Global Ship Lease, Inc. (NYSE:GSL) Q1 2022 Results Conference Call May 9, 2022 10:30 AM ET Company Participants | --- | |--------------------------------------------------------| | | | Ian Webber - CEO George Youroukos - Executive Chairman | | Tassos Psaropoulos - CFO | | Tom Lister - Chief Commercial Officer | | Conference Call Participants | | Chris Robertson - Jefferies | | Liam Burke - B. Riley | | J. Mintzmyer - Value Investor's Edge | | Frode Morkedal - Clarksons Securities | Operator Good day and tha ...

Financial Data and Key Metrics Changes - Revenue for 2021 was $448 million, up from $282.8 million in 2020, representing a significant increase [50] - Adjusted EBITDA for 2021 was $252.2 million, compared to $163.2 million in 2020, indicating strong operational performance [50] - Normalized income increased from $49.6 million in 2020 to $170.7 million in 2021, reflecting improved profitability [50] - EBITDA for Q4 2021 was $85.4 million, more than double the $38.7 million reported for Q4 2020 [13][35] Business Line Data and Key Metrics Changes - The company acquired 23 ships, increasing the fleet size by over 50%, which contributed to the revenue growth [12][33] - Secured 51 new charters, adding over $1.5 billion in contract revenue spread over several years [14] - The adjusted EBITDA backlog increased by $1.2 billion, bringing total contract cover to $1.8 billion over the next 2.6 years [35] Market Data and Key Metrics Changes - Demand for container shipping services grew by 7.1% in 2021, outpacing the 1.4% capacity growth [10] - The forecast for 2022 indicates a demand growth of 4.2%, again exceeding the expected capacity growth of 1.7% [11] - Idle capacity at year-end was 0.6%, indicating nearly full employment in the market [60] Company Strategy and Development Direction - The company focuses on enhancing fuel efficiency and compliance with upcoming decarbonization regulations [25][47] - A disciplined approach to capital allocation is emphasized, with a focus on returning capital to shareholders through dividends and share repurchases [40][45] - The company intends to maintain a strict discipline in fleet renewal through selective acquisitions that generate accretive growth [27][96] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the macro environment due to geopolitical tensions and inflation, but remains optimistic about the strong fundamentals in the container shipping market [24] - The company expects to see continued high demand for container shipping services, supported by limited vessel supply and inventory restocking [23][74] - Management highlighted the importance of adapting to decarbonization requirements and enhancing fleet efficiency to remain competitive [47][90] Other Important Information - The company refinanced over $400 million of debt, significantly reducing the cost of debt from 7.7% in 2018 to 4.7% currently [51][54] - A quarterly dividend increase to $0.375 per share was announced, more than tripling the original amount contemplated [16][42] - The company returned approximately $46.2 million to shareholders in 2021, with $36.2 million through dividends and $10 million in stock buybacks [18] Q&A Session Summary Question: About the dividend increase and future expectations - Management reviewed capital allocation regularly and determined that the increased dividend of $0.375 was sustainable based on improved cash flow and forward cover [79][81] Question: Forward fixing of vessels coming off charter - Management is actively working on forward fixtures and prioritizing this as a top priority [83] Question: Amortization of charter adjustments - The amortization effects will reduce over time as legacy charters expire, with a straight-line depreciation expected [85] Question: Regarding the acquisition of older vessels - Management indicated that while older vessels may not be easily chartered, unique characteristics of their fleet could allow for extended use [87][89] Question: Potential acquisitions in the current market - Management is cautious about acquisitions, focusing on opportunities that meet stringent criteria and provide certainty of income [96][98]

PwC 1 Third Quarter 2021 Results Presentation Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation regarding any securities. The finan ...

Global Ship Lease, Inc. (NYSE:GSL) Q3 2021 Earnings Conference Call November 10, 2021 11:00 AM ET Company Participants Ian Webber – Chief Executive Officer George Youroukos – Executive Chairman Tassos Psaropoulos – Chief Financial Officer Tom Lister – Chief Commercial Officer Conference Call Participants Kevin Uherek – Deutsche Bank Randy Giveans – Jefferies Frode Morkedal – Clarksons Securities Liam Burke – B. Riley Brett Hendrickson – Nokomis Operator Good day and thank you for standing by. Welcome to the ...

PwC 1 Second Quarter 2021 Results Presentation Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation regarding any securities. The fina ...

Global Ship Lease, Inc. (NYSE:GSL) Q2 2021 Earnings Conference Call August 5, 2021 10:30 AM ET Company Participants Ian Webber - Chief Executive Officer George Youroukos - Executive Chairman Tassos Psaropoulos - Chief Financial Officer Tom Lister - Chief Commercial Officer Conference Call Participants Randy Giveans - Jefferies Frode Morkedal - Clarksons Securities Liam Burke - B. Riley J. Mintzmyer - Value Investor's Edge Joe Kaplan - Whitefort Capital Ian Webber Thank you very much. Thank you. Good morning ...

PwC 1 First Quarter 2021 Results Presentation Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation regarding any securities. The finan ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

PwC 1 Fourth Quarter 2020 Results Presentation Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or an invitation, solicitation, or inducement to purchase or subscribe for securities with respect to any transaction, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation does not constitute either advice or a recommendation regarding any securities. The fina ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for 2020 was $161.7 million, an increase of $4.7 million compared to 2019 [16][51] - Adjusted earnings per share for the year was $1.60, with expectations for further growth from the acquisition of 7 ships [16] - Revenue for Q4 2020 was $70 million, and for the full year, it was $282.8 million [50] Business Line Data and Key Metrics Changes - The company secured 22 new charters since July 2020, adding approximately $265 million in contracted revenue and $177 million in adjusted EBITDA [18][28] - The acquisition of 7 vessels is expected to add approximately $19 million to annual net income, representing a nearly 40% increase compared to normalized net income for 2020 [12][30] Market Data and Key Metrics Changes - The container shipping market has shown resilience, with cargo volumes down only about 2% in 2020 compared to 2019, and a forecast growth of 6.8% for 2021 [35][36] - Idle capacity in the market has decreased sharply from around 12% in Q2 2020 to 1.1% in February 2021 [43] Company Strategy and Development Direction - The company aims to capitalize on the strong container market by securing charters at higher rates and focusing on deleveraging [10][14] - A sustainable quarterly dividend of $0.12 per share was initiated, reflecting a commitment to returning value to shareholders [12][22] - The company is focused on acquiring mid-aged vessels rather than new builds, emphasizing immediate cash flow and lower residual value risk [75][76] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for containerships and the limited supply, which is expected to support charter rates in the medium term [13][62] - The company has a strong liquidity position with $92.3 million in cash as of December 31, 2020, and has raised additional equity to fund growth [52][60] Other Important Information - The company has eliminated restrictive covenants from its debt, allowing for greater flexibility in pursuing market opportunities [11] - The company has published its first ESG report, aligning its commercial strategies with environmental goals [22] Q&A Session Summary Question: Chartering strategy and timing for rechartering vessels - Management indicated that discussions for rechartering are happening 4 to 6 months in advance due to high demand, and there is a preference for longer charters in the current market [67][70] Question: Acquisition strategy and focus on older vessels - The acquisition of older vessels was strategic, providing immediate cash flow and reducing risk. The company will continue to focus on mid-aged ships rather than new builds [71][75] Question: Future acquisitions and pricing expectations - Management confirmed that they will pursue further acquisitions that are immediately accretive and risk-averse, focusing on private deals rather than competing in the open market [93][95] Question: Impact of fuel efficiency on older vessels - Management noted that the difference in fuel efficiency between older and newer vessels is minimal in the current market, and the focus remains on securing capacity for the future [87][90] Question: Accretive growth from recent acquisitions - Management acknowledged the assumptions made regarding the recent acquisition and confirmed that the transaction is expected to be accretive, with a focus on maximizing the utility of existing assets [109][111]