Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-34153 |
Entity Registrant Name | Global Ship Lease, Inc. |
Entity Central Index Key | 0001430725 |
Entity Address, Address Line One | 25 Wilton Road |
Entity Address, City or Town | London SW1V 1LW |
Entity Address, Country | GB |
Interim Unaudited Condensed Con
Interim Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 84,493 | $ 120,130 |
Time deposits | 12,600 | 8,550 |
Restricted cash | 45,142 | 28,363 |
Accounts receivable, net | 3,109 | 3,684 |
Inventories | 13,399 | 12,237 |
Prepaid expenses and other current assets | 36,252 | 33,765 |
Derivative asset | 28,177 | 29,645 |
Due from related parties | 48 | 673 |
Total current assets | 223,220 | 237,047 |
NON - CURRENT ASSETS | ||
Vessels in operation | 1,716,778 | 1,623,307 |
Advances for vessels acquisitions and other additions | 6,699 | 4,881 |
Deferred charges, net | 69,106 | 54,663 |
Other non-current assets | 31,572 | 31,022 |
Derivative asset, net of current portion | 28,727 | 33,858 |
Restricted cash, net of current portion | 116,767 | 121,437 |
Total non - current assets | 1,969,649 | 1,869,168 |
TOTAL ASSETS | 2,192,869 | 2,106,215 |
CURRENT LIABILITIES | ||
Accounts payable | 25,809 | 22,755 |
Accrued liabilities | 29,624 | 36,038 |
Current portion of long - term debt | 204,140 | 189,832 |
Current portion of deferred revenue | 29,661 | 12,569 |
Due to related parties | 692 | 572 |
Total current liabilities | 289,926 | 261,766 |
LONG - TERM LIABILITIES | ||
Long - term debt, net of current portion and deferred financing costs | 707,673 | 744,557 |
Intangible liabilities - charter agreements | 8,697 | 14,218 |
Deferred revenue, net of current portion | 114,331 | 119,183 |
Total non - current liabilities | 830,701 | 877,958 |
Total liabilities | 1,120,627 | 1,139,724 |
Commitments and Contingencies | 0 | 0 |
SHAREHOLDERS' EQUITY | ||
Additional paid in capital | 676,571 | 688,262 |
Retained Earnings | 367,311 | 246,390 |
Accumulated other comprehensive income | 28,009 | 31,480 |
Total shareholders' equity | 1,072,242 | 966,491 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,192,869 | 2,106,215 |
Common Class A [Member] | ||
SHAREHOLDERS' EQUITY | ||
Common shares | 351 | 359 |
Series B Preferred Stock [Member] | ||
SHAREHOLDERS' EQUITY | ||
Preferred shares | $ 0 | $ 0 |
Interim Unaudited Condensed C_2
Interim Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common Class A [Member] | ||
Common Stock, Shares Authorized | 214,000,000 | 214,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 35,165,914 | 35,990,288 |
Common Stock, Shares, Outstanding | 35,165,914 | 35,990,288 |
Series B Preferred Stock [Member] | ||
Preferred Stock, Shares Authorized | 104,000 | 104,000 |
Common shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares issued | 43,592 | 43,592 |
Preferred shares, shares oustanding | 43,592 | 43,592 |
Interim Unaudited Condensed C_3
Interim Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING REVENUES | ||
Time charter revenues (include related party revenues of $nil0 and $66,929 for each of the periods ended June 30, 2023 and 2022, respectively) | $ 316,326 | $ 284,667 |
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $nil0 and $5,385 for each of the periods ended June 30, 2023 and 2022, respectively) | 5,045 | 23,420 |
Total Operating Revenues | 321,371 | 308,087 |
OPERATING EXPENSES | ||
Vessel operating expenses (include related party vessel operating expenses of $8,901 and $8,609 for each of the periods ended June 30, 2023 and 2022, respectively) | 86,169 | 80,886 |
Time charter and voyage expenses (include related party time charter and voyage expenses of $3,662 and $2,950 for each of the periods ended June 30, 2023 and 2022, respectively) | 12,139 | 9,458 |
Depreciation and amortization | 43,356 | 40,125 |
General and administrative expenses | 9,500 | 10,292 |
Operating Income | 170,207 | 167,326 |
NON-OPERATING INCOME/(EXPENSES) | ||
Interest income | 4,394 | 515 |
Interest and other finance expenses (include acceleration of deferred financing costs of $108 and prepayment fees, acceleration of deferred financing costs and premium of $19,053 for each of the periods ended June 30, 2023 and 2022, respectively) | (22,008) | (48,742) |
Other income, net | 1,160 | 178 |
Fair value adjustment on derivative asset | (1,368) | 6,648 |
Total non-operating expenses | (17,822) | (41,401) |
Income before income taxes | 152,385 | 125,925 |
Income taxes | (5) | 0 |
Net Income | 152,380 | 125,925 |
Earnings allocated to Series B Preferred Shares | (4,768) | (4,768) |
Net Income available to Common Shareholders | $ 147,612 | $ 121,157 |
Common Class A [Member] | ||
Weighted average number of Class A common shares outstanding | ||
Basic | 35,533,273 | 36,578,297 |
Diluted | 36,206,309 | 37,288,826 |
Net Earnings per Class A common share | ||
Basic | $ 4.15 | $ 3.31 |
Diluted | $ 4.08 | $ 3.25 |
Interim Unaudited Condensed C_4
Interim Unaudited Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Time charter revenue - related parties | $ 0 | $ 66,929 |
Amortization of intangible liabilities - related party | 0 | 5,385 |
Vessel operating expenses - related parties | 8,901 | 8,609 |
Time charter and voyage expenses - related parties | 3,662 | 2,950 |
Interest and other finance expenses - related party | $ 108 | $ 19,053 |
Interim Unaudited Condensed C_5
Interim Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Net Income available to Common Shareholders | $ 147,612 | $ 121,157 |
Cash Flow Hedge: | ||
Unrealized (loss)/gain on derivative assets | (5,231) | 22,914 |
Amortization of interest rate cap premium | 1,936 | 129 |
Amounts reclassified to earnings | (176) | 0 |
Total Other Comprehensive (Loss)/Income | (3,471) | 23,043 |
Total Comprehensive Income | $ 144,141 | $ 144,200 |
Interim Unaudited Condensed C_6
Interim Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash flows from operating activities: | |||
Net Income | $ 152,380 | $ 125,925 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 43,356 | 40,125 | |
Amounts reclassified from other comprehensive income | (176) | 0 | |
Amortization of derivative asset’s premium | 1,936 | 129 | |
Amortization of deferred financing costs | 2,836 | 6,093 | |
Amortization of original issue premium on repurchase of notes | 0 | 326 | |
Amortization of intangible liabilities - charter agreements | (5,045) | (23,420) | |
Fair value adjustment on derivative asset | 1,368 | (6,648) | $ (9,685) |
Prepayment fees on debt repayment | 0 | 15,197 | |
Stock-based compensation expense | 5,179 | 5,661 | |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable and other assets | (2,462) | (6,184) | |
Increase in inventories | (1,162) | (543) | |
Increase in derivative asset | 0 | (15,370) | |
Decrease in accounts payable and other liabilities | (10,668) | (1,015) | |
Decrease in related parties' balances, net | 745 | 2,183 | |
Increase in deferred revenue | 12,240 | 607 | |
Unrealized foreign exchange loss | 1 | 4 | |
Net cash provided by operating activities | 200,528 | 143,070 | |
Cash flows from investing activities: | |||
Acquisition of vessels | (123,300) | 0 | |
Cash paid for vessel expenditures | (4,551) | (3,225) | |
Advances for vessels acquisitions and other additions | (5,945) | (2,324) | |
Cash paid for drydockings | (18,300) | (15,253) | |
Net proceeds from sale of vessel | 5,940 | 0 | |
Time deposits (acquired)/withdrawal | (4,050) | 100 | |
Net cash used in investing activities | (150,206) | (20,702) | |
Cash flows from financing activities: | |||
Repurchase of 2024 Notes, including premium | 0 | (29,070) | |
Proceeds from drawdown of credit facilities | 76,000 | 60,000 | |
Proceeds from 2027 Secured Notes | 0 | 350,000 | |
Repayment of credit facilities/sale and leaseback | (100,271) | (79,918) | |
Repayment of refinanced debt, including prepayment fees | 0 | (276,671) | |
Deferred financing costs paid | (1,140) | (9,264) | |
Cancellation of Class A common shares | (16,980) | (4,925) | |
Class A common shares - dividend paid | (26,691) | (23,093) | |
Series B Preferred Shares - dividend paid | (4,768) | (4,768) | |
Net cash used in financing activities | (73,850) | (17,709) | |
Net (decrease)/increase in cash and cash equivalents and restricted cash | (23,528) | 104,659 | |
Cash and cash equivalents and restricted cash at beginning of the period | 269,930 | 195,642 | 195,642 |
Cash and cash equivalents and restricted cash at end of the period | 246,402 | 300,301 | 269,930 |
Supplementary Cash Flow Information: | |||
Cash paid for interest | 33,329 | 25,297 | |
Cash received from interest rate caps | 15,916 | 254 | |
Non-cash investing activities: | |||
Unpaid capitalized expenses | 11,997 | 8,101 | |
Unpaid drydocking expenses | 16,199 | 7,417 | |
Non-cash financing activities: | |||
Unpaid deferred financing costs | 0 | 341 | |
Unrealized (loss)/gain on derivative assets | $ (5,231) | $ 22,914 | $ 31,221 |
Interim Unaudited Condensed C_7
Interim Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Series B Preferred Stock [Member] | ||||||
Preferred shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock [Member] | ||||||
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Interim Unaudited Condensed C_8
Interim Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] Series B Preferred Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 365 | $ 0 | $ 0 | $ 698,463 | $ 13,498 | $ 227 | $ 712,553 |
Beginning balance,shares at Dec. 31, 2021 | 36,464,109 | 43,592 | |||||
Stock-based compensation expense (Note 10) | $ 4 | $ 0 | 0 | 3,426 | 0 | 0 | 3,430 |
Stock-based compensation expense (in shares) (Note 10) | 447,283 | ||||||
Other comprehensive income | $ 0 | 0 | 0 | 0 | 0 | 17,283 | 17,283 |
Net Income for the period | 0 | 0 | 0 | 0 | 70,190 | 0 | 70,190 |
Series B Preferred Shares dividend (Note 9) | 0 | 0 | 0 | 0 | (2,384) | 0 | (2,384) |
Class A common shares dividend (Note 9) | 0 | 0 | 0 | 0 | (9,257) | 0 | (9,257) |
Ending balance, value at Mar. 31, 2022 | $ 369 | $ 0 | 0 | 701,889 | 72,047 | 17,510 | 791,815 |
Ending balance, shares at Mar. 31, 2022 | 36,911,392 | 43,592 | |||||
Stock-based compensation expense (Note 10) | $ 0 | $ 0 | 0 | 2,231 | 0 | 0 | 2,231 |
Cancellation of Class A common shares (in shares) (Note 9) | (184,684) | ||||||
Cancellation of Class A common shares (Note 9) | $ (2) | 0 | 0 | (4,923) | 0 | 0 | (4,925) |
Other comprehensive income | 0 | 0 | 0 | 0 | 0 | 5,760 | 5,760 |
Net Income for the period | 0 | 0 | 0 | 0 | 55,734 | 0 | 55,734 |
Series B Preferred Shares dividend (Note 9) | 0 | 0 | 0 | 0 | (2,384) | 0 | (2,384) |
Class A common shares dividend (Note 9) | 0 | 0 | 0 | 0 | (13,836) | 0 | (13,836) |
Ending balance, value at Jun. 30, 2022 | $ 367 | $ 0 | 0 | 699,196 | 111,562 | 23,270 | 834,395 |
Ending balance, shares at Jun. 30, 2022 | 36,726,708 | 43,592 | |||||
Beginning balance, value at Dec. 31, 2022 | $ 359 | $ 0 | 0 | 688,262 | 246,390 | 31,480 | 966,491 |
Beginning balance,shares at Dec. 31, 2022 | 35,990,288 | 43,592 | |||||
Stock-based compensation expense (Note 10) | $ 1 | $ 0 | 0 | 2,673 | 0 | 0 | 2,674 |
Cancellation of Class A common shares (in shares) (Note 9) | (582,178) | ||||||
Cancellation of Class A common shares (Note 9) | $ (6) | 0 | 0 | (9,982) | 0 | 0 | (9,988) |
Issuance of Series B Preferred shares, net of offering costs (Note 9) | $ 0 | 0 | 0 | 102 | 0 | 0 | 102 |
Stock-based compensation expense (in shares) (Note 10) | 82,944 | ||||||
Other comprehensive income | $ 0 | 0 | 0 | 0 | 0 | (7,182) | (7,182) |
Net Income for the period | 0 | 0 | 0 | 0 | 74,604 | 0 | 74,604 |
Series B Preferred Shares dividend (Note 9) | 0 | 0 | 0 | 0 | (2,384) | 0 | (2,384) |
Class A common shares dividend (Note 9) | 0 | 0 | 0 | 0 | (13,351) | 0 | (13,351) |
Ending balance, value at Mar. 31, 2023 | $ 354 | $ 0 | 0 | 681,055 | 305,259 | 24,298 | 1,010,966 |
Ending balance, shares at Mar. 31, 2023 | 35,491,054 | 43,592 | |||||
Stock-based compensation expense (Note 10) | $ 1 | $ 0 | 0 | 2,504 | 0 | 0 | 2,505 |
Cancellation of Class A common shares (in shares) (Note 9) | (385,064) | ||||||
Cancellation of Class A common shares (Note 9) | $ (4) | 0 | 0 | (6,988) | 0 | 0 | (6,992) |
Stock-based compensation expense (in shares) (Note 10) | 59,924 | ||||||
Other comprehensive income | $ 0 | 0 | 0 | 0 | 0 | 3,711 | 3,711 |
Net Income for the period | 0 | 0 | 0 | 0 | 77,776 | 0 | 77,776 |
Series B Preferred Shares dividend (Note 9) | 0 | 0 | 0 | 0 | (2,384) | 0 | (2,384) |
Class A common shares dividend (Note 9) | 0 | 0 | 0 | 0 | (13,340) | 0 | (13,340) |
Ending balance, value at Jun. 30, 2023 | $ 351 | $ 0 | $ 0 | $ 676,571 | $ 367,311 | $ 28,009 | $ 1,072,242 |
Ending balance, shares at Jun. 30, 2023 | 35,165,914 | 43,592 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business The Company’s business is to own and charter out containerships to leading liner companies. On August 14, 2008, Global Ship Lease, Inc. (the “Company”) merged indirectly with Marathon Acquisition Corp., a company then listed on The American Stock Exchange, and with the pre-existing Global Ship Lease, Inc. GSL Holdings, Inc. was the surviving entity (the “Marathon Merger”), changed its name to Global Ship Lease, Inc. and became listed on The New York Stock Exchange (the “NYSE”). On November 15, 2018, the Company completed a transformative transaction and acquired Poseidon Containers’ 20 one In 2021, the Company purchased 23 seven 6,000 12 four 5,470 During the second quarter of 2023, the Company purchased four 8,544 123,300 which were delivered in various dates in May and June 2023 With these transactions and following the sale of GSL Amstel on March 23, 2023, the Company’s fleet comprises 68 16.7 The following table provides information about the 68 vessels owned as at June 30, 2023. Description of Business - Schedule of Vessels (Table) Company Name (1) Country of Incorporation Vessel Name Capacity in TEUs (2) Year Built Earliest Charter Expiry Date Global Ship Lease 54 LLC Liberia CMA CGM Thalassa 11,040 2008 4Q25 Laertis Marine LLC Marshall Islands Zim Norfolk 9,115 2015 2Q27 Penelope Marine LLC Marshall Islands Zim Xiamen 9,115 2015 3Q27 Telemachus Marine LLC (3) Marshall Islands Anthea Y 9,115 2015 3Q25 (4) Global Ship Lease 53 LLC Liberia MSC Tianjin 8,603 2005 2Q24 Global Ship Lease 52 LLC Liberia MSC Qingdao 8,603 2004 2Q24 Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 3Q27 (5) Global Ship Lease 72 LLC Liberia tbr GSL Alexandra 8,544 2004 3Q25 (6) Global Ship Lease 73 LLC Liberia tbr GSL Sofia 8,544 2003 3Q25 (6) Global Ship Lease 74 LLC Liberia tbr GSL Effie 8,544 2003 3Q25 (6) Global Ship Lease 75 LLC Liberia GSL Lydia 8,544 2003 2Q25 (6) Global Ship Lease 30 Limited Marshall Islands GSL Eleni 7,847 2004 3Q24 (7) Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi 7,847 2004 3Q24 (7) Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 3Q24 (7) Alexander Marine LLC Marshall Islands Mary 6,927 2013 4Q28 (8) Hector Marine LLC Marshall Islands Kristina 6,927 2013 3Q29 (8) Ikaros Marine LLC Marshall Islands Katherine 6,927 2013 1Q29 (8) Philippos Marine LLC Marshall Islands Alexandra 6,927 2013 2Q29 (8) Aristoteles Marine LLC Marshall Islands Alexis 6,882 2015 2Q29 (8) Menelaos Marine LLC Marshall Islands Olivia I 6,882 2015 2Q29 (8) Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 3Q24 Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 3Q23 Global Ship Lease 48 LLC Liberia CMA CGM Berlioz 6,621 2001 4Q25 Leonidas Marine LLC Marshall Islands Agios Dimitrios 6,572 2011 4Q23 Global Ship Lease 33 LLC Liberia GSL Vinia 6,080 2004 3Q24 Global Ship Lease 34 LLC Liberia GSL Christel Elisabeth 6,080 2004 2Q24 1. Description of Business (continued) Company Name (1) Country of Incorporation Vessel Name Capacity in TEUs (2) Year Built Earliest Charter Expiry Date GSL Arcadia LLC Liberia GSL Arcadia 6,008 2000 2Q24 (9) GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q24 (9) GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24 (9) GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24 (9) GSL Tegea LLC Liberia GSL Tegea 5,992 2001 3Q24 (9) GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 3Q24 (9) GSL MYNY LLC Liberia GSL MYNY 6,008 2000 3Q24 (9) Tasman Marine LLC Marshall Islands Tasman 5,936 2000 4Q23 (10) Hudson Marine LLC Marshall Islands Zim Europe 5,936 2000 1Q24 Drake Marine LLC Marshall Islands Ian H 5,936 2000 2Q24 Global Ship Lease 68 LLC (3) Liberia GSL Kithira 5,470 2009 4Q24 (11) Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 4Q24 (11) Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 4Q24 (11) Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 4Q24 (11) Hephaestus Marine LLC Marshall Islands Dolphin II 5,095 2007 1Q25 Zeus One Marine LLC Marshall Islands Orca I 5,095 2006 2Q24 (12) Global Ship Lease 47 LLC Liberia GSL Château d’If 5,089 2007 4Q26 GSL Alcazar Inc. Marshall Islands CMA CGM Alcazar 5,089 2007 3Q26 Global Ship Lease 55 LLC Liberia GSL Susan 4,363 2008 3Q27 (13) Global Ship Lease 50 LLC Liberia CMA CGM Jamaica 4,298 2006 1Q28 (13) Global Ship Lease 49 LLC Liberia CMA CGM Sambhar 4,045 2006 1Q28 (13) Global Ship Lease 51 LLC Liberia CMA CGM America 4,045 2006 1Q28 (13) Global Ship Lease 57 LLC Liberia GSL Rossi 3,421 2012 1Q26 Global Ship Lease 58 LLC Liberia GSL Alice 3,421 2014 2Q25 Global Ship Lease 59 LLC Liberia GSL Melina 3,404 2013 2Q24 Global Ship Lease 60 LLC Liberia GSL Eleftheria 3,404 2013 3Q25 Global Ship Lease 61 LLC Liberia GSL Mercer 2,824 2007 4Q24 Global Ship Lease 62 LLC Liberia Matson Molokai 2,824 2007 2Q25 Global Ship Lease 63 LLC Liberia GSL Lalo 2,824 2006 1Q24 Global Ship Lease 42 LLC Liberia GSL Valerie 2,824 2005 1Q25 Pericles Marine LLC Marshall Islands Athena 2,762 2003 2Q24 Global Ship Lease 64 LLC Liberia GSL Elizabeth 2,741 2006 2Q23 Global Ship Lease 65 LLC Liberia tbr GSL Chloe (14) 2,546 2012 4Q24 Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 1Q24 (15) Aris Marine LLC Marshall Islands Maira 2,506 2000 3Q23 Aphrodite Marine LLC Marshall Islands Nikolas 2,506 2000 1Q24 Athena Marine LLC Marshall Islands Newyorker 2,506 2001 1Q24 Global Ship Lease 38 LLC Liberia Manet 2,272 2001 4Q24 Global Ship Lease 40 LLC Liberia Keta 2,207 2003 1Q25 Global Ship Lease 41 LLC Liberia Julie 2,207 2002 2Q25 (16) Global Ship Lease 45 LLC Liberia Kumasi 2,207 2002 1Q25 Global Ship Lease 44 LLC Liberia Akiteta 2,207 2002 4Q24 1 Description of Business (continued) (1) All subsidiaries are 100% owned, either directly or indirectly; (2) Twenty-foot Equivalent Units; (3) Currently, under a sale and leaseback transaction (see note 2g); (4) Anthea Y was forward fixed to a leading liner operator for a period of 24 months +/- 30 days, with the new charter to commence upon expiry of the existing charter in 3Q or 4Q23. (5) GSL Ningbo was forward fixed to a leading liner company for minimum 48 months - maximum 52 months. The new charter is scheduled to commence in 3Q 2023; (6) Tbr GSL Alexandra, tbr GSL Sofia, tbr GSL Effie and GSL Lydia delivered in 2Q23 and were chartered for a period of minimum 24 months - maximum 28 months, plus additional added drydocking days in accordance plus 12 months in charterer’s option +/- 30 days. (7) GSL Eleni delivered 2Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two successive periods of one year each at the option of the charterer. The first of these extension options was exercised for both vessels in 2Q 2022 and commenced for GSL Grania and for GSL Kalliopi in 3Q and in 4Q 2022, respectively. The second of these extension options was exercised for both vessels in 2Q 2023 and will commence for both vessels in 3Q23; (8) Mary, Kristina, Katherine, Alexandra, Alexis, Olivia I were forward fixed to a leading liner company for 60 months +/- 45 days, after which the charterer has the option to extend each charter for a further two years. The new charters are scheduled to commence as each of the existing charters expire, between approximately late 2023 and late 2024 following the expiration of the existing charters; (9) GSL Arcadia, GSL Melita, GSL Maria, GSL Violetta, GSL Tegea, GSL Dorothea, GSL MYNY. Thereafter, the charterer has the option to extend each charter for a further 12 months, after which they have the option to extend each charter for a second time - for a period concluding immediately prior to each respective vessel’s 25th year drydocking and special survey; (10) Tasman. 12-month extension at charterer’s option was exercised in 2Q 2022 and commenced in 3Q 2022; (11) GSL Kithira, GSL Tripoli, GSL Syros, GSL Tinos were chartered for a period of three years from their delivery dates in 2021, after which the charterer has the option to extend each charter for a further three years; (12) Orca I. After the initial firm period of the charter, the charterer has the option to extend the charter for a further 12-14 months; (13) GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America were each forward fixed to a leading liner company for a period of five years with up to +/- 45 days in charterer’s option. The new charter for GSL Susan commenced in October 2022, while the remaining charters commenced in March 2023; (14) “tbr” means “to be renamed”; (15) GSL Maren. Charter extended for a period of 11 to 14 months and commenced at the end of 1Q 2023; (16) Julie. Julie was forward fixed to a leading liner company for a period 24 months +/- 30 days in charterer’s option. The new charter is scheduled to commence in 3Q23. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Disclosures | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Disclosures | 2. Summary of Significant Accounting Policies and Disclosures (a) Basis of Presentation The accompanying financial information is unaudited and reflects all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair statement of financial position and results of operations for the periods presented. The financial information does not include all disclosures required under United States Generally Accepted Accounting Principles (“US GAAP”) for annual financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements as of December 31, 2022 filed with the Securities and Exchange Commission on March 23, 2023 in the Company’s Annual Report on Form 20-F. During the three months ended September 30, 2022, the Company identified adjustments to the valuation of share-based compensation. The Company evaluated the adjustments from both a quantitative and qualitative perspective and determined the related impacts were not material to any previously issued annual or interim financial statements; however, the Company has determined to revise prior periods, as follows. The Company corrected the valuation of share based compensation, which resulted in an increase in share based compensation expense under the caption of “General and administrative expenses” amounted to $ 2,375 3,556 2,375 1,181 3,556 2,375 1,181 2. Summary of Significant Accounting Policies and Disclosures (continued) Adoption of new accounting standards In March 2020, the FASB issued ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company applied the amendments prospectively through December 31, 2022. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, in December 2022 the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848)”. The amendments of this update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Currently, the Company has various other contracts that reference LIBOR. The Company has modified one contract to replace LIBOR with SOFR and elected to apply the modification accounting. There was no impact to the Company’s interim unaudited condensed consolidated financial statements for the period ended June 30, 2023, as a result of adopting this standard. COVID-19 Pandemic On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) outbreak a pandemic. Since the beginning of calendar year 2020, the outbreak of COVID-19 pandemic has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including, among others, business closures, quarantines, travel restrictions, and physical distancing requirements. These actions have caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. Although the incidence and severity of COVID-19 and its variants have diminished over time, periodic spikes in incidence occur. Many nations worldwide have significantly eased or eliminated restrictions that were enacted at the outset of the outbreak of COVID-19. In May 2023, the World Health Organization expressed that COVID-19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern. While the global risk assessment remains high, there is evidence of reducing risks to human health driven mainly by high population-level immunity from infection, vaccination, or both, but the continued uncertainties associated with the COVID-19 pandemic worldwide may still cause an adverse impact on the global economy and the rate environment for the Company’s vessels may deteriorate and its operations and cash flows may be negatively impacted. While the Company cannot predict the long-term economic impact of the COVID-19 pandemic, it will continue to actively monitor the situation and may take further actions to alter the Company’s business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where the Company operates. As a result, many of the Company’s estimates and assumptions required increased judgement and carry a higher degree of variability and volatility. The ultimate effects that any such alterations or modifications may have on the Company’s business are not clear, including any potential negative effects on its business operations and financial results. (b) Principles of Consolidation The accompanying interim unaudited condensed consolidated financial information include the financial statements of the Company and its wholly owned subsidiaries; the Company has no other interests. All significant intercompany balances and transactions have been eliminated in the Company’s interim unaudited condensed consolidated financial statements. (c) Use of estimates The preparation of interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions and/or conditions. 2. Summary of Significant Accounting Policies and Disclosures (continued) (d) Vessels in operation Vessels are generally recorded at their historical cost, which consists of the acquisition price and any material expenses incurred upon acquisition, adjusted for the fair value of intangible assets or liabilities associated with above or below market charters attached to the vessels at acquisition. See Intangible Assets and Liabilities at note 2(e) below. Vessels acquired in a corporate transaction accounted for as an asset acquisition are stated at the acquisition price, which consists of consideration paid, plus transaction costs, considering pro rata allocation based on vessels fair value at the acquisition date. Vessels acquired in a corporate transaction accounted for as a business combination are recorded at fair value. Vessels acquired as part of the Marathon Merger in 2008 were accounted for under ASC 805, which required that the vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting for the merger. Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Borrowing costs incurred during the construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no Vessels are stated less accumulated depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the straight-line method over their estimated useful lives which are reviewed on an ongoing basis to ensure they reflect current technology, service potential and vessel structure. The useful lives are estimated to be 30 Management estimates the residual values of the Company’s container vessels based on a scrap value cost of steel times the weight of the vessel noted in lightweight tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revision of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. Management estimated the residual values of its vessels based on scrap rate of $ 400 For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the interim unaudited condensed Consolidated Statements of Income. (e) Intangible assets and liabilities - charter agreements The Company’s intangible assets and liabilities consist of unfavorable lease terms on charter agreements acquired in assets acquisitions. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an intangible asset is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel and equivalent duration of charter party at the date the vessel is delivered. Where charter rates are less than market charter rates, an intangible liability is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates (including duration), the level of utilization of its vessels and its weighted average cost-of capital. The estimated market charter rate (including duration) is considered a significant assumption. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company’s financial position and results of operations. The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the relevant lease term and the amortization expense or income respectively is included under the caption “Amortization of intangible liabilities-charter agreements” in the interim unaudited condensed Consolidated Statements of Income. For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. 2. Summary of Significant Accounting Policies and Disclosures (continued) (f) Impairment of Long-lived assets Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its carrying value. A vessel group comprises the vessel, the unamortized portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any) with respect to the time charter attached to the vessel at its purchase. If the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group’s carrying amount to its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group’s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers. The Company uses a number of assumptions in projecting its undiscounted net operating cash flows analysis including, among others, (i) revenue assumptions for charter rates on expiry of existing charters, which are based on forecast charter rates, where relevant, in the four years from the date of the impairment test and a reversion to the historical mean of time charter rates for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company’s fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi) scrap values. Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market. During the six months ended June 30, 2023, and 2022, the Company evaluated the impact of the current economic situation on the recoverability of all its vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there were no triggering events and no impairment test was performed for the six months ended June 30, 2023 and 2022. (g) Revenue recognition and related expense The Company charters out its vessels on time charters which involves placing a vessel at a charterer’s disposal for a specified period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods of such charter agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options which are more likely than not to be exercised. If a time charter is modified, including the agreement of a direct continuation at a different rate, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter from the date of modification. During the periods ended June 30, 2023, and 2022, an amount of $ 1,785 2,911 7,535 6,487 21,824 21,144 2. Summary of Significant Accounting Policies and Disclosures (continued) (g) Revenue recognition and related expense (continued) Revenues are recorded net of address commissions, which represent a discount provided directly to the charterer based on a fixed percentage of the agreed upon charter rate. Charter revenue received in advance which relates to the period after a balance sheet date is recorded as deferred revenue within current liabilities until the respective charter services are rendered. Under time charter arrangements the Company, as owner, is responsible for all the operating expenses of the vessels, such as crew costs, insurance, repairs and maintenance, and such costs are expensed as incurred and are included in vessel operating expenses. Commission paid to brokers to facilitate the agreement of a new charter are included in time charter and voyage expenses as are certain expenses related to a voyage, such as the costs of bunker fuel consumed when a vessel is off-hire or idle. Leases: Leases where the Company acts as the lessor are classified as either operating or sales-type / direct financing leases. In cases of lease agreements where the Company acts as the lessor under an operating lease, the Company keeps the underlying asset on the interim unaudited condensed Consolidated Balance Sheets and continues to depreciate the assets over its useful life. In cases of lease agreements where the Company acts as the lessor under a sales-type / direct financing lease, the Company derecognizes the underlying asset and records a net investment in the lease. The Company acts as a lessor under operating leases in connection with all of its charter out – bareboat-out arrangements. In cases of sale and leaseback transactions, if the transfer of the asset to the lessor does not qualify as a sale, then the transaction constitutes a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the lessor, and the lessor would need to obtain substantially all the benefits from the use of the asset. During 2021, the Company entered into six The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the non-lease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics. (h) Fair Value Measurement and Financial Instruments Financial instruments carried on the interim unaudited condensed Consolidated Balance Sheets include cash and cash equivalents, time deposits, restricted cash, trade receivables and payables, other receivables and other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item or included below as applicable. Fair value measurement: Level 1 - Level 2 - 2. Summary of Significant Accounting Policies and Disclosures (continued) (h) Fair Value Measurement and Financial Instruments (continued) Level 3 - During the six months ended June 30, 2023, the Company evaluated the impact of current economic situation on the recoverability of all its vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there were no triggering events and no impairment test was performed for the six months ended June 30, 2023. Through the latter part of 2022, the Company noted that charter rates in the spot market had come under pressure and accordingly determined that events occurred, and circumstances had changed, which indicated that potential impairment of the Company’s long-lived assets could exist. These indicators included continued volatility in the spot market and the related impact of the current container sector on management’s expectation for future revenues. As a result, step one of the impairment assessment of each of the vessel groups was performed as at December 31, 2022 and step two of the impairment analysis was required for one vessel of the group, as its undiscounted projected net operating cash flows did not exceed its carrying value. As a result, the Company recorded an impairment loss of $ 3,033 for one vessel asset group with a total aggregate carrying amount of $ 9,033 which was written down to its fair value of $ 6,000 . In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 0.75% fourth quarter 2026 507.9 1,368 6,648 the Company has designated only a portion of its outstanding debt (initially, $253.9 million) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged The Company assesses the effectiveness of the hedges on an ongoing basis. The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. The objective of the hedges is to reduce the variability of cash flows associated with the interest rates relating to the Company’s variable rate borrowings. When derivatives are used, the Company is exposed to credit loss in the event of non-performance by the counterparties; however, non-performance is not anticipated. ASC 815, Derivatives and Hedging 56,904 63,503 Financial Risk Management: Credit risk: 2. Summary of Significant Accounting Policies and Disclosures (continued) (h) Fair Value Measurement and Financial Instruments (continued) Credit risk (continued) Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable, cash and cash equivalents and time deposits. The Company does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows. Liquidity Risk: Foreign Exchange Risk: (i) Derivative instruments The Company is exposed to interest rate risk relating to its variable rate borrowings. In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 At the inception of the transaction, the Company documents the relationship between hedging instruments and hedged items, as well as its risk management objective and the strategy for undertaking various hedging transactions. The Company also documents its assessment, both at the hedge inception and on an ongoing basis, of whether the derivative financial instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. This Transaction is designated as a cash flow hedge, and under ASU 2017-12, cash flow hedge accounting allows all changes in fair value to be recorded through Other Comprehensive Income once hedge effectiveness has been established. Under ASC 815-30-35-38, amounts in accumulated other comprehensive income shall be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings (i.e., each quarter) and shall be presented in the same income statement line item as the earnings effect of the hedged item in accordance with paragraph 815-20-45-1A. The premium paid related to this derivative was classified in the interim unaudited condensed Consolidated Statements of Cash Flows as operating activities in the line item “Derivative asset”. The premium shall be amortized into earnings “on a systematic and rational basis over the period in which the hedged transaction affects earnings” (ASC 815-30-35-41A); that is, the Company will expense the premium over the life of the interest rate cap in accordance with the “caplet method,” as described in Derivatives Implementation Group (DIG) Issue G20. DIG Issue G20 dictates that the cost of the interest rate cap is recognized on earnings over time, based on the value of each periodic caplet. The cost per period will change as the caplet for that period changes in value. Given that the interest rate cap is forward-starting, expensing of the premium will not begin until the effective start date of the interest rate cap, in order to match potential cap revenue with the cap expenses in the period in which they are incurred. In February 2022, the Company further purchased two interest rate caps with an aggregate notional amount of $ 507.9 1,368 6,648 the Company has designated only a portion of its outstanding debt (initially, $253.9 million) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged 2. Summary of Significant Accounting Policies and Disclosures (continued) (i) Derivative instruments (continued) The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. As of June 30, 2023, and December 31, 2022, following a quantitative assessment, part of the hedge was no longer considered effective and an amount of $ 176 1,091 (j) Recent accounting pronouncements The Company does not believe that any recently issued, but not yet effective, accounting pronouncements would have a material impact on its interim unaudited condensed consolidated financial statements. |
Vessels in Operation
Vessels in Operation | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels in Operation | 3. Vessels in Operation Vessels in Operation - Schedule of Vessels in Operation (Table) Vessel Cost, as adjusted for Accumulated Net Book Impairment charges Depreciation Value As of January 1, 2022 $ 1,878,132 $ (195,316) $ 1,682,816 Additions 11,756 – 11,756 Depreciation – (68,232) (68,232) Impairment loss (3,730) 697 (3,033) As of December 31, 2022 $ 1,886,158 $ (262,851) $ 1,623,307 Additions 134,953 – 134,953 Disposals (6,803) 68 (6,735) Depreciation – (34,747) (34,747) As of June 30, 2023 $ 2,014,308 $ (297,530) $ 1,716,778 As of June 30, 2023, and December 31, 2022, the Company had made additions for vessel expenditures and ballast water treatments. 2023 Vessels acquisitions In May and June 2023, the Company took delivery of the four 8,544 TEU Vessels as per below: Vessels in Operation - Vessels Acquisitions (Table) Name Capacity in TEUs Year Built Purchase Price Delivery date tbr GSL Alexandra 8,544 2004 $30,000 June 2, 2023 tbr GSL Sofia 8,544 2003 $30,000 May 22, 2023 tbr GSL Effie 8,544 2003 $30,000 May 30, 2023 GSL Lydia 8,544 2003 $33,300 June 26, 2023 2023 Sale of Vessel On March 23, 2023, the Company sold GSL Amstel for net proceeds of $ 5,940 the vessel was released as collateral under the Company’s $140,000 loan facility with Credit Agricole Corporate and Investment Bank, Hamburg Commercial Bank AG, E.Sun Commercial Bank, Ltd, CTBC Bank Co. Ltd. and Taishin International Bank 3. Vessels in Operation (continued) Impairment The Company has evaluated the impact of current economic situation on the recoverability of all its other vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there was no triggering event and no impairment test was performed during the six months ended June 30, 2023. Through the latter part of 2022, the Company noted that charter rates in the spot market had come under pressure and accordingly determined that events occurred, and circumstances had changed, which indicated that potential impairment of the Company’s long-lived assets could exist. These indicators included continued volatility in the spot market and the related impact of the current container sector on management’s expectation for future revenues. As a result, step one of the impairment assessment of each of the vessel groups was performed as at December 31, 2022 and step two of the impairment analysis was required for one vessel group, as the undiscounted projected net operating cash flows did not exceed the carrying value. As a result, the Company recorded an impairment loss of $ 3,033 one 9,033 6,000 Collateral As of June 30, 2023, 20 43 Five Advances for vessels acquisitions and other additions As of June 30, 2023, and December 31, 2022, there were no advances for vessel acquisitions, as all vessels had been delivered as at these dates. As of June 30, 2023, and December 31, 2022, the Company had advances for other vessel additions and ballast water treatment systems totalling $ 6,699 4,881 |
Intangible Liabilities - Charte
Intangible Liabilities - Charter Agreements | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Liabilities - Charter Agreements | 4. Intangible Liabilities - Charter Agreements Intangible Liabilities – Charter Agreements as of June 30, 2023, and December 31, 2022, consisted of the following: Intangible Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) June 30, 2023 December 31, 2022 Opening balance $ 14,218 $ 55,376 Disposals (*) (476) – Amortization (5,045) (41,158) Total $ 8,697 $ 14,218 (*) The unamortized portion of GSL Amstel intangible liability-charter agreement when vessel was sold on March 23, 2023. Intangible liabilities are related to (i) acquisition of the Seven, the Twelve and the Four Vessels, and (ii) management’s estimate of the fair value of below-market charters on August 14, 2008, the date of the Marathon Merger (see note 1). These intangible liabilities are being amortized over the remaining life of the relevant lease terms and the amortization income is included under the caption “Amortization of intangible liabilities-charter agreements” in the interim unaudited condensed Consolidated Statements of Income. Amortization income of intangible liabilities-charter agreements for each of the six months ended June 30, 2023, and 2022 was $ 5,045 23,420 0 5,385 4. Intangible Liabilities - Charter Agreements (continued) The aggregate amortization of the intangible liabilities in each of the 12-month periods up to June 30, 2026, is estimated to be as follows: Intangible Liabilities - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) Amount June 30, 2024 $ 6,041 June 30, 2025 2,383 June 30, 2026 273 $ 8,697 T he weighted average useful lives are 1.46 |
Derivative Asset
Derivative Asset | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Derivative Asset | 5. Derivative Asset In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 million, which amount reduces over time as the Company’s outstanding debt balances amortize. The objective of the hedges is to reduce the variability of cash flows associated with the interest relating to its variable rate borrowings. The Company receives payments on the caps for any period that the one-month USD LIBOR rate is above beyond the strike rate, which is 0.75 %. The termination date of the interest rate cap agreements is November 30, 2026 . The premium paid to purchase the interest caps was $ 7,000 , which was paid out of cash on December 22, 2021 . The premium is being amortized over the life of the interest rate cap by using the caplet method. In February 2022, the Company further hedged its exposure to a potential rising interest rate environment by putting in place two USD one-month LIBOR interest rate caps of 0.75 % through fourth quarter 2026 , on $ 507.9 million of its floating rate debt. The second interest rate cap was not designated as a cash flow hedge and therefore the negative fair value adjustment of $ 1,368 as at June 30, 2023 ($ 6,648 positive fair value adjustment as at June 30, 2022) was recorded through Interim Unaudited Condensed Consolidated Statements of Income. The premium paid by the Company to purchase the interest rate caps was $ 15,370 , which was paid out of cash on the settlement date. ASC 815-20-25-13a stipulates that an entity may designate either all or certain future interest payments on variable-rate debt as the hedged exposure in a cash flow hedge relationship. In this case, the Company has designated only a portion of its outstanding debt (initially, $253.9 million) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged . Amount received from interest rate caps for each of the periods ended June 30, 2023, and 2022, was $ 15,916 and $nil 0 , respectively. Derivative Asset - Schedule of Derivative Assets (Table) June 30, 2023 December 31, 2022 Opening balance $ 63,503 $ 7,227 Derivative asset premium – 15,370 Unrealized (loss)/gain on derivative assets (5,231) 31,221 Fair value adjustment on derivative asset (1,368) 9,685 Closing balance $ 56,904 $ 63,503 Less: Current portion of derivative assets (28,177) (29,645) Non-current portion of derivative assets $ 28,727 $ 33,858 The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. The Company assesses the effectiveness of the hedges on an ongoing basis. As of June 30, 2023, and December 31, 2022, following a quantitative assessment, part of the hedge was no longer considered effective and an amount of $ 176 1,091 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-term debt as of June 30, 2023 and December 31, 2022 consisted of the following: Long-Term Debt - Schedule of Long - Term Debt (Table) Facilities June 30, 2023 December 31, 2022 Macquarie loan (a) $ 76,000 $ – 2027 Secured Notes (b) 310,625 336,875 E.SUN, MICB, Cathay, Taishin Credit Facility (c) 37,500 46,500 Sinopac Credit Facility (d) 9,060 9,900 HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) 83,869 100,000 Deutsche Credit Facility (f) 42,370 44,695 HCOB Credit Facility (g) 32,769 40,794 CACIB, Bank Sinopac, CTBC Credit Facility (h) 41,500 44,050 Chailease Credit Facility (i) 3,039 3,852 Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j) 165,200 181,200 Total credit facilities $ 801,932 $ 807,866 Sale and Leaseback Agreement CMBFL - $120,000 (k) 77,137 89,838 Sale and Leaseback Agreement CMBFL - $54,000 (l) 37,800 41,850 Sale and Leaseback Agreement - Neptune $14,735 (m) 8,384 9,971 Total Sale and Leaseback Agreements $ 123,321 $ 141,659 Total borrowings $ 925,253 $ 949,525 Less: Current portion of long-term debt (172,001) (155,424) Less: Current portion of Sale and Leaseback Agreements (k,l,m) (32,139) (34,408) Less: Deferred financing costs (s) (13,440) (15,136) Non-current portion of Long-Term Debt $ 707,673 $ 744,557 a) Macquarie Credit Facility On May 18, 2023 76,000 to finance part of the acquisition cost of the four 8,544 TEU vessels for an aggregate purchase price of $123.3 million All four tranches were drawdown in the second quarter of 2023 and the credit facility has a maturity in May 2026 . The facility is repayable in two quarterly 5,000 six quarterly 6,000 one quarterly 3,000 two quarterly 1,000 25,000 This facility’s interest rate is SOFR plus a margin 3.50 As of June 30, 2023, the outstanding balance of this facility was $ 76,000 6. Long-Term Debt (continued) b) 5.69% Senior Secured Notes due 2027 On June 16, 2022 350,000 5.69 interpolated interest rate of 2.84% plus a margin 2.85% The Company used the net proceeds from the private placement for the repayment of the remaining outstanding balances on its New Hayfin Credit Facility and the Hellenic Bank Credit Facility (releasing five unencumbered vessels), and our 2024 Notes. The remaining amount of net proceeds were allocated for general corporate purposes. An amount equal to 15% per annum of the original principal balance of each Note shall be paid in equal quarterly installments on the 15th day of each of January, April, July, and October starting October 15, 2022, and the remaining unpaid principal balance shall be due and payable on the maturity date of July 15, 2027. The 2027 Secured Notes are senior obligations of the Issuer, secured by first priority mortgages on 20 As of June 30, 2023, the outstanding balance of this facility was $ 310,625 c) $60.0 Million E.SUN, MICB, Cathay, Taishin Credit Facility On December 30, 2021 , the Company via its subsidiaries Zeus One Marine LLC, Hephaestus Marine LLC and Pericles Marine LLC, entered into a new syndicated senior secured debt facility with E.SUN Commercial Bank Ltd (“E.SUN”), Cathay United Bank (“Cathay”), Mega International Commercial Bank Co. Ltd (“MICB”) and Taishin International Bank (“Taishin”). The Company using a portion of the net proceeds from this credit facility fully prepaid the outstanding amount of the Blue Ocean Junior Credit facility , amounting to $ 26,205 plus a prepayment fee of $ 3,968 . All three tranches were drawn down in January 2022 . The facility is repayable in eight quarterly 4,500 ten quarterly 2,400 This facility bears interest at LIBOR plus a margin 2.75 As of June 30, 2023, the outstanding balance of this facility was $ 37,500 d) $12.0 Million Sinopac Capital International Credit Facility On August 27, 2021 , the Company via its subsidiary Global Ship Lease 42 LLC entered into a secured credit facility for an amount of $ 12,000 with Sinopac Capital International (HK) Limited (“Sinopac Credit Facility”), partially used to fully refinance the Hayfin Credit Facility. The full amount was drawn down in September 2021 and the credit facility has a maturity in September 2026 . The facility is repayable in 20 quarterly 420 3,600 This facility bears interest at LIBOR plus a margin of 3.25 % per annum payable quarterly in arrears. As of June 30, 2023, the outstanding balance of this facility was $ 9,060 6. Long-Term Debt (continued) e) $140.0 Million HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility On July 6, 2021 140,000 to finance the acquisition of the Twelve Vessels July 2026 The facility is repayable in six equal consecutive quarterly instalments of $ 8,000 , eight equal consecutive quarterly instalments of $ 5,400 and six equal consecutive quarterly instalments of $ 2,200 with a final balloon of $ 35,600 payable together with the final instalment. On March 23, 2023, due to the sale of GSL Amstel, the Company additionally repaid $ 2,838 the vessel was released as collateral under the Company’s $140.0 Million HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility . This facility bears interest at LIBOR plus a margin of 3.25 % per annum payable quarterly in arrears. As of June 30, 2023, the outstanding balance of this facility was $ 83,869 f) $51.7 Million Deutsche Bank AG Credit Facility On May 6, 2021 , the Company via its subsidiary Laertis Marine LLC entered into a secured facility for an amount of $ 51,670 with Deutsche Bank AG in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022, of an amount $48,527. The facility is repayable in 20 quarterly 1,162.45 28,421 This facility bears interest at LIBOR plus a margin 3.25 As of June 30, 2023, the outstanding balance of this facility was $ 42,370 g) $64.2 Million Hamburg Commercial Bank AG Credit Facility On April 15, 2021 64,200 in order to finance the acquisition of six out of the Seven Vessels Tranche A, E and F amounting to $ 32,100 April 2025 21,400 May 2025 10,700 July 2025 Each Tranche of the facility is repayable in 16 quarterly 668.75 This facility bears interest at LIBOR plus a margin 3.50 As of June 30, 2023, the outstanding balance of this facility was $ 32,769 . h) $51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility On April 13, 2021 , the Company via its subsidiary Penelope Marine LLC entered into a secured facility for an amount of $ 51,700 in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022, of an amount $48,648. The secured credit facility has a maturity in April 2026 . The lenders are Credit Agricole Corporate and Investment Bank (“CACIB”), Bank Sinopac Co. Ltd. (“Bank Sinopac”) and CTBC Bank Co. Ltd. (“CTBC”). 6. Long-Term Debt (continued) h) $51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility (continued) The facility is repayable in 20 equal consecutive quarterly instalments of $ 1,275 with a final balloon of $ 26,200 payable together with the final instalment. This facility bears interest at LIBOR plus a margin of 2.75 % per annum payable quarterly in arrears. As of June 30, 2023, the outstanding balance of this facility was $ 41,500 i) $9.0 Million Chailease Credit Facility O n February 26, 2020 , the Company via its subsidiaries, Athena Marine LLC, Aphrodite Marine LLC and Aris Marine LLC entered into a secured term facility agreement with Chailease International Financial Services Pte., Ltd. for an amount of $ 9,000 . The Chailease Bank Facility was used for the refinance of DVB Credit Facility . The facility is repayable in 36 consecutive monthly 156 monthly 86 1,314 This facility bears interest at LIBOR plus a margin 4.20 As of June 30, 2023, the outstanding balance of this facility was $ 3,039 j) $268.0 Million Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) On September 19, 2019 , the Company entered into a Syndicated Senior Secured Credit Facility in order to refinance existing credit facilities that had a maturity date in December 2020, of an amount $224,310. The Senior Syndicated Secured Credit Facility was agreed to be borrowed in two Tranche A amounting to $ 230,000 20 quarterly 5,200 December 12, 2019 126,000 September 24, 2024 Tranche B amounts to $ 38,000 20 quarterly 1,000 18,000 December 2026 amended certain covenants in the Company’s favor at an unchanged rate of LIBOR + 3.00%. On July 1, 2022, the interest rate is SOFR plus a margin of 3.00 As of June 30, 2023, the outstanding balance of this facility was $ 165,200 k) $120.0 Million Sale and Leaseback agreements - CMBFL Four Vessels On August 26, 2021 four to finance the acquisition of the Four Vessels September 30, 2021 90,000 30,000 6. Long-Term Debt (continued) k) $120.0 Million Sale and Leaseback agreements - CMBFL Four Vessels (continued) Each sale and leaseback agreement is repayable in 12 equal consecutive quarterly instalments of $ 1,587.5 and 12 equal consecutive quarterly instalments of $ 329.2 with a repurchase obligation of $ 7,000 on the final repayment date. The sale and leaseback agreements for the three vessels mature in September 2027 and for the fourth vessel in October 2027 LIBOR plus a margin of 3.25 % per annum payable quarterly in arrears. As of June 30, 2023, the outstanding balance of these sale and lease back agreements was $ 77,137 l) $54.0 Million Sale and Leaseback agreement - CMBFL On May 20, 2021 , the Company via its subsidiary Telemachus Marine LLC entered into a $ 54,000 sale and leaseback agreement with CMB Financial Leasing Co. Ltd. (“CMBFL”) to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022, of an amount $46,624. The Company has a purchase obligation to acquire the vessel at the end of the lease term and under ASC 842-40, the transaction has been accounted for as a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessel from its balance sheet and accounted for the amount received under the sale and leaseback agreement as a financial liability. The sale and leaseback agreement will be repayable in eight quarterly 2,025 20 quarterly 891 19,980 The sale and leaseback agreement matures in May 2028 and bears interest at LIBOR plus a margin of 3.25 % per annum payable quarterly in arrears. May 2021 , on the actual delivery date of the vessel, the Company drew $ 54,000 , which represented vessel purchase price $ 75,000 less advanced hire of $ 21,000 , which advanced hire neither bore any interest nor was refundable and was set off against payment of the purchase price payable to the Company by the unrelated third party under this agreement. As of June 30, 2023, the outstanding balance of this sale and leaseback agreement was $ 37,800 m) $14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing On May 12, 2021 , the Company via its subsidiary GSL Violetta LLC entered into a $ 14,735 sale and leaseback agreement with Neptune Maritime Leasing (“Neptune”) to finance the acquisition of GSL Violetta delivered in April 2021 . The Company has a purchase obligation to acquire the vessel at the end of the lease term and under ASC 842-40, the transaction has been accounted for as a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessel from its balance sheet and accounted for the amount received under the sale and leaseback agreement as a financial liability. In May 2021, the Company drew $ 14,735 under this agreement. The sale and leaseback agreement will be repayable in 15 quarterly 793.87 four quarterly 469.12 950 The sale and leaseback agreement matures in February 2026 LIBOR plus a margin 4.64 As of June 30, 2023, the outstanding balance of this sale and leaseback agreement was $ 8,384 6. Long-Term Debt (continued) n) $236.2 Million Senior secured loan facility with Hayfin Capital Management, LLP On January 7, 2021 , the Company entered into the New Hayfin Credit Facility amounting to $ 236,200 , and on January 19, 2021 , the Company drew down the full amount under this facility. The proceeds from the New Hayfin Credit Facility, along with cash on hand, were used to optionally redeem in full the outstanding 2022 Notes on January 20, 2021. The New Hayfin Credit Facility matures in January 2026 and bears interest at a rate of LIBOR plus a margin of 7.00 % per annum. It is repayable in twenty quarterly instalments of $ 6,560 , along with a balloon payment at maturity. The New Hayfin Credit Facility is secured by, among other things, first priority ship mortgages over 21 of the Company’s vessels, assignments of earnings and insurances of the mortgaged vessels, pledges over certain bank accounts, as well as share pledges over the equity interests of each mortgaged vessel-owning subsidiary. On June 30, 2021, due to the sale of La Tour, the Company additionally repaid $ 5,831 , and the vessel was released as collateral under the Company’s New Hayfin Credit Facility. On June 16, 2022, the Company used a portion of the proceeds from the private placement for the full prepayment of the remaining outstanding balance $ 197,569 plus a prepayment fee of $ 11,229 . As of June 30, 2023, the outstanding balance of this facility was $nil 0 o) Redemption of 8.00% Senior Unsecured Notes due 2024 On November 19, 2019, the Company completed the sale of $ 27,500 8.00 December 31, 2024 4,125 February 29, 2020 The Company had the option to redeem the 2024 Notes for cash, in whole or in part, at any time (i) on or after December 31, 2021 and prior to December 31, 2022, at a price equal to 102 101 100 On November 27, 2019, the Company entered into an “At Market Issuance Sales Agreement” with B. Riley FBR, Inc. (the “Agent”) under which and in accordance with the Company’s instructions, the Agent could offer and sell from time to time newly issued 2024 Notes. In July 2021, the Company agreed to purchase the Twelve Vessels for an aggregate purchase price of $ 233,890 35,000 140,000 On April 5, 2022 the Company completed the partial redemption of $ 28,500 aggregate principal amount of the Notes (the “Redeemed Notes”) at a redemption price equal to 102.00 % of the principal amount thereof plus accrued and unpaid interest. Upon completion of the redemption the outstanding aggregate principal amount of the 2024 Notes was $ 89,020 . On July 15, 2022, the 2024 Notes were fully repaid by the Company using a portion of the net proceeds from the private placement of $350,000 aggregate principal amount of its 2027 Secured Notes, pursuant to a note purchase agreement, dated June 14, 2022. Total loss on redemption was $ 2,350 and is recorded within the Consolidated Statements of Income for the year ended December 31, 2022 in line “Interest and other finance expenses”. As of June 30, 2023, the outstanding aggregate principal amount of the 2024 notes was $nil. 0 p) $38.5 Million Blue Ocean Junior Credit Facility On September 19, 2019 , the Company entered into a refinancing agreement with Blue Ocean Income Fund LP, Blue Ocean Onshore Fund LP, and Blue Ocean Investments SPC Blue, holders of the outstanding debt of $ 38,500 relevant to the previous Blue Ocean Credit Facility in order to refinance that existing facility with the only substantive change being to extend maturity at the same date with the Syndicated Senior Secured Credit Facility. The Company fully drew down the facility on September 23, 2019 and it was scheduled to be repaid in a single instalment on the termination date which fell on September 24, 2024 10.00 1 6. Long-Term Debt (continued) p) $38.5 Million Blue Ocean Junior Credit Facility (continued) During the year ended December 31, 2021, the Company used a portion of the net proceeds from the at-the-market issuance programs to prepay an amount of $ 12,295 1,618 On January 19, 2022, the Company used a portion of the net proceeds from the new facility agreement entered on December 30, 2021 with E.SUN, MICB, Cathay, Taishin, to fully prepay the amount of $ 26,205 3,968 As of June 30, 2023, the outstanding balance of this facility was $nil. 0 q) $59.0 Million Hellenic Bank Credit Facility On May 23, 2019 , the Company via its subsidiaries, Global Ship Lease 30, 31 and 32 entered into a facility agreement with Hellenic Bank for an amount up to $ 37,000 . Borrowings under the Hellenic Bank Facility were available in tranches and were used in connection with the acquisition of the vessels GSL Eleni, GSL Grania and GSL Kalliopi. An initial tranche of $ 13,000 20 quarterly 450 4,000 A second tranche of $ 12,000 20 quarterly 400 4,000 The third tranche of $ 12,000 was drawn on October 3, 2019 , in connection with the acquisition of GSL Kalliopi. The Facility is repayable in 20 equal quarterly instalments of $ 400 each with a final balloon of $ 4,000 payable together with the final instalment. On December 10, 2019 22,000 two to be used in connection with the acquisition of the vessels GSL Vinia and GSL Christel Elisabeth. December 10, 2019 20 quarterly 375 3,500 This facility bears interest at LIBOR plus a margin 3.90 On June 24, 2022 As of June 30, 2023, the outstanding balance of this facility was $nil. 0 r) Repayment Schedule Maturities of long-term debt for the periods subsequent to June 30, 2023, are as follows: Long-Term Debt - Repayment Schedule (Table) Payment due by period ended Amount June 30, 2024 204,140 June 30, 2025 173,677 June 30, 2026 200,629 June 30, 2027 192,992 June 30, 2028 and thereafter 153,815 $ 925,253 6. Long-Term Debt (continued) s) Deferred Financing Costs Long-Term Debt - Schedule of Deferred Financing Costs (Table) June 30, 2023 December 31, 2022 Opening balance $ 15,136 $ 16,714 Expenditure in the period 1,140 9,655 Amortization included within interest expense (2,836) (11,233) Closing balance $ 13,440 $ 15,136 During 2023, total costs amounting to $ 1,140 were incurred in connection with the Macquarie Credit Facility (see note 6a). During 2022, total costs amounting to $ 1,066 1,180 7,409 For the periods ended June 30, 2023 and 2022, the Company recognized a total of $ 2,836 6,093 t) Debt covenants-securities Amounts drawn under the facilities listed above are secured by first priority mortgages on certain of the Company’s vessels and other collateral. The credit facilities contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness; charging, pledging or encumbering the vessels; and changing the flag, class, management or ownership of the vessel owning entities. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, specific credit facilities require compliance with a number of financial covenants including asset cover ratios and minimum liquidity and corporate guarantor requirements. Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with or remedied. As of June 30, 2023, and December 31, 2022, the Company was in compliance with its debt covenants. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions CMA CGM was presented as a related party as it was a shareholder, owning Class A common shares of the Company. As of May 27, 2022, CMA CGM following the sale of its shares, is not anymore Company’s shareholder. Related party revenue and expenses recorded on Interim Unaudited Condensed Consolidated Statements of Income for CMA CGM are up to May 27, 2022. 0 Time Charter Agreements A number of the Company’s time charter arrangements were with CMA CGM, representing 28.79 Ship Management Agreements Technomar Shipping Inc. (“Technomar”) is presented as a related party, as the Company’s Executive Chairman is a significant shareholder. The Company has currently a number of ship management agreements with Technomar under which the ship manager is responsible for all day-to-day ship management, including crewing, purchasing stores, lubricating oils and spare parts, paying wages, pensions and insurance for the crew, and organizing other ship operating necessities, including the arrangement and management of dry-docking. As of December 31, 2022, Technomar provided all day-to-day technical ship management services for all but five (excluding GSL Amstel which was sold in March 23, 2023) of the Twelve Vessels. Management agreements of another third-party ship manager of these five vessels were terminated between May and July 2023. From that dates and onwards Technomar manages the five 981 739 7. Related Party Transactions (continued) Ship Management Agreements (continued) The management fees charged to the Company by Technomar for the six months ended June 30, 2023, amounted to $ 8,901 8,609 48 673 Conchart Commercial Inc. (“Conchart”) provides commercial management services to the Company pursuant to commercial management agreements. The Company’s Executive Chairman is the sole beneficial owner of Conchart. Under the management agreements, Conchart, is responsible for (i) marketing of the Company’s vessels, (ii) seeking and negotiating employment of the Company’s vessels, (iii) advise the Company on market developments, developments of new rules and regulations, (iv) assisting in calculation of hires, freights, demurrage and/or dispatch monies and collection any sums related to the operation of vessels, (v) communicating with agents, and (vi) negotiating sale and purchase transactions. For the 19 The fees charged to the Company by Conchart for the six months ended June 30, 2023 amounted to $ 3,662 2,950 692 572 The Company as per commercial management agreements has agreed to pay to the commercial manager who shall be named broker in each memorandum of agreement (or equivalent agreement) providing for the sale of all vessels and purchase of some vessels, a commission of 1.00 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments And Contingencies | |
Commitments and Contingencies | 8. Commitments and Contingencies Charter Hire Receivable The Company has entered into time charters for its vessels. The charter hire is fixed for the duration of the charter. The minimum contracted future charter hire receivable, net of address commissions, not allowing for any unscheduled off-hire, assuming expiry at earliest possible dates and assuming options callable by the Company included in the charters are not exercised, for the 68 Commitments and Contingencies - Charter Hire Receivable (Table) Period ending Amount June 30, 2024 $ 653,311 June 30, 2025 481,418 June 30, 2026 271,997 June 30, 2027 220,782 Thereafter 200,244 Total minimum lease revenue, net of address commissions $ 1,827,752 |
Share Capital
Share Capital | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Share Capital | 9. Share Capital Common shares As of June 30, 2023, the Company has one 35,165,914 Restricted stock units or incentive stock units have been granted periodically to the Directors and management, under the Company’s Equity Incentive Plans, as part of their compensation arrangements (see note 10). In April 2020, 184,270 747,604 586,819 9 Share Capital (continued) Common shares (continued) During the six months ended June 30, 2023, 142,868 Class A common shares were issued under the 2019 Plan. On January 26, 2021, the Company completed its underwritten public offering of 5,400,000 Class A common shares, at a public offering price of $ 13.00 per share, for gross proceeds to the Company of approximately $ 70,200 , prior to deducting underwriting discounts, commissions and other offering expenses. The Company intended to use the net proceeds of the offering for funding the expansion of the Company’s fleet, general corporate purposes, and working capital. On February 17, 2021, the Company issued an additional 141,959 Class A common shares in connection with the underwriters’ partial exercise of their option to purchase additional shares (together, the “January 2021 Equity Offering”). The net proceeds the Company received in the January 2021 Equity Offering, after underwriting discounts and commissions and expenses, were approximately $ 67,758 . On September 1, 2021, the Company purchased 521,650 shares and retired them, reducing the issued and outstanding shares. In April 2022, September 2022 and October 2022, the Company repurchased 184,684 , 568,835 and 307,121 Class A common shares, respectively, reducing the issued and outstanding shares. During six-months ended June 30, 2023, the Company repurchased 967,242 35,165,914 Class A common shares outstanding. Preferred shares On August 20, 2014, the Company issued 1,400,000 Depositary Shares (the "Depositary Shares"), each of which represents 1/100th of one share of the Company's 8.75% Series B Cumulative Perpetual Preferred Shares ("Series B Preferred Shares") representing an interest in 14,000 Series B Preferred Shares, par value $0.01 per share, with a liquidation preference of $2,500.00 per share (equivalent to $25.00 per Depositary Share) (NYSE:GSL-B), priced at $ 25.00 33,497 8.75 At any time after August 20, 2019 (or within 180 days after the occurrence of a fundamental change), the Series B Preferred Shares may be redeemed, at the discretion of the Company, in whole or in part, at a redemption price of $ 2,500.00 These shares are classified as Equity in the interim unaudited condensed Consolidated Balance Sheets. The dividends payable on the Series B Preferred Shares are presented as a reduction of Retained Earnings in the interim unaudited condensed Consolidated Statements of Changes in Shareholders’ Equity, when and if declared by the Board of Directors. An initial dividend was declared on September 22, 2014 for the third quarter 2014. Dividends have been declared for all subsequent quarters. On December 10, 2019, the Company entered into At Market Issuance Sales Agreement with B. Riley FBR under which the Company may, from time to time, issue additional Depositary Shares. Pursuant to the Depositary Share ATM Program, in 2019, the Company issued 42,756 428 856 839,442 8,394 18,847 2,076,992 51,234 On December 29, 2022, the Company entered into a new At Market Issuance Sales Agreement with B. Riley Securities, Inc. (the “Agent”), pursuant to which the Company may offer and sell, from time to time, up to $ 150,000,000 no As of June 30, 2023, there were 4,359,190 43,592 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 10. Share-Based Compensation On February 4, 2019, the Board of Directors adopted the 2019 Plan. The purpose of the 2019 Plan is to provide directors, officers and employees, whose initiative and efforts are deemed to be important to the successful conduct of our business, with incentives to (a) enter into and remain in the service of our company or our subsidiaries and affiliates, (b) acquire a proprietary interest in the success of the Company, (c) maximize their performance and (d) enhance the long-term performance of our company. The 2019 Plan is administered by the Compensation Committee of the Board of Directors, or such other committee of the Board of Directors as may be designated by them. Unless terminated earlier by the Board of Directors, the 2019 Plan will expire 10 years from the date on which it was adopted by the Board of Directors. Following the adoption of the 2019 Plan, previous plans adopted in 2015 and 2008 were terminated. In 2019, the Board of Directors approved awards to the Company’s executive officers under the 2019 Plan, providing those executive officers with the opportunity to receive up to 1,359,375 61,625 1,421,000 17,720 The 1,421,000 shares of incentive stock may be issued pursuant to the awards, in four tranches. The first tranche was to vest conditioned only on continued service over the three-year period which commenced January 1, 2019. Tranches two, three and four would vest when the Company’s stock price exceeded $ 8.00 , $ 11.00 and $ 14.00 , respectively, over a 60 -day period. The $8.00 threshold was achieved in January 2020 , the $11.00 threshold was achieved in January 2021 and the $14.00 threshold was achieved in March 2021 . Accordingly, 113,279 incentive shares vested in the year ended December 31, 2019, 317,188 incentive shares vested in the year ended December 31, 2020 and 1,008,253 incentive shares vested in the year ended December 31, 2021. Of the total of 430,467 incentive shares which vested up to December 31, 2020, 184,270 were settled and issued as Class A common shares in April 2020. A further 747,604 Class A common shares were settled and issued during the year ended December 31, 2021. A total of 1,438,720 incentive shares had vested as at December 31, 2021, of which 931,874 and 408,096 had been issued in 2021 and 2022, respectively. On September 29, 2021, the Compensation Committee and the Board of Directors approved an increase in the aggregate number of Class A common shares available for issuance as awards under the 2019 Plan by 1,600,000 to 3,412,500 , and approved new awards to senior management, totaling 1,500,000 shares of incentive stock, in three tranches, with a grant date October 1, 2021. The first tranche, representing 55% of the total, is to vest quarterly conditioned only on continued service over the four-year period which commenced October 1, 2021 . Tranches two and three, each representing 22.5% of the total, were to vest quarterly up to September 30, 2025 , once the Company’s stock price exceeded $ 27.00 and $ 30.00 , respectively, over a 60 -day period. The Compensation Committee and Board of Directors also approved an increase the maximum number of Class A common shares that each non-employee director may be granted in any one year to 25,000 and subsequently approved stock-based awards to the then seven non-executive directors totaling 105,000 shares of incentive stock, or 15,000 each, to vest in a similar manner to those awarded to senior management. During the year ended December 31, 2022, 28,528 13,780 As at December 31, 2022, 3,028,972 383,528 In March 2023, the Compensation Committee and the Board of Directors, approved an amendment to the stock-based awards agreed in September 2021 for senior management and non-employee directors such that 10% of the second tranche would be forfeit with the remaining 90% vesting from April 2023 and quarterly thereafter with the last such vesting to be October 2025. The price at which the third tranche is to vest was amended to $ 21.00 60 In the six months ended June 30, 2023, and, in the years ended December 31, 2022, and 2021, 250,155 218,366 55,175 A total of 1,962,416 300,856 10. Share-Based Compensation (continued) Share based awards since January 1, 2022, are summarized as follows: Share-Based Compensation (Table) Restricted Stock Units Number of Units Number Weighted Average Fair Value on Grant Date Actual Fair Value on Vesting Date Unvested as at January 1, 2022 1,549,825 $ 22.35 n/a Vested in year ended December 31, 2022 (218,366) n/a 19.36 Cancelled in May 2022 (14,748) n/a n/a Unvested as at December 31, 2022 1,316,711 $ 22.35 n/a Vested in six months ended June 30, 2023 (250,155) n/a 18.83 Forfeit in March 2023 (35,775) n/a n/a Unvested as at June 30, 2023 1,030,781 $ 22.35 n/a Using the graded vesting method of expensing the restricted stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the interim unaudited condensed Consolidated Statements of Income over the vesting period. The fair value of the restricted stock units for this purpose is calculated by multiplying the number of stock units by the fair value of the shares at the grant date. The Company has not factored any anticipated forfeiture into these calculations based on the limited number of participants. For the six months ended June 30, 2023, and 2022, the Company recognized a total of $ 5,179 451 5,661 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2023 | |
Net Earnings per Class A common share | |
Earnings per Share | 11. Earnings per Share Under the two-class method, net income, if any, is first reduced by the amount of dividends declared in respect of common shares for the current period, if any, and the remaining earnings are allocated to common shares and participating securities to the extent that each security can share the earnings assuming all earnings for the period are distributed. Earnings are only allocated to participating securities in a period of net income if, based on the contractual terms, the relevant common shareholders have an obligation to participate in such earnings. As a result, earnings are only be allocated to the Class A common shareholders. At June 30, 2023 and December 31, 2022, there were 1,030,781 1,316,711 Earnings/(Loss) per Share (Table) Six months ended June 30, 2023 2022 Numerator: Net income available to common shareholders: $ 147,612 $ 121,157 Class A, basic and diluted Denominator: Class A Common shares Basic weighted average number of common shares outstanding 35,533,273 36,578,297 Plus weighted average number of RSUs with service conditions 673,036 710,529 Common share and common share equivalents, dilutive 36,206,309 37,288,826 Basic earnings per share: Class A 4.15 3.31 Diluted earnings per share: Class A 4.08 3.25 |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 12. Subsequent events Subsequent to June 30, 2023, the Board of Directors authorized a further $ 40.0 43.0 On August 3, 2023, the Company announced a dividend of $ 0.375 September 4, 2023 August 23, 2023 As of August 3, 2023 all of the Company’s loan agreements (except for the sale and lease back agreement with Neptune) have been amended and restated to take into effect the transition from LIBOR to the Secured Overnight Financing Rate (“SOFR”) and the relevant provisions on a replacement rate. In addition, the Company’s interest rate caps have automatically transited to 1-month Compounded SOFR on July 1, 2023 at a level of 0.64% |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Disclosures (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying financial information is unaudited and reflects all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair statement of financial position and results of operations for the periods presented. The financial information does not include all disclosures required under United States Generally Accepted Accounting Principles (“US GAAP”) for annual financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements as of December 31, 2022 filed with the Securities and Exchange Commission on March 23, 2023 in the Company’s Annual Report on Form 20-F. During the three months ended September 30, 2022, the Company identified adjustments to the valuation of share-based compensation. The Company evaluated the adjustments from both a quantitative and qualitative perspective and determined the related impacts were not material to any previously issued annual or interim financial statements; however, the Company has determined to revise prior periods, as follows. The Company corrected the valuation of share based compensation, which resulted in an increase in share based compensation expense under the caption of “General and administrative expenses” amounted to $ 2,375 3,556 2,375 1,181 3,556 2,375 1,181 2. Summary of Significant Accounting Policies and Disclosures (continued) Adoption of new accounting standards In March 2020, the FASB issued ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. The ASU 2020-4 was effective for the Company beginning on March 12, 2020 and the Company applied the amendments prospectively through December 31, 2022. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, in December 2022 the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848)”. The amendments of this update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Currently, the Company has various other contracts that reference LIBOR. The Company has modified one contract to replace LIBOR with SOFR and elected to apply the modification accounting. There was no impact to the Company’s interim unaudited condensed consolidated financial statements for the period ended June 30, 2023, as a result of adopting this standard. COVID-19 Pandemic On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) outbreak a pandemic. Since the beginning of calendar year 2020, the outbreak of COVID-19 pandemic has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus, including, among others, business closures, quarantines, travel restrictions, and physical distancing requirements. These actions have caused substantial disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity and duration of which remains uncertain. Although the incidence and severity of COVID-19 and its variants have diminished over time, periodic spikes in incidence occur. Many nations worldwide have significantly eased or eliminated restrictions that were enacted at the outset of the outbreak of COVID-19. In May 2023, the World Health Organization expressed that COVID-19 is now an established and ongoing health issue which no longer constitutes a public health emergency of international concern. While the global risk assessment remains high, there is evidence of reducing risks to human health driven mainly by high population-level immunity from infection, vaccination, or both, but the continued uncertainties associated with the COVID-19 pandemic worldwide may still cause an adverse impact on the global economy and the rate environment for the Company’s vessels may deteriorate and its operations and cash flows may be negatively impacted. While the Company cannot predict the long-term economic impact of the COVID-19 pandemic, it will continue to actively monitor the situation and may take further actions to alter the Company’s business operations that it determines are in the best interests of its employees, customers, partners, suppliers, and stakeholders, or as required by authorities in the jurisdictions where the Company operates. As a result, many of the Company’s estimates and assumptions required increased judgement and carry a higher degree of variability and volatility. The ultimate effects that any such alterations or modifications may have on the Company’s business are not clear, including any potential negative effects on its business operations and financial results. |
Principles of Consolidation | (b) Principles of Consolidation The accompanying interim unaudited condensed consolidated financial information include the financial statements of the Company and its wholly owned subsidiaries; the Company has no other interests. All significant intercompany balances and transactions have been eliminated in the Company’s interim unaudited condensed consolidated financial statements. |
Use of estimates | (c) Use of estimates The preparation of interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions and/or conditions. 2. Summary of Significant Accounting Policies and Disclosures (continued) |
Vessels in operation | (d) Vessels in operation Vessels are generally recorded at their historical cost, which consists of the acquisition price and any material expenses incurred upon acquisition, adjusted for the fair value of intangible assets or liabilities associated with above or below market charters attached to the vessels at acquisition. See Intangible Assets and Liabilities at note 2(e) below. Vessels acquired in a corporate transaction accounted for as an asset acquisition are stated at the acquisition price, which consists of consideration paid, plus transaction costs, considering pro rata allocation based on vessels fair value at the acquisition date. Vessels acquired in a corporate transaction accounted for as a business combination are recorded at fair value. Vessels acquired as part of the Marathon Merger in 2008 were accounted for under ASC 805, which required that the vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting for the merger. Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Borrowing costs incurred during the construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no Vessels are stated less accumulated depreciation and impairment, if applicable. Vessels are depreciated to their estimated residual value using the straight-line method over their estimated useful lives which are reviewed on an ongoing basis to ensure they reflect current technology, service potential and vessel structure. The useful lives are estimated to be 30 Management estimates the residual values of the Company’s container vessels based on a scrap value cost of steel times the weight of the vessel noted in lightweight tons (LWT). Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Revision of residual values affect the depreciable amount of the vessels and affects depreciation expense in the period of the revision and future periods. Management estimated the residual values of its vessels based on scrap rate of $ 400 For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the interim unaudited condensed Consolidated Statements of Income. |
Intangible assets and liabilities - charter agreements | (e) Intangible assets and liabilities - charter agreements The Company’s intangible assets and liabilities consist of unfavorable lease terms on charter agreements acquired in assets acquisitions. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an intangible asset is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel and equivalent duration of charter party at the date the vessel is delivered. Where charter rates are less than market charter rates, an intangible liability is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates (including duration), the level of utilization of its vessels and its weighted average cost-of capital. The estimated market charter rate (including duration) is considered a significant assumption. The use of different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company’s financial position and results of operations. The amortizable value of favorable and unfavorable leases is amortized over the remaining life of the relevant lease term and the amortization expense or income respectively is included under the caption “Amortization of intangible liabilities-charter agreements” in the interim unaudited condensed Consolidated Statements of Income. For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. 2. Summary of Significant Accounting Policies and Disclosures (continued) |
Impairment of Long-lived assets | (f) Impairment of Long-lived assets Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its carrying value. A vessel group comprises the vessel, the unamortized portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any) with respect to the time charter attached to the vessel at its purchase. If the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group’s carrying amount to its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group’s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers. The Company uses a number of assumptions in projecting its undiscounted net operating cash flows analysis including, among others, (i) revenue assumptions for charter rates on expiry of existing charters, which are based on forecast charter rates, where relevant, in the four years from the date of the impairment test and a reversion to the historical mean of time charter rates for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company’s fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi) scrap values. Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market. During the six months ended June 30, 2023, and 2022, the Company evaluated the impact of the current economic situation on the recoverability of all its vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there were no triggering events and no impairment test was performed for the six months ended June 30, 2023 and 2022. |
Revenue recognition and related expense | (g) Revenue recognition and related expense The Company charters out its vessels on time charters which involves placing a vessel at a charterer’s disposal for a specified period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods of such charter agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options which are more likely than not to be exercised. If a time charter is modified, including the agreement of a direct continuation at a different rate, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter from the date of modification. During the periods ended June 30, 2023, and 2022, an amount of $ 1,785 2,911 7,535 6,487 21,824 21,144 2. Summary of Significant Accounting Policies and Disclosures (continued) (g) Revenue recognition and related expense (continued) Revenues are recorded net of address commissions, which represent a discount provided directly to the charterer based on a fixed percentage of the agreed upon charter rate. Charter revenue received in advance which relates to the period after a balance sheet date is recorded as deferred revenue within current liabilities until the respective charter services are rendered. Under time charter arrangements the Company, as owner, is responsible for all the operating expenses of the vessels, such as crew costs, insurance, repairs and maintenance, and such costs are expensed as incurred and are included in vessel operating expenses. Commission paid to brokers to facilitate the agreement of a new charter are included in time charter and voyage expenses as are certain expenses related to a voyage, such as the costs of bunker fuel consumed when a vessel is off-hire or idle. Leases: Leases where the Company acts as the lessor are classified as either operating or sales-type / direct financing leases. In cases of lease agreements where the Company acts as the lessor under an operating lease, the Company keeps the underlying asset on the interim unaudited condensed Consolidated Balance Sheets and continues to depreciate the assets over its useful life. In cases of lease agreements where the Company acts as the lessor under a sales-type / direct financing lease, the Company derecognizes the underlying asset and records a net investment in the lease. The Company acts as a lessor under operating leases in connection with all of its charter out – bareboat-out arrangements. In cases of sale and leaseback transactions, if the transfer of the asset to the lessor does not qualify as a sale, then the transaction constitutes a failed sale and leaseback and is accounted for as a financial liability. For a sale to have occurred, the control of the asset would need to be transferred to the lessor, and the lessor would need to obtain substantially all the benefits from the use of the asset. During 2021, the Company entered into six The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the non-lease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics. |
Fair Value Measurement and Financial Instruments | (h) Fair Value Measurement and Financial Instruments Financial instruments carried on the interim unaudited condensed Consolidated Balance Sheets include cash and cash equivalents, time deposits, restricted cash, trade receivables and payables, other receivables and other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item or included below as applicable. Fair value measurement: Level 1 - Level 2 - 2. Summary of Significant Accounting Policies and Disclosures (continued) (h) Fair Value Measurement and Financial Instruments (continued) Level 3 - During the six months ended June 30, 2023, the Company evaluated the impact of current economic situation on the recoverability of all its vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there were no triggering events and no impairment test was performed for the six months ended June 30, 2023. Through the latter part of 2022, the Company noted that charter rates in the spot market had come under pressure and accordingly determined that events occurred, and circumstances had changed, which indicated that potential impairment of the Company’s long-lived assets could exist. These indicators included continued volatility in the spot market and the related impact of the current container sector on management’s expectation for future revenues. As a result, step one of the impairment assessment of each of the vessel groups was performed as at December 31, 2022 and step two of the impairment analysis was required for one vessel of the group, as its undiscounted projected net operating cash flows did not exceed its carrying value. As a result, the Company recorded an impairment loss of $ 3,033 for one vessel asset group with a total aggregate carrying amount of $ 9,033 which was written down to its fair value of $ 6,000 . In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 0.75% fourth quarter 2026 507.9 1,368 6,648 the Company has designated only a portion of its outstanding debt (initially, $253.9 million) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged The Company assesses the effectiveness of the hedges on an ongoing basis. The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. The objective of the hedges is to reduce the variability of cash flows associated with the interest rates relating to the Company’s variable rate borrowings. When derivatives are used, the Company is exposed to credit loss in the event of non-performance by the counterparties; however, non-performance is not anticipated. ASC 815, Derivatives and Hedging 56,904 63,503 Financial Risk Management: Credit risk: 2. Summary of Significant Accounting Policies and Disclosures (continued) (h) Fair Value Measurement and Financial Instruments (continued) Credit risk (continued) Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable, cash and cash equivalents and time deposits. The Company does not believe its exposure to credit risk is likely to have a material adverse effect on its financial position, results of operations or cash flows. Liquidity Risk: Foreign Exchange Risk: |
Derivative instruments | (i) Derivative instruments The Company is exposed to interest rate risk relating to its variable rate borrowings. In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484.1 At the inception of the transaction, the Company documents the relationship between hedging instruments and hedged items, as well as its risk management objective and the strategy for undertaking various hedging transactions. The Company also documents its assessment, both at the hedge inception and on an ongoing basis, of whether the derivative financial instruments that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. This Transaction is designated as a cash flow hedge, and under ASU 2017-12, cash flow hedge accounting allows all changes in fair value to be recorded through Other Comprehensive Income once hedge effectiveness has been established. Under ASC 815-30-35-38, amounts in accumulated other comprehensive income shall be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings (i.e., each quarter) and shall be presented in the same income statement line item as the earnings effect of the hedged item in accordance with paragraph 815-20-45-1A. The premium paid related to this derivative was classified in the interim unaudited condensed Consolidated Statements of Cash Flows as operating activities in the line item “Derivative asset”. The premium shall be amortized into earnings “on a systematic and rational basis over the period in which the hedged transaction affects earnings” (ASC 815-30-35-41A); that is, the Company will expense the premium over the life of the interest rate cap in accordance with the “caplet method,” as described in Derivatives Implementation Group (DIG) Issue G20. DIG Issue G20 dictates that the cost of the interest rate cap is recognized on earnings over time, based on the value of each periodic caplet. The cost per period will change as the caplet for that period changes in value. Given that the interest rate cap is forward-starting, expensing of the premium will not begin until the effective start date of the interest rate cap, in order to match potential cap revenue with the cap expenses in the period in which they are incurred. In February 2022, the Company further purchased two interest rate caps with an aggregate notional amount of $ 507.9 1,368 6,648 the Company has designated only a portion of its outstanding debt (initially, $253.9 million) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged 2. Summary of Significant Accounting Policies and Disclosures (continued) (i) Derivative instruments (continued) The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. As of June 30, 2023, and December 31, 2022, following a quantitative assessment, part of the hedge was no longer considered effective and an amount of $ 176 1,091 |
Recent accounting pronouncements | (j) Recent accounting pronouncements The Company does not believe that any recently issued, but not yet effective, accounting pronouncements would have a material impact on its interim unaudited condensed consolidated financial statements. |
Description of Business (Tables
Description of Business (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business - Schedule of Vessels (Table) | Description of Business - Schedule of Vessels (Table) Company Name (1) Country of Incorporation Vessel Name Capacity in TEUs (2) Year Built Earliest Charter Expiry Date Global Ship Lease 54 LLC Liberia CMA CGM Thalassa 11,040 2008 4Q25 Laertis Marine LLC Marshall Islands Zim Norfolk 9,115 2015 2Q27 Penelope Marine LLC Marshall Islands Zim Xiamen 9,115 2015 3Q27 Telemachus Marine LLC (3) Marshall Islands Anthea Y 9,115 2015 3Q25 (4) Global Ship Lease 53 LLC Liberia MSC Tianjin 8,603 2005 2Q24 Global Ship Lease 52 LLC Liberia MSC Qingdao 8,603 2004 2Q24 Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 3Q27 (5) Global Ship Lease 72 LLC Liberia tbr GSL Alexandra 8,544 2004 3Q25 (6) Global Ship Lease 73 LLC Liberia tbr GSL Sofia 8,544 2003 3Q25 (6) Global Ship Lease 74 LLC Liberia tbr GSL Effie 8,544 2003 3Q25 (6) Global Ship Lease 75 LLC Liberia GSL Lydia 8,544 2003 2Q25 (6) Global Ship Lease 30 Limited Marshall Islands GSL Eleni 7,847 2004 3Q24 (7) Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi 7,847 2004 3Q24 (7) Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 3Q24 (7) Alexander Marine LLC Marshall Islands Mary 6,927 2013 4Q28 (8) Hector Marine LLC Marshall Islands Kristina 6,927 2013 3Q29 (8) Ikaros Marine LLC Marshall Islands Katherine 6,927 2013 1Q29 (8) Philippos Marine LLC Marshall Islands Alexandra 6,927 2013 2Q29 (8) Aristoteles Marine LLC Marshall Islands Alexis 6,882 2015 2Q29 (8) Menelaos Marine LLC Marshall Islands Olivia I 6,882 2015 2Q29 (8) Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 3Q24 Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 3Q23 Global Ship Lease 48 LLC Liberia CMA CGM Berlioz 6,621 2001 4Q25 Leonidas Marine LLC Marshall Islands Agios Dimitrios 6,572 2011 4Q23 Global Ship Lease 33 LLC Liberia GSL Vinia 6,080 2004 3Q24 Global Ship Lease 34 LLC Liberia GSL Christel Elisabeth 6,080 2004 2Q24 1. Description of Business (continued) Company Name (1) Country of Incorporation Vessel Name Capacity in TEUs (2) Year Built Earliest Charter Expiry Date GSL Arcadia LLC Liberia GSL Arcadia 6,008 2000 2Q24 (9) GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q24 (9) GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24 (9) GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24 (9) GSL Tegea LLC Liberia GSL Tegea 5,992 2001 3Q24 (9) GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 3Q24 (9) GSL MYNY LLC Liberia GSL MYNY 6,008 2000 3Q24 (9) Tasman Marine LLC Marshall Islands Tasman 5,936 2000 4Q23 (10) Hudson Marine LLC Marshall Islands Zim Europe 5,936 2000 1Q24 Drake Marine LLC Marshall Islands Ian H 5,936 2000 2Q24 Global Ship Lease 68 LLC (3) Liberia GSL Kithira 5,470 2009 4Q24 (11) Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 4Q24 (11) Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 4Q24 (11) Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 4Q24 (11) Hephaestus Marine LLC Marshall Islands Dolphin II 5,095 2007 1Q25 Zeus One Marine LLC Marshall Islands Orca I 5,095 2006 2Q24 (12) Global Ship Lease 47 LLC Liberia GSL Château d’If 5,089 2007 4Q26 GSL Alcazar Inc. Marshall Islands CMA CGM Alcazar 5,089 2007 3Q26 Global Ship Lease 55 LLC Liberia GSL Susan 4,363 2008 3Q27 (13) Global Ship Lease 50 LLC Liberia CMA CGM Jamaica 4,298 2006 1Q28 (13) Global Ship Lease 49 LLC Liberia CMA CGM Sambhar 4,045 2006 1Q28 (13) Global Ship Lease 51 LLC Liberia CMA CGM America 4,045 2006 1Q28 (13) Global Ship Lease 57 LLC Liberia GSL Rossi 3,421 2012 1Q26 Global Ship Lease 58 LLC Liberia GSL Alice 3,421 2014 2Q25 Global Ship Lease 59 LLC Liberia GSL Melina 3,404 2013 2Q24 Global Ship Lease 60 LLC Liberia GSL Eleftheria 3,404 2013 3Q25 Global Ship Lease 61 LLC Liberia GSL Mercer 2,824 2007 4Q24 Global Ship Lease 62 LLC Liberia Matson Molokai 2,824 2007 2Q25 Global Ship Lease 63 LLC Liberia GSL Lalo 2,824 2006 1Q24 Global Ship Lease 42 LLC Liberia GSL Valerie 2,824 2005 1Q25 Pericles Marine LLC Marshall Islands Athena 2,762 2003 2Q24 Global Ship Lease 64 LLC Liberia GSL Elizabeth 2,741 2006 2Q23 Global Ship Lease 65 LLC Liberia tbr GSL Chloe (14) 2,546 2012 4Q24 Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 1Q24 (15) Aris Marine LLC Marshall Islands Maira 2,506 2000 3Q23 Aphrodite Marine LLC Marshall Islands Nikolas 2,506 2000 1Q24 Athena Marine LLC Marshall Islands Newyorker 2,506 2001 1Q24 Global Ship Lease 38 LLC Liberia Manet 2,272 2001 4Q24 Global Ship Lease 40 LLC Liberia Keta 2,207 2003 1Q25 Global Ship Lease 41 LLC Liberia Julie 2,207 2002 2Q25 (16) Global Ship Lease 45 LLC Liberia Kumasi 2,207 2002 1Q25 Global Ship Lease 44 LLC Liberia Akiteta 2,207 2002 4Q24 1 Description of Business (continued) (1) All subsidiaries are 100% owned, either directly or indirectly; (2) Twenty-foot Equivalent Units; (3) Currently, under a sale and leaseback transaction (see note 2g); (4) Anthea Y was forward fixed to a leading liner operator for a period of 24 months +/- 30 days, with the new charter to commence upon expiry of the existing charter in 3Q or 4Q23. (5) GSL Ningbo was forward fixed to a leading liner company for minimum 48 months - maximum 52 months. The new charter is scheduled to commence in 3Q 2023; (6) Tbr GSL Alexandra, tbr GSL Sofia, tbr GSL Effie and GSL Lydia delivered in 2Q23 and were chartered for a period of minimum 24 months - maximum 28 months, plus additional added drydocking days in accordance plus 12 months in charterer’s option +/- 30 days. (7) GSL Eleni delivered 2Q2019 and is chartered for five years; GSL Kalliopi (delivered 4Q2019) and GSL Grania (delivered 3Q2019) are chartered for three years plus two successive periods of one year each at the option of the charterer. The first of these extension options was exercised for both vessels in 2Q 2022 and commenced for GSL Grania and for GSL Kalliopi in 3Q and in 4Q 2022, respectively. The second of these extension options was exercised for both vessels in 2Q 2023 and will commence for both vessels in 3Q23; (8) Mary, Kristina, Katherine, Alexandra, Alexis, Olivia I were forward fixed to a leading liner company for 60 months +/- 45 days, after which the charterer has the option to extend each charter for a further two years. The new charters are scheduled to commence as each of the existing charters expire, between approximately late 2023 and late 2024 following the expiration of the existing charters; (9) GSL Arcadia, GSL Melita, GSL Maria, GSL Violetta, GSL Tegea, GSL Dorothea, GSL MYNY. Thereafter, the charterer has the option to extend each charter for a further 12 months, after which they have the option to extend each charter for a second time - for a period concluding immediately prior to each respective vessel’s 25th year drydocking and special survey; (10) Tasman. 12-month extension at charterer’s option was exercised in 2Q 2022 and commenced in 3Q 2022; (11) GSL Kithira, GSL Tripoli, GSL Syros, GSL Tinos were chartered for a period of three years from their delivery dates in 2021, after which the charterer has the option to extend each charter for a further three years; (12) Orca I. After the initial firm period of the charter, the charterer has the option to extend the charter for a further 12-14 months; (13) GSL Susan, CMA CGM Jamaica, CMA CGM Sambhar and CMA CGM America were each forward fixed to a leading liner company for a period of five years with up to +/- 45 days in charterer’s option. The new charter for GSL Susan commenced in October 2022, while the remaining charters commenced in March 2023; (14) “tbr” means “to be renamed”; (15) GSL Maren. Charter extended for a period of 11 to 14 months and commenced at the end of 1Q 2023; (16) Julie. Julie was forward fixed to a leading liner company for a period 24 months +/- 30 days in charterer’s option. The new charter is scheduled to commence in 3Q23. |
Vessels in Operation (Tables)
Vessels in Operation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels in Operation - Schedule of Vessels in Operation (Table) | Vessels in Operation - Schedule of Vessels in Operation (Table) Vessel Cost, as adjusted for Accumulated Net Book Impairment charges Depreciation Value As of January 1, 2022 $ 1,878,132 $ (195,316) $ 1,682,816 Additions 11,756 – 11,756 Depreciation – (68,232) (68,232) Impairment loss (3,730) 697 (3,033) As of December 31, 2022 $ 1,886,158 $ (262,851) $ 1,623,307 Additions 134,953 – 134,953 Disposals (6,803) 68 (6,735) Depreciation – (34,747) (34,747) As of June 30, 2023 $ 2,014,308 $ (297,530) $ 1,716,778 |
Vessels in Operation - Vessels Acquisitions (Table) | Vessels in Operation - Vessels Acquisitions (Table) Name Capacity in TEUs Year Built Purchase Price Delivery date tbr GSL Alexandra 8,544 2004 $30,000 June 2, 2023 tbr GSL Sofia 8,544 2003 $30,000 May 22, 2023 tbr GSL Effie 8,544 2003 $30,000 May 30, 2023 GSL Lydia 8,544 2003 $33,300 June 26, 2023 |
Intangible Liabilities - Char_2
Intangible Liabilities - Charter Agreements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) | Intangible Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) June 30, 2023 December 31, 2022 Opening balance $ 14,218 $ 55,376 Disposals (*) (476) – Amortization (5,045) (41,158) Total $ 8,697 $ 14,218 (*) The unamortized portion of GSL Amstel intangible liability-charter agreement when vessel was sold on March 23, 2023. |
Intangible Liabilities - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) | Intangible Liabilities - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) Amount June 30, 2024 $ 6,041 June 30, 2025 2,383 June 30, 2026 273 $ 8,697 |
Derivative Asset (Tables)
Derivative Asset (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Derivative Asset - Schedule of Derivative Assets (Table) | Derivative Asset - Schedule of Derivative Assets (Table) June 30, 2023 December 31, 2022 Opening balance $ 63,503 $ 7,227 Derivative asset premium – 15,370 Unrealized (loss)/gain on derivative assets (5,231) 31,221 Fair value adjustment on derivative asset (1,368) 9,685 Closing balance $ 56,904 $ 63,503 Less: Current portion of derivative assets (28,177) (29,645) Non-current portion of derivative assets $ 28,727 $ 33,858 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt - Schedule of Long - Term Debt (Table) | Long-Term Debt - Schedule of Long - Term Debt (Table) Facilities June 30, 2023 December 31, 2022 Macquarie loan (a) $ 76,000 $ – 2027 Secured Notes (b) 310,625 336,875 E.SUN, MICB, Cathay, Taishin Credit Facility (c) 37,500 46,500 Sinopac Credit Facility (d) 9,060 9,900 HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) 83,869 100,000 Deutsche Credit Facility (f) 42,370 44,695 HCOB Credit Facility (g) 32,769 40,794 CACIB, Bank Sinopac, CTBC Credit Facility (h) 41,500 44,050 Chailease Credit Facility (i) 3,039 3,852 Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j) 165,200 181,200 Total credit facilities $ 801,932 $ 807,866 Sale and Leaseback Agreement CMBFL - $120,000 (k) 77,137 89,838 Sale and Leaseback Agreement CMBFL - $54,000 (l) 37,800 41,850 Sale and Leaseback Agreement - Neptune $14,735 (m) 8,384 9,971 Total Sale and Leaseback Agreements $ 123,321 $ 141,659 Total borrowings $ 925,253 $ 949,525 Less: Current portion of long-term debt (172,001) (155,424) Less: Current portion of Sale and Leaseback Agreements (k,l,m) (32,139) (34,408) Less: Deferred financing costs (s) (13,440) (15,136) Non-current portion of Long-Term Debt $ 707,673 $ 744,557 |
Long-Term Debt - Repayment Schedule (Table) | Long-Term Debt - Repayment Schedule (Table) Payment due by period ended Amount June 30, 2024 204,140 June 30, 2025 173,677 June 30, 2026 200,629 June 30, 2027 192,992 June 30, 2028 and thereafter 153,815 $ 925,253 |
Long-Term Debt - Schedule of Deferred Financing Costs (Table) | Long-Term Debt - Schedule of Deferred Financing Costs (Table) June 30, 2023 December 31, 2022 Opening balance $ 15,136 $ 16,714 Expenditure in the period 1,140 9,655 Amortization included within interest expense (2,836) (11,233) Closing balance $ 13,440 $ 15,136 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments And Contingencies | |
Commitments and Contingencies - Charter Hire Receivable (Table) | Commitments and Contingencies - Charter Hire Receivable (Table) Period ending Amount June 30, 2024 $ 653,311 June 30, 2025 481,418 June 30, 2026 271,997 June 30, 2027 220,782 Thereafter 200,244 Total minimum lease revenue, net of address commissions $ 1,827,752 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation (Table) | Share-Based Compensation (Table) Restricted Stock Units Number of Units Number Weighted Average Fair Value on Grant Date Actual Fair Value on Vesting Date Unvested as at January 1, 2022 1,549,825 $ 22.35 n/a Vested in year ended December 31, 2022 (218,366) n/a 19.36 Cancelled in May 2022 (14,748) n/a n/a Unvested as at December 31, 2022 1,316,711 $ 22.35 n/a Vested in six months ended June 30, 2023 (250,155) n/a 18.83 Forfeit in March 2023 (35,775) n/a n/a Unvested as at June 30, 2023 1,030,781 $ 22.35 n/a |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net Earnings per Class A common share | |
Earnings/(Loss) per Share (Table) | Earnings/(Loss) per Share (Table) Six months ended June 30, 2023 2022 Numerator: Net income available to common shareholders: $ 147,612 $ 121,157 Class A, basic and diluted Denominator: Class A Common shares Basic weighted average number of common shares outstanding 35,533,273 36,578,297 Plus weighted average number of RSUs with service conditions 673,036 710,529 Common share and common share equivalents, dilutive 36,206,309 37,288,826 Basic earnings per share: Class A 4.15 3.31 Diluted earnings per share: Class A 4.08 3.25 |
Description of Business - Sched
Description of Business - Schedule of Vessels (Table) (Details) Pure in Thousands | 6 Months Ended |
Jun. 30, 2023 | |
Global Ship Lease 54 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | CMA CGM Thalassa |
Capacity in TEUs | 11,040 |
Year Built | 2008 |
Earliest Charter Expiry Date | 4Q25 |
Laertis Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Zim Norfolk |
Capacity in TEUs | 9,115 |
Year Built | 2015 |
Earliest Charter Expiry Date | 2Q27 |
Penelope Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Zim Xiamen |
Capacity in TEUs | 9,115 |
Year Built | 2015 |
Earliest Charter Expiry Date | 3Q27 |
Telemachus Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Anthea Y |
Capacity in TEUs | 9,115 |
Year Built | 2015 |
Earliest Charter Expiry Date | 3Q25(4) |
Global Ship Lease 53 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | MSC Tianjin |
Capacity in TEUs | 8,603 |
Year Built | 2005 |
Earliest Charter Expiry Date | 2Q24 |
Global Ship Lease 52 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | MSC Qingdao |
Capacity in TEUs | 8,603 |
Year Built | 2004 |
Earliest Charter Expiry Date | 2Q24 |
Global Ship Lease 43 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Ningbo |
Capacity in TEUs | 8,603 |
Year Built | 2004 |
Earliest Charter Expiry Date | 3Q27(5) |
Global Ship Lease 72 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | tbr GSL Alexandra |
Capacity in TEUs | 8,544 |
Year Built | 2004 |
Earliest Charter Expiry Date | 3Q25(6) |
Global Ship Lease 73 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | tbr GSL Sofia |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Earliest Charter Expiry Date | 3Q25(6) |
Global Ship Lease 74 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | tbr GSL Effie |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Earliest Charter Expiry Date | 3Q25(6) |
Global Ship Lease 75 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Lydia |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Earliest Charter Expiry Date | 2Q25(6) |
Global Ship Lease 30 Limited [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | GSL Eleni |
Capacity in TEUs | 7,847 |
Year Built | 2004 |
Earliest Charter Expiry Date | 3Q24(7) |
Global Ship Lease 31 Limited [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | GSL Kalliopi |
Capacity in TEUs | 7,847 |
Year Built | 2004 |
Earliest Charter Expiry Date | 3Q24(7) |
Global Ship Lease 32 Limited [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | GSL Grania |
Capacity in TEUs | 7,847 |
Year Built | 2004 |
Earliest Charter Expiry Date | 3Q24(7) |
Alexander Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Mary |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 4Q28(8) |
Hector Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Kristina |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 3Q29(8) |
Ikaros Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Katherine |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 1Q29(8) |
Philippos Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Alexandra |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 2Q29(8) |
Aristoteles Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Alexis |
Capacity in TEUs | 6,882 |
Year Built | 2015 |
Earliest Charter Expiry Date | 2Q29(8) |
Menelaos Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Olivia I |
Capacity in TEUs | 6,882 |
Year Built | 2015 |
Earliest Charter Expiry Date | 2Q29(8) |
Global Ship Lease 35 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Nicoletta |
Capacity in TEUs | 6,840 |
Year Built | 2002 |
Earliest Charter Expiry Date | 3Q24 |
Global Ship Lease 36 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Christen |
Capacity in TEUs | 6,840 |
Year Built | 2002 |
Earliest Charter Expiry Date | 3Q23 |
Global Ship Lease 48 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | CMA CGM Berlioz |
Capacity in TEUs | 6,621 |
Year Built | 2001 |
Earliest Charter Expiry Date | 4Q25 |
Leonidas Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Agios Dimitrios |
Capacity in TEUs | 6,572 |
Year Built | 2011 |
Earliest Charter Expiry Date | 4Q23 |
Global Ship Lease 33 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Vinia |
Capacity in TEUs | 6,080 |
Year Built | 2004 |
Earliest Charter Expiry Date | 3Q24 |
Global Ship Lease 34 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Christel Elisabeth |
Capacity in TEUs | 6,080 |
Year Built | 2004 |
Earliest Charter Expiry Date | 2Q24 |
GSL Arcadia LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Arcadia |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 2Q24(9) |
GSL Melita LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Melita |
Capacity in TEUs | 6,008 |
Year Built | 2001 |
Earliest Charter Expiry Date | 3Q24(9) |
GSL Maria LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Maria |
Capacity in TEUs | 6,008 |
Year Built | 2001 |
Earliest Charter Expiry Date | 4Q24(9) |
GSL Violetta LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Violetta |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 4Q24(9) |
GSL Tegea LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Tegea |
Capacity in TEUs | 5,992 |
Year Built | 2001 |
Earliest Charter Expiry Date | 3Q24(9) |
GSL Dorothea LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Dorothea |
Capacity in TEUs | 5,992 |
Year Built | 2001 |
Earliest Charter Expiry Date | 3Q24(9) |
GSL MYNY LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL MYNY |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 3Q24(9) |
Tasman Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Tasman |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 4Q23(10) |
Hudson Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Zim Europe |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 1Q24 |
Drake Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Ian H |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 2Q24 |
Global Ship Lease 68 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Kithira |
Capacity in TEUs | 5,470 |
Year Built | 2009 |
Earliest Charter Expiry Date | 4Q24(11) |
Global Ship Lease 69 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Tripoli |
Capacity in TEUs | 5,470 |
Year Built | 2009 |
Earliest Charter Expiry Date | 4Q24(11) |
Global Ship Lease 70 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Syros |
Capacity in TEUs | 5,470 |
Year Built | 2010 |
Earliest Charter Expiry Date | 4Q24(11) |
Global Ship Lease 71 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Tinos |
Capacity in TEUs | 5,470 |
Year Built | 2010 |
Earliest Charter Expiry Date | 4Q24(11) |
Hephaestus Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Dolphin II |
Capacity in TEUs | 5,095 |
Year Built | 2007 |
Earliest Charter Expiry Date | 1Q25 |
Zeus One Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Orca I |
Capacity in TEUs | 5,095 |
Year Built | 2006 |
Earliest Charter Expiry Date | 2Q24(12) |
Global Ship Lease 47 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Château d’If |
Capacity in TEUs | 5,089 |
Year Built | 2007 |
Earliest Charter Expiry Date | 4Q26 |
GSL Alcazar Inc. [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | CMA CGM Alcazar |
Capacity in TEUs | 5,089 |
Year Built | 2007 |
Earliest Charter Expiry Date | 3Q26 |
Global Ship Lease 55 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Susan |
Capacity in TEUs | 4,363 |
Year Built | 2008 |
Earliest Charter Expiry Date | 3Q27(13) |
Global Ship Lease 50 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | CMA CGM Jamaica |
Capacity in TEUs | 4,298 |
Year Built | 2006 |
Earliest Charter Expiry Date | 1Q28(13) |
Global Ship Lease 49 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | CMA CGM Sambhar |
Capacity in TEUs | 4,045 |
Year Built | 2006 |
Earliest Charter Expiry Date | 1Q28(13) |
Global Ship Lease 51 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | CMA CGM America |
Capacity in TEUs | 4,045 |
Year Built | 2006 |
Earliest Charter Expiry Date | 1Q28(13) |
Global Ship Lease 57 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Rossi |
Capacity in TEUs | 3,421 |
Year Built | 2012 |
Earliest Charter Expiry Date | 1Q26 |
Global Ship Lease 58 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Alice |
Capacity in TEUs | 3,421 |
Year Built | 2014 |
Earliest Charter Expiry Date | 2Q25 |
Global Ship Lease 59 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Melina |
Capacity in TEUs | 3,404 |
Year Built | 2013 |
Earliest Charter Expiry Date | 2Q24 |
Global Ship Lease 60 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Eleftheria |
Capacity in TEUs | 3,404 |
Year Built | 2013 |
Earliest Charter Expiry Date | 3Q25 |
Global Ship Lease 61 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Mercer |
Capacity in TEUs | 2,824 |
Year Built | 2007 |
Earliest Charter Expiry Date | 4Q24 |
Global Ship Lease 62 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | Matson Molokai |
Capacity in TEUs | 2,824 |
Year Built | 2007 |
Earliest Charter Expiry Date | 2Q25 |
Global Ship Lease 63 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Lalo |
Capacity in TEUs | 2,824 |
Year Built | 2006 |
Earliest Charter Expiry Date | 1Q24 |
Global Ship Lease 42 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Valerie |
Capacity in TEUs | 2,824 |
Year Built | 2005 |
Earliest Charter Expiry Date | 1Q25 |
Pericles Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Athena |
Capacity in TEUs | 2,762 |
Year Built | 2003 |
Earliest Charter Expiry Date | 2Q24 |
Global Ship Lease 64 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Elizabeth |
Capacity in TEUs | 2,741 |
Year Built | 2006 |
Earliest Charter Expiry Date | 2Q23 |
Global Ship Lease 65 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | tbr GSL Chloe(14) |
Capacity in TEUs | 2,546 |
Year Built | 2012 |
Earliest Charter Expiry Date | 4Q24 |
Global Ship Lease 66 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Maren |
Capacity in TEUs | 2,546 |
Year Built | 2014 |
Earliest Charter Expiry Date | 1Q24(15) |
Aris Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Maira |
Capacity in TEUs | 2,506 |
Year Built | 2000 |
Earliest Charter Expiry Date | 3Q23 |
Aphrodite Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Nikolas |
Capacity in TEUs | 2,506 |
Year Built | 2000 |
Earliest Charter Expiry Date | 1Q24 |
Athena Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Newyorker |
Capacity in TEUs | 2,506 |
Year Built | 2001 |
Earliest Charter Expiry Date | 1Q24 |
Global Ship Lease 38 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | Manet |
Capacity in TEUs | 2,272 |
Year Built | 2001 |
Earliest Charter Expiry Date | 4Q24 |
Global Ship Lease 40 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | Keta |
Capacity in TEUs | 2,207 |
Year Built | 2003 |
Earliest Charter Expiry Date | 1Q25 |
Global Ship Lease 41 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | Julie |
Capacity in TEUs | 2,207 |
Year Built | 2002 |
Earliest Charter Expiry Date | 2Q25(16) |
Global Ship Lease 45 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | Kumasi |
Capacity in TEUs | 2,207 |
Year Built | 2002 |
Earliest Charter Expiry Date | 1Q25 |
Global Ship Lease 44 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | Akiteta |
Capacity in TEUs | 2,207 |
Year Built | 2002 |
Earliest Charter Expiry Date | 4Q24 |
Description of Business (Detail
Description of Business (Details Narrative) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) | Dec. 31, 2021 | Dec. 31, 2018 | Nov. 15, 2018 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Number of vessels purchased | 23 | |||
Number of vessels owned | 68 | |||
Weighted average capacity | 16 years 8 months 12 days | |||
Seven Vessels [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Number of vessels purchased | 7 | |||
Capacity in TEUs | 6,000 | |||
Twelve Vessels [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Number of vessels purchased | 12 | |||
Four Vessels [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Number of vessels purchased | 4 | |||
Capacity in TEUs | 5,470 | |||
Four New Vessels [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Number of vessels purchased | 4 | |||
Capacity in TEUs | 8,544 | |||
Aggregate purchase price | $ 123,300 | |||
Date of Delivery | which were delivered in various dates in May and June 2023 | |||
Poseidon Transaction [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Number of vessels purchased | 20 | |||
Poseidon Transaction [Member] | Argos [Member] | ||||
Noncash or Part Noncash Acquisitions [Line Items] | ||||
Number of vessels sold | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Disclosures (Details Narrative) | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Feb. 28, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Capitalized interest | $ 0 | $ 0 | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||
Estimated residual scrap value of vessels per lightweight ton (LWT) | $ 400 | ||||||
Charter revenue | 316,326,000 | 284,667,000 | |||||
Other current assets | 36,252,000 | $ 33,765,000 | |||||
Other non-current assets | $ 31,572,000 | 31,022,000 | |||||
Number of failed sale and leaseback transactions | 6 | ||||||
Vessel asset group carrying amount | $ 1,716,778,000 | 1,623,307,000 | |||||
Derivative, Description of Hedged Item | the Company has designated only a portion of its outstanding debt (initially, $253.9 million) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged | ||||||
Derivative Asset | $ 56,904,000 | 63,503,000 | |||||
Unrealized gain on the interest rate caps | 176,000 | 0 | 1,091,000 | ||||
December 2021 interest rate caps [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Derivative, Notional Amount | $ 484,100,000 | ||||||
Two USD one-month LIBOR interest rate caps [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Derivative, Notional Amount | $ 507,900,000 | ||||||
Derivative, Cap Interest Rate | 0.75% | ||||||
Derivative, Maturity Date | fourth quarter 2026 | ||||||
Second interest rate cap | Two USD one-month Libor interest rate caps [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Negative fair value adjustment | 1,368,000 | ||||||
Positive fair value adjustment | 6,648,000 | ||||||
One Vessel Group [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Tangible Asset Impairment Charges | $ 3,033,000 | ||||||
Number of vessels recognized with impairment charge | 1 | ||||||
Vessel asset group carrying amount | $ 9,033,000 | ||||||
Property, Plant, and Equipment, Fair Value Disclosure | 6,000,000 | ||||||
Charters Revenues [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Charter revenue | 1,785,000 | 2,911,000 | |||||
Other current assets | 7,535,000 | 6,487,000 | |||||
Other non-current assets | $ 21,824,000 | $ 21,144,000 | |||||
Change On Valuation Of Share Based Compensation [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Increase of general and administrative expenses | $ 2,375,000 | 3,556,000 | |||||
Net income decrease | $ 1,181,000 | 2,375,000 | |||||
Additional paid-in capital increase | $ 3,556,000 | ||||||
Retained Earnings decrease | $ 1,181,000 | $ 2,375,000 |
Vessels in Operation - Schedule
Vessels in Operation - Schedule of Vessels in Operation (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | $ 1,623,307 | |
Balance ending of period | 1,716,778 | $ 1,623,307 |
Vessel Gross Cost, as adjusted for impairment charges [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | 1,886,158 | 1,878,132 |
Additions | 134,953 | 11,756 |
Impairment loss | (3,730) | |
Disposals | (6,803) | |
Balance ending of period | 2,014,308 | 1,886,158 |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | (262,851) | (195,316) |
Disposals | 68 | |
Depreciation | (34,747) | (68,232) |
Impairment loss | 697 | |
Balance ending of period | (297,530) | (262,851) |
Net Book Value [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | 1,623,307 | 1,682,816 |
Additions | 134,953 | 11,756 |
Depreciation | (34,747) | (68,232) |
Impairment loss | (3,033) | |
Disposals | (6,735) | |
Balance ending of period | $ 1,716,778 | $ 1,623,307 |
Vessels in Operation - Vessels
Vessels in Operation - Vessels Acquisitions (Table) (Details) Pure in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
tbr GSL Alexandra [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase Price | $ 30,000 |
Capacity in TEUs | 8,544 |
Year Built | 2004 |
Delivery Date | June 2, 2023 |
tbr GSL Sofia [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase Price | $ 30,000 |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Delivery Date | May 22, 2023 |
tbr GSL Effie [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase Price | $ 30,000 |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Delivery Date | May 30, 2023 |
GSL Lydia [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase Price | $ 33,300 |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Delivery Date | June 26, 2023 |
Vessels in Operation (Details N
Vessels in Operation (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 23, 2023 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Vessel asset group carrying amount | $ 1,716,778 | $ 1,623,307 | |
Number of unencumbered vessels | 5 | ||
Ballast water treatments and other additions amount | $ 6,699 | 4,881 | |
2027 Secured Notes (b) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels pledged as collateral | 20 | ||
Other Loan Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels pledged as collateral | 43 | ||
GSL Amstel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 5,940 | ||
Collateral description | the vessel was released as collateral under the Company’s $140,000 loan facility with Credit Agricole Corporate and Investment Bank, Hamburg Commercial Bank AG, E.Sun Commercial Bank, Ltd, CTBC Bank Co. Ltd. and Taishin International Bank | ||
One Vessel Group [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel impairment charges | $ 3,033 | ||
Number of vessels recognized with impairment charge | 1 | ||
Vessel asset group carrying amount | $ 9,033 | ||
Fair value of property, plant and equipment | $ 6,000 |
Intangible Liabilities - Char_3
Intangible Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | ||
Opening balance | $ 14,218 | $ 55,376 | |
Disposals | [1] | (476) | 0 |
Amortization | (5,045) | (41,158) | |
Total | $ 8,697 | $ 14,218 | |
[1]The unamortized portion of GSL Amstel intangible liability-charter agreement when vessel was sold on March 23, 2023. |
Intangible Liabilities - Char_4
Intangible Liabilities - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
June 30, 2024 | $ 6,041 |
June 30, 2025 | 2,383 |
June 30, 2026 | 273 |
Below Market Lease, Net, Total | $ 8,697 |
Intangible Liabilities - Char_5
Intangible Liabilities - Charter Agreements (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Amortization income of intangible liabilities-charter agreements | $ 5,045 | $ 23,420 |
Amortization of intangible liabilities | $ 0 | $ 5,385 |
Weighted average useful lives | 1 year 5 months 15 days |
Derivative Asset - Schedule of
Derivative Asset - Schedule of Derivative Assets (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |||
Opening balance | $ 63,503 | $ 7,227 | $ 7,227 |
Derivative asset premium | 0 | 15,370 | |
Unrealized (loss)/gain on derivative assets | (5,231) | 22,914 | 31,221 |
Fair value adjustment on derivative asset | (1,368) | $ 6,648 | 9,685 |
Closing balance | 56,904 | 63,503 | |
Less: Current portion of derivative assets | (28,177) | (29,645) | |
Non-current portion of derivative assets | $ 28,727 | $ 33,858 |
Derivative Asset (Details Narra
Derivative Asset (Details Narrative) - USD ($) | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Payable premium amount | $ 0 | $ 15,370,000 | |||
Derivative, Description of Hedged Item | the Company has designated only a portion of its outstanding debt (initially, $253.9 million) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged | ||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 15,916,000 | $ 254,000 | |||
Unrealized gain on the interest rate caps | $ 176,000 | 0 | $ 1,091,000 | ||
December 2021 interest rate caps [Member] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative, Notional Amount | $ 484,100,000 | ||||
Two USD one-month LIBOR interest rate caps [Member] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative, Notional Amount | $ 507,900,000 | ||||
Derivative, Cap Interest Rate | 0.75% | ||||
Derivative, Maturity Date | fourth quarter 2026 | ||||
Interest Rate Caps [Member] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative, Contract End Date | Nov. 30, 2026 | ||||
Payable premium amount | $ 7,000,000 | ||||
Derivative, Inception Date | Dec. 22, 2021 | ||||
Second interest rate cap | Two USD one-month Libor interest rate caps [Member] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Payable premium amount | $ 15,370,000 | ||||
Derivative, Loss on Derivative | 1,368,000 | ||||
Derivative, Gain on Derivative | 6,648,000 | ||||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 15,916,000 | $ 0 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long - Term Debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | |||
Total borrowings | $ 925,253 | ||
Total Sale and Leaseback Agreements | 123,321 | $ 141,659 | |
Less: Current portion of long-term debt | (204,140) | (189,832) | |
Less: Deferred financing costs (s) | (13,440) | (15,136) | $ (16,714) |
Non-current portion of Long-Term Debt | 707,673 | 744,557 | |
Sale and Leaseback Agreement CMBFL - $120,000 (k) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 77,137 | 89,838 | |
Sale and Leaseback Agreement CMBFL - $54,000 (l) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 37,800 | 41,850 | |
Sale and Leaseback Agreement - Neptune $14,735 (m) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 8,384 | 9,971 | |
Total Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Total borrowings | 801,932 | 807,866 | |
Non-current portion of Long-Term Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Total borrowings | 925,253 | 949,525 | |
Less: Current portion of long-term debt | (172,001) | (155,424) | |
Less: Current portion of Sale and Leaseback Agreements (k,l,m) | (32,139) | (34,408) | |
Less: Deferred financing costs (s) | (13,440) | (15,136) | |
Non-current portion of Long-Term Debt | 707,673 | 744,557 | |
Macquarie loan (a) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 76,000 | 0 | |
2027 Secured Notes (b) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 310,625 | 336,875 | |
E.SUN, MICB, Cathay, Taishin Credit Facility (c) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 37,500 | 46,500 | |
Sinopac Credit Facility (d) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 9,060 | 9,900 | |
HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 83,869 | 100,000 | |
Deutsche Credit Facility (f) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 42,370 | 44,695 | |
HCOB Credit Facility (g) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 32,769 | 40,794 | |
CACIB, Bank Sinopac, CTBC Credit Facility (h) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 41,500 | 44,050 | |
Chailease Credit Facility (i) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 3,039 | 3,852 | |
Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | $ 165,200 | $ 181,200 |
Long-Term Debt - Repayment Sche
Long-Term Debt - Repayment Schedule (Table) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
June 30, 2024 | $ 204,140 |
June 30, 2025 | 173,677 |
June 30, 2026 | 200,629 |
June 30, 2027 | 192,992 |
June 30, 2028 and thereafter | 153,815 |
Long-Term Debt, Total | $ 925,253 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Deferred Financing Costs (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Opening balance | $ 15,136 | $ 16,714 |
Expenditure in the period | 1,140 | 9,655 |
Amortization included within interest expense | (2,836) | (11,233) |
Closing balance | $ 13,440 | $ 15,136 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Oct. 13, 2021 USD ($) | Jan. 19, 2021 USD ($) | Feb. 10, 2020 USD ($) | Mar. 23, 2023 USD ($) | Apr. 05, 2022 USD ($) | May 12, 2021 USD ($) | Apr. 30, 2021 USD ($) | May 31, 2021 USD ($) | May 24, 2019 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2021 USD ($) | Sep. 04, 2019 USD ($) | Sep. 30, 2021 USD ($) | Oct. 03, 2019 USD ($) | Sep. 24, 2019 USD ($) | Sep. 23, 2019 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 19, 2019 USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 76,000,000 | $ 60,000,000 | ||||||||||||||||||||
Repayments of Debt | 0 | 276,671,000 | ||||||||||||||||||||
Fees and related costs deferred | 1,140,000 | $ 9,655,000 | ||||||||||||||||||||
Amortization of Debt Issuance Costs | $ 2,836,000 | 6,093,000 | ||||||||||||||||||||
Debt Instrument, Covenant Description | Amounts drawn under the facilities listed above are secured by first priority mortgages on certain of the Company’s vessels and other collateral. The credit facilities contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness; charging, pledging or encumbering the vessels; and changing the flag, class, management or ownership of the vessel owning entities. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, specific credit facilities require compliance with a number of financial covenants including asset cover ratios and minimum liquidity and corporate guarantor requirements. Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with or remedied. | |||||||||||||||||||||
Debt Instrument, Covenant Compliance | As of June 30, 2023, and December 31, 2022, the Company was in compliance with its debt covenants. | |||||||||||||||||||||
8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Debt Instrument, Date of First Required Payment | Feb. 29, 2020 | |||||||||||||||||||||
Debt Instrument, Face Amount | $ 4,125,000 | $ 27,500,000 | ||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2024 | |||||||||||||||||||||
Notes Payable, Fair Value Disclosure | $ 0 | |||||||||||||||||||||
8.00% Senior Unsecured Notes Due 2024 [Member] | Twelve Vessels [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Payments for advances | $ 233,890,000 | |||||||||||||||||||||
Net proceeds from issuance | $ 35,000,000 | |||||||||||||||||||||
$54.0 Million Sale and Leaseback agreement - CMBFL [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Description of Scope | to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022, of an amount $46,624. | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||||||
Outstanding amount | $ 37,800,000 | |||||||||||||||||||||
Drawn down date | May 2021 | |||||||||||||||||||||
Sale Leaseback Transaction, Date | May 20, 2021 | |||||||||||||||||||||
Finance Lease Liability Periodic Payment Terms, Balloon Payment to be Paid | $ 19,980,000 | |||||||||||||||||||||
Finance Lease Liability Maturity Date | May 2028 | |||||||||||||||||||||
Finance Lease, Liability | $ 54,000,000 | |||||||||||||||||||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | $ 54,000,000 | |||||||||||||||||||||
Aggregate purchase price | 75,000,000 | |||||||||||||||||||||
Advance Hire | $ 21,000,000 | |||||||||||||||||||||
$14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Description of Scope | to finance the acquisition of GSL Violetta delivered in April 2021 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.64% | |||||||||||||||||||||
Outstanding amount | $ 8,384,000 | |||||||||||||||||||||
Sale Leaseback Transaction, Date | May 12, 2021 | |||||||||||||||||||||
Finance Lease Liability Periodic Payment Terms, Balloon Payment to be Paid | $ 950,000 | |||||||||||||||||||||
Finance Lease Liability Maturity Date | February 2026 | |||||||||||||||||||||
Finance Lease, Liability | $ 14,735,000 | |||||||||||||||||||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | $ 14,735,000 | |||||||||||||||||||||
2027 Secured Notes (b) [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Description of Scope | for the repayment of the remaining outstanding balances on its New Hayfin Credit Facility and the Hellenic Bank Credit Facility (releasing five unencumbered vessels), and our 2024 Notes. The remaining amount of net proceeds were allocated for general corporate purposes. | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | An amount equal to 15% per annum of the original principal balance of each Note shall be paid in equal quarterly installments on the 15th day of each of January, April, July, and October starting October 15, 2022, and the remaining unpaid principal balance shall be due and payable on the maturity date of July 15, 2027. | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.69% | |||||||||||||||||||||
Outstanding amount | $ 310,625,000 | |||||||||||||||||||||
Debt Instrument, Issuance Date | Jun. 16, 2022 | |||||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 350,000,000 | |||||||||||||||||||||
Debt Instrument, Description of Variable Rate Basis | interpolated interest rate of 2.84% plus a margin 2.85% | |||||||||||||||||||||
Number of vessels collateral | 20 | |||||||||||||||||||||
Fees and related costs deferred | 7,409,000 | |||||||||||||||||||||
Tranches A, E and F [Member] | $64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 32,100,000 | |||||||||||||||||||||
Maturity date | April 2025 | |||||||||||||||||||||
Tranches B and D [Member] | $64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 21,400,000 | |||||||||||||||||||||
Maturity date | May 2025 | |||||||||||||||||||||
Tranche C [Member] | $64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 10,700,000 | |||||||||||||||||||||
Maturity date | July 2025 | |||||||||||||||||||||
Eight Instalments [Member] | $54.0 Million Sale and Leaseback agreement - CMBFL [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 8 | |||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 2,025,000 | |||||||||||||||||||||
Twenty Instalments [Member] | $54.0 Million Sale and Leaseback agreement - CMBFL [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 891,000 | |||||||||||||||||||||
Fifteen Instalments [Member] | $14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 15 | |||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 793,870 | |||||||||||||||||||||
Four Instalments [Member] | $14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 4 | |||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 469,120 | |||||||||||||||||||||
On or after December 31, 2021 and prior to December 31, 2022 [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102% | |||||||||||||||||||||
On or after December 31, 2022 and prior to December 31, 2023 [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 101% | |||||||||||||||||||||
On or after December 31, 2023 and prior to maturity [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||||||||||||||||
Redeemed Notes [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 28,500,000 | |||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102% | |||||||||||||||||||||
Notes Payable, Fair Value Disclosure | $ 89,020,000 | |||||||||||||||||||||
Gain (Loss) on Repurchase of Debt Instrument | 2,350,000 | |||||||||||||||||||||
Macquarie loan (a) [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | May 18, 2023 | |||||||||||||||||||||
Proceeds from Lines of Credit | $ 76,000,000 | |||||||||||||||||||||
Description of Scope | to finance part of the acquisition cost of the four 8,544 TEU vessels for an aggregate purchase price of $123.3 million | |||||||||||||||||||||
Repayment installments | 4 | |||||||||||||||||||||
Maturity date | May 2026 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 25,000,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||||
Outstanding amount | $ 76,000,000 | 0 | ||||||||||||||||||||
Fees and related costs deferred | $ 1,140,000 | |||||||||||||||||||||
Macquarie loan (a) [Member] | First Two Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 2 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,000,000 | |||||||||||||||||||||
Macquarie loan (a) [Member] | Next Six Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 6 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 6,000,000 | |||||||||||||||||||||
Macquarie loan (a) [Member] | One Installment [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 1 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 3,000,000 | |||||||||||||||||||||
Macquarie loan (a) [Member] | Other Two Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 2 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,000,000 | |||||||||||||||||||||
E.SUN, MICB, Cathay, Taishin Credit Facility (c) [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | December 30, 2021 | |||||||||||||||||||||
Description of Scope | The Company using a portion of the net proceeds from this credit facility fully prepaid the outstanding amount of the Blue Ocean Junior Credit facility | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||||||||
Outstanding amount | $ 37,500,000 | 46,500,000 | ||||||||||||||||||||
Number of tranches | 3 | |||||||||||||||||||||
Drawn down date | January 2022 | |||||||||||||||||||||
Fees and related costs deferred | 1,180,000 | |||||||||||||||||||||
E.SUN, MICB, Cathay, Taishin Credit Facility (c) [Member] | Eight Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 8 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 4,500,000 | |||||||||||||||||||||
E.SUN, MICB, Cathay, Taishin Credit Facility (c) [Member] | Ten Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 10 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 2,400,000 | |||||||||||||||||||||
$38.5 Million Blue Ocean Junior Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | September 19, 2019 | |||||||||||||||||||||
Proceeds from Lines of Credit | $ 38,500,000 | |||||||||||||||||||||
Description of Scope | in order to refinance that existing facility with the only substantive change being to extend maturity at the same date with the Syndicated Senior Secured Credit Facility. | |||||||||||||||||||||
Repayment installments | 1 | |||||||||||||||||||||
Outstanding amount | $ 0 | |||||||||||||||||||||
Repayments of Debt | 26,205,000 | $ 12,295,000 | ||||||||||||||||||||
Fees on repayments of debt | $ 3,968,000 | $ 1,618,000 | ||||||||||||||||||||
Line of Credit Facility, Expiration Date | Sep. 24, 2024 | |||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||||||||||||||||||||
$12.0 Million Sinopac Capital International Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | August 27, 2021 | |||||||||||||||||||||
Proceeds from Lines of Credit | 12,000,000 | |||||||||||||||||||||
Description of Scope | partially used to fully refinance the Hayfin Credit Facility. | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Maturity date | September 2026 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 420,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,600,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||||||
Outstanding amount | $ 9,060,000 | |||||||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | July 6, 2021 | |||||||||||||||||||||
Proceeds from Lines of Credit | $ 140,000,000 | |||||||||||||||||||||
Description of Scope | to finance the acquisition of the Twelve Vessels | |||||||||||||||||||||
Maturity date | July 2026 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,600,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||||||
Outstanding amount | $ 83,869,000 | |||||||||||||||||||||
Repayments of Debt | $ 2,838,000 | |||||||||||||||||||||
Line of Credit Facility, Collateral | the vessel was released as collateral under the Company’s $140.0 Million HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility | |||||||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | First Six Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 6 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 8,000,000 | |||||||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | Next Eight Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 8 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,400,000 | |||||||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | Last Six Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 6 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 2,200,000 | |||||||||||||||||||||
$51.7 Million Deutsche Bank AG Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | May 6, 2021 | |||||||||||||||||||||
Description of Scope | in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022, of an amount $48,527. | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,162,450 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 28,421,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||||||
Outstanding amount | $ 42,370,000 | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 51,670,000 | |||||||||||||||||||||
$64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | April 15, 2021 | |||||||||||||||||||||
Description of Scope | in order to finance the acquisition of six out of the Seven Vessels | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||||
Outstanding amount | $ 32,769,000 | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 64,200,000 | |||||||||||||||||||||
$64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | Each Tranche [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Repayment installments | 16 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 668,750 | |||||||||||||||||||||
$51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | April 13, 2021 | |||||||||||||||||||||
Description of Scope | in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022, of an amount $48,648. | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Maturity date | April 2026 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,275,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 26,200,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||||||||
Outstanding amount | $ 41,500,000 | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 51,700,000 | |||||||||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | February 26, 2020 | |||||||||||||||||||||
Description of Scope | for the refinance of DVB Credit Facility | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,314,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.20% | |||||||||||||||||||||
Outstanding amount | $ 3,039,000 | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,000,000 | |||||||||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | 36 Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | monthly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 156,000 | |||||||||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | 24 Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | monthly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 86,000 | |||||||||||||||||||||
$268.0 Million Syndicated Senior Secured Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | September 19, 2019 | |||||||||||||||||||||
Description of Scope | in order to refinance existing credit facilities that had a maturity date in December 2020, of an amount $224,310. | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | amended certain covenants in the Company’s favor at an unchanged rate of LIBOR + 3.00%. On July 1, 2022, the interest rate is SOFR plus a margin of 3.00% plus Credit Adjustment Spread (“CAS”) and is payable at each quarter end date. | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||||||||||||||||||||
Outstanding amount | $ 165,200,000 | |||||||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||||||
Fees and related costs deferred | $ 1,066,000 | |||||||||||||||||||||
$268.0 Million Syndicated Senior Secured Credit Facility [Member] | Tranche A [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 230,000,000 | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 5,200,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 126,000,000 | |||||||||||||||||||||
Debt Instrument, Date of First Required Payment | Dec. 12, 2019 | |||||||||||||||||||||
Line of Credit Facility, Expiration Date | Sep. 24, 2024 | |||||||||||||||||||||
$268.0 Million Syndicated Senior Secured Credit Facility [Member] | Tranche B [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 38,000,000 | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Maturity date | December 2026 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,000,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,000,000 | |||||||||||||||||||||
$120.0 Million - Sale and Leaseback agreements - CMBFL Four Vessels [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 30,000,000 | $ 90,000,000 | ||||||||||||||||||||
Description of Scope | to finance the acquisition of the Four Vessels | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||||||
Outstanding amount | $ 77,137,000 | |||||||||||||||||||||
Drawn down date | September 30, 2021 | |||||||||||||||||||||
Sale Leaseback Transaction, Date | August 26, 2021 | |||||||||||||||||||||
Number of sale and leaseback agreements | 4 | |||||||||||||||||||||
Finance Lease Liability Periodic Payment Terms, Balloon Payment to be Paid | $ 7,000,000 | |||||||||||||||||||||
Finance Lease Liability Maturity Date | three vessels mature in September 2027 and for the fourth vessel in October 2027 | |||||||||||||||||||||
$120.0 Million - Sale and Leaseback agreements - CMBFL Four Vessels [Member] | First Twelve Quarterly Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 12 | |||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 1,587,500 | |||||||||||||||||||||
$120.0 Million - Sale and Leaseback agreements - CMBFL Four Vessels [Member] | Next Twelve Quarterly Installments [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 12 | |||||||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 329,200 | |||||||||||||||||||||
$236.2 Million Senior secured loan facility with Hayfin Management, LLP [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | January 7, 2021 | |||||||||||||||||||||
Proceeds from Lines of Credit | $ 236,200,000 | |||||||||||||||||||||
Description of Scope | The proceeds from the New Hayfin Credit Facility, along with cash on hand, were used to optionally redeem in full the outstanding 2022 Notes on January 20, 2021. | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Maturity date | January 2026 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 6,560,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 7% | |||||||||||||||||||||
Outstanding amount | $ 0 | |||||||||||||||||||||
Repayments of Debt | 197,569,000 | $ 5,831,000 | ||||||||||||||||||||
Fees on repayments of debt | $ 11,229,000 | |||||||||||||||||||||
Line of Credit Facility, Collateral | The New Hayfin Credit Facility is secured by, among other things, first priority ship mortgages over 21 of the Company’s vessels, assignments of earnings and insurances of the mortgaged vessels, pledges over certain bank accounts, as well as share pledges over the equity interests of each mortgaged vessel-owning subsidiary. | |||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Issuance date of debt instrument | May 23, 2019 | |||||||||||||||||||||
Description of Scope | were used in connection with the acquisition of the vessels GSL Eleni, GSL Grania and GSL Kalliopi. | |||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 37,000,000 | |||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | Tranche A [Member] | GSL Eleni [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 13,000,000 | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 450,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000,000 | |||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | Tranche B [Member] | GSL Grania [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 12,000,000 | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 400,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000,000 | |||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | Tranche C [Member] | GSL Kalliopi [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 12,000,000 | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 400,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 4,000,000 | |||||||||||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | Amended and restated loan agreement [Member] | ||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||
Proceeds from Lines of Credit | $ 22,000,000 | |||||||||||||||||||||
Description of Scope | to be used in connection with the acquisition of the vessels GSL Vinia and GSL Christel Elisabeth. | |||||||||||||||||||||
Repayment installments | 20 | |||||||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 375,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,500,000 | |||||||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR plus a margin | |||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | |||||||||||||||||||||
Outstanding amount | $ 0 | |||||||||||||||||||||
Drawn down date | December 10, 2019 | |||||||||||||||||||||
Number of loan tranches | 2 | |||||||||||||||||||||
Issuance date of debt instrument | Dec. 10, 2019 | |||||||||||||||||||||
Prepayment date | June 24, 2022 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Outstanding receivables | $ 48 | $ 673 | |
Time charter and voyage expenses-related parties | 3,662 | $ 2,950 | |
Other Liabilities, Current | $ 692 | 572 | |
Percentage of broker commission | 1% | ||
Customer Concentration Risk [Member] | Revenues [Member] | CMA CGM [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of revenue | 28.79% | ||
CMA CGM [Member] | Common Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Voting interest | 0% | ||
Technomar [Member] | |||
Related Party Transaction [Line Items] | |||
Number of ships under technical management | 5 | ||
Management fees | $ 8,901 | 8,609 | |
Outstanding receivables | 48 | 673 | |
Third Party Managers [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees | 981 | 739 | |
Conchart [Member] | |||
Related Party Transaction [Line Items] | |||
Time charter and voyage expenses-related parties | 3,662 | $ 2,950 | |
Other Liabilities, Current | $ 692 | $ 572 | |
Conchart [Member] | Poseidon Transaction [Member] | |||
Related Party Transaction [Line Items] | |||
Number of ships under technical management | 19 |
Commitments and Contingencies -
Commitments and Contingencies - Charter Hire Receivable (Table) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Commitments And Contingencies | |
June 30, 2024 | $ 653,311 |
June 30, 2025 | 481,418 |
June 30, 2026 | 271,997 |
June 30, 2027 | 220,782 |
Thereafter | 200,244 |
Total minimum lease revenue, net of address commissions | $ 1,827,752 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments And Contingencies | |
Number of Vessels owned | 68 |
Share Capital (Details Narrativ
Share Capital (Details Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||
Jan. 26, 2021 USD ($) $ / shares shares | Feb. 17, 2021 USD ($) shares | Jun. 30, 2023 $ / shares shares | Mar. 31, 2023 USD ($) shares | Jun. 30, 2022 shares | Apr. 30, 2020 shares | Jun. 30, 2023 USD ($) $ / shares shares | Sep. 01, 2021 shares | Aug. 20, 2014 USD ($) $ / shares | Sep. 30, 2022 shares | Oct. 31, 2022 shares | Dec. 31, 2022 shares | Dec. 29, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) shares | |
Classes of common shares | 1 | 1 | ||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 102 | |||||||||||||||
2019 ATM Agreement [Member] | ||||||||||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ | $ | $ 51,234 | $ 18,847 | $ 856 | |||||||||||||
Shares Issued | 2,076,992 | 839,442 | 42,756 | |||||||||||||
2022 ATM Agreement [Member] | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 150,000,000 | |||||||||||||||
Stock Offering Cost | $ | $ 0 | |||||||||||||||
January 2021 Equity Offering [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,400,000 | 141,959 | ||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 13 | |||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 70,200 | $ 67,758 | ||||||||||||||
Common Class A | 2019 Plan [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 184,270 | 142,868 | 586,819 | 747,604 | ||||||||||||
Common Stock [Member] | ||||||||||||||||
Stock Repurchased and Retired During Period, Shares | 385,064 | 582,178 | 184,684 | 521,650 | ||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 0 | |||||||||||||||
Common Class A [Member] | ||||||||||||||||
Common Stock, Shares, Outstanding | 35,165,914 | 35,165,914 | 35,990,288 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 747,604 | |||||||||||||||
Stock Repurchased and Retired During Period, Shares | 184,684 | 568,835 | 307,121 | |||||||||||||
Repurchased common shares | 967,242 | |||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||
Preferred shares issuance term description | On August 20, 2014, the Company issued 1,400,000 Depositary Shares (the "Depositary Shares"), each of which represents 1/100th of one share of the Company's 8.75% Series B Cumulative Perpetual Preferred Shares ("Series B Preferred Shares") representing an interest in 14,000 Series B Preferred Shares, par value $0.01 per share, with a liquidation preference of $2,500.00 per share (equivalent to $25.00 per Depositary Share) (NYSE:GSL-B), priced at $25.00 per Depositary Share. | |||||||||||||||
Redemption price per depositary share | $ / shares | $ 25 | |||||||||||||||
Proceeds from Issuance of Redeemable Preferred Stock | $ | $ | $ 33,497 | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.75% | |||||||||||||||
Preferred Stock, Redemption Terms | At any time after August 20, 2019 (or within 180 days after the occurrence of a fundamental change), the Series B Preferred Shares may be redeemed, at the discretion of the Company, in whole or in part, at a redemption price of $2,500.00 per share (equivalent to $25.00 per depositary share). | |||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 2,500 | $ 2,500 | ||||||||||||||
Preferred Stock, Shares Outstanding | 43,592 | 43,592 | 43,592 | |||||||||||||
Desositary shares outstanding | 4,359,190 | 4,359,190 | ||||||||||||||
Series B Preferred Stock [Member] | 2019 ATM Agreement [Member] | ||||||||||||||||
Preferred Stock, Shares Outstanding | 8,394 | 428 |
Share-Based Compensation (Tab_2
Share-Based Compensation (Table) (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unvested, Weighted Average Fair Value on Grant Date, opening balance | $ 22.35 | $ 22.35 |
Unvested, Weighted Average Fair Value on Grant Date, closing balance | $ 22.35 | $ 22.35 |
Restricted Stock Units (RSUs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Unvested, Number of Units, opening balance | 1,316,711 | 1,549,825 |
Vested , Number of Units | (250,155) | (218,366) |
Vested, Actual Fair Value on Vesting Date | $ 18.83 | $ 19.36 |
Cancelled, Number of units | (35,775) | (14,748) |
Unvested, Number of Units, closing balance | 1,030,781 | 1,316,711 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 $ / shares | Apr. 30, 2020 shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jul. 31, 2021 shares | Sep. 29, 2021 $ / shares shares | Dec. 31, 2022 shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2019 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 300,856 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested, Number | 1,962,416 | |||||||||
Share-based Payment Arrangement, Noncash Expense | $ | $ 5,179 | $ 5,661 | ||||||||
Common Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,438,720 | 430,467 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 408,096 | 931,874 | ||||||||
Common Class A | 2019 Plan [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 184,270 | 142,868 | 586,819 | 747,604 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 250,155 | 218,366 | ||||||||
Common Class A [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Stock Issued During Period, Shares, New Issues | 747,604 | |||||||||
2019 Plan [Member] | Incentive Stock [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,008,253 | 317,188 | 113,279 | |||||||
2019 Plan [Member] | Management [Member] | Incentive Stock [Member] | Second Tranche [Member] | Minimum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share price | $ / shares | $ 8 | |||||||||
Number of consecutive trading days | 60 days | |||||||||
Stock Price Threshold Date | January 2020 | |||||||||
2019 Plan [Member] | Management [Member] | Incentive Stock [Member] | Third Tranche [Member] | Minimum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share price | $ / shares | $ 11 | |||||||||
Number of consecutive trading days | 60 days | |||||||||
Stock Price Threshold Date | January 2021 | |||||||||
2019 Plan [Member] | Management [Member] | Incentive Stock [Member] | Fourth Tranche [Member] | Minimum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share price | $ / shares | $ 14 | |||||||||
Number of consecutive trading days | 60 days | |||||||||
Stock Price Threshold Date | March 2021 | |||||||||
2019 Plan [Member] | Common Class A [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Maximum number of shares approved under Equity Incentive Plan | 1,421,000 | |||||||||
2019 Plan [Member] | Common Class A [Member] | Executive Officers [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Maximum number of shares approved under Equity Incentive Plan | 1,359,375 | |||||||||
2019 Plan [Member] | Common Class A [Member] | Two Other Employees [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-based Compensation, Grants in Period | 61,625 | |||||||||
2019 Plan [Member] | Common Class A [Member] | Member Of Senior Management [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-based Compensation, Grants in Period | 17,720 | |||||||||
2019 Plan [Member] | Common Class A [Member] | Management [Member] | Maximum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Maximum number of shares approved under Equity Incentive Plan | 25,000 | |||||||||
2019 Plan [Member] | Common Class A [Member] | Management [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Number of tranches | 4 | |||||||||
New 2021 Plan [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Maximum number of shares approved under Equity Incentive Plan | 1,500,000 | |||||||||
Number of tranches | 3 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 250,155 | 218,366 | 55,175 | |||||||
New 2021 Plan [Member] | Incentive Stock [Member] | First Tranche [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Commenced date | Oct. 01, 2021 | |||||||||
New 2021 Plan [Member] | Incentive Stock [Member] | Second And Third Tranches [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Debt Instrument, Convertible, Latest Date | Sep. 30, 2025 | |||||||||
New 2021 Plan [Member] | Management [Member] | Incentive Stock [Member] | Second Tranche [Member] | Minimum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share price | $ / shares | $ 27 | |||||||||
Number of consecutive trading days | 60 days | |||||||||
New 2021 Plan [Member] | Management [Member] | Incentive Stock [Member] | Third Tranche [Member] | Minimum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share price | $ / shares | $ 21 | $ 30 | ||||||||
Number of consecutive trading days | 60 days | 60 days | ||||||||
New 2021 Plan [Member] | Non Executive Directors [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Maximum number of shares approved under Equity Incentive Plan | 105,000 | |||||||||
New 2021 Plan [Member] | Each Non Executive Directors [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Maximum number of shares approved under Equity Incentive Plan | 15,000 | |||||||||
New 2021 Plan [Member] | Common Class A [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Maximum number of shares approved under Equity Incentive Plan | 3,028,972 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 383,528 | |||||||||
New 2021 Plan [Member] | Common Class A [Member] | Management [Member] | Minimum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-based Compensation, Grants in Period | 1,600,000 | |||||||||
New 2021 Plan [Member] | Common Class A [Member] | Management [Member] | Maximum [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-based Compensation, Grants in Period | 3,412,500 | |||||||||
New 2021 Plan [Member] | Common Class A [Member] | Two Directors [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures | 28,528 | |||||||||
New 2021 Plan [Member] | Common Class A [Member] | One New Director [Member] | Incentive Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Maximum number of shares approved under Equity Incentive Plan | 13,780 | |||||||||
Amendment Stock Based Awards [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||||
Share-based Payment Arrangement, Noncash Expense | $ | $ 451 |
Earnings_(Loss) per Share (Tabl
Earnings/(Loss) per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||
Net income available to common shareholders: | $ 147,612 | $ 121,157 |
Common Class A [Member] | ||
Denominator: | ||
Basic weighted average number of common shares outstanding | 35,533,273 | 36,578,297 |
Plus weighted average number of RSUs with service conditions | 673,036 | 710,529 |
Common share and common share equivalents, dilutive | 36,206,309 | 37,288,826 |
Basic earnings per share: | ||
Earnings Per Share, Basic | $ 4.15 | $ 3.31 |
Diluted earnings per share: | ||
Earnings Per Share, Diluted | $ 4.08 | $ 3.25 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - shares | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Unvested restricted stock units | 1,030,781 | 1,316,711 | 1,549,825 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - USD ($) | 7 Months Ended | |
Aug. 03, 2023 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | ||
Description of transition from LIBOR to SOFR | the Company’s interest rate caps have automatically transited to 1-month Compounded SOFR on July 1, 2023 at a level of 0.64% | |
Subsequent Event [Member] | Dividend Declared [Member] | ||
Subsequent Event [Line Items] | ||
Dividends Payable, Amount Per Share | $ 0.375 | |
Dividends Payable, Date to be Paid | Sep. 04, 2023 | |
Dividends Payable, Date of Record | Aug. 23, 2023 | |
Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 40,000,000 | |
Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 43,000,000 |