UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2023
Commission File Number: 001-34153
GLOBAL SHIP LEASE, INC.
(Translation of registrant’s name into English)
c/o Global Ship Lease Services Limited
25 Wilton Road
London SW1V 1LW
United Kingdom
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): ☐.
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)7: ☐.
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or
other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing
on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this report on Form 6-K (this “Report”) as Exhibit 99.1 is a copy of the press release issued by Global Ship Lease, Inc. (the “Company”), dated June 9, 2023,
announcing that the Company has declared a quarterly dividend on its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares.
Attached to this Report as Exhibit 99.2 is a copy of the press release issued by the Company, dated June 20, 2023, announcing the Company’s credit
rating upgraded by Moody’s Investor Service and the Company’s outlook updated by S&P Global Ratings and the Kroll Bond Rating Agency.
The information contained in this Report (excluding, with respect to Exhibit 99.2, any information contained in any website
referenced therein, and the statements attributed to the Company’s Executive Chairman) is hereby incorporated by reference into the Company’s registration statements on Form F-3 (File Nos. 333-231509, 333-258800 and 333-267468) and Form S-8 (File
Nos. 333-258992 and 333-264113).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
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GLOBAL SHIP LEASE, INC.
(Registrant)
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Dated: July 20, 2023
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By:
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/s/ Ian J. Webber
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Ian J. Webber
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Chief Executive Officer
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Exhibits 99.1
Investor and Media Contact:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438
Global Ship Lease Declares Quarterly Dividend on its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares
LONDON, June 9, 2023 – Global Ship Lease, Inc. (NYSE:GSL) (the “Company”) announced today that the Company’s Board of Directors has declared a cash
dividend of $0.546875 per depositary share, each representing a 1/100th interest in a share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares”) (NYSE:GSLPrB). The dividend represents payment for
the period from April 1, 2023 to June 30, 2023 and will be paid on July 3, 2023 to all Series B Preferred Shareholders of record as of June 26, 2023.
About Global Ship Lease
Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the
Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York stock Exchange in
August 2008.
As at May 9, 2023, Global Ship Lease owned 64 containerships and had contracted to purchase a further four ships, ranging from 2,207 to 11,040 TEU, with
an aggregate capacity (when fully delivered) of 375,406 TEU. 36 ships are wide-beam Post-Panamax.
Adjusted to include all charters agreed up to May 9, 2023, and the four ships to be acquired, the average remaining term of the Company’s charters as at
March 31, 2023, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.5 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.11 billion.
Contracted revenue was $2.54 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.3 years.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future
events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,”
“continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of
these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and the Company cannot assure you that the events or expectations included in these
forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors described in “Risk Factors” in the
Company’s Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking
statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to reflect the
occurrence of unanticipated events.
Exhibits 99.2
Investor and Media Contact:
The IGB Group
Bryan Degnan
646-673-9701
or
Leon Berman
212-477-8438
Global Ship Lease Announces Credit Rating and Outlook Upgrades
Moody’s Upgrades Corporate Family Rating; S&P Improves Outlook; KBRA Affirms Investment Grade Rating of Senior
Secured Notes
LONDON, June 20, 2023 – Global Ship Lease, Inc. (NYSE: GSL) (the “Company”) announced today several recent updates by three leading credit rating
agencies. The Company’s Corporate Family Rating has been upgraded to Ba3 from B1, with a stable outlook, by Moody’s Investor Service (“Moody’s”). In addition, S&P Global Ratings (“S&P”) revised the Company’s outlook to positive and affirmed
its long-term issuer credit rating at ‘BB’, and the Kroll Bond Rating Agency (“KBRA") affirmed both the Company’s BB corporate rating with a stable outlook, as well as the BBB/stable investment grade rating and outlook for GSL’s $350 Million 5.69%
Senior Secured Notes due July 15, 2027, structured and placed by Goldman Sachs in June 2022.
In announcing the ratings and outlook updates, the agencies cited the Company’s low debt-to-EBITDA ratio, significant revenue visibility due to
multi-year time charter agreements secured at attractive rates in 2021 and 2022, and anticipated significant cash flow generation from charters already fixed through virtually all of 2023 and approximately 80% of 2024. The agencies also recognized
GSL’s steady progress in improving cost of debt and hedges against rising interest rates and our debt amortization profile that will drive continued debt reduction. In addition, the agencies noted the Company’s quarterly dividends, share buybacks
and opportunistic vessel acquisitions. Additional reasons cited included the Company’s scale and niche focus on middle-aged, medium-sized and smaller containerships, with value-added components such as reefer capacity, that benefit from lower
anticipated vessel supply growth than is the case with larger containerships.
George Youroukos, Executive Chairman of Global Ship Lease, commented, “These latest credit and outlook upgrades, as well as the affirmation of the
investment grade rating on our $350 Million 5.69% Senior Secured Notes, reflect broad recognition of our discipline and performance over time, which have enabled us to transform our balance sheet while also building a portfolio of attractive
multi-year charter coverage with strong counterparties. Against the backdrop of an ongoing normalization in both freight and charter markets, we have extended our forward visibility on revenues and have remained cashflow generative, which in turn
has enabled further balance sheet improvements, opportunistic acquisitions and shareholder returns through both dividends and share buybacks. As asset values in the containership sector also normalize from recent peaks, we are well-positioned to
make selective acquisitions when the right opportunities arise and will continue with our dynamic and disciplined allocation of capital to manage risks and build shareholder value through the cycle.”
Additional information regarding Global Ship Lease’s credit ratings can be found in the
press release dated June 8, 2023 on the Moody's website at moodys.com, the press release dated June 13, 2023 on the S&P website at spglobal.com, and the press
release dated June 16, 2023 on the KBRA website at kbra.com.
About Global Ship Lease
Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in
the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York stock
Exchange in August 2008.
As at May 9, 2023, Global Ship Lease owned 64 containerships and had contracted to purchase a further four ships, ranging from 2,207 to 11,040 TEU, with
an aggregate capacity (when fully delivered) of 375,406 TEU. 36 ships are wide-beam Post-Panamax.
Adjusted to include all charters agreed up to May 9, 2023, and the four ships to be acquired, the average remaining term of the Company’s charters as
at March 31, 2023, to the mid-point of redelivery, including options under the Company’s control and other than if a redelivery notice has been received, was 2.5 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.11
billion. Contracted revenue was $2.54 billion, including options under charterers’ control and with latest redelivery date, representing a weighted average remaining term of 3.3 years.
Safe Harbor Statement
This press release contains forward-looking statements. Forward-looking statements provide the Company’s current expectations or forecasts of future
events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as “anticipate,” “believe,”
“continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of
these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements are based on assumptions that may be incorrect, and the Company cannot assure you that the events or expectations included in these
forward-looking statements will come to pass. Actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors, including the factors described in “Risk Factors” in the
Company’s Annual Report on Form 20-F and the factors and risks the Company describes in subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking
statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly revise or update any forward-looking statement to reflect circumstances or events after the date of this press release or to
reflect the occurrence of unanticipated events.
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