Global Ship Lease shareholders approve amended articles at annual meeting

Global Ship Lease, Inc. announced the outcomes of its 2026 Annual Meeting of Shareholders, held on June 17, 2026, in Athens, Greece. The company's shareholders approved key governance matters, including the ratification of its independent auditor and the authorization of amendments to its articles of incorporation.

Board Elections and Auditor Ratification

At the meeting, shareholders elected three directors to serve until the 2029 Annual Meeting of Shareholders. The elected directors are Michael S. Gross, Menno van Lacum, and Alain Wils. Additionally, the shareholders ratified the appointment of PricewaterhouseCoopers S.A. as the company's independent public accounting firm for the fiscal year ending December 31, 2026.

Corporate Amendments

Shareholders approved the company's Second Amended and Restated Articles of Incorporation. This approval authorizes the Board of Directors to effect the amendment and restatement by filing the necessary documents with the Registrar of Corporations of the Republic of the Marshall Islands.

Operational Overview

Global Ship Lease operates a fleet of 71 vessels as of March 31, 2026, with an average age weighted by TEU capacity of 18.2 years. The fleet includes 41 wide-beam Post-Panamax ships. The average remaining term of the company's charters, to the mid-point of redelivery, was 2.6 years on a TEU-weighted basis, with contracted revenue of $2.05 billion. Including options under charterers' control, contracted revenue totals $2.58 billion, representing a weighted average remaining term of 3.3 years.

Global Ship Lease, Inc. announced on June 16, 2026, that Moody's Investors Service upgraded its outlook to positive from stable while maintaining the Ba2 Corporate Family Rating. Kroll Bond Rating Agency (KBRA) maintained the corporate rating at BB+ with a stable outlook and affirmed the BBB/stable investment grade rating for GSL's 5.69% Senior Secured Notes due 2027. The ratings reflect the company's strong credit metrics, low leverage, and solid market position in the containership leasing space.

Agency Rationale

Moody's and KBRA emphasized the company's focus on midsized and smaller ships, where supply-side fundamentals are supportive. The agencies cited Global Ship Lease's strong historical performance, resilience during industry disruptions, and contracted revenue as key strengths. Moody's highlighted the positive impact of ordering newbuild vessels with long-term charters attached, monetizing older assets, and maintaining a strong financial position.

Fleet and Contracted Revenue

As of March 31, 2026, Global Ship Lease's fleet comprised 71 vessels with an average age weighted by TEU capacity of 18.2 years. The average remaining term of the company's charters, to the mid-point of redelivery, was 2.6 years on a TEU-weighted basis. Contracted revenue on the same basis was $2.05 billion. Including options under charterers' control and with the latest redelivery date, contracted revenue was $2.58 billion, representing a weighted average remaining term of 3.3 years.

Metric	Value
Corporate Family Rating (Moody's)	Ba2
Outlook (Moody's)	Positive
Corporate Rating (KBRA)	BB+
Outlook (KBRA)	Stable
Senior Secured Notes Rating (KBRA)	BBB/Stable
Senior Secured Notes Coupon	5.69%
Senior Secured Notes Maturity	2027
Fleet Size (as of March 31, 2026)	71 vessels
Average Fleet Age	18.2 years
Contracted Revenue (Mid-point redelivery)	$2.05 billion
Contracted Revenue (Latest redelivery date)	$2.58 billion

Management Commentary

Thomas Lister, Chief Executive Officer of Global Ship Lease, stated that the ratings reflect the strength of the company's balance sheet and charter coverage. He acknowledged the benefits of ordering newbuildings with long-term charters attached and divesting older, non-core assets. The company intends to continue executing its dynamic capital allocation strategy, pursuing selective fleet renewal, returning capital to shareholders, and creating shareholder value throughout the cycle.