Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
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 Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 9 Irodou Attikou Street, |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 14561 |
Title of 12(b) Security | Class A common shares, par value of $0.01 per share |
Trading Symbol | GSL |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 35,188,323 |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | true |
Document Financial Statement Restatement Recovery Analysis [Flag] | true |
Auditor Firm ID | 1387 |
Auditor Name | PricewaterhouseCoopers S.A. |
Auditor Location | Athens, Greece |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 9 Irodou Attikou Street, |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 14561 |
City Area Code | + 30 |
Local Phone Number | 210 6233670 |
Contact Personnel Name | Anastasios Psaropoulos |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 138,640 | $ 120,130 |
Time deposits | 14,000 | 8,550 |
Restricted cash | 56,803 | 28,363 |
Accounts receivable, net | 4,741 | 3,684 |
Inventories | 15,764 | 12,237 |
Prepaid expenses and other current assets | 40,464 | 33,765 |
Derivative asset | 24,639 | 29,645 |
Due from related parties | $ 626 | $ 673 |
Accounts Receivable, after Allowance for Credit Loss, Current, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Total current assets | $ 295,677 | $ 237,047 |
NON - CURRENT ASSETS | ||
Vessels in operation | 1,664,101 | 1,623,307 |
Advances for vessels acquisitions and other additions | 12,210 | 4,881 |
Deferred charges, net | 73,720 | 54,663 |
Other non-current assets | 23,935 | 31,022 |
Derivative asset, net of current portion | 16,867 | 33,858 |
Restricted cash, net of current portion | 85,270 | 121,437 |
Total non - current assets | 1,876,103 | 1,869,168 |
TOTAL ASSETS | 2,171,780 | 2,106,215 |
CURRENT LIABILITIES | ||
Accounts payable | 17,601 | 22,755 |
Accrued liabilities | 28,538 | 36,038 |
Current portion of long - term debt | 193,253 | 189,832 |
Current portion of deferred revenue | 40,331 | 12,569 |
Due to related parties | $ 717 | $ 572 |
Accounts Payable, Current, Related and Nonrelated Party Status [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Total current liabilities | $ 280,440 | $ 261,766 |
LONG - TERM LIABILITIES | ||
Long - term debt, net of current portion and deferred financing costs | 619,175 | 744,557 |
Intangible liabilities - charter agreements | 5,662 | 14,218 |
Deferred revenue, net of current portion | 82,115 | 119,183 |
Total non - current liabilities | 706,952 | 877,958 |
Total liabilities | 987,392 | 1,139,724 |
Commitments and Contingencies | 0 | 0 |
SHAREHOLDERS' EQUITY | ||
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,188,323 shares issued and outstanding (2022 - 35,990,288 shares) | 351 | 359 |
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2022 - 43,592 shares) | 0 | 0 |
Additional paid in capital | 676,592 | 688,262 |
Retained Earnings | 488,105 | 246,390 |
Accumulated other comprehensive income | 19,340 | 31,480 |
Total shareholders' equity | 1,184,388 | 966,491 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,171,780 | $ 2,106,215 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common Class A [Member] | ||
Common shares, shares authorized | 214,000,000 | 214,000,000 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, shares oustanding | 35,188,323 | 35,990,288 |
Common shares, shares issued | 35,188,323 | 35,990,288 |
Series B Preferred Stock [Member] | ||
Preferred shares, shares authorized | 104,000 | 104,000 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares oustanding | 43,592 | 43,592 |
Preferred shares, shares issued | 43,592 | 43,592 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING REVENUES | |||
Time charter revenue (include related party revenues of $nil, $66,929 and $144,681 for each of the years ended December 31, 2023, 2022 and 2021, respectively) 0 | $ 666,715 | $ 604,487 | $ 402,524 |
Amortization of intangible liabilities-charter agreements (includes related party amortization of intangible liabilities-charter agreements of $nil, $5,385 and $6,882 for each of the years ended December 31, 2023, 2022 and 2021, respectively) 0 | 8,080 | 41,158 | 45,430 |
Total operating revenues | 674,795 | 645,645 | 447,954 |
OPERATING EXPENSES: | |||
Vessel operating expenses (include related party vessels operating expenses of $19,086, $16,642 and $15,294 for each of the years ended December 31, 2023, 2022 and 2021, respectively) | 179,221 | 167,444 | 130,304 |
Time charter and voyages expenses (include related party time charter and voyage expenses of $7,995, $6,289 and $3,583 for each of the years ended December 31, 2023, 2022 and 2021, respectively) | 23,582 | 21,154 | 13,100 |
Depreciation and amortization | 91,727 | 81,303 | 61,563 |
Impairment of vessels | 18,830 | 3,033 | 0 |
General and administrative expenses | 18,217 | 18,526 | 13,240 |
Gain on sale of vessel | 0 | 0 | (7,770) |
Operating Income | 343,218 | 354,185 | 237,517 |
NON-OPERATING INCOME/(EXPENSES) | |||
Interest income | 9,777 | 2,512 | 449 |
Interest and other finance expenses (include $108 acceleration of deferred financing costs, $21,511 expenses relating to prepayment fees, acceleration of deferred financing costs, premium and acceleration of premium amortization and $5,764 Notes premium for each of the years ended December 31, 2023, 2022 and 2021 respectively) | (44,824) | (75,289) | (69,227) |
Other income, net | 2,149 | 1,782 | 2,812 |
Fair value adjustment on derivative asset | (5,372) | 9,685 | 0 |
Total non-operating expenses | (38,270) | (61,310) | (65,966) |
Income before income taxes | 304,948 | 292,875 | 171,551 |
Income taxes | (448) | 50 | (56) |
Net Income | 304,500 | 292,925 | 171,495 |
Earnings allocated to Series B Preferred Shares | (9,536) | (9,536) | (8,263) |
Net Income available to Common Shareholders | $ 294,964 | $ 283,389 | $ 163,232 |
Common Class A [Member] | |||
Weighted average number of Class A common shares outstanding | |||
Basic | 35,405,458 | 36,603,134 | 35,125,003 |
Diluted | 35,928,922 | 37,204,345 | 35,508,015 |
Net Earnings per Class A common share | |||
Basic | $ 8.33 | $ 7.74 | $ 4.65 |
Diluted | $ 8.21 | $ 7.62 | $ 4.60 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Time charter revenue - related parties | $ 0 | $ 66,929 | $ 144,681 |
Amortization of intangible liabilities - related party | 0 | 5,385 | 6,882 |
Vessel operating expenses - related parties | 19,086 | 16,642 | 15,294 |
Time charter and voyage expenses - related parties | 7,995 | 6,289 | 3,583 |
Debt Related Commitment Fees and Debt Issuance Costs | $ 108 | $ 21,511 | |
Interest and other finance expenses | $ 5,764 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net Income available to Common Shareholders | $ 294,964 | $ 283,389 | $ 163,232 |
Cash Flow Hedge: | |||
Unrealized (loss)/gain on derivative assets | (16,625) | 31,221 | 227 |
Amortization of interest rate cap premium | 4,271 | 1,123 | 0 |
Amounts reclassified to/(from) earnings | 214 | (1,091) | 0 |
Total Other Comprehensive (Loss)/Income | (12,140) | 31,253 | 227 |
Total Comprehensive Income | $ 282,824 | $ 314,642 | $ 163,459 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 304,500 | $ 292,925 | $ 171,495 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 91,727 | 81,303 | 61,563 |
Impairment of vessels | 18,830 | 3,033 | 0 |
Gain on sale of vessel | 0 | 0 | (7,770) |
Amounts reclassified to/(from) other comprehensive income | 214 | (1,091) | 0 |
Amortization of derivative assets’ premium | 4,271 | 1,123 | 0 |
Amortization of deferred financing costs | 5,526 | 11,233 | 8,279 |
Amortization of original issue premium of notes/premium on repurchase of notes | 0 | 762 | 8,615 |
Amortization of intangible liabilities - charter agreements | (8,080) | (41,158) | (45,430) |
Fair value adjustment on derivative asset | 5,372 | (9,685) | 0 |
Prepayment fees on debt repayment | 0 | 15,197 | 3,230 |
Share based compensation expense | 10,189 | 10,104 | 3,510 |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable and other assets | (669) | (26,017) | (33,211) |
Increase in inventories | (3,527) | (827) | (5,094) |
Increase in derivative assets | 0 | (15,370) | (7,000) |
(Decrease)/increase in accounts payable and other liabilities | (5,890) | 11,835 | 10,417 |
Decrease/(increase) in related parties' balances, net | 192 | 2,253 | (1,107) |
(Decrease)/increase in deferred revenue | (9,306) | 21,968 | 104,160 |
Payments for drydocking and special survey costs | (38,341) | (30,105) | (23,704) |
Unrealized foreign exchange (gain)/loss | 0 | 1 | 0 |
Net cash provided by operating activities | 375,008 | 327,484 | 247,953 |
Cash flows from investing activities: | |||
Acquisition of vessels and intangibles | (123,300) | 0 | (463,750) |
Cash paid for vessel expenditures | (19,586) | (5,460) | (4,611) |
Net proceeds from sale of vessels | 5,940 | 0 | 16,514 |
Advances for vessel acquisitions and other additions | (9,587) | (3,772) | (3,276) |
Time deposits acquired | (5,450) | (650) | (7,900) |
Net cash used in investing activities | (151,983) | (9,882) | (463,023) |
Cash flows from financing activities: | |||
Proceeds from issuance of 2024 Notes | 0 | 0 | 22,701 |
Repurchase of 2022 Notes, including premium | 0 | 0 | (239,183) |
Repurchase of 2024 Notes, including premium | 0 | (119,871) | 0 |
Proceeds from drawdown of credit facilities and sale and leaseback | 76,000 | 60,000 | 744,506 |
Proceeds from 2027 Secured Notes | 0 | 350,000 | 0 |
Repayment of credit facilities and sale and leaseback | (202,348) | (167,056) | (115,502) |
Repayment of refinanced debt, including prepayment fees | 0 | (276,671) | (152,862) |
Deferred financing costs paid | (1,140) | (9,655) | (13,790) |
Net proceeds from offering of Class A common shares, net of offering costs | 0 | 0 | 67,549 |
Cancellation of Class A common shares | (21,969) | (20,011) | (10,000) |
Proceeds from offering of Series B preferred shares, net of offering costs | 0 | (17) | 51,234 |
Class A common shares - dividend paid | (53,249) | (50,497) | (27,940) |
Series B Preferred Shares - dividend paid | (9,536) | (9,536) | (8,263) |
Net cash (used in)/provided by financing activities | (212,242) | (243,314) | 318,450 |
Net increase in cash and cash equivalents and restricted cash | 10,783 | 74,288 | 103,380 |
Cash and cash equivalents and restricted cash at beginning of the year | 269,930 | 195,642 | 92,262 |
Cash and cash equivalents and restricted cash at end of the year | 280,713 | 269,930 | 195,642 |
Supplementary Cash Flow Information: | |||
Cash paid for interest | 67,997 | 51,490 | 49,528 |
Cash received from interest rate caps | 32,549 | 9,245 | 0 |
Non-cash investing activities: | |||
Unpaid advances for vessel’s acquisitions and other additions | 0 | 0 | 1,499 |
Acquisition of vessels and intangibles | 0 | 0 | 96,344 |
Non-cash financing activities: | |||
Issuance of 2024 Notes for the acquisition of vessels | 0 | 0 | 35,000 |
Premium on the 2024 Notes issued for the acquisition of vessels | 0 | 0 | 1,680 |
Unpaid offering costs | 0 | 283 | 0 |
Unrealized (loss)/gain on derivative assets | $ (16,625) | $ 31,221 | $ 227 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholder's Equity (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Series B Preferred Stock [Member] | |||
Preferred shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Series C Preferred Stock [Member] | |||
Preferred shares, par value | 0.01 | 0.01 | 0.01 |
Common Stock [Member] | |||
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholder's 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, 2020 | $ 177 | $ 0 | $ 3 | $ 586,355 | $ (121,794) | $ 0 | $ 464,741 |
Beginning balance,shares at Dec. 31, 2020 | 17,741,008 | 22,822 | 250,000 | ||||
Stock-based compensation expense (Note 17) | $ 8 | $ 0 | $ 0 | 3,502 | 0 | 0 | 3,510 |
Stock-based compensation expense (Note 17), shares | 747,604 | ||||||
Issuance of Class A common shares, net of offering costs (Notes 16 and 17) | $ 55 | 0 | 0 | 67,494 | 0 | 0 | 67,549 |
Issuance of Class A common shares, net of offering costs (Notes 16 and 17), shares | 5,541,959 | ||||||
Conversion of Series C Preferred shares to Class A common shares (Note 16) | $ 130 | 0 | $ (3) | (127) | 0 | 0 | 0 |
Conversion of Series C Preferred shares to Class A common shares (Note 16), shares | 12,955,188 | ||||||
Conversion of Series C Preferred shares to Class A common shares (Note 16), shares | (250,000) | ||||||
Cancellation of Class A common shares (Note 16) | $ (5) | 0 | $ 0 | (9,995) | 0 | 0 | (10,000) |
Cancellation of Class A common shares (Note 16), shares | (521,650) | ||||||
Other comprehensive loss | $ 0 | 0 | 0 | 0 | 0 | 227 | 227 |
Net Income for the year | 0 | 0 | 0 | 0 | 171,495 | 0 | 171,495 |
Series B Preferred Shares dividend (Note 16) | 0 | 0 | 0 | 0 | (8,263) | 0 | (8,263) |
Issuance of Series B Preferred shares, net of offering costs (Note 16) | 0 | $ 0 | 0 | 51,234 | 0 | 0 | 51,234 |
Issuance of Series B Preferred shares, net of offering costs, shares | 20,770 | ||||||
Class A common shares dividend (Note 16) | 0 | $ 0 | 0 | 0 | (27,940) | 0 | (27,940) |
Ending balance, value at Dec. 31, 2021 | $ 365 | $ 0 | $ 0 | 698,463 | 13,498 | 227 | 712,553 |
Ending balance,shares at Dec. 31, 2021 | 36,464,109 | 43,592 | 0 | ||||
Stock-based compensation expense (Note 17) | $ 5 | $ 0 | $ 0 | 10,099 | 0 | 0 | 10,104 |
Stock-based compensation expense (Note 17), shares | 586,819 | ||||||
Cancellation of Class A common shares (Note 16) | $ (11) | 0 | 0 | (20,000) | 0 | 0 | (20,011) |
Cancellation of Class A common shares (Note 16), shares | (1,060,640) | ||||||
Other comprehensive loss | $ 0 | 0 | 0 | 0 | 0 | 31,253 | 31,253 |
Net Income for the year | 0 | 0 | 0 | 0 | 292,925 | 0 | 292,925 |
Series B Preferred Shares dividend (Note 16) | 0 | 0 | 0 | 0 | (9,536) | 0 | (9,536) |
Issuance of Series B Preferred shares, net of offering costs (Note 16) | 0 | 0 | 0 | (300) | 0 | 0 | (300) |
Class A common shares dividend (Note 16) | 0 | 0 | 0 | 0 | (50,497) | 0 | (50,497) |
Ending balance, value at Dec. 31, 2022 | $ 359 | $ 0 | $ 0 | 688,262 | 246,390 | 31,480 | 966,491 |
Ending balance,shares at Dec. 31, 2022 | 35,990,288 | 43,592 | 0 | ||||
Stock-based compensation expense (Note 17) | $ 5 | $ 0 | $ 0 | 10,184 | 0 | 0 | 10,189 |
Stock-based compensation expense (Note 17), shares | 440,698 | ||||||
Cancellation of Class A common shares (Note 16) | $ (13) | 0 | 0 | (21,956) | 0 | 0 | (21,969) |
Cancellation of Class A common shares (Note 16), shares | (1,242,663) | ||||||
Other comprehensive loss | $ 0 | 0 | 0 | 0 | 0 | (12,140) | (12,140) |
Net Income for the year | 0 | 0 | 0 | 0 | 304,500 | 0 | 304,500 |
Series B Preferred Shares dividend (Note 16) | 0 | 0 | 0 | 0 | (9,536) | 0 | (9,536) |
Issuance of Series B Preferred shares, net of offering costs (Note 16) | 0 | 0 | 0 | 102 | 0 | 0 | 102 |
Class A common shares dividend (Note 16) | 0 | 0 | 0 | 0 | (53,249) | 0 | (53,249) |
Ending balance, value at Dec. 31, 2023 | $ 351 | $ 0 | $ 0 | $ 676,592 | $ 488,105 | $ 19,340 | $ 1,184,388 |
Ending balance,shares at Dec. 31, 2023 | 35,188,323 | 43,592 | 0 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 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 additions and following the sale of La Tour in 2021, and GSL Amstel in 2023, the Company’s fleet comprises 68 17.2 The following table provides information about the 68 vessels owned as at December 31, 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 Global Ship Lease 53 LLC Liberia MSC Tianjin 8,603 2005 3Q27 (4) Global Ship Lease 52 LLC Liberia MSC Qingdao 8,603 2004 2Q27 (4) Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 3Q27 (5) Global Ship Lease 72 LLC Liberia GSL Alexandra 8,544 2004 3Q25 (6) Global Ship Lease 73 LLC Liberia GSL Sofia 8,544 2003 3Q25 (6) Global Ship Lease 74 LLC Liberia 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 Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi 7,847 2004 3Q24 Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 3Q24 Alexander Marine LLC Marshall Islands Mary (12) 6,927 2013 4Q28 (7) Hector Marine LLC Marshall Islands Kristina 6,927 2013 3Q29 (7) Ikaros Marine LLC Marshall Islands Katherine 6,927 2013 2Q29 (7) Philippos Marine LLC Marshall Islands Alexandra 6,927 2013 2Q29 (7) Aristoteles Marine LLC Marshall Islands Alexis 6,882 2015 2Q29 (7) Menelaos Marine LLC Marshall Islands Olivia I 6,882 2015 2Q29 (7) Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 3Q24 Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 3Q24 Global Ship Lease 48 LLC Liberia CMA CGM Berlioz 6,621 2001 4Q25 Leonidas Marine LLC Marshall Islands Agios Dimitrios 6,572 2011 2Q27 (4) 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 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 (8) GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q24 (8) GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24 (8) GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24 (8) GSL Tegea LLC Liberia GSL Tegea 5,992 2001 3Q24 (8) GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 3Q24 (8) GSL MYNY LLC Liberia GSL MYNY 6,008 2000 3Q24 (8) Tasman Marine LLC Marshall Islands Tasman 5,936 2000 2Q24 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 (9) Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 4Q24 (9) Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 4Q24 (9) Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 4Q24 (9) Hephaestus Marine LLC Marshall Islands Dolphin II 5,095 2007 1Q25 Zeus One Marine LLC Marshall Islands Orca I 5,095 2006 2Q24 (10) 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 (11) Global Ship Lease 50 LLC Liberia CMA CGM Jamaica 4,298 2006 1Q28 (11) Global Ship Lease 49 LLC Liberia CMA CGM Sambhar 4,045 2006 1Q28 (11) Global Ship Lease 51 LLC Liberia CMA CGM America 4,045 2006 1Q28 (11) 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 1Q24 Global Ship Lease 65 LLC Liberia tbr GSL Chloe (12) 2,546 2012 4Q24 Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 1Q24 Aris Marine LLC Marshall Islands Maira 2,506 2000 3Q24 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 Global Ship Lease 45 LLC Liberia Kumasi 2,207 2002 1Q25 Global Ship Lease 44 LLC Liberia Akiteta 2,207 2002 4Q24 (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) MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed to a leading liner company for minimum 36 months – maximum 38 months. The new charters are expected to commence between 2Q 2024 and 3Q 2024, after the vessels are drydocked. MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (“scrubbers”); (5) GSL Ningbo was fixed to a leading liner company for minimum 48 months – maximum 52 months. The new charter commenced in 3Q 2023; (6) GSL Alexandra, GSL Sofia, GSL Lydia and GSL Effie delivered in 2Q 2023. Contract cover for each vessel is for a minimum firm period of 24 months from the date each vessel was delivered, with charterers holding one year extension options; (7) Mary (tbr Colombia Express), 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 charter for Mary (tbr Colombia Express) commenced in early 2024. The new charters for the remaining vessels are scheduled to commence as each of the existing charters expire, between approximately 2Q 2024 and late 2024; (8) GSL Arcadia, GSL Melita, GSL Maria, GSL Violetta, GSL Tegea, GSL Dorothea, GSL MYNY. Contract cover for each vessel is for a firm period of at least three years from the date each vessel was delivered in 2021. 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 25 th (9) 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; (10) Orca I. After the initial firm period of the charter, the charterer has the option in 1Q 2024 to extend the charter for a further 12-14 months from 3Q 2024; (11) 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 4Q 2022, while the remaining charters commenced in 1Q 2023; (12) “tbr” means “to be renamed”. On January 3, 2024, Mary was renamed to Colombia Express. On January 26, 2024, Beethoven was renamed to GSL Chloe. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The Company has made reclassifications to the prior year statement of cash flows to correct and reclassify payments for drydocking and special survey costs from investing outflows to operating outflows which resulted in a decrease in investing outflows and increase in operating outflows of $24,457 and $19,226 for the years ended December 31, 2022, and 2021, respectively . The Company evaluated the reclassifications from both a quantitative and qualitative perspective and determined the impacts were immaterial to the previously issued interim and annual financial statements. 2. Summary of Significant Accounting Policies (continued) (a) Basis of Presentation (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. 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. As of December 31, 2023, all Company’s loan agreements 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 automatically transited to 1-month Compounded SOFR on July 1, 2023, at a level of 0.64%. There was no impact to the Company’s audited consolidated financial statements for the year ended December 31, 2023, as a result of adopting this standard. (b) Principles of Consolidation The accompanying consolidated financial statements 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 consolidated financial statements. (c) Use of Estimates The preparation of 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 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. (d) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. (e) Restricted cash Restricted cash consists of retention accounts which are restricted in use and held in order to service debt and interest payments. In addition, restricted cash consists of pledged cash maintained with lenders and amounts built-up for future drydockings. Also includes restricted cash received in advance from charterers for future charter service. (f) Insurance claims Insurance claims consist of claims submitted and/or claims in the process of compilation or submission. They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are probable to be recovered from insurers. Any outstanding costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectation as to the collection dates. 2. Summary of Significant Accounting Policies (continued) (g) Inventories Inventories consist of bunkers, lubricants, stores and provisions. Inventories are stated at the lower of cost or net realizable value as determined using the first-in, first-out method. (h) Accounts receivable, net The Company carries its accounts receivable at cost less, if appropriate, an allowance for doubtful accounts, based on a periodic review of accounts receivable, taking into account past write-offs, collections and current credit conditions. The Company does not generally charge interest on past-due accounts. Allowances for doubtful accounts amount to $nil as of December 31, 2023 (2022: $nil). 0 (i) 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(k) 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 years from original delivery by the shipyard. 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 per LWT 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 Consolidated Statements of Income. 2. Summary of Significant Accounting Policies (continued) (j) Deferred charges, net Drydocking costs are reported in the Consolidated Balance Sheets within "Deferred charges, net", and include planned major maintenance and overhaul activities for ongoing certification. The Company follows the deferral method of accounting for drydocking costs, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period of five years The amortization period reflects the estimated useful economic life of the deferred charge, which is the period between each drydocking. Costs incurred during the drydocking relating to routine repairs and maintenance are expensed. The unamortized portion of drydocking costs for vessels sold is included as part of the carrying amount of the vessel in determining the gain or (loss) on sale of the vessel. (k) 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 (“WACC”). 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 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. (l) 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. 2. Summary of Significant Accounting Policies (continued) (I) Impairment of Long-lived assets (continued) 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. Through the latter part of 2023, the Company noted that events and circumstances triggered the existence of potential impairment for some of the Company’s vessel groups. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact of the current container sector on management’s expectation for future revenues. As a result, the Company performed step one of the impairment assessment of each of the Company’s vessel groups by comparing the undiscounted projected net operating cash flows for each vessel group to their carrying value and step two of the impairment analysis was required for two vessel groups, as their undiscounted projected net operating cash flows did not exceed their carrying value. As a result, the Company recorded an impairment loss of $ 18,830 for two vessel groups with a total aggregate carrying amount of $ 43,830 which was written down to their fair value of $ 25,000 (see note 4). 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 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 (see note 4). Through 2021, the Company evaluated the impact of the then economic situation on the recoverability of all its vessel groups and determined that there was no triggering event and no impairment test was performed for the year ended December 31, 2021. (m) Deferred financing costs Costs incurred in connection with obtaining long-term debt and in obtaining amendments to existing facilities are recorded as deferred financing costs and are amortized to interest expense using the effective interest method over the estimated duration of the related debt. Such costs include fees paid to the lenders or on the lenders’ behalf and associated legal and other professional fees. Debt issuance costs, other than any up-front arrangement fee for revolving credit facilities, related to a recognized debt liability are presented as a direct deduction from the carrying amount of that debt. (n) Preferred shares The Series B Preferred Shares were originally issued in August 2014 and have been included within Equity in the Consolidated Balance Sheets since their initial issue in August 2014 and increased in 2019, 2020 and 2021 with the introduction of ATM program see note 16, and the dividends are presented as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of Changes in Shareholders’ Equity as their nature is similar to that of an equity instrument rather than a liability. Holders of these redeemable perpetual preferred shares, which may only be redeemed at the discretion of the Company, are entitled to receive a dividend equal to 8.75 % on the original issue price, should such dividend be declared, and rank senior to the common shares with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The 250,000 Series C Perpetual Convertible Preferred Shares (the “Series C Preferred Shares”) have been included within Equity in the Consolidated Balance Sheets, from their issue on November 15, 2018. The Series C Preferred Shares were convertible in certain circumstances to Class A common shares and they were entitled to a dividend only should such a dividend be declared on the Class A common shares. On January 20, 2021, upon the redemption in full of the 9.875 % First Priority Secured Notes due 2022 (the “2022 Notes”), Series C Preferred shares converted to Class A common shares see note 16. 2. Summary of Significant Accounting Policies (continued) (o) Other comprehensive income Other comprehensive income, which is reported in the Consolidated Statements of Changes in Shareholders’ Equity, consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Under ASU 2011-05, an entity reporting comprehensive income in a single continuous financial statement shall present its components in two sections, net income and other comprehensive income. For year ended December 31, 2023, the Company recorded an unrealized loss on the interest rate caps, amortization of interest rate cap premium and an amount reclassified to earnings of $ 16,625 4,271 214 31,221 1,123 1,091 227 no (p) 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 years ended December 31, 2023, 2022 and 2021, amounts of ($4,025) 10,899 and $ 15,869 , respectively, were recorded in time charter-revenues for such modifications and revenues recognized on a straight-line basis. Any difference between the charter rate invoiced and the time charter revenue recognized is classified as, or released from, deferred revenue. As of December 31, 2023, current and non-current portion from implementing the straight-line basis, amounting to $ 9,027 ($ 6,487 and $ 2,866 as for December 31, 2022, and 2021, respectively) and $ 15,139 ($ 21,144 and $ 14,010 as for December 31, 2022, and 2021, respectively), respectively, are presented in the Consolidated Balance Sheets in the line item “Prepaid expenses and other current assets” and “Other non-current assets”, respectively. 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 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. 2. Summary of Significant Accounting Policies (continued) (p) Revenue recognition and related expense (continued) 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. (q) Foreign currency transactions The Company’s functional currency is the U.S. dollar as substantially all revenues and a majority of expenditures are denominated in U.S. dollars. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet dates. Expenses paid in foreign currencies are recorded at the rate of exchange at the transaction date. Exchange gains and losses are included in the determination of Net Income. (r) Share based compensation The Company has awarded incentive stock units to its management and Directors as part of their compensation. Using the graded vesting method of expensing the incentive stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the Consolidated Statements of Income over the vesting period. The fair value of the incentive 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. (s) Income taxes The Company and its Marshall Island subsidiaries are exempt from taxation in the Marshall Islands. Otherwise, the Company’s vessels are liable for tax based on the tonnage of the vessel, under the regulations applicable to the country of incorporation of the vessel owning company, which is included within vessels’ operating expenses. Certain inactive Cyprus and Hong Kong subsidiaries are also liable for income tax on interest income earned from non-shipping activities. The Company has one 25 19 19 The Company recognizes uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the position. (t) Dividends Dividends are recorded in the period in which they are declared by the Company’s Board of Directors. Dividends to be paid are presented in the Consolidated Balance Sheets in the line item “Accrued Liabilities”. 2. Summary of Significant Accounting Policies (continued) (u) Earnings per share Basic earnings per common share are based on income available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock units. Diluted income per common share are calculated by applying the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class method. (v) Risks Associated with Concentration The Company is exposed to certain concentration risks that may adversely affect the Company’s financial position in the near term: (i) The Company derives its revenue from liner companies which are exposed to the cyclicality of the container shipping industry. (ii) There is a minimum concentration of credit risk with respect to cash and cash equivalents at December 31, 2023, to the extent that substantially all of the amounts are deposited with ten nine (w) Segment Reporting The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers. The Company does not use discrete financial information to evaluate operating results for each type of charter. Management does not identify expenses, profitability or other financial information by charter type. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one (x) Fair Value Measurement and Financial Instruments Financial instruments carried on the Consolidated Balance Sheets include cash and cash equivalents, restricted cash, time deposits, 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 Level 3 Through the latter part of 2023, the Company noted that events and circumstances triggered the existence of potential impairment for some of the Company’s vessel groups. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact of the current container sector on management’s expectation for future revenues. As a result, the Company performed step one of the impairment assessment of each of the Company’s vessel groups by comparing the undiscounted projected net operating cash flows for each vessel group to their carrying value and step two of the impairment analysis was required for two vessel groups, as their undiscounted projected net operating cash flows did not exceed their carrying value. As a result, the Company recorded an impairment loss of $ 18,830 for two vessel groups with a total aggregate carrying amount of $ 43,830 which was written down to their fair value of $ 25,000 (see note 4). 2. Summary of Significant Accounting Policies (continued) (x) Fair Value Measurement and Financial Instruments (continued) 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 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 9,033 6,000 In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484,106 two 0.75 fourth quarter 2026 507,891 5,372 the Company has designated only a portion of its outstanding debt (initially, $253,946) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged 1-month Compounded SOFR 0.64 The Company assesses the effectiveness of the hedges on an ongoing basis. The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. As of December 31, 2023, and 2022, following a quantitative assessment, part of the hedges were no longer considered effective and an amount of ($ 214 1,091 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 41,506 63,503 Financial Risk Management: Credit risk: 2. Summary of Significant Accounting Policies (continued) (x) Fair Value Measurement and Financial Instruments (continued) Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable and 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: (y) 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 $ 484,106 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 Conso |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | 3. Restricted Cash Restricted cash as of December 31, 2023, and 2022 consisted of the following: Restricted cash (Table) December 31, 2023 December 31, 2022 Retention accounts $ 21,443 $ 23,903 Restricted bank deposits/Drydock reserves 2,420 4,460 Cash collateral (*) 32,940 – Total Current Restricted Cash $ 56,803 $ 28,363 Cash collateral (*) $ 80,980 $ 118,471 Guarantee deposits 21 20 Restricted bank deposits/Drydock reserves 3,769 2,446 Cash in custody 500 500 Total Non - Current Restricted Cash 85,270 121,437 Total Current and Non - Current Restricted Cash $ 142,073 $ 149,800 (*) Cash received in advance from charterers. |
Vessels in Operation
Vessels in Operation | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels in Operation | 4. Vessels in Operation Vessels in Operation as of December 31, 2023, 2022 and 2021 consisted of the following: Vessels in Operation - Schedule of Vessels in Operation (Table) Vessel Gross Cost, as adjusted for impairment charges Accumulated Depreciation Net Book Value As of January 1, 2021 $ 1,297,785 $ (157,202) $ 1,140,583 Additions 603,514 — 603,514 Disposals (23,167) 14,445 (8,722) Depreciation — (52,559) (52,559) As of December 31, 2021 $ 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 138,802 — 138,802 Depreciation — (72,443) (72,443) Impairment loss (25,544) 6,714 (18,830) Disposals (6,803) 68 (6,735) As of December 31, 2023 $ 1,992,613 $ (328,512) $ 1,664,101 As of December 31, 2023, 2022, and 2021, the Company had made additions for vessel expenditures and ballast water treatments. As of December 31, 2023, 2022 and 2021 unpaid capitalized expenses were $ 2,679 9,022 6,257 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 GSL Alexandra 8,544 2004 $30,000 June 2, 2023 GSL Sofia 8,544 2003 $30,000 May 22, 2023 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 4. Vessels in Operation (continued) 2021 Vessels acquisitions In September and October 2021, the Company took delivery of the Four Vessels as per below: Vessels in Operation - Vessels Acquisitions (Table) Name Capacity in TEUs Year Built Purchase Price Delivery date GSL Tripoli 5,470 2009 37,000 September 1, 2021 GSL Tinos 5,470 2010 37,500 September 9, 2021 GSL Syros 5,470 2010 37,500 September 13, 2021 GSL Kithira 5,470 2009 36,000 October 13, 2021 The charters of the Four Vessels resulted in an intangible liability of $ 17,100 In July 2021, the Company took delivery of the Twelve Vessels as per below: Name Capacity in TEUs Year Built Purchase Price Delivery Date GSL Susan 4,363 2008 20,740 July 29, 2021 GSL Rossi 3,421 2012 21,580 July 29, 2021 GSL Alice 3,421 2014 23,150 July 29, 2021 GSL Melina 3,404 2013 23,990 July 29, 2021 GSL Eleftheria 3,404 2013 26,870 July 29, 2021 GSL Mercer 2,824 2007 20,750 July 29, 2021 GSL Lalo 2,824 2006 13,320 July 29, 2021 Matson Molokai 2,824 2007 16,430 July 15, 2021 GSL Elizabeth 2,741 2006 13,910 July 28, 2021 tbr GSL Chloe 2,546 2012 22,320 July 29, 2021 GSL Maren 2,546 2014 23,270 July 29, 2021 GSL Amstel 1,118 2008 7,560 July 29, 2021 The charters in place at the time of the purchase of the Twelve Vessels resulted in an intangible liability of $ 76,193 In April, May and July 2021, the Company took delivery of the Seven Vessels as per below: Name Capacity in TEUs Year Built Purchase Price Delivery Date GSL MYNY 6,008 2000 17,600 July 28, 2021 GSL Melita 6,008 2001 15,500 May 25, 2021 GSL Violetta * 6,008 2000 17,300 April 28, 2021 GSL Maria * 6,008 2001 16,600 April 28, 2021 GSL Arcadia 6,008 2000 18,000 April 26, 2021 GSL Dorothea 5,992 2001 15,500 April 26, 2021 GSL Tegea 5,992 2001 15,500 May 17, 2021 * The charters of these vessels resulted in an intangible liability of $ 3,051 that was recognized and amortized over the remaining useful life of the charters. As of December 31, 2022, the intangible liability relating to the Seven Vessels had been fully amortized. 4. Vessels in Operation (continued) 2021 Sale of Vessel On June 30, 2021, the Company sold La Tour for net proceeds of $ 16,514 the vessel was released as collateral under the Company’s $236,200 senior secured loan facility with Hayfin Capital Management, LLP (the “New Hayfin Credit Facility”) 7,770 Impairment Through the latter part of 2023, the Company noted that events and circumstances triggered the existence of potential impairment for some of the Company’s vessel groups. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact of the current container sector on management’s expectation for future revenues. As a result, the Company performed step one of the impairment assessment of each of the Company’s vessel groups by comparing the undiscounted projected net operating cash flows for each vessel group to their carrying value and step two of the impairment analysis was required for two vessel groups, as their undiscounted projected net operating cash flows did not exceed their carrying value. As a result, the Company recorded an impairment loss of $ 18,830 43,830 25,000 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 for one vessel group with a total aggregate carrying amount of $ 9,033 which was written down to its fair value of $ 6,000 . Through 2021, the Company evaluated the impact of the then economic situation on the recoverability of all its other vessel groups and has determined that there was no triggering event and no impairment test was performed for the year ended December 31, 2021. The total impairment loss recognized for the years ended December 31, 2023, 2022 and 2021 amounted to $ 18,830 , $ 3,033 and $nil, respectively. 0 Collateral As of December 31, 2023, 20 43 Five Advances for vessel acquisitions and other additions As of December 31, 2023, and December 31, 2022, there were no advances for vessel acquisitions, as all vessels had been delivered as at these dates. As of December 31, 2023, and December 31, 2022, the Company had advances for other vessel additions mainly for ballast water treatment systems totaling $ 12,210 4,881 |
Deferred charges, net
Deferred charges, net | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Charges Net | |
Deferred charges, net | 5. Deferred charges, net Deferred charges, net as of December 31, 2023, 2022 and 2021 consisted of the following: Deferred charges, net (Table) Dry - docking Costs As of January 1, 2021 $ 22,951 Additions 23,704 Amortization (9,004) Write - off (22) As of December 31, 2021 $ 37,629 Additions 30,105 Amortization (13,071) As of December 31, 2022 $ 54,663 Additions 38,341 Amortization (19,284) As of December 31, 2023 $ 73,720 The Company follows the deferral method of accounting for dry-docking costs in accordance with accounting for planned major maintenance activities, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period of five years until approximately the next scheduled dry-docking, which is generally five years |
Intangible Liabilities - Charte
Intangible Liabilities - Charter Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Liabilities - Charter Agreements | 6. Intangible Liabilities - Charter Agreements Intangible Liabilities - Charter Agreements as of December 31, 2023, and 2022 consisted of the following: Intangible Liabilities/ Assets - Charter Agreements - Schedule of Intangible Liabilities (Table) December 31, 2023 December 31, 2022 Opening balance $ 14,218 $ 55,376 Disposals (*) (476) — Amortization (8,080) (41,158) Total $ 5,662 $ 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 Consolidated Statements of Income. Amortization income of intangible liabilities-charter agreements for the years ended December 31, 2023, 2022 and 2021 was $ 8,080 41,158 45,430 5,385 6,882 0 The aggregate amortization of the intangible liabilities in each of the 12-month periods up to December 31, 2025, is estimated to be as follows: Intangible Liabilities/ Assets - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) Amount December 31, 2024 5,114 December 31, 2025 548 $ 5,662 T he weighted average life for the remaining intangible liabilities-charter agreements terms is 1.0 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 7. Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets as at December 31, 2023 and December 31, 2022 consisted of the following: Prepaid Expenses and Other Current Assets (Table) December 31, 2023 December 31, 2022 Insurance and other claims $ 11,073 $ 15,008 Advances to suppliers and other assets 11,651 6,946 Prepaid insurances 3,628 2,969 Other (1) 14,112 8,842 Total $ 40,464 $ 33,765 (1) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories Table | |
Inventories | 8. Inventories Inventories as at December 31, 2023 and December 31, 2022 consisted of the following: Inventories (Table) December 31, 2023 December 31, 2022 Bunkers $ 685 $ - Lubricants 12,423 10,048 Stores 2,025 1,643 Victualling 631 546 Total $ 15,764 $ 12,237 |
Derivative Asset
Derivative Asset | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Derivative Asset | 9. Derivative Asset In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484,106 , 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 through fourth quarter 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 $ 507,891 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 $ 5,372 as at December 31, 2023 ($ 9,685 positive fair value adjustment and $nil as at December 31, 2022 and 2021, respectively) was recorded through 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, $253,946) 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 . As of December 31, 2023, all Company’s loan agreements 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 automatically transited to 1-month Compounded SOFR on July 1, 2023, at a level of 0.64%. Amount received from interest rate caps for each of the years ended December 31, 2023, 2022 and 2021 was $ 32,549 , $ 9,245 and $nil, respectively. 0 9. Derivative Asset (continued) Derivative Asset - Schedule of Derivative Assets (Table) December 31, 2023 December 31, 2022 Opening balance $ 63,503 $ 7,227 Derivative asset premium - 15,370 Unrealized (loss)/gain on derivative assets (16,625) 31,221 Fair value adjustment on derivative asset (5,372) 9,685 Closing balance $ 41,506 $ 63,503 Less: Current portion of derivative assets (24,639) (29,645) Non-current portion of derivative assets $ 16,867 $ 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 December 31, 2023, 2022 and 2021, following a quantitative assessment, part of the hedge was no longer considered effective and an amount of ($ 214 ), $ 1,091 and $nil was reclassified (to)/from other comprehensive income to the Consolidated Statements of Income. The Company will continue to assess the effectiveness of the hedge on an ongoing basis. 0 |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable | 10. Accounts Payable Accounts payable as of December 31, 2023, and 2022 consisted of the following: Accounts Payable (Table) December 31, 2023 December 31, 2022 Suppliers, repairers $ 12,933 $ 12,802 Insurers, agents and brokers 303 510 Payables to charterers 1,967 6,306 Other creditors 2,398 3,137 Total $ 17,601 $ 22,755 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities | |
Accrued Liabilities | 11. Accrued Liabilities Accrued liabilities as of December 31, 2023, and 2022 consisted of the following: Accrued Liabilities (Table) December 31, 2023 December 31, 2022 Accrued expenses $ 20,378 $ 26,676 Accrued interest 8,160 9,362 Total $ 28,538 $ 36,038 |
Long-Term Debt (Narrative I)
Long-Term Debt (Narrative I) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt (Narrative I) | 12. Long-Term Debt Long-Term Debt (Narrative I) Long-term debt as of December 31, 2023, and 2022 consisted of the following: Long-Term Debt - Schedule of Long - Term Debt (Table) Facilities December 31, 2023 December 31, 2022 Macquarie loan (a) $ 66,000 $ - 2027 Secured Notes (b) 284,375 336,875 E.SUN, MICB, Cathay, Taishin Credit Facility (c) 28,500 46,500 Sinopac Credit Facility (d) 8,220 9,900 HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) 73,283 100,000 Deutsche Credit Facility (f) 40,046 44,695 HCOB Credit Facility (g) 24,744 40,794 CACIB, Bank Sinopac, CTBC Credit Facility (h) 38,950 44,050 Chailease Credit Facility (i) 2,608 3,852 Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j) 149,200 181,200 Total credit facilities $ 715,926 $ 807,866 Sale and Leaseback Agreement CMBFL - $120,000 (k) 64,438 89,838 Sale and Leaseback Agreement CMBFL - $54,000 (l) 36,018 41,850 Sale and Leaseback Agreement - Neptune $14,735 (m) 6,796 9,971 Total Sale and Leaseback Agreements $ 107,252 $ 141,659 Total borrowings $ 823,178 $ 949,525 Less: Current portion of long-term debt (164,888) (155,424) Less: Current portion of Sale and Leaseback Agreements (k,l,m) (28,365) (34,408) Less: Deferred financing costs (t) (10,750) (15,136) Non-current portion of Long-Term Debt $ 619,175 $ 744,557 a) Macquarie Credit Facility On May 18, 2023, the Company via its subsidiaries Global Ship Lease 72 LLC, Global Ship Lease 73 LLC, Global Ship Lease 74 LLC and Global Ship Lease 75 LLC entered into a new credit facility agreement with Macquarie Bank Limited (“Macquarie”) for an amount of $ 76,000 to finance part of the acquisition cost of the four 8,544 TEU vessels for an aggregate purchase price of $123,300 All four 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 3.50 As of December 31, 2023, the outstanding balance of this facility was $ 66,000 12. 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 December 31, 2023, the outstanding balance of this facility was $ 284,375 c) $60.0 Million E.SUN, MICB, Cathay, Taishin Credit Facility On December 30, 2021 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, 26,205 3,968 three The facility is repayable in eight quarterly 4,500 ten quarterly 2,400 This facility’s interest rate is SOFR plus a margin of 2.75 % per annum plus Credit Adjustment Spread (“CAS”) payable quarterly in arrears. As of December 31, 2023, the outstanding balance of this facility was $ 28,500 d) $12.0 Million Sinopac Capital International Credit Facility On August 27, 2021 12,000 partially used to fully refinance the Hayfin Credit Facility. September 2026 The facility is repayable in 20 quarterly 420 3,600 This facility’s interest rate is SOFR 3.25 As of December 31, 2023, the outstanding balance of this facility was $ 8,220 |
Long-Term Debt (Narrative II)
Long-Term Debt (Narrative II) | 12 Months Ended |
Dec. 31, 2023 | |
Long-term Debt | |
Long-Term Debt (Narrative II) | 12. Long-Term Debt (continued) Long-Term Debt (Narrative II) 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 out of which $1,000 deducted from the balloon instalment, and the vessel was released as collateral under the Company’s $140,000 HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility. This facility’s interest rate is SOFR plus a margin of 3.25 % per annum plus Credit Adjustment Spread (“CAS”) payable quarterly in arrears. As of December 31, 2023, the outstanding balance of this facility was $ 73,283 f) $51.7 Million Deutsche Bank AG Credit Facility On May 6, 2021 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 SOFR 3.25 As of December 31, 2023, the outstanding balance of this facility was $ 40,046 g) $64.2 Million Hamburg Commercial Bank AG Credit Facility On April 15, 2021, the Company entered into a Senior Secured term loan facility with Hamburg Commercial Bank AG “the HCOB Credit Facility” for an amount of up to $ 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 SOFR 3.50 As of December 31, 2023, the outstanding balance of this facility was $ 24,744 . h) $51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility On April 13, 2021 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 April 2026 12. Long-Term Debt (continued) h) $51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility (continued) The lenders are Credit Agricole Corporate and Investment Bank (“CACIB”), Bank Sinopac Co. Ltd. (“Bank Sinopac”) and CTBC Bank Co. Ltd. (“CTBC”). The facility is repayable in 20 quarterly 1,275 26,200 This facility bears interest at SOFR plus a margin of 2.75 % per annum plus CAS payable quarterly in arrears. As of December 31, 2023, the outstanding balance of this facility was $ 38,950 i) $9.0 Million Chailease Credit Facility On February 26, 2020 9,000 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 SOFR 4.20 As of December 31, 2023, the outstanding balance of this facility was $ 2,608 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 5,200 126,000 Tranche B amounts to $ 38,000 20 quarterly 1,000 18,000 January 2022 to refinance its outstanding Syndicated Senior Secured Credit Facility 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 December 31, 2023, the outstanding balance of this facility was $ 149,200 |
Long-Term Debt (Narrative III)
Long-Term Debt (Narrative III) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Longterm Debt Narrative Iii Abstract | |
Long-Term Debt (Narrative III) | 12. Long-Term Debt (continued) Long-Term Debt (Narrative III) k) $120.0 Million Sale and Leaseback agreements - CMBFL Four Vessels On August 26, 2021 four 30,000 to finance the acquisition of the Four Vessels 90,000 30,000 Each sale and leaseback agreement is repayable in 12 quarterly 1,587.5 12 quarterly 329.2 7,000 The sale and leaseback agreements for the three vessels mature in September 2027 and for the fourth vessel in October 2027 and bear interest at SOFR plus a margin of 3.25 % per annum plus CAS payable quarterly in arrears. As of December 31, 2023, the outstanding balance of these sale and lease back agreements was $ 64,438 I) $54.0 Million Sale and Leaseback agreement - CMBFL On May 20, 2021 54,000 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 sale and leaseback agreement is repayable in eight quarterly 2,025 20 quarterly 891 19,980 The sale and leaseback agreement matures in May 2028 and bears interest at SOFR plus a margin of 3.25 % per annum plus CAS payable quarterly in arrears. In May 2021, on the actual delivery date of the vessel, the Company drew $ 54,000 75,000 21,000 As of December 31, 2023, the outstanding balance of this sale and leaseback agreement was $ 36,018 . m) $14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing On May 12, 2021 14,735 to finance the acquisition of GSL Violetta delivered in April 2021 14,735 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 SOFR 4.64 12. Long-Term Debt (continued) m) $14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing (continued) As of December 31, 2023, the outstanding balance of this sale and leaseback agreement was $ 6,796 . 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 matured in January 2026 and bore interest at a rate of LIBOR plus a margin of 7.00 % per annum. It was repayable in twenty quarterly instalments of $ 6,560 , along with a balloon payment at maturity. The New Hayfin Credit Facility was 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 December 31, 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 $ 28,500 102.00 89,020 2,350 As of December 31, 2023, the outstanding aggregate principal amount of the 2024 notes was $nil. 0 |
Long-Term Debt (Narrative IV)
Long-Term Debt (Narrative IV) | 12 Months Ended |
Dec. 31, 2023 | |
Long-term Debt Narrative Iv | |
Long-Term Debt (Narrative IV) | 12. Long-Term Debt (continued) Long-Term Debt (Narrative IV) p) $38.5 Million Blue Ocean Junior Credit Facility On September 19, 2019 38,500 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 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 under this facility plus a prepayment fee of $ 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 December 31, 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 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 20 quarterly 400 4,000 On December 10, 2019 22,000 two to be used in connection with the acquisition of the vessels GSL Vinia and GSL Christel Elisabeth 20 quarterly 375 3,500 This facility bore interest at LIBOR 3.90 On June 24, 2022 As of December 31, 2023, the outstanding balance of this facility was $nil. 0 12. Long-Term Debt (continued) r) 9.875% First Priority Secured Notes due 2022 On October 31, 2017 360,000 9.875 November 15, 2022 356,400 Interest on the 2022 Notes was payable semi-annually on May 15 and November 15 of each year May 15, 2018 16 16 On February 10, 2020, the Company completed an optional redemption of $ 46,000 48,271 104.938 15,287 98.98 On January 20, 2021, the Company optionally redeemed, in full, $ 233,436 239,200 102.469 10,642 s) Repayment Schedule Maturities of long-term debt for the years subsequent to December 31, 2023, are as follows: Long-Term Debt - Repayment Schedule (Table) Payment due by year ended Amount December 31, 2024 193,252 December 31, 2025 144,587 December 31, 2026 300,858 December 31, 2027 162,719 December 31, 2028 21,762 $ 823,178 t) Deferred Financing Costs Long-Term Debt - Schedule of Deferred Financing Costs (Table) December 31, 2023 December 31, 2022 Opening balance $ 15,136 $ 16,714 Expenditure in the period 1,140 9,655 Amortization included within interest expense (5,526) (11,233) Closing balance $ 10,750 $ 15,136 During 2023, total costs amounting to $ 1,140 During 2022, total costs amounting to $ 1,066 were incurred in connection with the Syndicated Senior Secured Credit facility (see note 12j), $ 1,180 in connection with E.SUN, MICB, Cathay, Taishin credit facility (see note 12c) and $ 7,409 in connection with the 2027 Secured Notes (see note 12b). 12. Long-Term Debt (continued) t) Deferred Financing Costs (continued) During 2021, total costs amounting to $ 434 4,049 777 1,386 191 984 945 252 2,852 1,920 For the years ended December 31, 2023, 2022 and 2021, the Company recognized a total of $ 5,526 11,233 8,279 u) 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 December 31, 2023, and December 31, 2022, the Company was in compliance with its debt covenants |
Time charter revenue
Time charter revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Time charter revenue | 13. Time charter revenue Operating revenue from significant customers (constituting more than 10% of total time charter revenue) was as follows: Time charter revenue - Operating revenue (Table) Year Ended December 31, Charterer 2023 2022 2021 CMA CGM 28.59% 29.62% 33.83% MAERSK 30.82% 29.79% 22.81% ZIM 13.49% 10.73% 7.49% |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions CMA CGM was presented as a related party as it was a shareholder as of December 31, 2021, owning Class A common shares and representing 8.4 0 Time Charter Agreements A number of the Company’s time charter arrangements were with CMA CGM, representing 14.9 33.8 14. Related Party Transactions (continued) 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. During 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 those dates and onwards Technomar manages the five vessels. The management fees charged to the Company by third party managers for the years ended December 31, 2023, 2022 and 2021, amounted to $ 981 , $ 1,488 and $ 834 , respectively, and are shown in “Vessels operating expenses” in the Consolidated Statements of Income. Technomar continued to supervise management for the five outsourced vessels up to the termination of the underlying management agreements between May and July 2023. The management fees charged to the Company by Technomar for the years ended December 31, 2023, 2022 and 2021, amounted to $ 19,086 16,642 15,294 626 673 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 vessels that the Company acquired as a result of the Poseidon Transaction, excluding the Argos, the agreements were effective from the date of the completion of the Poseidon Transaction; for the 19 vessels that were owned by the Company prior to the consummation of the Poseidon Transaction until the refinancing of 2022 Notes which took place on January 2021, an EBSA agreement was in place that was terminated and replaced with commercial management agreements also same agreements applied to all vessels that have been delivered; for all new acquired vessels during 2019 and going forward, the agreements were effective upon acquisition. The fees charged to the Company by Conchart for the years ended December 31, 2023, 2022 and 2021, amounted to $ 7,995 6,289 3,583 717 572 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 % based on the sale and purchase price for any sale and purchase of a vessel, which shall be payable upon request of the commercial manager. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies | |
Commitments and Contingencies | 15. Commitments and Contingencies Charter Hire Receivable The Company has entered 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) Amount December 31, 2024 $ 613,536 December 31, 2025 381,601 December 31, 2026 267,162 December 31, 2027 196,577 Thereafter 130,783 Total minimum lease revenue, net of address commissions $ 1,589,659 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Capital | 16. Share Capital Common shares As of December 31, 2023, the Company has one Restricted stock units or incentive stock units have been granted to the Directors and management, under the Company’s Equity Incentive Plans, as part of their compensation arrangements (see note 17). In April 2020, the Company issued 184,270 440,698 586,819 747,604 On January 11, 2021, the Board of Directors approved the initiation of a quarterly cash dividend of $ 0.12 On January 20, 2021, upon the redemption in full of the 2022 Notes, KEP VI (Newco Marine) Ltd. and KIA VIII (Newco Marine) Ltd. (together, “Kelso”), both affiliates of Kelso & Company, a U.S. private equity firm, exercised their right to convert an aggregate of 250,000 12,955,188 On January 26, 2021, the Company completed its underwritten public offering of 5,400,000 13.00 70,200 141,959 67,758 521,650 184,684 568,835 307,121 35,188,323 16. Share Capital (continued) Common shares (continued) On April 13, 2021, Kelso and Maas Capital Investments B.V. sold an aggregate of 5,175,000 12.50 On March 1, 2023, the Company announced a dividend of $ 0.375 March 6, 2023 February 22, 2023 13,351 On May 10, 2023, the Company announced a dividend of $ 0.375 June 2, 2023 May 24, 2023 13,340 On August 3, 2023, the Company announced a dividend of $ 0.375 September 4, 2023 August 23, 2023 13,300 On November 9, 2023, the Company announced a dividend of $ 0.375 December 4, 2023 November 24, 2023 13,258 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 These shares are classified as Equity in the Consolidated Balance Sheets. The dividends payable on the Series B Preferred Shares are presented as a reduction of Retained Earnings in the 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 “ATM 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 ATM 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 Up to December 31, 2023, and 2022, the Company had offering costs amounting to $nil and $ 300 4,359,190 43,592 0 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 17. 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 . 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 3,412,500 1,500,000 three October 1, 2021 September 30, 2025 27.00 30.00 60 25,000 105,000 15,000 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, over a 60-day period. All other terms of the awards remain unchanged. During the years ended December 31, 2023, 2022 and 2021, 399,727 218,366 55,175 2,111,988 152,598 17. 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 year ended December 31, 2023 (399,727) n/a 18.87 Forfeit in March 2023 (35,771) n/a n/a Unvested as at December 31, 2023 881,213 $ 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 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 years ended December 31, 2023, 2022 and 2021, the Company recognized a total of $ 10,189 10,104 3,510 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Net Earnings per Class A common share | |
Earnings per Share | 18. 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 allocated to the Class A common shareholders. At December 31, 2023 and 2022, there were 881,213 1,316,711 18. Earnings per Share (continued) Earnings/(Loss) per Share (Table) Numerator: December 31, 2023 December 31, 2022 December 31, 2021 Net income available to common shareholders: Class A, basic and diluted $ 294,964 $ 283,389 $ 163,232 Denominator: Class A Common shares Basic weighted average number of common shares outstanding 35,405,458 36,603,134 35,125,003 Plus weighted average number of RSUs with service conditions 523,464 601,211 383,012 Common share and common share equivalents, dilutive 35,928,922 37,204,345 35,508,015 Basic earnings per share: Class A 8.33 7.74 4.65 Diluted earnings per share: Class A 8.21 7.62 4.60 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | 19. Subsequent events On January 3, 2024, the Company approved new awards to a non-employee director amounting to 4,884 shares of incentive stock. On January 3, 2024, and January 26, 2024, respectively, Mary was renamed to Colombia Express and Beethoven was renamed to GSL Chloe. From January 1, 2024, and up to March 15, 2024, the Company repurchased a total of 242,372 4,812 In February 2024, the Company declared a dividend of $ 0.375 March 6, 2024 February 22, 2024 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The Company has made reclassifications to the prior year statement of cash flows to correct and reclassify payments for drydocking and special survey costs from investing outflows to operating outflows which resulted in a decrease in investing outflows and increase in operating outflows of $24,457 and $19,226 for the years ended December 31, 2022, and 2021, respectively . The Company evaluated the reclassifications from both a quantitative and qualitative perspective and determined the impacts were immaterial to the previously issued interim and annual financial statements. 2. Summary of Significant Accounting Policies (continued) (a) Basis of Presentation (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. 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. As of December 31, 2023, all Company’s loan agreements 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 automatically transited to 1-month Compounded SOFR on July 1, 2023, at a level of 0.64%. There was no impact to the Company’s audited consolidated financial statements for the year ended December 31, 2023, as a result of adopting this standard. |
Principles of Consolidation | (b) Principles of Consolidation The accompanying consolidated financial statements 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 consolidated financial statements. |
Use of Estimates | (c) Use of Estimates The preparation of 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 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. |
Cash and cash equivalents | (d) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. |
Restricted cash | (e) Restricted cash Restricted cash consists of retention accounts which are restricted in use and held in order to service debt and interest payments. In addition, restricted cash consists of pledged cash maintained with lenders and amounts built-up for future drydockings. Also includes restricted cash received in advance from charterers for future charter service. |
Insurance claims | (f) Insurance claims Insurance claims consist of claims submitted and/or claims in the process of compilation or submission. They are recorded on an accrual basis and represent the claimable expenses, net of applicable deductibles, incurred through December 31 of each reported period, which are probable to be recovered from insurers. Any outstanding costs to complete the claims are included in accrued liabilities. The classification of insurance claims into current and non-current assets is based on management’s expectation as to the collection dates. 2. Summary of Significant Accounting Policies (continued) |
Inventories | (g) Inventories Inventories consist of bunkers, lubricants, stores and provisions. Inventories are stated at the lower of cost or net realizable value as determined using the first-in, first-out method. |
Accounts receivable, net | (h) Accounts receivable, net The Company carries its accounts receivable at cost less, if appropriate, an allowance for doubtful accounts, based on a periodic review of accounts receivable, taking into account past write-offs, collections and current credit conditions. The Company does not generally charge interest on past-due accounts. Allowances for doubtful accounts amount to $nil as of December 31, 2023 (2022: $nil). 0 |
Vessels in operation | (i) 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(k) 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 years from original delivery by the shipyard. 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 per LWT 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 Consolidated Statements of Income. 2. Summary of Significant Accounting Policies (continued) |
Deferred charges, net | (j) Deferred charges, net Drydocking costs are reported in the Consolidated Balance Sheets within "Deferred charges, net", and include planned major maintenance and overhaul activities for ongoing certification. The Company follows the deferral method of accounting for drydocking costs, whereby actual costs incurred are deferred and amortized on a straight-line basis over the period of five years The amortization period reflects the estimated useful economic life of the deferred charge, which is the period between each drydocking. Costs incurred during the drydocking relating to routine repairs and maintenance are expensed. The unamortized portion of drydocking costs for vessels sold is included as part of the carrying amount of the vessel in determining the gain or (loss) on sale of the vessel. |
Intangible assets and liabilities - charter agreements | (k) 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 (“WACC”). 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 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. |
Impairment of Long-lived assets | (l) 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. 2. Summary of Significant Accounting Policies (continued) (I) Impairment of Long-lived assets (continued) 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. Through the latter part of 2023, the Company noted that events and circumstances triggered the existence of potential impairment for some of the Company’s vessel groups. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact of the current container sector on management’s expectation for future revenues. As a result, the Company performed step one of the impairment assessment of each of the Company’s vessel groups by comparing the undiscounted projected net operating cash flows for each vessel group to their carrying value and step two of the impairment analysis was required for two vessel groups, as their undiscounted projected net operating cash flows did not exceed their carrying value. As a result, the Company recorded an impairment loss of $ 18,830 for two vessel groups with a total aggregate carrying amount of $ 43,830 which was written down to their fair value of $ 25,000 (see note 4). 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 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 (see note 4). Through 2021, the Company evaluated the impact of the then economic situation on the recoverability of all its vessel groups and determined that there was no triggering event and no impairment test was performed for the year ended December 31, 2021. |
Deferred financing costs | (m) Deferred financing costs Costs incurred in connection with obtaining long-term debt and in obtaining amendments to existing facilities are recorded as deferred financing costs and are amortized to interest expense using the effective interest method over the estimated duration of the related debt. Such costs include fees paid to the lenders or on the lenders’ behalf and associated legal and other professional fees. Debt issuance costs, other than any up-front arrangement fee for revolving credit facilities, related to a recognized debt liability are presented as a direct deduction from the carrying amount of that debt. |
Preferred shares | (n) Preferred shares The Series B Preferred Shares were originally issued in August 2014 and have been included within Equity in the Consolidated Balance Sheets since their initial issue in August 2014 and increased in 2019, 2020 and 2021 with the introduction of ATM program see note 16, and the dividends are presented as a reduction of Retained Earnings or addition to Accumulated Deficit in the Consolidated Statements of Changes in Shareholders’ Equity as their nature is similar to that of an equity instrument rather than a liability. Holders of these redeemable perpetual preferred shares, which may only be redeemed at the discretion of the Company, are entitled to receive a dividend equal to 8.75 % on the original issue price, should such dividend be declared, and rank senior to the common shares with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The 250,000 Series C Perpetual Convertible Preferred Shares (the “Series C Preferred Shares”) have been included within Equity in the Consolidated Balance Sheets, from their issue on November 15, 2018. The Series C Preferred Shares were convertible in certain circumstances to Class A common shares and they were entitled to a dividend only should such a dividend be declared on the Class A common shares. On January 20, 2021, upon the redemption in full of the 9.875 % First Priority Secured Notes due 2022 (the “2022 Notes”), Series C Preferred shares converted to Class A common shares see note 16. 2. Summary of Significant Accounting Policies (continued) |
Other comprehensive income | (o) Other comprehensive income Other comprehensive income, which is reported in the Consolidated Statements of Changes in Shareholders’ Equity, consists of net income and other gains and losses affecting equity that, under U.S. GAAP, are excluded from net income. Under ASU 2011-05, an entity reporting comprehensive income in a single continuous financial statement shall present its components in two sections, net income and other comprehensive income. For year ended December 31, 2023, the Company recorded an unrealized loss on the interest rate caps, amortization of interest rate cap premium and an amount reclassified to earnings of $ 16,625 4,271 214 31,221 1,123 1,091 227 no |
Revenue recognition and related expense | (p) 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 years ended December 31, 2023, 2022 and 2021, amounts of ($4,025) 10,899 and $ 15,869 , respectively, were recorded in time charter-revenues for such modifications and revenues recognized on a straight-line basis. Any difference between the charter rate invoiced and the time charter revenue recognized is classified as, or released from, deferred revenue. As of December 31, 2023, current and non-current portion from implementing the straight-line basis, amounting to $ 9,027 ($ 6,487 and $ 2,866 as for December 31, 2022, and 2021, respectively) and $ 15,139 ($ 21,144 and $ 14,010 as for December 31, 2022, and 2021, respectively), respectively, are presented in the Consolidated Balance Sheets in the line item “Prepaid expenses and other current assets” and “Other non-current assets”, respectively. 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 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. 2. Summary of Significant Accounting Policies (continued) (p) Revenue recognition and related expense (continued) 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. |
Foreign currency transactions | (q) Foreign currency transactions The Company’s functional currency is the U.S. dollar as substantially all revenues and a majority of expenditures are denominated in U.S. dollars. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet dates. Expenses paid in foreign currencies are recorded at the rate of exchange at the transaction date. Exchange gains and losses are included in the determination of Net Income. |
Share based compensation | (r) Share based compensation The Company has awarded incentive stock units to its management and Directors as part of their compensation. Using the graded vesting method of expensing the incentive stock unit grants, the weighted average fair value of the stock units is recognized as compensation costs in the Consolidated Statements of Income over the vesting period. The fair value of the incentive 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. |
Income taxes | (s) Income taxes The Company and its Marshall Island subsidiaries are exempt from taxation in the Marshall Islands. Otherwise, the Company’s vessels are liable for tax based on the tonnage of the vessel, under the regulations applicable to the country of incorporation of the vessel owning company, which is included within vessels’ operating expenses. Certain inactive Cyprus and Hong Kong subsidiaries are also liable for income tax on interest income earned from non-shipping activities. The Company has one 25 19 19 The Company recognizes uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based solely on the technical merits of the position. |
Dividends | (t) Dividends Dividends are recorded in the period in which they are declared by the Company’s Board of Directors. Dividends to be paid are presented in the Consolidated Balance Sheets in the line item “Accrued Liabilities”. 2. Summary of Significant Accounting Policies (continued) |
Earnings per share | (u) Earnings per share Basic earnings per common share are based on income available to common shareholders divided by the weighted average number of common shares outstanding during the period, excluding unvested restricted stock units. Diluted income per common share are calculated by applying the treasury stock method. All unvested restricted stock units that have a dilutive effect are included in the calculation. The basic and diluted earnings per share for the period are presented for each category of participating common shares under the two-class method. |
Risks Associated with Concentration | (v) Risks Associated with Concentration The Company is exposed to certain concentration risks that may adversely affect the Company’s financial position in the near term: (i) The Company derives its revenue from liner companies which are exposed to the cyclicality of the container shipping industry. (ii) There is a minimum concentration of credit risk with respect to cash and cash equivalents at December 31, 2023, to the extent that substantially all of the amounts are deposited with ten nine |
Segment Reporting | (w) Segment Reporting The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers. The Company does not use discrete financial information to evaluate operating results for each type of charter. Management does not identify expenses, profitability or other financial information by charter type. As a result, management reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one |
Fair Value Measurement and Financial Instruments | (x) Fair Value Measurement and Financial Instruments Financial instruments carried on the Consolidated Balance Sheets include cash and cash equivalents, restricted cash, time deposits, 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 Level 3 Through the latter part of 2023, the Company noted that events and circumstances triggered the existence of potential impairment for some of the Company’s vessel groups. These indicators included volatility in the charter market and the vessels’ market values, as well as the potential impact of the current container sector on management’s expectation for future revenues. As a result, the Company performed step one of the impairment assessment of each of the Company’s vessel groups by comparing the undiscounted projected net operating cash flows for each vessel group to their carrying value and step two of the impairment analysis was required for two vessel groups, as their undiscounted projected net operating cash flows did not exceed their carrying value. As a result, the Company recorded an impairment loss of $ 18,830 for two vessel groups with a total aggregate carrying amount of $ 43,830 which was written down to their fair value of $ 25,000 (see note 4). 2. Summary of Significant Accounting Policies (continued) (x) Fair Value Measurement and Financial Instruments (continued) 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 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 9,033 6,000 In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484,106 two 0.75 fourth quarter 2026 507,891 5,372 the Company has designated only a portion of its outstanding debt (initially, $253,946) as the hedged item, and any interest payments beyond the notional amount of the interest rate cap in any given period are not designated as being hedged 1-month Compounded SOFR 0.64 The Company assesses the effectiveness of the hedges on an ongoing basis. The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. As of December 31, 2023, and 2022, following a quantitative assessment, part of the hedges were no longer considered effective and an amount of ($ 214 1,091 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 41,506 63,503 Financial Risk Management: Credit risk: 2. Summary of Significant Accounting Policies (continued) (x) Fair Value Measurement and Financial Instruments (continued) Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable and 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 | (y) 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 $ 484,106 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 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 $ 507,891 5,372 9,685 the Company has designated only a portion of its outstanding debt (initially, $253,946) 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 0 2. Summary of Significant Accounting Policies (continued) (y) 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. The Company assesses the effectiveness of the hedges on an ongoing basis. As of December 31, 2023, and 2022, following a quantitative assessment, part of the hedge was no longer considered effective and an amount of ($214) and $ 1,091 |
Recently issued accounting standards | (z) Recently issued accounting standards On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This standard improves reportable segment disclosures by adding and enhancing interim disclosure requirements, clarifying circumstances in which entities can disclose multiple segment measures of profit or loss, providing new segment disclosure requirements for entities with a single reportable segment, and adding other disclosure requirements. This standard is effective for all entities that are subject to Topic 280, Segment Reporting for annual periods beginning after December 15, 2023, but early adoption is permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures, which requires greater disaggregation of income tax disclosures. The new standard requires additional information to be disclosed with respect to the income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This ASU should be applied prospectively for fiscal years beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impacts of this guidance on the Company’s Consolidated Financial Statements. |
Description of Business (Tables
Description of Business (Tables) | 12 Months Ended |
Dec. 31, 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 Global Ship Lease 53 LLC Liberia MSC Tianjin 8,603 2005 3Q27 (4) Global Ship Lease 52 LLC Liberia MSC Qingdao 8,603 2004 2Q27 (4) Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 3Q27 (5) Global Ship Lease 72 LLC Liberia GSL Alexandra 8,544 2004 3Q25 (6) Global Ship Lease 73 LLC Liberia GSL Sofia 8,544 2003 3Q25 (6) Global Ship Lease 74 LLC Liberia 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 Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi 7,847 2004 3Q24 Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 3Q24 Alexander Marine LLC Marshall Islands Mary (12) 6,927 2013 4Q28 (7) Hector Marine LLC Marshall Islands Kristina 6,927 2013 3Q29 (7) Ikaros Marine LLC Marshall Islands Katherine 6,927 2013 2Q29 (7) Philippos Marine LLC Marshall Islands Alexandra 6,927 2013 2Q29 (7) Aristoteles Marine LLC Marshall Islands Alexis 6,882 2015 2Q29 (7) Menelaos Marine LLC Marshall Islands Olivia I 6,882 2015 2Q29 (7) Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 3Q24 Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 3Q24 Global Ship Lease 48 LLC Liberia CMA CGM Berlioz 6,621 2001 4Q25 Leonidas Marine LLC Marshall Islands Agios Dimitrios 6,572 2011 2Q27 (4) 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 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 (8) GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q24 (8) GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24 (8) GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24 (8) GSL Tegea LLC Liberia GSL Tegea 5,992 2001 3Q24 (8) GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 3Q24 (8) GSL MYNY LLC Liberia GSL MYNY 6,008 2000 3Q24 (8) Tasman Marine LLC Marshall Islands Tasman 5,936 2000 2Q24 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 (9) Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 4Q24 (9) Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 4Q24 (9) Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 4Q24 (9) Hephaestus Marine LLC Marshall Islands Dolphin II 5,095 2007 1Q25 Zeus One Marine LLC Marshall Islands Orca I 5,095 2006 2Q24 (10) 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 (11) Global Ship Lease 50 LLC Liberia CMA CGM Jamaica 4,298 2006 1Q28 (11) Global Ship Lease 49 LLC Liberia CMA CGM Sambhar 4,045 2006 1Q28 (11) Global Ship Lease 51 LLC Liberia CMA CGM America 4,045 2006 1Q28 (11) 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 1Q24 Global Ship Lease 65 LLC Liberia tbr GSL Chloe (12) 2,546 2012 4Q24 Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 1Q24 Aris Marine LLC Marshall Islands Maira 2,506 2000 3Q24 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 Global Ship Lease 45 LLC Liberia Kumasi 2,207 2002 1Q25 Global Ship Lease 44 LLC Liberia Akiteta 2,207 2002 4Q24 (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) MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed to a leading liner company for minimum 36 months – maximum 38 months. The new charters are expected to commence between 2Q 2024 and 3Q 2024, after the vessels are drydocked. MSC Qingdao & Agios Dimitrios are fitted with Exhaust Gas Cleaning Systems (“scrubbers”); (5) GSL Ningbo was fixed to a leading liner company for minimum 48 months – maximum 52 months. The new charter commenced in 3Q 2023; (6) GSL Alexandra, GSL Sofia, GSL Lydia and GSL Effie delivered in 2Q 2023. Contract cover for each vessel is for a minimum firm period of 24 months from the date each vessel was delivered, with charterers holding one year extension options; (7) Mary (tbr Colombia Express), 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 charter for Mary (tbr Colombia Express) commenced in early 2024. The new charters for the remaining vessels are scheduled to commence as each of the existing charters expire, between approximately 2Q 2024 and late 2024; (8) GSL Arcadia, GSL Melita, GSL Maria, GSL Violetta, GSL Tegea, GSL Dorothea, GSL MYNY. Contract cover for each vessel is for a firm period of at least three years from the date each vessel was delivered in 2021. 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 25 th (9) 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; (10) Orca I. After the initial firm period of the charter, the charterer has the option in 1Q 2024 to extend the charter for a further 12-14 months from 3Q 2024; (11) 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 4Q 2022, while the remaining charters commenced in 1Q 2023; (12) “tbr” means “to be renamed”. On January 3, 2024, Mary was renamed to Colombia Express. On January 26, 2024, Beethoven was renamed to GSL Chloe. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Restricted cash (Table) | Restricted cash (Table) December 31, 2023 December 31, 2022 Retention accounts $ 21,443 $ 23,903 Restricted bank deposits/Drydock reserves 2,420 4,460 Cash collateral (*) 32,940 – Total Current Restricted Cash $ 56,803 $ 28,363 Cash collateral (*) $ 80,980 $ 118,471 Guarantee deposits 21 20 Restricted bank deposits/Drydock reserves 3,769 2,446 Cash in custody 500 500 Total Non - Current Restricted Cash 85,270 121,437 Total Current and Non - Current Restricted Cash $ 142,073 $ 149,800 (*) Cash received in advance from charterers. |
Vessels in Operation (Tables)
Vessels in Operation (Tables) | 12 Months Ended |
Dec. 31, 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 Gross Cost, as adjusted for impairment charges Accumulated Depreciation Net Book Value As of January 1, 2021 $ 1,297,785 $ (157,202) $ 1,140,583 Additions 603,514 — 603,514 Disposals (23,167) 14,445 (8,722) Depreciation — (52,559) (52,559) As of December 31, 2021 $ 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 138,802 — 138,802 Depreciation — (72,443) (72,443) Impairment loss (25,544) 6,714 (18,830) Disposals (6,803) 68 (6,735) As of December 31, 2023 $ 1,992,613 $ (328,512) $ 1,664,101 |
Vessels in Operation - Vessels Acquisitions (Table) | Vessels in Operation - Vessels Acquisitions (Table) Name Capacity in TEUs Year Built Purchase Price Delivery date GSL Alexandra 8,544 2004 $30,000 June 2, 2023 GSL Sofia 8,544 2003 $30,000 May 22, 2023 GSL Effie 8,544 2003 $30,000 May 30, 2023 GSL Lydia 8,544 2003 $33,300 June 26, 2023 |
Vessels in Operation - Vessels Acquisitions (Table) | Vessels in Operation - Vessels Acquisitions (Table) Name Capacity in TEUs Year Built Purchase Price Delivery date GSL Tripoli 5,470 2009 37,000 September 1, 2021 GSL Tinos 5,470 2010 37,500 September 9, 2021 GSL Syros 5,470 2010 37,500 September 13, 2021 GSL Kithira 5,470 2009 36,000 October 13, 2021 The charters of the Four Vessels resulted in an intangible liability of $ 17,100 In July 2021, the Company took delivery of the Twelve Vessels as per below: Name Capacity in TEUs Year Built Purchase Price Delivery Date GSL Susan 4,363 2008 20,740 July 29, 2021 GSL Rossi 3,421 2012 21,580 July 29, 2021 GSL Alice 3,421 2014 23,150 July 29, 2021 GSL Melina 3,404 2013 23,990 July 29, 2021 GSL Eleftheria 3,404 2013 26,870 July 29, 2021 GSL Mercer 2,824 2007 20,750 July 29, 2021 GSL Lalo 2,824 2006 13,320 July 29, 2021 Matson Molokai 2,824 2007 16,430 July 15, 2021 GSL Elizabeth 2,741 2006 13,910 July 28, 2021 tbr GSL Chloe 2,546 2012 22,320 July 29, 2021 GSL Maren 2,546 2014 23,270 July 29, 2021 GSL Amstel 1,118 2008 7,560 July 29, 2021 The charters in place at the time of the purchase of the Twelve Vessels resulted in an intangible liability of $ 76,193 In April, May and July 2021, the Company took delivery of the Seven Vessels as per below: Name Capacity in TEUs Year Built Purchase Price Delivery Date GSL MYNY 6,008 2000 17,600 July 28, 2021 GSL Melita 6,008 2001 15,500 May 25, 2021 GSL Violetta * 6,008 2000 17,300 April 28, 2021 GSL Maria * 6,008 2001 16,600 April 28, 2021 GSL Arcadia 6,008 2000 18,000 April 26, 2021 GSL Dorothea 5,992 2001 15,500 April 26, 2021 GSL Tegea 5,992 2001 15,500 May 17, 2021 * The charters of these vessels resulted in an intangible liability of $ 3,051 that was recognized and amortized over the remaining useful life of the charters. As of December 31, 2022, the intangible liability relating to the Seven Vessels had been fully amortized. |
Deferred charges, net (Tables)
Deferred charges, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Charges Net | |
Deferred charges, net (Table) | Deferred charges, net (Table) Dry - docking Costs As of January 1, 2021 $ 22,951 Additions 23,704 Amortization (9,004) Write - off (22) As of December 31, 2021 $ 37,629 Additions 30,105 Amortization (13,071) As of December 31, 2022 $ 54,663 Additions 38,341 Amortization (19,284) As of December 31, 2023 $ 73,720 |
Intangible Liabilities - Char_2
Intangible Liabilities - Charter Agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Liabilities/ Assets - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) | Intangible Liabilities/ Assets - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) Amount December 31, 2024 5,114 December 31, 2025 548 $ 5,662 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets (Table) | Prepaid Expenses and Other Current Assets (Table) December 31, 2023 December 31, 2022 Insurance and other claims $ 11,073 $ 15,008 Advances to suppliers and other assets 11,651 6,946 Prepaid insurances 3,628 2,969 Other (1) 14,112 8,842 Total $ 40,464 $ 33,765 (1) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories Table | |
Inventories (Table) | Inventories (Table) December 31, 2023 December 31, 2022 Bunkers $ 685 $ - Lubricants 12,423 10,048 Stores 2,025 1,643 Victualling 631 546 Total $ 15,764 $ 12,237 |
Derivative Asset (Tables)
Derivative Asset (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Derivative Asset - Schedule of Derivative Assets (Table) | Derivative Asset - Schedule of Derivative Assets (Table) December 31, 2023 December 31, 2022 Opening balance $ 63,503 $ 7,227 Derivative asset premium - 15,370 Unrealized (loss)/gain on derivative assets (16,625) 31,221 Fair value adjustment on derivative asset (5,372) 9,685 Closing balance $ 41,506 $ 63,503 Less: Current portion of derivative assets (24,639) (29,645) Non-current portion of derivative assets $ 16,867 $ 33,858 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable (Table) | Accounts Payable (Table) December 31, 2023 December 31, 2022 Suppliers, repairers $ 12,933 $ 12,802 Insurers, agents and brokers 303 510 Payables to charterers 1,967 6,306 Other creditors 2,398 3,137 Total $ 17,601 $ 22,755 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities | |
Accrued Liabilities (Table) | Accrued Liabilities (Table) December 31, 2023 December 31, 2022 Accrued expenses $ 20,378 $ 26,676 Accrued interest 8,160 9,362 Total $ 28,538 $ 36,038 |
Long-Term Debt (Narrative I) (T
Long-Term Debt (Narrative I) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt - Schedule of Long - Term Debt (Table) | Long-Term Debt - Schedule of Long - Term Debt (Table) Facilities December 31, 2023 December 31, 2022 Macquarie loan (a) $ 66,000 $ - 2027 Secured Notes (b) 284,375 336,875 E.SUN, MICB, Cathay, Taishin Credit Facility (c) 28,500 46,500 Sinopac Credit Facility (d) 8,220 9,900 HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) 73,283 100,000 Deutsche Credit Facility (f) 40,046 44,695 HCOB Credit Facility (g) 24,744 40,794 CACIB, Bank Sinopac, CTBC Credit Facility (h) 38,950 44,050 Chailease Credit Facility (i) 2,608 3,852 Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j) 149,200 181,200 Total credit facilities $ 715,926 $ 807,866 Sale and Leaseback Agreement CMBFL - $120,000 (k) 64,438 89,838 Sale and Leaseback Agreement CMBFL - $54,000 (l) 36,018 41,850 Sale and Leaseback Agreement - Neptune $14,735 (m) 6,796 9,971 Total Sale and Leaseback Agreements $ 107,252 $ 141,659 Total borrowings $ 823,178 $ 949,525 Less: Current portion of long-term debt (164,888) (155,424) Less: Current portion of Sale and Leaseback Agreements (k,l,m) (28,365) (34,408) Less: Deferred financing costs (t) (10,750) (15,136) Non-current portion of Long-Term Debt $ 619,175 $ 744,557 |
Long-Term Debt (Narrative IV) (
Long-Term Debt (Narrative IV) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Long-term Debt Narrative Iv | |
Long-Term Debt - Repayment Schedule (Table) | Long-Term Debt - Repayment Schedule (Table) Payment due by year ended Amount December 31, 2024 193,252 December 31, 2025 144,587 December 31, 2026 300,858 December 31, 2027 162,719 December 31, 2028 21,762 $ 823,178 |
Long-Term Debt - Schedule of Deferred Financing Costs (Table) | Long-Term Debt - Schedule of Deferred Financing Costs (Table) December 31, 2023 December 31, 2022 Opening balance $ 15,136 $ 16,714 Expenditure in the period 1,140 9,655 Amortization included within interest expense (5,526) (11,233) Closing balance $ 10,750 $ 15,136 |
Time charter revenue (Tables)
Time charter revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Time charter revenue - Operating revenue (Table) | Time charter revenue - Operating revenue (Table) Year Ended December 31, Charterer 2023 2022 2021 CMA CGM 28.59% 29.62% 33.83% MAERSK 30.82% 29.79% 22.81% ZIM 13.49% 10.73% 7.49% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments And Contingencies | |
Commitments and Contingencies - Charter Hire Receivable (Table) | Commitments and Contingencies - Charter Hire Receivable (Table) Amount December 31, 2024 $ 613,536 December 31, 2025 381,601 December 31, 2026 267,162 December 31, 2027 196,577 Thereafter 130,783 Total minimum lease revenue, net of address commissions $ 1,589,659 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2023 (399,727) n/a 18.87 Forfeit in March 2023 (35,771) n/a n/a Unvested as at December 31, 2023 881,213 $ 22.35 n/a |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Earnings per Class A common share | |
Earnings/(Loss) per Share (Table) | Earnings/(Loss) per Share (Table) Numerator: December 31, 2023 December 31, 2022 December 31, 2021 Net income available to common shareholders: Class A, basic and diluted $ 294,964 $ 283,389 $ 163,232 Denominator: Class A Common shares Basic weighted average number of common shares outstanding 35,405,458 36,603,134 35,125,003 Plus weighted average number of RSUs with service conditions 523,464 601,211 383,012 Common share and common share equivalents, dilutive 35,928,922 37,204,345 35,508,015 Basic earnings per share: Class A 8.33 7.74 4.65 Diluted earnings per share: Class A 8.21 7.62 4.60 |
Description of Business - Sched
Description of Business - Schedule of Vessels (Table) (Details) Pure in Thousands | 12 Months Ended |
Dec. 31, 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 |
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 | 3Q27(4) |
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 | 2Q27(4) |
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 | 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 | 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 | 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 |
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 |
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 |
Alexander Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Mary(12) |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 4Q28(7) |
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(7) |
Ikaros Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Katherine |
Capacity in TEUs | 6,927 |
Year Built | 2013 |
Earliest Charter Expiry Date | 2Q29(7) |
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(7) |
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(7) |
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(7) |
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 | 3Q24 |
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 | 2Q27(4) |
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(8) |
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(8) |
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(8) |
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(8) |
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(8) |
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(8) |
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(8) |
Tasman Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Tasman |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 2Q24 |
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(9) |
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(9) |
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(9) |
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(9) |
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(10) |
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(11) |
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(11) |
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(11) |
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(11) |
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 | 1Q24 |
Global Ship Lease 65 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | tbr GSL Chloe (12) |
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 |
Aris Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Maira |
Capacity in TEUs | 2,506 |
Year Built | 2000 |
Earliest Charter Expiry Date | 3Q24 |
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 |
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, 2023 | 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 | 17 years 2 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 (Details Narrative) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 20, 2021 shares | Feb. 28, 2022 USD ($) | Jun. 30, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | |
Allowances of doubtful accounts | $ 0 | $ 0 | |||||
Capitalized interest | $ 0 | 0 | $ 0 | ||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||
Estimated residual scrap value of vessels per lightweight ton (LWT) | $ 400 | ||||||
Period Between Scheduled Drydockings | 5 years | ||||||
Future charter rate assumptions | 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. | ||||||
Vessel impairment charges | $ 18,830,000 | 3,033,000 | 0 | ||||
Property, Plant and Equipment, Net | 1,664,101,000 | 1,623,307,000 | |||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Loss, before Reclassification, after tax | 16,625,000 | ||||||
Amortization of interest rate cap premium | 4,271,000 | 1,123,000 | 0 | ||||
Unrealized gain on the interest rate caps | 214,000 | 1,091,000 | 0 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (16,625,000) | 31,221,000 | $ 227,000 | ||||
Prepaid Expense and Other Assets, Current | 40,464,000 | 33,765,000 | |||||
Other Assets, Noncurrent | $ 23,935,000 | $ 31,022,000 | |||||
Number of failed sale and leaseback transactions | 6 | ||||||
Number of banks holding deposits | 10 | 9 | |||||
Number of Reportable Segments | 1 | ||||||
Derivative, Gain (Loss) on Derivative, Net | $ (5,372,000) | $ 9,685,000 | $ 0 | ||||
Derivative, Description of Hedged Item | the Company has designated only a portion of its outstanding debt (initially, $253,946) 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 | ||||||
Line of Credit Facility, Interest Rate Description | 1-month Compounded SOFR | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.64% | ||||||
Derivative Asset | $ 41,506,000 | 63,503,000 | 7,227,000 | ||||
Unrealized gain on the interest rate caps | (214,000) | 1,091,000 | 0 | ||||
Interest Rate Caps [Member] | |||||||
Derivative, Notional Amount | $ 507,891,000 | $ 484,106,000 | |||||
Number of interest rate caps | 2 | ||||||
Derivative, Cap Interest Rate | 0.75% | 0.75% | |||||
Derivative, Maturity Date | fourth quarter 2026 | ||||||
Derivative Asset | 41,506,000 | 63,503,000 | |||||
Second interest rate cap | Two USD one-month Libor interest rate caps [Member] | |||||||
Derivative, Gain (Loss) on Derivative, Net | $ 5,372,000 | $ 9,685,000 | $ 0 | ||||
UNITED KINGDOM | |||||||
Number of subsidiaries | 1 | ||||||
Effective Income Tax Rate Reconciliation, Percent | 25% | 19% | 19% | ||||
Charters Revenues [Member] | |||||||
Charter revenue | $ (4,025,000) | $ 10,899,000 | $ 15,869,000 | ||||
Prepaid Expense and Other Assets, Current | 9,027,000 | 6,487,000 | 2,866,000 | ||||
Other Assets, Noncurrent | $ 15,139,000 | 21,144,000 | $ 14,010,000 | ||||
Series B Preferred Stock [Member] | |||||||
Preferred Stock, Dividend Rate, Percentage | 8.75% | ||||||
Series C Preferred Stock [Member] | Kelso [Member] | |||||||
Convertible securities converted shares | shares | 250,000 | ||||||
Two Vessel Group [Member] | |||||||
Vessel impairment charges | $ 18,830,000 | ||||||
Property, Plant and Equipment, Net | 43,830,000 | ||||||
Fair value of property, plant and equipment | $ 25,000,000 | ||||||
One Vessel Group [Member] | |||||||
Vessel impairment charges | 3,033,000 | ||||||
Property, Plant and Equipment, Net | 9,033,000 | ||||||
Fair value of property, plant and equipment | $ 6,000,000 | ||||||
Number of vessels recognized with impairment charge | 1 | ||||||
Revision of Prior Period, Reclassification, Adjustment [Member] | |||||||
Supplemental Cash Flow Information Related Text | The Company has made reclassifications to the prior year statement of cash flows to correct and reclassify payments for drydocking and special survey costs from investing outflows to operating outflows which resulted in a decrease in investing outflows and increase in operating outflows of $24,457 and $19,226 for the years ended December 31, 2022, and 2021, respectively |
Restricted cash (Table) (Detail
Restricted cash (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |||
Retention accounts | $ 21,443 | $ 23,903 | |
Restricted bank deposits/Drydock reserves | 2,420 | 4,460 | |
Cash collateral | [1] | 32,940 | 0 |
Total Current Restricted Cash | 56,803 | 28,363 | |
Cash collateral | [1] | 80,980 | 118,471 |
Guarantee deposits | 21 | 20 | |
Restricted bank deposits/Drydock reserves | 3,769 | 2,446 | |
Cash in custody | 500 | 500 | |
Total Non - Current Restricted Cash | 85,270 | 121,437 | |
Total Current and Non - Current Restricted Cash | $ 142,073 | $ 149,800 | |
[1]Cash received in advance from charterers. |
Vessels in Operation - Schedule
Vessels in Operation - Schedule of Vessels in Operation (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Balance beginning of period | $ 1,623,307 | ||
Impairment Loss | (18,830) | $ (3,033) | $ 0 |
Balance ending of period | 1,664,101 | 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 | 1,297,785 |
Additions | 138,802 | 11,756 | 603,514 |
Disposals | (6,803) | (23,167) | |
Balance ending of period | 1,992,613 | 1,886,158 | 1,878,132 |
Impairment Loss | (25,544) | (3,730) | |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance beginning of period | (262,851) | (195,316) | (157,202) |
Disposals | 68 | 14,445 | |
Depreciation | 72,443 | 68,232 | 52,559 |
Depreciation | (72,443) | (68,232) | (52,559) |
Impairment loss | 6,714 | 697 | |
Balance ending of period | (328,512) | (262,851) | (195,316) |
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance beginning of period | 1,623,307 | 1,682,816 | 1,140,583 |
Additions | 138,802 | 11,756 | 603,514 |
Disposals | (6,735) | (8,722) | |
Depreciation | 72,443 | 68,232 | 52,559 |
Depreciation | (72,443) | (68,232) | (52,559) |
Impairment Loss | (18,830) | (3,033) | |
Balance ending of period | $ 1,664,101 | $ 1,623,307 | $ 1,682,816 |
Vessels in Operation - Vessels
Vessels in Operation - Vessels Acquisitions (Table) (Details) Pure in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
tbr GSL Alexandra [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 8,544 |
Year Built | 2004 |
Property, Plant and Equipment, Additions | $ 30,000 |
Delivery Date | June 2, 2023 |
tbr GSL Sofia [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Property, Plant and Equipment, Additions | $ 30,000 |
Delivery Date | May 22, 2023 |
tbr GSL Effie [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Property, Plant and Equipment, Additions | $ 30,000 |
Delivery Date | May 30, 2023 |
GSL Lydia [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Property, Plant and Equipment, Additions | $ 33,300 |
Delivery Date | June 26, 2023 |
GSL Tripoli [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 5,470 |
Year Built | 2009 |
Property, Plant and Equipment, Additions | $ 37,000 |
Delivery Date | September 1, 2021 |
GSL Tinos [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 5,470 |
Year Built | 2010 |
Property, Plant and Equipment, Additions | $ 37,500 |
Delivery Date | September 9, 2021 |
GSL Syros [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 5,470 |
Year Built | 2010 |
Property, Plant and Equipment, Additions | $ 37,500 |
Delivery Date | September 13, 2021 |
GSL Kithira [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 5,470 |
Year Built | 2009 |
Property, Plant and Equipment, Additions | $ 36,000 |
Delivery Date | October 13, 2021 |
GSL Susan [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 4,363 |
Year Built | 2008 |
Property, Plant and Equipment, Additions | $ 20,740 |
Delivery Date | July 29, 2021 |
GSL Rossi [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 3,421 |
Year Built | 2012 |
Property, Plant and Equipment, Additions | $ 21,580 |
Delivery Date | July 29, 2021 |
GSL Alice [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 3,421 |
Year Built | 2014 |
Property, Plant and Equipment, Additions | $ 23,150 |
Delivery Date | July 29, 2021 |
GSL Melina [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 3,404 |
Year Built | 2013 |
Property, Plant and Equipment, Additions | $ 23,990 |
Delivery Date | July 29, 2021 |
GSL Eleftheria [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 3,404 |
Year Built | 2013 |
Property, Plant and Equipment, Additions | $ 26,870 |
Delivery Date | July 29, 2021 |
GSL Mercer [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 2,824 |
Year Built | 2007 |
Property, Plant and Equipment, Additions | $ 20,750 |
Delivery Date | July 29, 2021 |
GSL Lalo [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 2,824 |
Year Built | 2006 |
Property, Plant and Equipment, Additions | $ 13,320 |
Delivery Date | July 29, 2021 |
Matson Molokai [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 2,824 |
Year Built | 2007 |
Property, Plant and Equipment, Additions | $ 16,430 |
Delivery Date | July 15, 2021 |
GSL Elizabeth [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 2,741 |
Year Built | 2006 |
Property, Plant and Equipment, Additions | $ 13,910 |
Delivery Date | July 28, 2021 |
tbr GSL Chloe [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 2,546 |
Year Built | 2012 |
Property, Plant and Equipment, Additions | $ 22,320 |
Delivery Date | July 29, 2021 |
GSL Maren [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 2,546 |
Year Built | 2014 |
Property, Plant and Equipment, Additions | $ 23,270 |
Delivery Date | July 29, 2021 |
GSL Amstel [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 1,118 |
Year Built | 2008 |
Property, Plant and Equipment, Additions | $ 7,560 |
Delivery Date | July 29, 2021 |
GSL MYNY [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Property, Plant and Equipment, Additions | $ 17,600 |
Delivery Date | July 28, 2021 |
GSL Melita [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 6,008 |
Year Built | 2001 |
Property, Plant and Equipment, Additions | $ 15,500 |
Delivery Date | May 25, 2021 |
GSL Violetta | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Property, Plant and Equipment, Additions | $ 17,300 |
Delivery Date | April 28, 2021 |
GSL Maria [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 6,008 |
Year Built | 2001 |
Property, Plant and Equipment, Additions | $ 16,600 |
Delivery Date | April 28, 2021 |
GSL Arcadia [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Property, Plant and Equipment, Additions | $ 18,000 |
Delivery Date | April 26, 2021 |
GSL Dorothea [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 5,992 |
Year Built | 2001 |
Property, Plant and Equipment, Additions | $ 15,500 |
Delivery Date | April 26, 2021 |
GSL Tegea [Member] | |
Property, Plant and Equipment [Line Items] | |
Capacity in TEUs | 5,992 |
Year Built | 2001 |
Property, Plant and Equipment, Additions | $ 15,500 |
Delivery Date | May 17, 2021 |
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 ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 13, 2021 USD ($) | Jul. 29, 2021 USD ($) | Jul. 28, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||
Unpaid capitalized expenses | $ 2,679 | $ 9,022 | $ 6,257 | |||||
Intangible Liabilities - Charter Agreements | 5,662 | 14,218 | 55,376 | |||||
Tangible Asset Impairment Charges | 18,830 | 3,033 | $ 0 | |||||
Property, Plant and Equipment, Net | $ 1,664,101 | 1,623,307 | ||||||
Number of unencumbered vessels | 5 | |||||||
Ballast water treatments and other additions amount | $ 12,210 | 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 | |||||||
Four Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Intangible Liabilities - Charter Agreements | $ 17,100 | |||||||
Twelve Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Intangible Liabilities - Charter Agreements | $ 76,193 | |||||||
GSL Violetta and GSL Maria [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Intangible Liabilities - Charter Agreements | $ 3,051 | |||||||
La Tour Containership [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 16,514 | |||||||
Collateral description | the vessel was released as collateral under the Company’s $236,200 senior secured loan facility with Hayfin Capital Management, LLP (the “New Hayfin Credit Facility”) | |||||||
Net gain from vessel sale | $ 7,770 | |||||||
Two Vessel Group [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Tangible Asset Impairment Charges | $ 18,830 | |||||||
Property, Plant and Equipment, Net | 43,830 | |||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 25,000 | |||||||
One Vessel Group [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Tangible Asset Impairment Charges | 3,033 | |||||||
Property, Plant and Equipment, Net | 9,033 | |||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 6,000 | |||||||
Number of vessels recognized with impairment charge | 1 |
Deferred charges, net (Table) (
Deferred charges, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Charges Net | |||
Balance beginning of period | $ 54,663 | $ 37,629 | $ 22,951 |
Additions | 38,341 | 30,105 | 23,704 |
Amortization | (19,284) | (13,071) | (9,004) |
Write - off | (22) | ||
Balance ending of period | $ 73,720 | $ 54,663 | $ 37,629 |
Deferred charges, net (Details
Deferred charges, net (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Charges Net | |
Period between scheduled regulatory drydockings | 5 years |
Intangible Liabilities_ Assets
Intangible Liabilities/ Assets - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
December 31, 2024 | $ 5,114 |
December 31, 2025 | 548 |
Total | $ 5,662 |
Intangible Liabilities - Char_3
Intangible Liabilities - Charter Agreements (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Opening balance | $ 14,218 | $ 55,376 | |
Disposals | (476) | 0 | |
Amortization | (8,080) | (41,158) | |
Total | 5,662 | 14,218 | $ 55,376 |
Amortization income of intangible liabilities-charter agreements | 8,080 | 41,158 | 45,430 |
Amortization of intangible liabilities - related party | $ 0 | $ 5,385 | $ 6,882 |
Weighted average useful lives | 1 year |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Insurance and other claims | $ 11,073 | $ 15,008 |
Advances to suppliers and other assets | 11,651 | 6,946 |
Prepaid insurances | 3,628 | 2,969 |
Other | 14,112 | 8,842 |
Total | $ 40,464 | $ 33,765 |
Inventories (Table) (Details)
Inventories (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories Table | ||
Bunkers | $ 685 | $ 0 |
Lubricants | 12,423 | 10,048 |
Stores | 2,025 | 1,643 |
Victualling | 631 | 546 |
Total | $ 15,764 | $ 12,237 |
Derivative Asset - Schedule of
Derivative Asset - Schedule of Derivative Assets (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Opening balance | $ 63,503 | $ 7,227 | |
Derivative asset premium | 0 | 15,370 | |
Unrealized gain on derivative assets | (16,625) | 31,221 | $ 227 |
Fair value adjustment on derivative asset | (5,372) | 9,685 | 0 |
Closing balance | 41,506 | 63,503 | $ 7,227 |
Less: Current portion of derivative assets | (24,639) | (29,645) | |
Non-current portion of derivative assets | $ 16,867 | $ 33,858 |
Derivative Asset (Details Narra
Derivative Asset (Details Narrative) $ in Thousands | 2 Months Ended | 12 Months Ended | |||
Feb. 28, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 22, 2021 USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Payable amount premium | $ 0 | $ 15,370 | |||
Derivative, Gain (Loss) on Derivative, Net | $ (5,372) | 9,685 | $ 0 | ||
Derivative, Description of Hedged Item | the Company has designated only a portion of its outstanding debt (initially, $253,946) 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 | $ 32,549 | 9,245 | 0 | ||
Unrealized gain on the interest rate caps | 214 | 1,091 | 0 | ||
Interest Rate Caps [Member] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative, Notional Amount | $ 507,891 | $ 484,106 | |||
Derivative, Cap Interest Rate | 0.75% | 0.75% | |||
Payable amount premium | $ 7,000 | ||||
Number of interest rate caps | 2 | ||||
Derivative, Maturity Date | fourth quarter 2026 | ||||
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 amount premium | 15,370 | ||||
Derivative, Gain (Loss) on Derivative, Net | 5,372 | 9,685 | $ 0 | ||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 32,549 | $ 9,245 | $ 0 |
Accounts Payable (Table) (Detai
Accounts Payable (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Suppliers, repairers | $ 12,933 | $ 12,802 |
Insurers, agents and brokers | 303 | 510 |
Payables to charterers | 1,967 | 6,306 |
Other creditors | 2,398 | 3,137 |
Total | $ 17,601 | $ 22,755 |
Accrued Liabilities (Table) (De
Accrued Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities | ||
Accrued expenses | $ 20,378 | $ 26,676 |
Accrued interest | 8,160 | 9,362 |
Total | $ 28,538 | $ 36,038 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long - Term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Line of Credit Facility [Line Items] | |||
Long-Term Debt | $ 823,178 | ||
Total Sale and Leaseback Agreements | 107,252 | $ 141,659 | |
Total borrowings | 823,178 | 949,525 | |
Less: Current portion of long-term debt | (193,253) | (189,832) | |
Less: Deferred financing costs (t) | (10,750) | (15,136) | $ (16,714) |
Sale and Leaseback Agreement CMBFL - $120,000 (k) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 64,438 | 89,838 | |
Sale and Leaseback Agreement CMBFL - $54,000 (l) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 36,018 | 41,850 | |
Sale and Leaseback Agreement - Neptune $14,735 (m) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 6,796 | 9,971 | |
Total Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt | 715,926 | 807,866 | |
Non-current portion of Long-Term Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Less: Current portion of long-term debt | (164,888) | (155,424) | |
Less: Current portion of Sale and Leaseback Agreements (k,l,m) | (28,365) | (34,408) | |
Less: Deferred financing costs (t) | (10,750) | (15,136) | |
Non-current portion of Long-Term Debt | 619,175 | 744,557 | |
Macquarie loan (a) [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Gross | 66,000 | 0 | |
2027 Secured Notes (b) [Member] | |||
Line of Credit Facility [Line Items] | |||
Senior Notes | 284,375 | 336,875 | |
E.SUN, MICB, Cathay, Taishin Credit Facility (c) [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Gross | 28,500 | 46,500 | |
Sinopac Credit Facility (d) [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Gross | 8,220 | 9,900 | |
HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Gross | 73,283 | 100,000 | |
Deutsche Credit Facility (f) [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Gross | 40,046 | 44,695 | |
HCOB Credit Facility (g) [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Gross | 24,744 | 40,794 | |
CACIB, Bank Sinopac, CTBC Credit Facility (h) [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Gross | 38,950 | 44,050 | |
Chailease Credit Facility (i) [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-Term Debt, Gross | 2,608 | 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] | |||
Long-Term Debt, Gross | $ 149,200 | $ 181,200 |
Long-Term Debt (Narrative I) (D
Long-Term Debt (Narrative I) (Details Narrative) $ in Thousands | 5 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 18, 2023 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Line of Credit Facility [Line Items] | ||||||
Proceeds from Lines of Credit | $ 76,000 | $ 60,000 | $ 744,506 | |||
Line of Credit Facility, Interest Rate Description | 1-month Compounded SOFR | |||||
Loan margin percentage | 0.64% | |||||
Repayments of Debt | $ 0 | $ 276,671 | $ 152,862 | |||
2027 Secured Notes [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. | |||||
Loan margin percentage | 5.69% | |||||
Outstanding amount | $ 284,375 | |||||
Debt Instrument, Issuance Date | Jun. 16, 2022 | |||||
Debt Instrument, Repurchased Face Amount | $ 350,000 | |||||
Debt Instrument, Description of Variable Rate Basis | interpolated interest rate of 2.84% plus a margin 2.85% | |||||
Number of vessels collateral | 20 | |||||
$76.0 million Macquarie Bank Limited Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Proceeds from Lines of Credit | $ 76,000 | |||||
Description of Scope | to finance part of the acquisition cost of the four 8,544 TEU vessels for an aggregate purchase price of $123,300 | |||||
Number of tranches | 4 | |||||
Maturity date | May 2026 | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 25,000 | |||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||
Loan margin percentage | 3.50% | |||||
Outstanding amount | $ 66,000 | |||||
$76.0 million Macquarie Bank Limited Credit Facility [Member] | 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 | |||||
$76.0 million Macquarie Bank Limited Credit Facility [Member] | 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 | |||||
$76.0 million Macquarie Bank Limited Credit Facility [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 | |||||
$76.0 million Macquarie Bank Limited Credit Facility [Member] | Two Installments I [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 | |||||
$60.0 million E.SUN, MICB, Cathay, Taishin Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
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, | |||||
Number of tranches | 3 | |||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||
Loan margin percentage | 2.75% | |||||
Outstanding amount | $ 28,500 | |||||
Issuance date of debt instrument | December 30, 2021 | |||||
Repayments of Debt | $ 26,205 | |||||
Fees on repayments of debt | $ 3,968 | |||||
$60.0 million E.SUN, MICB, Cathay, Taishin Credit Facility [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 | |||||
$60.0 million E.SUN, MICB, Cathay, Taishin Credit Facility [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 | |||||
$12.0 Million Sinopac Capital International Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Proceeds from Lines of Credit | $ 12,000 | |||||
Description of Scope | partially used to fully refinance the Hayfin Credit Facility. | |||||
Maturity date | September 2026 | |||||
Repayment installments | 20 | |||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||
Line of Credit Facility, Periodic Payment | $ 420 | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,600 | |||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||
Loan margin percentage | 3.25% | |||||
Outstanding amount | $ 8,220 | |||||
Issuance date of debt instrument | August 27, 2021 |
Long-Term Debt (Narrative II) (
Long-Term Debt (Narrative II) (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Feb. 10, 2020 | Feb. 26, 2020 | Mar. 23, 2023 | Apr. 13, 2021 | Apr. 30, 2021 | May 31, 2021 | Jul. 31, 2023 | Jul. 31, 2021 | Sep. 24, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 15, 2021 | |
Line of Credit Facility [Line Items] | |||||||||||||
Proceeds from Lines of Credit | $ 76,000,000 | $ 60,000,000 | $ 744,506,000 | ||||||||||
Repayments of Debt | $ 0 | $ 276,671,000 | $ 152,862,000 | ||||||||||
Line of Credit Facility, Interest Rate Description | 1-month Compounded SOFR | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.64% | ||||||||||||
$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 | $ 140,000,000 | |||||||||||
Description of Scope | to finance the acquisition of the Twelve Vessels | ||||||||||||
Maturity date | July 2026 | ||||||||||||
Balloon payment to be paid | $ 35,600,000 | ||||||||||||
Repayments of Debt | $ 2,838,000 | ||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||||||
Long-Term Debt, Gross | $ 73,283,000 | ||||||||||||
$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 | ||||||||||||
Balloon payment to be paid | $ 28,421,000 | ||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | ||||||||||||
Long-Term Debt, Gross | $ 40,046,000 | ||||||||||||
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] | |||||||||||||
Description of Scope | in order to finance the acquisition of six out of the Seven Vessels | ||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||
Long-Term Debt, Gross | $ 24,744,000 | ||||||||||||
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 | ||||||||||||
$64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | Tranches A, E and F [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Proceeds from Lines of Credit | $ 32,100,000 | ||||||||||||
Maturity date | April 2025 | ||||||||||||
$64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | Tranches B and D [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Proceeds from Lines of Credit | $ 21,400,000 | ||||||||||||
Maturity date | May 2025 | ||||||||||||
$64.2 Million Hamburg Commercial Bank AG Credit Facility [Member] | Tranche C [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Proceeds from Lines of Credit | $ 10,700,000 | ||||||||||||
Maturity date | July 2025 | ||||||||||||
$51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Issuance date of debt instrument | April 13, 2021 | ||||||||||||
Proceeds from Lines of Credit | $ 51,700,000 | ||||||||||||
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 | ||||||||||||
Maturity date | April 2026 | ||||||||||||
Repayment installments | 20 | ||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,275,000 | ||||||||||||
Balloon payment to be paid | $ 26,200,000 | ||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||||
Long-Term Debt, Gross | $ 38,950,000 | ||||||||||||
$9.0 Million Chailease Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Issuance date of debt instrument | February 26, 2020 | ||||||||||||
Proceeds from Lines of Credit | $ 9,000,000 | ||||||||||||
Description of Scope | for the refinance of DVB Credit Facility | ||||||||||||
Balloon payment to be paid | $ 1,314,000 | ||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.20% | ||||||||||||
Long-Term Debt, Gross | $ 2,608,000 | ||||||||||||
$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 CAS and is payable at each quarter end date | ||||||||||||
Long-Term Debt, Gross | $ 149,200,000 | ||||||||||||
Number of loan tranches | 2 | ||||||||||||
$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 | ||||||||||||
Balloon payment to be paid | $ 126,000,000 | ||||||||||||
$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 | ||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,000,000 | ||||||||||||
Balloon payment to be paid | $ 18,000,000 | ||||||||||||
Extended $268.0 Million Syndicated Senior Secured Credit Facility [Member] | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Issuance date of debt instrument | January 2022 | ||||||||||||
Description of Scope | to refinance its outstanding Syndicated Senior Secured Credit Facility | ||||||||||||
Maturity date | December 2026 | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% |
Long-Term Debt (Narrative III)
Long-Term Debt (Narrative III) (Details Narrative) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Jan. 19, 2021 USD ($) | Mar. 23, 2023 USD ($) | Apr. 05, 2022 USD ($) | May 31, 2021 USD ($) | Jun. 16, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jul. 31, 2023 USD ($) | Jul. 31, 2021 USD ($) | Aug. 26, 2021 USD ($) | Oct. 13, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 20, 2021 USD ($) | May 12, 2021 USD ($) | Nov. 27, 2019 USD ($) | Nov. 19, 2019 USD ($) | |
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Proceeds from Lines of Credit | $ 76,000,000 | $ 60,000,000 | $ 744,506,000 | |||||||||||||||
Line of Credit Facility, Interest Rate Description | 1-month Compounded SOFR | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.64% | |||||||||||||||||
Repayments of Debt | $ 0 | $ 276,671,000 | $ 152,862,000 | |||||||||||||||
8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 4,125,000 | $ 27,500,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2024 | |||||||||||||||||
Debt Instrument, Date of First Required Payment | Feb. 29, 2020 | |||||||||||||||||
Notes Payable, Fair Value Disclosure | $ 89,020,000 | $ 0 | ||||||||||||||||
8.00% Senior Unsecured Notes Due 2024 [Member] | Twelve Vessels [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Aggregate purchase price | $ 233,890,000 | |||||||||||||||||
Net proceeds from issuance | $ 35,000,000 | |||||||||||||||||
$236.2 Million Senior secured loan facility with Hayfin Management, LLP [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
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 | |||||||||||||||||
Proceeds from Lines of Credit | $ 236,200,000 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 7% | |||||||||||||||||
Issuance date of debt instrument | January 7, 2021 | |||||||||||||||||
Maturity date | January 2026 | |||||||||||||||||
Repayment installments | 20 | |||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 6,560,000 | |||||||||||||||||
Line of Credit Facility, Collateral | The New Hayfin Credit Facility was 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. | |||||||||||||||||
Repayments of Debt | $ 197,569,000 | $ 5,831,000 | ||||||||||||||||
Fees on repayments of debt | $ 11,229,000 | |||||||||||||||||
Long-Term Debt, Gross | $ 0 | |||||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Description of Scope | to finance the acquisition of the Twelve Vessels | |||||||||||||||||
Proceeds from Lines of Credit | $ 140,000,000 | $ 140,000,000 | ||||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||
Issuance date of debt instrument | July 6, 2021 | |||||||||||||||||
Maturity date | July 2026 | |||||||||||||||||
Repayments of Debt | $ 2,838,000 | |||||||||||||||||
Long-Term Debt, Gross | $ 73,283,000 | |||||||||||||||||
On or after December 31, 2021 and prior to December 31, 2022 [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||
Sale Leaseback Transaction [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] | ||||||||||||||||||
Sale Leaseback Transaction [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] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||||||||||||
Redeemed Notes [Member] | 8.00% Senior Unsecured Notes Due 2024 [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102% | |||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 28,500,000 | |||||||||||||||||
Loss of partial redemption amount | $ 2,350,000 | |||||||||||||||||
$120.0 Million - Sale and Leaseback agreements - CMBFL Four Vessels [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Sale Leaseback Transaction, Date | August 26, 2021 | |||||||||||||||||
Number of sale and leaseback agreements | 4 | |||||||||||||||||
Outstanding balance | $ 30,000,000 | $ 64,438,000 | ||||||||||||||||
Description of Scope | to finance the acquisition of the Four Vessels | |||||||||||||||||
Proceeds from Lines of Credit | $ 30,000,000 | $ 90,000,000 | ||||||||||||||||
Purchase Obligation | $ 7,000,000 | |||||||||||||||||
Finance Lease Liability Maturity Date | three vessels mature in September 2027 and for the fourth vessel in October 2027 | |||||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||
$120.0 Million - Sale and Leaseback agreements - CMBFL Four Vessels [Member] | First Twelve Quarterly Installments [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 12 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||
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] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 12 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 329,200 | |||||||||||||||||
$54.0 Million Sale and Leaseback agreement - CMBFL [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Sale Leaseback Transaction, Date | May 20, 2021 | |||||||||||||||||
Outstanding balance | $ 36,018,000 | $ 54,000,000 | ||||||||||||||||
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 | |||||||||||||||||
Proceeds from Lines of Credit | $ 54,000,000 | |||||||||||||||||
Purchase Obligation | $ 19,980,000 | |||||||||||||||||
Finance Lease Liability Maturity Date | May 2028 | |||||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||||
Aggregate purchase price | 75,000,000 | |||||||||||||||||
Advance hire | 21,000,000 | |||||||||||||||||
$54.0 Million Sale and Leaseback agreement - CMBFL [Member] | Eight Installments [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 8 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 2,025,000 | |||||||||||||||||
$54.0 Million Sale and Leaseback agreement - CMBFL [Member] | Twenty Installments [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 20 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 891,000 | |||||||||||||||||
$14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Sale Leaseback Transaction, Date | May 12, 2021 | |||||||||||||||||
Outstanding balance | $ 6,796,000 | $ 14,735,000 | ||||||||||||||||
Description of Scope | to finance the acquisition of GSL Violetta delivered in April 2021 | |||||||||||||||||
Purchase Obligation | $ 950,000 | |||||||||||||||||
Finance Lease Liability Maturity Date | February 2026 | |||||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.64% | |||||||||||||||||
Sale Leaseback Transaction, Net Proceeds, Financing Activities | $ 14,735,000 | |||||||||||||||||
$14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | Fifteen Installments [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 15 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 793,870 | |||||||||||||||||
$14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | Four Installments [Member] | ||||||||||||||||||
Sale Leaseback Transaction [Line Items] | ||||||||||||||||||
Line of Credit Facility, Number of Repayment Installments | 4 | |||||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 469,120 |
Long-Term Debt - Repayment Sche
Long-Term Debt - Repayment Schedule (Table) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
December 31, 2024 | $ 193,252 |
December 31, 2025 | 144,587 |
December 31, 2026 | 300,858 |
December 31, 2027 | 162,719 |
December 31, 2028 | 21,762 |
Total | $ 823,178 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Deferred Financing Costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | (5,526) | (11,233) |
Closing balance | $ 10,750 | $ 15,136 |
Long-Term Debt (Narrative IV)_2
Long-Term Debt (Narrative IV) (Details Narrative) $ in Thousands | 1 Months Ended | 5 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | 13 Months Ended | ||||||
Jan. 19, 2022 USD ($) | Feb. 10, 2020 USD ($) | May 24, 2019 USD ($) | Sep. 04, 2019 USD ($) | Oct. 03, 2019 USD ($) | Sep. 23, 2019 USD ($) | Oct. 31, 2017 USD ($) | Dec. 10, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 20, 2021 USD ($) | May 23, 2019 USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||||
Proceeds from Lines of Credit | $ 76,000 | $ 60,000 | $ 744,506 | |||||||||||
Repayments of Debt | $ 0 | 276,671 | 152,862 | |||||||||||
Line of Credit Facility, Interest Rate Description | 1-month Compounded SOFR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.64% | |||||||||||||
Number of vessels secured to notes | 68 | |||||||||||||
Fees and related costs deferred | $ 1,140 | 9,655 | ||||||||||||
Amortization of Debt Issuance Costs | $ 5,526 | 11,233 | 8,279 | |||||||||||
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 December 31, 2023, and December 31, 2022, the Company was in compliance with its debt covenants | |||||||||||||
$14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 191 | |||||||||||||
$54.0 Million Sale and Leaseback agreement - CMBFL [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 945 | |||||||||||||
Senior Secured Notes 2027 A [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 7,409 | |||||||||||||
9.875 % First Priority Secured Notes Due 2022 [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.875% | |||||||||||||
Debt Instrument, Issuance Date | Oct. 31, 2017 | |||||||||||||
Debt Instrument, Face Amount | $ 360,000 | |||||||||||||
Debt Instrument, Maturity Date | Nov. 15, 2022 | |||||||||||||
Proceeds from Issuance of Secured Debt | $ 356,400 | |||||||||||||
Debt Instrument, Frequency of Periodic Payment | Interest on the 2022 Notes was payable semi-annually on May 15 and November 15 of each year | |||||||||||||
Debt Instrument, Date of First Required Payment | May 15, 2018 | |||||||||||||
Number of vessels secured to notes | 16 | |||||||||||||
Number of vessels owned | 16 | |||||||||||||
Debt Instrument, Repurchased Face Amount | $ 46,000 | $ 15,287 | $ 233,436 | |||||||||||
Debt Instrument, Repurchase Amount | $ 48,271 | $ 239,200 | ||||||||||||
Debt Instrument, Repurchase Price Percentage | 104.938% | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 98.98% | 102.469% | ||||||||||||
Gain (Loss) on Extinguishment of Debt | 10,642 | |||||||||||||
$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 | |||||||||||||
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 | |||||||||||||
Line of Credit Facility, Expiration Date | Sep. 24, 2024 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10% | |||||||||||||
Repayment installments | 1 | |||||||||||||
Repayments of Debt | $ 26,205 | 12,295 | ||||||||||||
Fees on repayments of debt | $ 3,968 | 1,618 | ||||||||||||
Long-Term Debt, Gross | $ 0 | |||||||||||||
$59.0 Million Hellenic Bank Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
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 | |||||||||||||
$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 | |||||||||||||
Repayment installments | 20 | |||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||
Line of Credit Facility, Periodic Payment | $ 450 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000 | |||||||||||||
$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 | |||||||||||||
Repayment installments | 20 | |||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||
Line of Credit Facility, Periodic Payment | $ 400 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000 | |||||||||||||
$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 | |||||||||||||
Repayment installments | 20 | |||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||
Line of Credit Facility, Periodic Payment | $ 400 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000 | |||||||||||||
$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 | |||||||||||||
Description of Scope | to be used in connection with the acquisition of the vessels GSL Vinia and GSL Christel Elisabeth | |||||||||||||
Repayment installments | 20 | |||||||||||||
Long-Term Debt, Gross | 0 | |||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||
Line of Credit Facility, Periodic Payment | $ 375 | |||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,500 | |||||||||||||
Issuance date of debt instrument | Dec. 10, 2019 | |||||||||||||
Number of loan tranches | 2 | |||||||||||||
Line of Credit Facility, Interest Rate Description | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | |||||||||||||
Prepayment date | June 24, 2022 | |||||||||||||
$76.0 Million Macquarie Bank Limited Credit Facility [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | $ 1,140 | |||||||||||||
$268.0 Million Syndicated Senior Secured Credit Facility [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 1,066 | |||||||||||||
$60.0 Million E.SUN, MICB, Cathay, Taishin Credit Facility [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | $ 1,180 | |||||||||||||
At Market Issuance Sales Agreement [Member] | 8% Senior Unsecured Notes Due 2024 [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 434 | |||||||||||||
$236.2 Million Senior secured loan facility with Hayfin Capital Management, LLP [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 4,049 | |||||||||||||
$51.7 Million Deutsche Bank AG Credit Facility [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 777 | |||||||||||||
$64.2 Million Hamburg Commercial Bank AG Credit Facility [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 1,386 | |||||||||||||
$51.7 Million CACIB, Bank Sinopac, CTBC Credit Facility [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 984 | |||||||||||||
$12.0 Million Sinopac Capital International Credit Facility [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 252 | |||||||||||||
$140.0 Million HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | 2,852 | |||||||||||||
$120.0 Million Sale and Leaseback agreements - CMBFL Four Vessels [member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fees and related costs deferred | $ 1,920 |
Time charter revenue - Operatin
Time charter revenue - Operating revenue (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CMA CGM [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of revenue | 28.59% | 29.62% | 33.83% |
MAERSK [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of revenue | 30.82% | 29.79% | 22.81% |
ZIM [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of revenue | 13.49% | 10.73% | 7.49% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Other Receivables, Net, Current | $ 626 | $ 673 | |
Other Liabilities, Current | $ 717 | $ 572 | |
Broker fee commission percentage | 1% | ||
CMA CGM [Member] | Common Class A [Member] | |||
Related Party Transaction [Line Items] | |||
Voting Interest | 0% | 0% | 8.40% |
CMA CGM [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of revenue | 14.90% | 33.80% | |
Technomar [Member] | |||
Related Party Transaction [Line Items] | |||
Number of ships under technical management | 5 | ||
Management fees | $ 19,086 | $ 16,642 | $ 15,294 |
Other Receivables, Net, Current | 626 | 673 | |
Third Party Managers [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees | 981 | 1,488 | 834 |
Conchart [Member] | |||
Related Party Transaction [Line Items] | |||
Time charter and voyage expenses-related parties | 7,995 | 6,289 | $ 3,583 |
Other Liabilities, Current | $ 717 | $ 572 |
Commitments and Contingencies -
Commitments and Contingencies - Charter Hire Receivable (Table) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Commitments And Contingencies | |
December 31, 2024 | $ 613,536 |
December 31, 2025 | 381,601 |
December 31, 2026 | 267,162 |
December 31, 2027 | 196,577 |
Thereafter | 130,783 |
Total minimum lease revenue, net of address commissions | $ 1,589,659 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | 12 Months Ended |
Dec. 31, 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 | 4 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||
Jan. 26, 2021 USD ($) $ / shares shares | Jan. 20, 2021 shares | Mar. 01, 2023 USD ($) $ / shares | Feb. 17, 2021 USD ($) shares | May 10, 2023 USD ($) $ / shares | Apr. 30, 2022 shares | Apr. 30, 2020 shares | Aug. 03, 2023 USD ($) $ / shares | Sep. 01, 2021 shares | Aug. 20, 2014 USD ($) | Sep. 30, 2022 shares | Nov. 09, 2023 USD ($) $ / shares | Oct. 31, 2022 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 29, 2022 USD ($) | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) shares | Apr. 13, 2021 $ / shares shares | Jan. 11, 2021 $ / shares | |
Classes of common shares | 1 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 67,549 | ||||||||||||||||||||
Stock Offering Cost | $ | $ 0 | $ 300 | |||||||||||||||||||
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] | Maximum [Member] | |||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 150,000,000 | ||||||||||||||||||||
Common stock [member] | |||||||||||||||||||||
Common shares, repurchased | 184,684 | 521,650 | 568,835 | 307,121 | |||||||||||||||||
January 2021 Equity Offering [Member] | |||||||||||||||||||||
Stock issued during the period | 5,400,000 | 141,959 | |||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ / shares | $ 13 | ||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ | $ 70,200 | $ 67,758 | |||||||||||||||||||
Common Class A | 2019 Plan [Member] | |||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 184,270 | ||||||||||||||||||||
Stock issued during the period | 440,698 | 586,819 | 747,604 | ||||||||||||||||||
Common Class A [Member] | |||||||||||||||||||||
Dividends Payable amount per Share | $ / shares | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.12 | ||||||||||||||||
Common Stock, Shares, Outstanding | 35,188,323 | ||||||||||||||||||||
Dividends Payable, Date to be Paid | Mar. 06, 2023 | Jun. 02, 2023 | Sep. 04, 2023 | Dec. 04, 2023 | |||||||||||||||||
Dividends Payable, Date of Record | Feb. 22, 2023 | May 24, 2023 | Aug. 23, 2023 | Nov. 24, 2023 | |||||||||||||||||
Dividends | $ | $ 13,351 | $ 13,340 | $ 13,300 | $ 13,258 | |||||||||||||||||
Common Class A [Member] | Kelso [Member] | |||||||||||||||||||||
Conversion of Stock, Shares Issued | 12,955,188 | ||||||||||||||||||||
Common Class A [Member] | Kelso and Maas Capital Investments [Member] | |||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ / shares | $ 12.50 | ||||||||||||||||||||
Number of shares sold | 5,175,000 | ||||||||||||||||||||
Series C Preferred Stock [Member] | Kelso [Member] | |||||||||||||||||||||
Preferred Stock, Shares Outstanding | 250,000 | ||||||||||||||||||||
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 | $ 2,500,000 | ||||||||||||||||||||
Preferred Stock, Shares Outstanding | 43,592 | 43,592 | |||||||||||||||||||
Desositary shares outstanding | 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 | 12 Months Ended | |
Dec. 31, 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 | (399,727) | (218,366) |
Vested, Actual Fair Value on Vesting Date | $ 18.87 | $ 19.36 |
Forfeit, Number of units | (35,771) | (14,748) |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 881,213 | 1,316,711 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) $ / shares in Units, $ in Thousands | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2021 shares | Sep. 29, 2021 $ / shares shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2019 $ / shares 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 | 152,598 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested, Number | 2,111,988 | |||||
Share-based Payment Arrangement, Noncash Expense | $ | $ 10,189 | $ 10,104 | $ 3,510 | |||
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 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 408,096 | 931,874 | ||||
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 | 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 | |||||
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 | |||||
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 | 399,727 | 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 | |||||
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 | $ 30 | |||||
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 |
Earnings_(Loss) per Share (Tabl
Earnings/(Loss) per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income available to common shareholders: | |||
Class A, basic and diluted | $ 294,964 | $ 283,389 | $ 163,232 |
Common Class A [Member] | |||
Denominator: | |||
Basic weighted average number of common shares outstanding | 35,405,458 | 36,603,134 | 35,125,003 |
Plus weighted average number of RSUs with service conditions | 523,464 | 601,211 | 383,012 |
Common share and common share equivalents, dilutive | 35,928,922 | 37,204,345 | 35,508,015 |
Basic earnings per share: | |||
Earnings Per Share, Basic | $ 8.33 | $ 7.74 | $ 4.65 |
Diluted earnings per share: | |||
Earnings Per Share, Diluted | $ 8.21 | $ 7.62 | $ 4.60 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - shares | Dec. 31, 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 | 881,213 | 1,316,711 | 1,549,825 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | |
Feb. 01, 2024 | Mar. 15, 2024 | Jan. 03, 2024 | |
Subsequent Event [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 4,884 | ||
Shares repurchased | 242,372 | ||
Stock Repurchased During Period, Value | $ 4,812 | ||
Dividend Declared [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable, Amount Per Share | $ 0.375 | ||
Dividends Payable, Date to be Paid | Mar. 06, 2024 | ||
Dividends Payable, Date of Record | Feb. 22, 2024 |