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Global Ship Lease Announces Agreement With OOCL to Acquire Third 8,063 TEU Vessel

-- Third Sale-and-Leaseback Agreement Provides Immediately Accretive Earnings Growth

-- Acquisition Expected to Generate Annual EBITDA in Excess of $9.4 Million

-- Agreed to $35.0 Million Credit Facility With DVB Bank to Partially Finance Acquisition

LONDON, Aug. 4, 2015 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the "Company") announced today that it has agreed to acquire the OOCL Ningbo, a 2004-built, 8,063 TEU containership from Orient Overseas Container Line Limited ("OOCL") for a purchase price of $53.6 million.

The OOCL Ningbo is expected to deliver in late September 2015, subject to the completion of customary additional documentation and closing conditions. Upon delivery, the vessel will be immediately time chartered back to OOCL for a period of 36 to 39 months, at charterer's option, at a gross rate of $34,500 per day, for total contracted revenue of between $37.7 and $40.9 million. The charter is expected to generate annual EBITDA in excess of $9.4 million. The purchase price will be settled using cash on hand and a recently-signed $35 million credit facility with DVB Bank. The facility has a term of up to five years at a rate of Libor plus a margin of 275 bps through November 30, 2018, and Libor plus 325 bps thereafter. With the delivery of the OOCL Ningbo, the Company's fleet will comprise 20 vessels with a total capacity of 90,538 TEU.

Ian Webber, Chief Executive Officer of Global Ship Lease, stated, "In completing this third, highly attractive sale-and-leaseback transaction over the last twelve months, we have once again taken a major step forward in expanding our earnings power and diversifying our charter portfolio. Including this transaction, we have now increased our run-rate EBITDA by approximately 35% through acquisitions alone. In addition, we benefit from increased earnings from our two vessels operating on short-term contracts in a stronger spot market. Furthermore, our new credit facility, with a first class bank in DVB, marks an important step in lowering our cost of capital."

Mr. Webber continued, "With our strong balance sheet, extensive contracted revenue stream, increasingly diversified portfolio of top-tier charterers, and proven ability to execute highly accretive transactions on attractive terms, Global Ship Lease is now in an ideal position to move forward on our strategic initiatives and to unlock real value for our shareholders."

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 mainly long-term, fixed-rate charters to top tier container liner companies.

Global Ship Lease currently owns 19 vessels with a total capacity of 82,475 TEU and an average age, weighted by TEU capacity, at June 30, 2015 of 11.2 years. All 19 vessels are currently fixed on time charters, 15 of which are with CMA CGM. The average remaining term of the charters at June 30, 2015 is 5.0 years or 5.5 years on a weighted basis, excluding Ville d'Aquarius, and Ville d'Orion, which are deployed in the short term charter market.

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.

CONTACT: Investor and Media Contact: The IGB Group Bryan Degnan 646-673-9701 or Leon Berman 212-477-8438

Source:Global Ship Lease, Inc.