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Global Ship Lease Takes Delivery of 8,063 TEU Vessel

LONDON, Oct. 28, 2014 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the "Company") announced today that it took delivery of a 2005-built, 8,063 TEU containership, the OOCL Tianjin. Upon delivery, the vessel commenced a timecharter back to the seller, Orient Overseas Container Lines Limited ("OOCL"), for 36 to 39 months at a rate of $34,500 per day. With this addition, the Company's fleet stands at 18 vessels with a total capacity of 74,412 TEU.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "We are pleased to take delivery of this high-quality vessel, which adds $9.4 million to our annual EBITDA and between $37.7 and $40.9 million to our contracted revenue stream while diversifying our charter portfolio. OOCL is one of the world's leading container liner companies and we are excited to establish a relationship with them."

About Global Ship Lease

Global Ship Lease is a containership charter owner. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under long-term, fixed rate charters to top tier container liner companies.

Global Ship Lease owns 18 vessels with a total capacity of 74,412 TEU and an average age, weighted by TEU capacity, at October 28, 2014 of 10.6 years. All 18 vessels are currently fixed on time charters, 15 of which are with CMA CGM. The average remaining term of the charters is 5.7 years or 6.5 years on a weighted basis, excluding Ville d'Aquarius and Ville d'Orion, which are deployed in the short term charter market.

CONTACT: Investor and Media Contact: The IGB Group Bryan Degnan 646-673-9701 or Leon Berman 212-477-8438Source:Global Ship Lease, Inc.