operations and Basis of Preparation (Tables)

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Vessels Chartered

The following table provides information about the 18 vessels owned as at December 31, 2016:


Vessel Name	Capacity in TEUs ⁽¹⁾		Year Built	Purchase Date by GSL	Charterer	Charter Remaining Duration (years) ⁽²⁾	Daily Charter Rate
CMA CGM Matisse		2,262	1999	December 2007	CMA CGM	3.00	$15.300
CMA CGM Utrillo		2,262	1999	December 2007	CMA CGM	3.00	$15.300
Delmas Keta		2,207	2003	December 2007	CMA CGM	1.00	$18.465
Julie Delmas		2,207	2002	December 2007	CMA CGM	1.00	$18.465
Kumasi ⁽³⁾		2,207	2002	December 2007	CMA CGM	4.00	$13.000
Marie Delmas ⁽³⁾		2,207	2002	December 2007	CMA CGM	4.00	$13.000
CMA CGM La Tour		2,272	2001	December 2007	CMA CGM	3.00	$15.300
CMA CGM Manet		2,272	2001	December 2007	CMA CGM	3.00	$15.300
CMA CGM Alcazar		5,089	2007	January 2008	CMA CGM	4.00	$33.750
CMA CGM Château d’lf		5,089	2007	January 2008	CMA CGM	4.00	$33.750
CMA CGM Thalassa		11,040	2008	December 2008	CMA CGM	9.00	$47.200
CMA CGM Jamaica		4,298	2006	December 2008	CMA CGM	6.00	$25.350
CMA CGM Sambhar		4,045	2006	December 2008	CMA CGM	6.00	$25.350
CMA CGM America		4,045	2006	December 2008	CMA CGM	6.00	$25.350
CMA CGM Berlioz		6,621	2001	August 2009	CMA CGM	4.75	$34.000
OOCL Tianjin		8,063	2005	October 2014	OOCL	1.00	$34.500
OOCL Qingdao		8,063	2004	March 2015	OOCL	1.25	$34.500
OOCL Ningbo		8,063	2004	September 2015	OOCL	1.75	$34.500

(1)

Twenty-foot Equivalent Units.

(2)

(3)

Vessels in Operation, less Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of Vessels in Operation, Less Accumulated Depreciation


	December 31, 2016			December 31, 2015

Cost	$	1,095,275		$	1,095,245
Accumulated Depreciation		(283,743	)		(248,306	)
Vessel impairment		(92,422	)		—

Net book value	$	719,110		$	846,939

Schedule of Variations in Net Book Value of Vessels, Including Drydocking

Variations in net book value of vessels, including drydocking, are presented below:


	December 31, 2016			December 31, 2015

Opening balance	$	846,939		$	836,537
Additions in the period		7,370			109,055
Depreciation expense		(42,777	)		(44,829	)
Vessel impairment		(92,422	)		(44,700	)
Disposals		—			(9,124	)

Closing balance	$	719,110		$	846,939

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets


	December 31, 2016			December 31, 2015

Software development:
Opening balance	$	39		$	67
Additions		—			—
Depreciation		(23	)		(28	)

Closing balance	$	16		$	39

Intangible Liability - Charter Agreements (Tables)

12 Months Ended

Dec. 31, 2016

Text Block [Abstract]

Schedule of Intangible Liability


	December 31, 2016			December 31, 2015

Opening balance	$	13,693		$	15,812
Amortization in period		(2,104	)		(2,119	)

Closing balance	$	11,589		$	13,693

Long Term Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Long Term Debt


	December 31, 2016			December 31, 2015

2019 Notes	$	420,000		$	420,000
Less repurchase of Notes (note 7(b))		(54,212	)		(350	)
Less original issue discount		(6,300	)		(6,300	)
Amortization of original issue discount		3,910			2,259

2019 Notes (note 7(b))		363,398			415,609
Revolving Credit Facility (note 7(c))		39,200			40,000
Secured Term Loan (note 7(d))		24,375			33,075
Less: Deferred financing costs (note 7(f))		(7,100	)		(10,611	)

Balance		419,873			478,073
Less: Current portion of 2019 Notes (note 7(b))		(19,501	)		(26,660	)
Less: Current portion of Revolving Credit Facility (note 7(c))		—			(800	)
Less: Current portion of Secured Term Loan (note 7(d))		(11,525	)		(7,700	)

Non-current portion of Long-Term Debt		388,847			442,913

Schedule of Repayment of Long Term Debt

Based on scheduled and estimated repayments from January 1, 2017 the long term debt will be reduced in each of the relevant periods as follows:


Year ending December 31,
2017	$	31,026
2018		63,374
2019		331,458
2020		3,505
Less: original issue discount		(2,390	)
Less: deferred financing costs		(7,100	)

	$	419,873

Schedule of Deferred Financing Cost


	December 31, 2016			December 31, 2015

Opening balance	$	10,611		$	12,913
Expenditure in the period		—			971
Amortization included within interest expense		(3,511	)		(3,273	)

Closing balance	$	7,100		$	10,611

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

Other Operating Income (Tables)

12 Months Ended

Dec. 31, 2016

Other Income and Expenses [Abstract]

Schedule of Other Operating Income

Other operating income is summarized as follows:


	Year ended December 31,
		2016		2015		2014
Sundry shipping income	$	216	$	382	$	420
Gain on sale of vessels		—		93		—
Other sundry income		—		—		90

	$	216	$	475	$	510

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Maximum Contracted Future Annual Charter Hire Receivable Before Allowance for Any Off-Hire Periods

The maximum contracted annual future charter hire receivable (not allowing for any offhire and assuming expiry at the mid-point between the earliest and latest possible end dates) for the 18 vessels as at December 31, 2016, and assuming the options included in the charters for Kumasi and Marie Delmas are exercised, is as follows:


Year ending December 31,
2017		163,201
2018		126,050
2019		110,439
2020		89,432
2021		53,917
Thereafter		95,491

	$	638,530

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Issued Share Based Awards

Under both the 2008 Plan and 2015 Plan, the Company issued the following share based awards since January 1, 2014:

Restricted Stock Units

Number of Units

Weighted
Average
Fair
Value on
Grant
Date

Actual
Fair
Value
on
Vesting
Date

Management

Directors

Unvested as at January 1, 2014

300,000

27,550

3.26

n/a

Vested in January 2014

—

(27,550

)

3.43

5.85

Unvested as at December 31, 2014

300,000

—

3.25

n/a

Vested in January 2015

—

n/a

Unvested as at December 31, 2015

300,000

—

3.25

n/a

Granted in March 2016

200,000

—

1.18

n/a

Unvested as at December 31, 2016

500,000

—

2.42

n/a

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Earnings per Share

For the year ended December 31, 2014, the diluted weighted average number of shares includes the incremental effect of outstanding share-based incentive awards.


(In thousands, except share data)	Year ended December 31, 2016			Year ended December 31, 2015			Year ended December 31, 2014

Class A common shares
Basic weighted average number of common shares outstanding (B)		47,554,351			47,541,484			47,541,409
Weighted average number of RSU’s without service conditions (note 13) (B)		300,000			243,904			168,904
Dilutive effect of share-based incentive awards		—			—			113,423

Common shares and common share equivalents (F)		47,854,351			47,785,388			47,823,736


Class B common shares
Basic weighted average number of common shares outstanding (D)		7,405,956			7,405,956			7,405,956
Dilutive effect of share-based incentive awards		—			—			—

Common shares (H)		7,405,956			7,405,956			7,405,956


Basic Earnings per Share
Net (loss) income available to common shareholders	$	(68,157	)	$	(31,937	)	$	4,996

Available to:
- Class A shareholders for period	$	(68,157	)	$	(31,937	)	$	4,996
- Class A shareholders for arrears		—			—			—
- Class B shareholders for period		—			—			—
- allocate pro-rata between Class A and B		—			—			—

Net (loss) income available for Class A (A)	$	(68,157	)	$	(31,937	)	$	4,996
Net (loss) income available for Class B (C)		—			—			—

Basic Earnings per share:
Class A (A/B)	$	(1.42	)	$	(0.67	)	$	0.10
Class B (C/D)		—			—			—

Diluted Earnings per Share
Net (loss) income available to common shareholders	$	(68,157	)	$	(31,937	)	$	4,996

Available to:
- Class A shareholders for period	$	(68,157	)	$	(31,937	)	$	4,996
- Class A shareholders for arrears		—			—			—
- Class B shareholders for period		—			—			—
- allocate pro rata between Class A and B		—			—			—

Net (loss) income available for Class A (E)	$	(68,157	)	$	(31,937	)	$	4,996
Net (loss) income available for Class B (G)		—			—			—

Diluted Earnings per share:
Class A (E/F)	$	(1.42	)	$	(0.67	)	$	0.10
Class B (G/H)		—			—			—

Nature of Operations and Basis of Preparation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016 Vessel
Nature Of Operations And Basis Of Preparation [Line Items]
Number of vessels	18
OOCL [Member]
Nature Of Operations And Basis Of Preparation [Line Items]
Number of vessels	3
Minimum [Member]
Nature Of Operations And Basis Of Preparation [Line Items]
Remaining charter terms	1 year
Maximum [Member]
Nature Of Operations And Basis Of Preparation [Line Items]
Remaining charter terms	9 years
CMA CGM [Member]
Nature Of Operations And Basis Of Preparation [Line Items]
Number of vessels	15
CMA CGM [Member] \| Minimum [Member]
Nature Of Operations And Basis Of Preparation [Line Items]
Remaining charter terms	1 year
CMA CGM [Member] \| Maximum [Member]
Nature Of Operations And Basis Of Preparation [Line Items]
Remaining charter terms	9 years

Nature of Operations and Basis of Preparation - Schedule of Vessels Chartered (Detail)		12 Months Ended
	Aug. 01, 2016 $ / d	Dec. 31, 2016 $ / d Unit
OOCL [Member] \| OOCL Tianjin [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		8,063
Year Built		2005
Purchase Date by GSL		2014-10
Charter Remaining Duration (years)		1 year
Daily Charter Rate \| $ / d		34,500
OOCL [Member] \| OOCL Qingdao [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		8,063
Year Built		2004
Purchase Date by GSL		2015-03
Charter Remaining Duration (years)		1 year 3 months
Daily Charter Rate \| $ / d		34,500
OOCL [Member] \| OOCL Ningbo [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		8,063
Year Built		2004
Purchase Date by GSL		2015-09
Charter Remaining Duration (years)		1 year 9 months
Daily Charter Rate \| $ / d		34,500
CMA CGM [Member] \| CMA CGM Matisse [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		2,262
Year Built		1999
Purchase Date by GSL		2007-12
Charter Remaining Duration (years)		3 years
Daily Charter Rate \| $ / d		15,300
CMA CGM [Member] \| CMA CGM Utrillo [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		2,262
Year Built		1999
Purchase Date by GSL		2007-12
Charter Remaining Duration (years)		3 years
Daily Charter Rate \| $ / d		15,300
CMA CGM [Member] \| Delmas Keta [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		2,207
Year Built		2003
Purchase Date by GSL		2007-12
Charter Remaining Duration (years)		1 year
Daily Charter Rate \| $ / d		18,465
CMA CGM [Member] \| Julie Delmas [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		2,207
Year Built		2002
Purchase Date by GSL		2007-12
Charter Remaining Duration (years)		1 year
Daily Charter Rate \| $ / d		18,465
CMA CGM [Member] \| Kumasi [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		2,207
Year Built		2002
Purchase Date by GSL		2007-12
Charter Remaining Duration (years)		4 years
Daily Charter Rate \| $ / d	13,000	13,000
CMA CGM [Member] \| Marie Delmas [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		2,207
Year Built		2002
Purchase Date by GSL		2007-12
Charter Remaining Duration (years)		4 years
Daily Charter Rate \| $ / d	13,000	13,000
CMA CGM [Member] \| CMA CGM La Tour [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		2,272
Year Built		2001
Purchase Date by GSL		2007-12
Charter Remaining Duration (years)		3 years
Daily Charter Rate \| $ / d		15,300
CMA CGM [Member] \| CMA CGM Manet [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		2,272
Year Built		2001
Purchase Date by GSL		2007-12
Charter Remaining Duration (years)		3 years
Daily Charter Rate \| $ / d		15,300
CMA CGM [Member] \| CMA CGM Alcazar [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		5,089
Year Built		2007
Purchase Date by GSL		2008-01
Charter Remaining Duration (years)		4 years
Daily Charter Rate \| $ / d		33,750
CMA CGM [Member] \| CMA CGM Chateau d'lf [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		5,089
Year Built		2007
Purchase Date by GSL		2008-01
Charter Remaining Duration (years)		4 years
Daily Charter Rate \| $ / d		33,750
CMA CGM [Member] \| CMA CGM Thalassa [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		11,040
Year Built		2008
Purchase Date by GSL		2008-12
Charter Remaining Duration (years)		9 years
Daily Charter Rate \| $ / d		47,200
CMA CGM [Member] \| CMA CGM Jamaica [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		4,298
Year Built		2006
Purchase Date by GSL		2008-12
Charter Remaining Duration (years)		6 years
Daily Charter Rate \| $ / d		25,350
CMA CGM [Member] \| CMA CGM Sambhar [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		4,045
Year Built		2006
Purchase Date by GSL		2008-12
Charter Remaining Duration (years)		6 years
Daily Charter Rate \| $ / d		25,350
CMA CGM [Member] \| CMA CGM America [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		4,045
Year Built		2006
Purchase Date by GSL		2008-12
Charter Remaining Duration (years)		6 years
Daily Charter Rate \| $ / d		25,350
CMA CGM [Member] \| CMA CGM Berlioz [Member]
Nature Of Operations [Line Items]
Capacity in TEUs \| Unit		6,621
Year Built		2001
Purchase Date by GSL		2009-08
Charter Remaining Duration (years)		4 years 9 months
Daily Charter Rate \| $ / d		34,000

Nature of Operations and Basis of Preparation - Schedule of Vessels Chartered (Parenthetical) (Detail) - CMA CGM [Member] - $ / d		12 Months Ended
	Aug. 01, 2016	Dec. 31, 2016
Kumasi [Member]
Nature Of Oper