Cover
Cover | 6 Months Ended |
Jun. 30, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2024 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2024 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-34153 |
Entity Registrant Name | Global Ship Lease, Inc. |
Entity Central Index Key | 0001430725 |
Entity Address, Address Line One | 9 Irodou Attikou Street |
Entity Address, City or Town | Kifisia |
Entity Address, Country | GR |
Interim Unaudited Condensed Con
Interim Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 171,279 | $ 138,640 |
Time deposits | 53,000 | 14,000 |
Restricted cash | 58,864 | 56,803 |
Accounts receivable, net | 11,647 | 4,741 |
Inventories | 15,571 | 15,764 |
Prepaid expenses and other current assets | 39,418 | 40,464 |
Derivative assets | 22,612 | 24,639 |
Due from related parties | 886 | 626 |
Total current assets | 373,277 | 295,677 |
NON - CURRENT ASSETS | ||
Vessels in operation | 1,631,405 | 1,664,101 |
Advances for vessels acquisitions and other additions | 21,488 | 12,210 |
Deferred charges, net | 72,805 | 73,720 |
Other non-current assets | 22,564 | 23,935 |
Derivative assets, net of current portion | 13,834 | 16,867 |
Restricted cash, net of current portion | 67,141 | 85,270 |
Total non - current assets | 1,829,237 | 1,876,103 |
TOTAL ASSETS | 2,202,514 | 2,171,780 |
CURRENT LIABILITIES | ||
Accounts payable | 18,398 | 17,601 |
Accrued liabilities | 29,105 | 28,538 |
Current portion of long - term debt | 173,677 | 193,253 |
Current portion of deferred revenue | 41,177 | 40,331 |
Due to related parties | 621 | 717 |
Total current liabilities | 262,978 | 280,440 |
LONG - TERM LIABILITIES | ||
Long - term debt, net of current portion and deferred financing costs | 539,008 | 619,175 |
Intangible liabilities - charter agreements | 2,657 | 5,662 |
Deferred revenue, net of current portion | 66,815 | 82,115 |
Total non - current liabilities | 608,480 | 706,952 |
Total liabilities | 871,458 | 987,392 |
Commitments and Contingencies | 0 | 0 |
SHAREHOLDERS' EQUITY | ||
Class A common shares - authorized 214,000,000 shares with a $0.01 par value 35,260,029 shares issued and outstanding (2023 - 35,188,323 shares) | 353 | 351 |
Series B Preferred Shares - authorized 104,000 shares with a $0.01 par value 43,592 shares issued and outstanding (2023 - 43,592 shares) | 0 | 0 |
Additional paid in capital | 676,056 | 676,592 |
Retained Earnings | 636,785 | 488,105 |
Accumulated other comprehensive income | 17,862 | 19,340 |
Total shareholders' equity | 1,331,056 | 1,184,388 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 2,202,514 | $ 2,171,780 |
Interim Unaudited Condensed C_2
Interim Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Common Class A [Member] | ||
Common shares, shares authorized | 214,000,000 | 214,000,000 |
Common shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares issued | 35,260,029 | 35,188,323 |
Common shares, shares outstanding | 35,260,029 | 35,188,323 |
Series B Preferred Stock [Member] | ||
Preferred shares, shares issued | 43,592 | |
Preferred shares, shares authorized | 104,000 | 104,000 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, shares issued | 43,592 | |
Preferred shares, shares outstanding | 43,592 | 43,592 |
Interim Unaudited Condensed C_3
Interim Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
OPERATING REVENUES | ||
Time charter revenues | $ 351,553 | $ 316,326 |
Amortization of intangible liabilities-charter agreements | 3,005 | 5,045 |
Total Operating Revenues | 354,558 | 321,371 |
Vessel operating expenses (include related party vessel operating expenses of $10,808 and $8,901 for each of the periods ended June 30, 2024 and 2023, respectively) | 95,038 | 86,169 |
Time charter and voyage expenses (include related party time charter and voyage expenses of $4,317 and $3,662 for each of the periods ended June 30, 2024 and 2023, respectively) | 10,631 | 12,139 |
Depreciation and amortization | 48,810 | 43,356 |
General and administrative expenses | 9,138 | 9,500 |
Operating Income | 190,941 | 170,207 |
NON-OPERATING INCOME/(EXPENSES) | ||
Interest income | 7,827 | 4,394 |
Interest and other finance expenses | (20,343) | (22,008) |
Other income, net | 2,257 | 1,160 |
Fair value adjustment on derivative asset | (764) | (1,368) |
Total non-operating expenses | (11,023) | (17,822) |
Income before income taxes | 179,918 | 152,385 |
Income taxes | (1) | (5) |
Net Income | 179,917 | 152,380 |
Earnings allocated to Series B Preferred Shares | (4,768) | (4,768) |
Net Income available to Common Shareholders | $ 175,149 | $ 147,612 |
Common Class A [Member] | ||
Weighted average number of Class A common shares outstanding | ||
Basic | 35,201,716 | 35,533,273 |
Diluted | 35,637,505 | 36,206,309 |
Net Earnings per Class A common share | ||
Basic | $ 4.98 | $ 4.15 |
Diluted | $ 4.91 | $ 4.08 |
Interim Unaudited Condensed C_4
Interim Unaudited Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||
Vessel operating expenses - related parties | $ 10,808 | $ 8,901 |
Time charter and voyage expenses - related parties | $ 4,317 | $ 3,662 |
Interim Unaudited Condensed C_5
Interim Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||
Net Income available to Common Shareholders | $ 175,149 | $ 147,612 |
Cash Flow Hedge: | ||
Unrealized loss on derivative assets | (4,324) | (5,231) |
Amortization of interest rate cap premium | 2,295 | 1,936 |
Amounts reclassified to/(from) earnings | 551 | (176) |
Total Other Comprehensive Loss | (1,478) | (3,471) |
Total Comprehensive Income | $ 173,671 | $ 144,141 |
Interim Unaudited Condensed C_6
Interim Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||
Net Income | $ 179,917 | $ 152,380 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 48,810 | 43,356 | |
Amounts reclassified to/(from) other comprehensive income | 551 | (176) | |
Amortization of derivative assets’ premium | 2,295 | 1,936 | |
Amortization of deferred financing costs | 2,322 | 2,836 | |
Amortization of intangible liabilities - charter agreements | (3,005) | (5,045) | |
Fair value adjustment on derivative asset | 764 | 1,368 | $ 5,372 |
Stock-based compensation expense | 4,460 | 5,179 | |
Changes in operating assets and liabilities: | |||
Increase in accounts receivable and other assets | (4,489) | (2,462) | |
Decrease/(increase) in inventories | 193 | (1,162) | |
Increase in derivative asset | (28) | 0 | |
Decrease in accounts payable and other liabilities | (139) | (5,916) | |
(Increase)/decrease in related parties' balances, net | (356) | 745 | |
(Decrease)/increase in deferred revenue | (14,454) | 12,240 | |
Payments for drydocking and special survey costs | (10,742) | (23,052) | |
Unrealized foreign exchange (gain)/loss | (4) | 1 | |
Net cash provided by operating activities | 206,095 | 182,228 | |
Cash flows from investing activities: | |||
Acquisition of vessels | 0 | (123,300) | |
Cash paid for vessel expenditures | (4,703) | (4,551) | |
Advances for vessels acquisitions and other additions | (7,527) | (5,945) | |
Net proceeds from sale of vessel | 0 | 5,940 | |
Time deposits acquired | (39,000) | (4,050) | |
Net cash used in investing activities | (51,230) | (131,906) | |
Cash flows from financing activities: | |||
Proceeds from drawdown of credit facilities | 0 | 76,000 | |
Repayment of credit facilities and sale and leaseback | (102,063) | (100,271) | |
Deferred financing costs paid | 0 | (1,140) | |
Cancellation of Class A common shares | (4,994) | (16,980) | |
Class A common shares - dividend paid | (26,469) | (26,691) | |
Series B Preferred Shares - dividend paid | (4,768) | (4,768) | |
Net cash used in financing activities | (138,294) | (73,850) | |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 16,571 | (23,528) | |
Cash and cash equivalents and restricted cash at beginning of the period | 280,713 | 269,930 | 269,930 |
Cash and cash equivalents and restricted cash at end of the period | 297,284 | 246,402 | $ 280,713 |
Supplementary Cash Flow Information: | |||
Cash paid for interest | 30,626 | 33,329 | |
Cash received from interest rate caps | 14,366 | 15,916 | |
Non-cash financing activities: | |||
Unrealized loss on derivative assets | $ (4,324) | $ (5,231) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholder's Equity (Parenthetical) - $ / shares | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Series B Preferred Stock [Member] | ||||||
Preferred shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock [Member] | ||||||
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
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] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2022 | $ 359 | $ 0 | $ 688,262 | $ 246,390 | $ 31,480 | $ 966,491 |
Beginning balance,shares at Dec. 31, 2022 | 35,990,288 | 43,592 | ||||
Stock-based compensation expense (Note 10) | $ 1 | $ 0 | 2,673 | 0 | 0 | 2,674 |
Stock-based compensation expense (Note 10), shares | 82,944 | |||||
Cancellation of Class A common shares (Note 9) | $ (6) | 0 | (9,982) | 0 | 0 | (9,988) |
Cancellation of Class A common shares (Note 9), shares | (582,178) | |||||
Issuance of Series B Preferred shares, net of offering costs (Note 9) | $ 0 | 0 | 102 | 0 | 0 | 102 |
Other comprehensive loss | 0 | 0 | 0 | 0 | (7,182) | (7,182) |
Net Income for the period | 0 | 0 | 0 | 74,604 | 0 | 74,604 |
Series B Preferred Shares dividend (Note 9) | 0 | 0 | 0 | (2,384) | 0 | (2,384) |
Class A common shares dividend (Note 9) | 0 | 0 | 0 | (13,351) | 0 | (13,351) |
Ending balance, value at Mar. 31, 2023 | $ 354 | $ 0 | 681,055 | 305,259 | 24,298 | 1,010,966 |
Ending balance,shares at Mar. 31, 2023 | 35,491,054 | 43,592 | ||||
Stock-based compensation expense (Note 10) | $ 1 | $ 0 | 2,504 | 0 | 0 | 2,505 |
Stock-based compensation expense (Note 10), shares | 59,924 | |||||
Cancellation of Class A common shares (Note 9) | $ (4) | 0 | (6,988) | 0 | 0 | (6,992) |
Cancellation of Class A common shares (Note 9), shares | (385,064) | |||||
Other comprehensive loss | $ 0 | 0 | 0 | 0 | 3,711 | 3,711 |
Net Income for the period | 0 | 0 | 0 | 77,776 | 0 | 77,776 |
Series B Preferred Shares dividend (Note 9) | 0 | 0 | 0 | (2,384) | 0 | (2,384) |
Class A common shares dividend (Note 9) | 0 | 0 | 0 | (13,340) | 0 | (13,340) |
Ending balance, value at Jun. 30, 2023 | $ 351 | $ 0 | 676,571 | 367,311 | 28,009 | 1,072,242 |
Ending balance,shares at Jun. 30, 2023 | 35,165,914 | 43,592 | ||||
Beginning balance, value at Dec. 31, 2023 | $ 351 | $ 0 | 676,592 | 488,105 | 19,340 | 1,184,388 |
Beginning balance,shares at Dec. 31, 2023 | 35,188,323 | 43,592 | ||||
Stock-based compensation expense (Note 10) | $ 2 | $ 0 | 2,302 | 0 | 0 | 2,304 |
Stock-based compensation expense (Note 10), shares | 141,356 | |||||
Cancellation of Class A common shares (Note 9) | $ (2) | 0 | (4,992) | 0 | 0 | (4,994) |
Cancellation of Class A common shares (Note 9), shares | (251,772) | |||||
Other comprehensive loss | $ 0 | 0 | 0 | 0 | 241 | 241 |
Net Income for the period | 0 | 0 | 0 | 91,890 | 0 | 91,890 |
Series B Preferred Shares dividend (Note 9) | 0 | 0 | 0 | (2,384) | 0 | (2,384) |
Class A common shares dividend (Note 9) | 0 | 0 | 0 | (13,214) | 0 | (13,214) |
Ending balance, value at Mar. 31, 2024 | $ 351 | $ 0 | 673,902 | 564,397 | 19,581 | 1,258,231 |
Ending balance,shares at Mar. 31, 2024 | 35,077,907 | 43,592 | ||||
Stock-based compensation expense (Note 10) | $ 2 | $ 0 | 2,154 | 0 | 0 | 2,156 |
Stock-based compensation expense (Note 10), shares | 182,122 | |||||
Other comprehensive loss | $ 0 | 0 | 0 | 0 | (1,719) | (1,719) |
Net Income for the period | 0 | 0 | 0 | 88,027 | 0 | 88,027 |
Series B Preferred Shares dividend (Note 9) | 0 | 0 | 0 | (2,384) | 0 | (2,384) |
Class A common shares dividend (Note 9) | 0 | 0 | 0 | (13,255) | 0 | (13,255) |
Ending balance, value at Jun. 30, 2024 | $ 353 | $ 0 | $ 676,056 | $ 636,785 | $ 17,862 | $ 1,331,056 |
Ending balance,shares at Jun. 30, 2024 | 35,260,029 | 43,592 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2024 | |
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 containerships, one of which, the Argos, was contracted to be sold, which sale was completed in December 2018, (the “Poseidon Transaction”). In 2021, the Company purchased 23 vessels. The Company purchased seven containerships of approximately 6,000 TEU each (the “Seven Vessels”), 12 containerships from Borealis Finance LLC (the “Twelve Vessels”) and four 5,470 TEU Panamax containerships (the “Four Vessels”). Also on June 30, 2021, vessel La Tour was sold. During the second quarter of 2023, the Company purchased four 8,544 TEU vessels for an aggregate purchase price of $ 123,300 , which were delivered in various dates in May and June 2023 . With these transactions and following the sale of GSL Amstel on March 23, 2023, the Company’s fleet comprises 68 containerships with average age weighted by TEU capacity of 17.7 years. The following table provides information about the 68 vessels owned as at June 30, 2024. Description of Business - Schedule of Vessels (Table) Company Name (1) Country of Incorporation Vessel Capacity in TEUs (2) Year 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 3Q27 (4) Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 3Q27 Global Ship Lease 72 LLC Liberia GSL Alexandra 8,544 2004 3Q25 (5) Global Ship Lease 73 LLC Liberia GSL Sofia 8,544 2003 3Q25 (5) Global Ship Lease 74 LLC Liberia GSL Effie 8,544 2003 3Q25 (5) Global Ship Lease 75 LLC Liberia GSL Lydia 8,544 2003 2Q25 (5) Global Ship Lease 30 Limited Marshall Islands GSL Eleni 7,847 2004 4Q27 (6) Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi 7,847 2004 1Q28 (6) Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 4Q27 (6) Alexander Marine LLC Marshall Islands Colombia Express (12) 7,072 2013 4Q28 (7) Hector Marine LLC Marshall Islands Kristina 7,072 2013 4Q29 (7) Ikaros Marine LLC Marshall Islands Katherine (tbr Costa Rica Express) (12) 7,072 2013 2Q29 (7) Philippos Marine LLC Marshall Islands Alexandra 7,072 2013 2Q29 (7) Aristoteles Marine LLC Marshall Islands Alexis 6,910 2015 3Q29 (7) Menelaos Marine LLC Marshall Islands Olivia I 6,910 2015 3Q29 (7) Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 1Q28 (8) Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 4Q27 (8) Global Ship Lease 48 LLC Liberia CMA CGM Berlioz 7,023 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 3Q24 1. Description of Business (continued) Company Name (1) Country of Incorporation Vessel Capacity in TEUs (2) Year Earliest Charter Expiry Date GSL Arcadia LLC Liberia GSL Arcadia 6,008 2000 1Q25 (9) GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q25 (9) GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24 (9) GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24 (9) GSL Tegea LLC Liberia GSL Tegea 5,994 2001 3Q25 (9) GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 2Q25 (9) GSL MYNY LLC Liberia GSL MYNY 6,008 2000 2Q25 (9) Tasman Marine LLC Marshall Islands Tasman 5,936 2000 1Q25 Hudson Marine LLC Marshall Islands Dimitris Y (ex Zim Europe) (12) 5,936 2000 2Q25 Drake Marine LLC Marshall Islands Ian H 5,936 2000 3Q24 Global Ship Lease 68 LLC (3) Liberia GSL Kithira 5,470 2009 4Q24 (10) Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 3Q27 (10) Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 4Q27 (10) Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 3Q27 (10) Hephaestus Marine LLC Marshall Islands Dolphin II 5,095 2007 1Q25 Zeus One Marine LLC Marshall Islands Orca I 5,095 2006 2Q25 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 Global Ship Lease 50 LLC Liberia CMA CGM Jamaica 4,298 2006 1Q28 Global Ship Lease 49 LLC Liberia CMA CGM Sambhar 4,045 2006 1Q28 Global Ship Lease 51 LLC Liberia CMA CGM America 4,045 2006 1Q28 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 4Q26 (11) Global Ship Lease 60 LLC Liberia GSL Eleftheria 3,421 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 2Q25 Global Ship Lease 42 LLC Liberia GSL Valerie 2,824 2005 1Q25 Pericles Marine LLC Marshall Islands Athena 2,980 2003 2Q25 Global Ship Lease 64 LLC Liberia GSL Elizabeth 2,741 2006 2Q26 Global Ship Lease 65 LLC Liberia GSL Chloe (13) 2,546 2012 4Q24 Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 1Q26 Aris Marine LLC Marshall Islands Maira 2,506 2000 3Q24 Aphrodite Marine LLC Marshall Islands Nikolas 2,506 2000 4Q24 Athena Marine LLC Marshall Islands Newyorker 2,506 2001 1Q25 Global Ship Lease 38 LLC Liberia Manet 2,288 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 2,220 2002 1Q25 Global Ship Lease 44 LLC Liberia Akiteta 2,220 2002 4Q24 1. Description of Business (continued) (1) All subsidiaries are 100% owned, either directly or indirectly; (2) Twenty-foot Equivalent Units; (3) Currently, under a sale and leaseback transaction (see note 2g); (4) MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed 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”). Agios Dimitrios new charter commenced on 2Q 2024; (5) 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; (6) GSL Eleni, GSL Kalliopi and GSL Grania, were forward fixed with direct continuation for 35 – 38 months, after which the charterer has the option to extend each charter for further 12 – 16 months; (7) Colombia Express (ex Mary), Kristina, Katherine (tbr Costa Rica Express), Alexandra, Alexis, Olivia I were forward fixed 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 Colombia Express (ex Mary) commenced in early 2024. The new charters for the remaining vessels are scheduled to commence as each of the existing charters expire, between approximately 3Q 2024 and late 2024; (8) GSL Nicoletta and GSL Christen were forward fixed for 39 – 42 months and 38.5 – 41.5 months, respectively; (9) GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. 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 (10) 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. GSL Tripoli, GSL Syros, GSL Tinos charterer’s options were exercised in 2Q 2024; (11) GSL Melina. Chartered for 27 – 28 months from July 2024; (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. On April 19, 2024, Zim Europe was renamed to Dimitris Y. On July 9, 2024, Katherine was renamed to Costa Rica Express. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Disclosures | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Disclosures | 2. Summary of Significant Accounting Policies and Disclosures (a) Basis of Presentation The accompanying financial information is unaudited and reflects all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair statement of financial position and results of operations for the periods presented. The financial information does not include all disclosures required under United States Generally Accepted Accounting Principles (“US GAAP”) for annual financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements as of December 31, 2023 filed with the Securities and Exchange Commission on March 20, 2024 in the Company’s Annual Report on Form 20-F. 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 $6,305, $18,300, and $33,386 for the three months ended March 31, 2023, six months ended June 30, 2023, and nine months ended September 30, 2023, respectively . The Company evaluated the reclassifications from both a quantitative and qualitative perspective and determined the impacts were immaterial to the previously issued interim financial statements. 2. Summary of Significant Accounting Policies and Disclosures (continued) Adoption of new accounting standards In March 2020, the FASB issued ASU 2020-4, “Reference Rate Reform (Topic 848)” (“ASU 2020-4”), which provides optional guidance intended to ease the potential burden in accounting for the expected discontinuation of LIBOR as a reference rate in the financial markets. The guidance can be applied to modifications made to certain contracts to replace LIBOR with a new reference rate. The guidance, if elected, will permit entities to treat such modifications as the continuation of the original contract, without any required accounting reassessments or remeasurements. 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 June 30, 2024, 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 interim unaudited condensed consolidated financial statements for the period ended June 30, 2024, as a result of adopting this standard. (b) Principles of Consolidation The accompanying interim unaudited condensed consolidated financial information include the financial statements of the Company and its wholly owned subsidiaries; the Company has no other interests. All significant intercompany balances and transactions have been eliminated in the Company’s interim unaudited condensed consolidated financial statements. (c) Use of estimates The preparation of interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions and/or conditions. (d) Vessels in operation Vessels are generally recorded at their historical cost, which consists of the acquisition price and any material expenses incurred upon acquisition, adjusted for the fair value of intangible assets or liabilities associated with above or below market charters attached to the vessels at acquisition. See Intangible Assets and Liabilities at note 2(e) below. Vessels acquired in a corporate transaction accounted for as an asset acquisition are stated at the acquisition price, which consists of consideration paid, plus transaction costs, considering pro rata allocation based on vessels fair value at the acquisition date. Vessels acquired in a corporate transaction accounted for as a business combination are recorded at fair value. Vessels acquired as part of the Marathon Merger in 2008 were accounted for under ASC 805, which required that the vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting for the merger. Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Borrowing costs incurred during the construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no capitalized interest for the six months ended June 30, 2024, and 2023. 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. 2. Summary of Significant Accounting Policies and Disclosures (continued) (d) Vessels in operation (continued) For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the interim unaudited condensed Consolidated Statements of Income. (e) Intangible assets and liabilities - charter agreements The Company’s intangible assets and liabilities consist of unfavorable lease terms on charter agreements acquired in assets acquisitions. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an intangible asset is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel and equivalent duration of charter party at the date the vessel is delivered. Where charter rates are less than market charter rates, an intangible liability is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates (including duration), the level of utilization of its vessels and its weighted average cost-of capital (“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 interim unaudited condensed Consolidated Statements of Income. For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. (f) Impairment of Long-lived assets Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its carrying value. A vessel group comprises the vessel, the unamortized portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any) with respect to the time charter attached to the vessel at its purchase. If the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group’s carrying amount to its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group’s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers. The Company uses a number of assumptions in projecting its undiscounted net operating cash flows analysis including, among others, (i) revenue assumptions for charter rates on expiry of existing charters, which are based on forecast charter rates, where relevant, in the four years from the date of the impairment test and a reversion to the historical mean of time charter rates for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company’s fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi) scrap values. Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market. 2. Summary of Significant Accounting Policies and Disclosures (continued) (f) Impairment of Long-lived assets (continued) During the six months ended June 30, 2024, and 2023, the Company evaluated the impact of current economic situation on the recoverability of all its vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there was no triggering event, and no impairment test was performed for the six months ended June 30, 2024, and 2023. 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, as of December 31, 2023, 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 3). (g) Revenue recognition and related expense The Company charters out its vessels on time charters which involves placing a vessel at a charterer’s disposal for a specified period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods of such charter agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options which are more likely than not to be exercised. If a time charter is modified, including the agreement of a direct continuation at a different rate, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter from the date of modification. During the six-month periods ended June 30, 2024, and 2023, an amount of $ 4,249 loss and $ 1,785 gain, respectively, has been 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 June 30, 2024, current and non-current portion from implementing the straight-line basis, amounting to $ 8,403 ($ 9,027 as for December 31, 2023) and $1 4,581 ($ 15,139 as for December 31, 2023), respectively, are presented in the interim condensed unaudited 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 interim unaudited condensed Consolidated Balance Sheets and continues to depreciate the assets over its useful life. In cases of lease agreements where the Company acts as the lessor under a sales-type / direct financing lease, the Company derecognizes the underlying asset and records a net investment in the lease. The Company acts as a lessor under operating leases in connection with all of its charter out – bareboat-out arrangements. 2. Summary of Significant Accounting Policies and Disclosures (continued) (g) 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 agreements which qualify as failed sale and leaseback transactions as the Company is required to repurchase the vessels at the end of the lease term and the Company has accounted for the six agreements as financing transactions. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the non-lease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics. (h) Fair Value Measurement and Financial Instruments Financial instruments carried on the interim unaudited condensed Consolidated Balance Sheets include cash and cash equivalents, time deposits, restricted cash, trade receivables and payables, other receivables and other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item or included below as applicable. Fair Value Measurement: Level 1 - Level 2 - Level 3 - In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484,106 , which amortizes over time as the Company’s outstanding debt balances decline. In February 2022, the Company further hedged its exposure 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 $ 764 for six months ended June 30, 2024, was recorded through interim unaudited condensed Consolidated Statements of Income ($ 1,368 negative fair value adjustment for six months ended June 30, 2023). 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. The Company is designating certain future interest payments on its outstanding variable-rate debt as the hedged item in this relationship. Under ASC 815-20-25-106e, “for cash flow hedges of the interest payments on only a portion of the principal amount of the interest-bearing asset or liability, the notional amount of the interest rate cap designated as the hedging instrument matches the principal amount of the portion of the asset or liability on which the hedged interest payments are based”. 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 June 30, 2024, 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 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. 2. Summary of Significant Accounting Policies and Disclosures (continued) (h) Fair Value Measurement and Financial Instruments (continued) 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 On April 4, 2024, the Company entered into a foreign exchange option strip (“FX option”) to purchase 3,000 , with monthly settlements, starting April 11, 2024 , and ending March 13, 2025 . The strike price is EURUSD 1.10 . The Company entered to this option to hedge the downside foreign exchange risk associated with expenses denominated in EUR against fluctuations between the US Dollar and Euro . This FX option is designated as a cash flow hedge of anticipated expenses totalling €3,000, expected to occur each month. Changes in the fair value of the option other than “intrinsic value” are excluded from the assessment of effectiveness. The effectiveness of the hedging relationship will be periodically assessed during the life of the hedge by comparing the terms of the option and the forecasted expenses to ensure that they continue to coincide. Should the critical terms no longer match exactly, hedge effectiveness (both prospective and retrospective) will be assessed by evaluating the dollar-offset ratio of the spot intrinsic value of the actual option contract and a hypothetically perfect option contract. As of June 30, 2024, and December 31, 2023, the Company recorded a derivative asset of $ 36,446 ($ 184 41,506 ($nil 0 Financial Risk Management: Credit Risk: Liquidity Risk: Foreign Exchange Risk: i) Derivative instruments The Company is exposed to interest rate risk relating to its variable rate borrowings. In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484,106 (“December 2021 hedging"), 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. At the inception of the transaction, the Company document ed ed 2. Summary of Significant Accounting Policies and Disclosures (continued) (i) Derivative instruments (continued) This Transaction is designated as a cash flow hedge, and under ASU 2017-12, cash flow hedge accounting allows all changes in fair value to be recorded through Other Comprehensive Income once hedge effectiveness has been established. Under ASC 815-30-35-38, amounts in accumulated other comprehensive income shall be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings (i.e., each quarter) and shall be presented in the same income statement line item as the earnings effect of the hedged item in accordance with paragraph 815-20-45-1A. The premium paid related to this derivative was classified in the interim unaudited condensed Consolidated Statements of Cash Flows as operating activities in the line item “Derivative asset”. The premium shall be amortized into earnings “on a systematic and rational basis over the period in which the hedged transaction affects earnings” (ASC 815-30-35-41A); that is, the Company will expense the premium over the life of the interest rate cap in accordance with the “caplet method,” as described in Derivatives Implementation Group (DIG) Issue G20. DIG Issue G20 dictates that the cost of the interest rate cap is recognized on earnings over time, based on the value of each periodic caplet. The cost per period will change as the caplet for that period changes in value. Given that the interest rate cap is forward-starting, expensing of the premium will not begin until the effective start date of the interest rate cap, in order to match potential cap revenue with the cap expenses in the period in which they are incurred. In February 2022, the Company further purchased two interest rate caps with an aggregate notional amount of $ 507,891 . The first interest rate cap of $253,946 which has been designated as a cash flow hedge, has the same accounting treatment as described above for the December 2021 hedging. The second interest rate cap was not designated as a cash flow hedge and therefore the negative fair value adjustment of $ 764 as at June 30, 2024 ($ 1,368 negative fair value adjustment as at June 30, 2023) was recorded through interim unaudited condensed Consolidated Statements of Income. 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 (see note 5). As of June 30, 2024, 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 %. The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. The Company assesses the effectiveness of the hedges on an ongoing basis. As of June 30, 2024, and June 30, 2023, following a quantitative assessment, part of the hedge was no longer considered effective and an amount of $ 551 and $ (176) was reclassified to/(from) other comprehensive income to the interim unaudited condensed Consolidated Statements of Income. On April 4, 2024, the Company entered into a FX option purchase 3,000 , with monthly settlements, starting April 11, 2024 , and ending March 13, 2025 . The initial value of the excluded component is equal to the option premium of € 417 and are recognized in earnings using the amortization approach as per ASC 815-20-25-83A. As of June 30, 2024, following a quantitative assessment, no amount has been reclassified to other comprehensive income to the interim unaudited condensed Consolidated Statements of Income. (j) Recent accounting pronouncements 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 its interim unaudited condensed consolidated financial statement presentation or results. 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 evaluating currently the impacts of this guidance on its interim unaudited condensed consolidated financial statement presentation or results. |
Vessels in Operation
Vessels in Operation | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Vessels in Operation | 3. Vessels in Operation Vessels in Operation - Schedule of Vessels in Operation (Table) Vessel Cost, as adjusted for Accumulated Net Book Impairment charges Depreciation Value As of January 1, 2023 $ 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 Additions 4,453 – 4,453 Depreciation – (37,149) (37,149) As of June 30, 2024 $ 1,997,066 $ (365,661) $ 1,631,405 As of June 30, 2024, and June 30, 2023, the Company had made additions for vessel expenditures, reefers, emissions management and ERP modules. As of June 30, 2024, and June 30, 2023, unpaid capitalized expenses were $ 4,179 and $ 11,997 , respectively. 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. Impairment The Company has evaluated the impact of current economic situation on the recoverability of all its vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there was no triggering event and no impairment test was performed during the six months ended June 30, 2024. 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, as of December 31, 2023, the Company recorded an impairment loss of $ 18,830 for two 43,830 which was written down to their fair value of $ 25,000 . Collateral As of June 30, 2024, 20 vessels were pledged as collateral under the 5.69% Senior Secured Notes due 2027 and 43 vessels under the Company’s loan facilities. Five vessels were unencumbered as of June 30, 2024. 3. Vessels in Operation (continued) Advances for vessels acquisitions and other additions As of June 30, 2024, and December 31, 2023, there were no advances for vessel acquisitions, as all vessels had been delivered as at these dates. As of June 30, 2024, and December 31, 2023, the Company had advances for other vessel additions totalling $ 21,488 12,210 |
Intangible Liabilities - Charte
Intangible Liabilities - Charter Agreements | 6 Months Ended |
Jun. 30, 2024 | |
Intangible Liabilities - Charter Agreements | 4. Intangible Liabilities - Charter Agreements Intangible Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) Intangible Liabilities – Charter Agreements as of June 30, 2024, and December 31, 2023, consisted of the following: June 30, 2024 December 31, 2023 Opening balance $ 5,662 $ 14,218 Disposals (*) – (476) Amortization (3,005) (8,080) Total $ 2,657 $ 5,662 (*) The acceleration of the unamortized portion of GSL Amstel intangible liability-charter agreement when the vessel was sold on March 23, 2023. Intangible liabilities are related to (i) acquisition of the Seven, the Twelve and the Four Vessels, and (ii) management’s estimate of the fair value of below-market charters on August 14, 2008, the date of the Marathon Merger (see note 1). These intangible liabilities are being amortized over the remaining life of the relevant lease terms and the amortization income is included under the caption “Amortization of intangible liabilities-charter agreements” in the interim unaudited condensed Consolidated Statements of Income. Amortization income of intangible liabilities-charter agreements for each of the six months ended June 30, 2024, and 2023 was $ 3,005 and $ 5,045 , respectively. The aggregate amortization of the intangible liabilities in each of the 12-month periods up to June 30, 2026, is estimated to be as follows: Intangible Liabilities - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) Amount June 30, 2025 $ 2,383 June 30, 2026 274 $ 2,657 T he weighted average useful lives are 0.46 years for the remaining intangible liabilities-charter agreements terms. |
Derivative Assets
Derivative Assets | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Derivative Assets | 5. Derivative Assets 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 November 30, 2026 . The premium paid to purchase the interest caps was $ 7,000 , which was paid out of cash on December 22, 2021 . The premium is being amortized over the life of the interest rate cap by using the caplet method. In February 2022, the Company further hedged its exposure to a potential rising interest rate environment by putting in place two USD one-month LIBOR interest rate caps of 0.75 % through fourth quarter 2026 , on $ 507,891 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 $ 764 1,368 negative fair value adjustment as at June 30, 2023) was recorded through Interim Unaudited Condensed Consolidated Statements of Income. The premium paid by the Company to purchase the interest rate caps was $ 15,370 . Amount received from interest rate caps for each of the periods ended June 30, 2024, and 2023, was $ 14,366 and $ 15,916 , respectively. Derivative Assets (continued) On April 4, 2024, the Company entered into a FX option to purchase Derivative Asset - Schedule of Derivative Assets (Table) June 30, 2024 December 31, 2023 Opening balance $ 41,506 $ 63,503 FX option premium 28 – Unrealized loss on derivative assets (interest rate caps) (4,479) (16,625) Unrealized gain on FX option 155 – Fair value adjustment on derivative asset (764) (5,372) Closing balance $ 36,446 $ 41,506 Less: Current portion of derivative assets (interest rate caps) (22,429) (24,639) Less: Current portion of FX option (183) – Non-current portion of derivative assets (interest rate caps) $ 13,834 $ 16,867 The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. The Company assesses the effectiveness of the hedges on an ongoing basis. As of June 30, 2024, and June 30, 2023, following a quantitative assessment, part of the hedge was no longer considered effective and an amount of $ 551 and $ (176) was reclassified to/(from) other comprehensive income to the interim unaudited condensed Consolidated Statements of Income. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt Long-term debt as of June 30, 2024 and December 31, 2023 consisted of the following: Long-Term Debt - Schedule of Long - Term Debt (Table) Facilities June 30, 2024 December 31, 2023 Macquarie loan (a) $ 54,000 $ 66,000 2027 Secured Notes (b) 258,125 284,375 E.SUN, MICB, Cathay, Taishin Credit Facility (c) 21,600 28,500 Sinopac Credit Facility (d) 7,380 8,220 HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) 62,697 73,283 Deutsche Credit Facility (f) 37,721 40,046 HCOB Credit Facility (g) 16,719 24,744 CACIB, Bank Sinopac, CTBC Credit Facility (h) 36,400 38,950 Chailease Credit Facility (i) 2,090 2,608 Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j) 133,200 149,200 Total credit facilities $ 629,932 $ 715,926 Sale and Leaseback Agreement CMBFL - $120,000 (k) 51,737 64,438 Sale and Leaseback Agreement CMBFL - $54,000 (l) 34,236 36,018 Sale and Leaseback Agreement - Neptune $14,735 (m) 5,208 6,796 Total Sale and Leaseback Agreements $ 91,181 $ 107,252 Total borrowings $ 721,113 $ 823,178 Less: Current portion of long-term debt (155,704) (164,888) Less: Current portion of Sale and Leaseback Agreements (k,l,m) (17,973) (28,365) Less: Deferred financing costs (o) (8,428) (10,750) Non-current portion of Long-Term Debt $ 539,008 $ 619,175 6. Long-Term Debt (continued) a) Macquarie Credit Facility 76,000 to finance part of the acquisition cost of four containership, each with carrying capacity of 123,300 . The vessels were delivered during the second quarter of 2023. four tranches were drawdown in the second quarter of 2023 and the credit facility has a maturity in May 2026 . two equal consecutive quarterly instalments of $ 5,000 , six equal consecutive quarterly instalments of $ 6,000 and one quarterly instalments of $ 3,000 and two equal consecutive quarterly instalments of $ 1,000 with a final balloon payment 25,000 payable three years after the first utilisation date. SOFR plus a margin of 3.50 % per annum payable quarterly in arrears. 54,000 . b) 5.69% Senior Secured Notes due 2027 On June 16, 2022 , Knausen Holding LLC (the "Issuer"), an indirect wholly-owned subsidiary of the Company, closed on the private placement of $ 350,000 of publicly 5.69 % Senior Secured Notes due 2027 (the “2027 Secured Notes”) to a limited number of accredited investors. The fixed interest rate was determined on June 1, 2022, based on the 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 . is payable 20 identified vessels owned by subsidiaries of the Issuer (the “Subsidiary Guarantors”) and certain other associated assets and contract rights, as well as share pledges over the Subsidiary Guarantors. In addition, the 2027 Secured Notes are fully and unconditionally guaranteed by the Company. aggregate principal amount outstanding under the 2027 Secured Notes 258,125 . c) $60.0 Million E.SUN, MICB, Cathay, Taishin Credit Facility On December 30, 2021 , the Company via its subsidiaries Zeus One Marine LLC, Hephaestus Marine LLC and Pericles Marine LLC, entered into a new syndicated senior secured debt facility with E.SUN Commercial Bank Ltd (“E.SUN”), Cathay United Bank (“Cathay”), Mega International Commercial Bank Co. Ltd (“MICB”) and Taishin International Bank (“Taishin”). The Company used to fully prepay balance at that time , amounting to $ 26,205 plus a prepayment fee of $ 3,968 . All three tranches were drawn down in January 2022. eight equal consecutive quarterly instalments of $ 4,500 and ten equal consecutive quarterly instalments of $ 2,400 . SOFR plus a margin of 2.75 % per annum plus Credit Adjustment Spread (“CAS”) payable quarterly in arrears. 21,600 . 6. Long-Term Debt (continued) d) $12.0 Million Sinopac Capital International Credit Facility August 27, 2021 , the Company via its subsidiary Global Ship Lease 42 LLC entered into a secured credit facility for an amount of $ 12,000 with Sinopac Capital International (HK) Limited (“Sinopac Credit Facility”), which was partially used to fully refinance the Hayfin Credit Facility. The full amount was drawn down in September 2021 and the credit facility has a maturity in September 2026 . 20 equal consecutive quarterly instalments of $ 420 with a final balloon of $ 3,600 payable together with the final instalment. SOFR plus a margin of 3.25 % per annum payable quarterly in arrears. 7,380 . e) $140.0 Million HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility July 6, 2021 , the Company entered into a facility with Credit Agricole Corporate and Investment Bank (“CACIB”), Hamburg Commercial Bank AG (“HCOB”), E.Sun Commercial Bank, Ltd (“ESUN”), CTBC Bank Co. Ltd. (“CTBC”) and Taishin International Bank (“Taishin”) for a total of $ 140,000 to finance the acquisition of the Twelve Vessels . The full amount was drawdown in July 2021 and the credit facility has a maturity in July 2026 . 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 payment 35,600 payable together with the final instalment. On March 23, 2023, due to the sale of GSL Amstel, the Company repaid $ 2,838 on this facility, of which $ 1,000 was deducted from the final payment This facility’s interest rate is SOFR plus a margin of 3.25 % per annum plus CAS payable quarterly in arrears. As of June 30, 2024, the outstanding balance of this facility was $ 62,697 . f) $51.7 Million Deutsche Bank AG Credit Facility 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 . 20 equal consecutive quarterly instalments of $ 1,162.45 with a final balloon of $ 28,421 payable together with the final instalment. This facility bears interest at SOFR plus a margin of 3.25 % per annum payable quarterly in arrears. As of June 30, 2024, the outstanding balance of this facility was $ 37,721 . g) $64.2 Million Hamburg Commercial Bank AG Credit Facility 64,200 in order to finance the acquisition of six out of the Seven Vessels . 32,100 were drawn down in April 2021 and have a maturity date in April 2025 , Tranche B and D amounting to $ 21,400 were drawn down in May 2021 and have a maturity date in May 2025 , and Tranche C amounting to $ 10,700 was drawn down in July 2021 and has a maturity date in July 2025 . 16 equal consecutive quarterly instalments of $ 668.75 . 6. Long-Term Debt (continued) g) $64.2 Million Hamburg Commercial Bank AG Credit Facility (continued) This facility bears interest at SOFR plus a margin of 3.50 % per annum payable quarterly in arrears. 16,719 . 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 outstanding amount of $48,648 . The secured credit facility has a maturity in April 2026 . The lenders are Credit Agricole Corporate and Investment Bank (“CACIB”), Bank Sinopac Co. Ltd. (“Bank Sinopac”) and CTBC Bank Co. Ltd. (“CTBC”). The facility is repayable in 20 equal consecutive quarterly instalments of $ 1,275 with a final balloon of $ 26,200 payable together with the final instalment. This facility bears interest at SOFR plus a margin of 2.75 As of June 30, 2024, the outstanding balance of this facility was $ 36,400 . 9,000 . The Chailease Credit to re finance the DVB Credit Facility . The facility is repayable in 36 consecutive monthly instalments of 156 and 24 monthly instalments of $ 86 with a final balloon of $ 1,314 payable together with the final instalment. This facility bears interest at SOFR plus a margin of 4.20 % per annum. As of June 30, 2024, the outstanding balance of this facility was $ 2,090 . 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 . two tranches. The Lenders are Credit Agricole Corporate and Investment Bank (“CACIB”), ABN Amro Bank N.V. (“ABN”), First-Citizens & Trust Company, Siemens Financial Services, Inc (“Siemens”), CTBC Bank Co. Ltd. (“CTBC”), Bank Sinopac Ltd. (“Bank Sinopac”) and Banque Palatine (“Palatine”). Tranche A amounting to $ 230,000 was drawn down in full on September 24, 2019 and is scheduled to be repaid in 20 consecutive quarterly instalments of $ 5,200 starting from December 12, 2019 and a balloon payment of $ 126,000 payable on September 24, 2024. 6. Long-Term Debt (continued) j) $268.0 Million Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company,Siemens, CTBC, Bank Sinopac, Palatine) (continued) Tranche B amounts to $ 38,000 was drawn down in full on February 10, 2020 and is scheduled to be repaid in 20 consecutive quarterly instalments of $ 1,000 and a balloon payment of $ 18,000 payable in the termination date on the fifth anniversary from the utilization date of Tranche A, which falls in September 24, 2024. In January 2022 , the Company agreed a new senior secured debt facility to refinance its outstanding S ynd icated Senior Secured Credit Facility , which extended the maturity date from September 2024 to December 2026 , amended certain covenants in the Company’s favor at an unchanged rate of LIBOR + 3.00%. On July 1, 2022, the interest rate is SOFR plus a margin of 3.00 As of June 30, 2024, the outstanding balance of this facility was $ 133,200 . k) $120.0 Million Sale and Leaseback agreements - CMBFL Four Vessels On August 26, 2021 , the Company via its subsidiaries Global Ship Lease 68 LLC, Global Ship Lease 69 LLC, Global Ship Lease 70 LLC and Global Ship Lease 71 LLC, entered into four $ 30,000 sale and leaseback agreements with CMB Financial Leasing Co. Ltd. (“CMBFL”) to finance the acquisition of the Four Vessels . As at September 30, 2021, the Company had drawdown a total of $ 90,000 . The drawdown for the fourth vessel, amounting to $ 30,000 , took place on October 13, 2021 together with the delivery of this vessel. The Company has a purchase obligation to acquire the Four Vessels at the end of their lease terms and under ASC 842-40, the transaction has been accounted for as a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessels from its balance sheet and accounted for the amounts received under the sale and leaseback agreement as financial liabilities. Each sale and leaseback agreement is repayable in 12 equal consecutive quarterly instalments of $ 1,587.5 and 12 equal consecutive quarterly instalments of $ 329.2 with a repurchase obligation of $ 7,000 on the final repayment date. The sale and leaseback agreements for the three vessels mature in September 2027 and for the fourth vessel in October 2027 and bear interest at SOFR plus a margin of 3.25 % per annum plus CAS payable quarterly in arrears. As of June 30, 2024, the outstanding balance of these sale and lease back agreements was $ 51,737 . l) $54.0 Million Sale and Leaseback agreement - CMBFL May 20, 2021 , the Company via its subsidiary Telemachus Marine LLC entered into a $ 54,000 sale and leaseback agreement with CMB Financial Leasing Co. Ltd. (“CMBFL”) to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022, of an amount $46,624. The Company has a purchase obligation to acquire the vessel at the end of the lease term and under ASC 842-40, the transaction has been accounted for as a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessel from its balance sheet and accounted for the amount received under the sale and leaseback agreement as a financial liability. is eight equal consecutive quarterly instalments of $ 2,025 each and 20 equal consecutive quarterly instalments of $ 891 with a repurchase obligation of $ 19,980 on the final repayment date. 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 , which represented vessel purchase price $ 75,000 less advanced hire of $ 21,000 , which advanced hire neither bore any interest nor was refundable and was set off against payment of the purchase price payable to the Company by the unrelated third party under this agreement. As of June 30, 2024, the outstanding balance of this sale and leaseback agreement was $ 34,236 . 6. Long-Term Debt (continued) m) $14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing On May 12, 2021 , the Company via its subsidiary GSL Violetta LLC entered into a $ 14,735 sale and leaseback agreement with Neptune Maritime Leasing (“Neptune”) to finance the acquisition of GSL Violetta delivered in April 2021 . The Company has a purchase obligation to acquire the vessel at the end of the lease term and under ASC 842-40, the transaction has been accounted for as a failed sale. In accordance with ASC 842-40, the Company did not derecognize the respective vessel from its balance sheet and accounted for the amount received under the sale and leaseback agreement as a financial liability. In May 2021, the Company drew $ 14,735 under this agreement. The sale and leaseback agreement is repayable in 15 equal consecutive quarterly instalments of $ 793.87 each and four equal consecutive quarterly instalments of $ 469.12 with a repurchase obligation of $ 950 on the last repayment date. The sale and leaseback agreement matures in February 2026 and bears interest at SOFR plus a margin of 4.64 % per annum payable quarterly in arrears. As of June 30, 2024, the outstanding balance of this sale and leaseback agreement was $ 5,208 . n) Repayment Schedule Maturities of long-term debt for the periods subsequent to June 30, 2024, are as follows: Long-Term Debt - Repayment Schedule (Table) Payment due by period ended Amount June 30, 2025 173,677 June 30, 2026 200,629 June 30, 2027 192,992 June 30, 2028 153,815 $ 721,113 o) Deferred Financing Costs Long-Term Debt - Schedule of Deferred Financing Costs (Table) June 30, 2024 December 31, 2023 Opening balance $ 10,750 $ 15,136 Expenditure in the period – 1,140 Amortization included within interest expense (2,322) (5,526) Closing balance $ 8,428 $ 10,750 For the six-month period ended June 30, 2024, no costs were incurred in connection with the credit facilities. During 2023, total costs amounting to $ 1,140 were incurred in connection with the Macquarie Credit Facility (see note 6a). For the six-month periods ended June 30, 2024, and 2023, the Company recognized a total of $ 2,322 and $ 2,836 , respectively, in respect of amortization of deferred financing costs. p) Debt covenants-securities Amounts drawn under the facilities listed above are secured by first priority mortgages on certain of the Company’s vessels and other collateral. The credit facilities contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness; charging, pledging or encumbering the vessels; and changing the flag, class, management or ownership of the vessel owning entities. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, specific credit facilities require compliance with a number of financial covenants including asset cover ratios and minimum liquidity and corporate guarantor requirements. Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with or remedied. As of June 30, 2024, and December 31, 2023, the Company was in compliance with its debt covenants . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions 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 EU Allowances (“EUAs”) monitoring and reporting and 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 six months ended June 30, 2024, and 2023, amounted to $nil and $ 981 , respectively, and are shown in “Vessel operating expenses” in the interim unaudited condensed 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. 0 The management fees charged to the Company by Technomar for the six months ended June 30, 2024, amounted to $ 10,808 (six months ended June 30, 2023 - $ 8,901 ) and are shown under “Vessels operating expenses-related parties” in the interim unaudited condensed Consolidated Statements of Income. Additionally, as of June 30, 2024, outstanding receivables due from Technomar totaling $ 886 are presented under “Due from related parties” (December 31, 2023 - $ 626 ). Conchart Commercial Inc. (“Conchart”) provides commercial management services to the Company for all of its vessels and The fees charged to the Company by Conchart for the six months ended June 30, 2024 amounted to $ 4,317 (six months ended June 30, 2023: $ 3,662 ) and are disclosed within “Time charter and voyage expenses-related parties” in the interim unaudited condensed Consolidated Statements of Income. Any outstanding fees due to Conchart are presented in the interim unaudited condensed Consolidated Balance Sheets under "Due to related parties" totaling to $ 621 , and $ 717 as of June 30, 2024 and December 31, 2023, respectively. 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 | 6 Months Ended |
Jun. 30, 2024 | |
Commitments And Contingencies | |
Commitments and Contingencies | 8. Commitments and Contingencies Charter Hire Receivable The Company has entered into time charters for its vessels. The charter hire is fixed for the duration of the charter. The minimum contracted future charter hire receivable, net of address commissions, not allowing for any unscheduled off-hire, assuming expiry at earliest possible dates and assuming options callable by the Company included in the charters are not exercised, for the 68 vessels as at June 30, 2024 is as follows: 8. Commitments and Contingencies (continued) Commitments and Contingencies - Charter Hire Receivable (Table) Period ending Amount June 30, 2025 $ 630,639 June 30, 2026 414,570 June 30, 2027 338,924 June 30, 2028 167,236 June 30, 2029 84,978 June 30, 2030 6,878 Total minimum lease revenue, net of address commissions $ 1,643,225 |
Share Capital
Share Capital | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Share Capital | 9. Share Capital As of June 30, 2024, the Company has one class of Class A common shares. 184,270 shares were issued under grants made under the 2019 Omnibus Incentive Plan (the “2019 Plan”). In 2023, 2022 and 2021, 440,698 , 586,819 and 747,604 Class A common shares were issued under the 2019 Plan, respectively. During the six months ended June 30, 2024, and 2023, a further 323,478 and 142,868 Class A common shares were issued under the 2019 Plan, respectively. On January 26, 2021, the Company completed its underwritten public offering of 5,400,000 Class A common shares, at a public offering price of $ 13.00 per share, for gross proceeds to the Company of approximately $ 70,200 , prior to deducting underwriting discounts, commissions and other offering expenses. The Company intended to use the net proceeds of the offering for funding the expansion of the Company’s fleet, general corporate purposes, and working capital. On February 17, 2021, the Company issued an additional 141,959 Class A common shares in connection with the underwriters’ partial exercise of their option to purchase additional shares (together, the “January 2021 Equity Offering”). The net proceeds the Company received in the January 2021 Equity Offering, after underwriting discounts and commissions and expenses, were approximately $ 67,758 . On September 1, 2021, the Company purchased 521,650 shares and retired them, reducing the issued and outstanding shares. In April 2022, September 2022 and October 2022, the Company repurchased 184,684 , 568,835 and 307,121 Class A common shares, respectively, reducing the issued and outstanding shares. During the six-month period ended June 30, 2024, and 2023, the Company repurchased 251,772 and 967,242 Class A common shares, reducing the issued and outstanding shares. During 2023, the Company repurchased 1,242,663 Class A common shares, reducing the issued and outstanding shares. As at June 30, 2024, the Company had 35,260,029 Class A common shares outstanding. On May 10, 2023, the Company announced a dividend of $ 0.375 per Class A common share from the earnings of the first quarter of 2023 paid on June 2, 2023 , to common shareholders of record as of May 24, 2023 , amounting to $ 13,340 . 0.375 per Class A common share from the earnings of the second quarter of 2023 paid on September 4, 2023 to common shareholders of record as of August 23, 2023 amounting to $ 13,300 . On November 9, 2023, the Company announced a dividend of $ 0.375 per Class A common share from the earnings of the third quarter of 2023 paid on December 4, 2023 , to common shareholders of record as of November 24, 2023 , amounting to $ 13,258 . On February 12, 2024, the Company announced a dividend of $ 0.375 per Class A common share from the earnings of the fourth quarter of 2023 paid on March 6, 2024 , to common shareholders of record as of February 22, 2024 , amounting to $ 13,214 . On May 10, 2024, the Company announced a dividend of $ 0.375 per Class A common share from the earnings of the first quarter of 2024 paid on June 3, 2024 , to common shareholders of record as of May 24, 2024 , amounting to $ 13,255 . 9. Share Capital (continued) 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. The net proceeds from the offering were $ 33,497 . Dividends are payable at 8.75 % per annum in arrears on a quarterly basis. 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). These shares are classified as Equity in the interim unaudited condensed Consolidated Balance Sheets. The dividends payable on the Series B Preferred Shares are presented as a reduction of Retained Earnings in the interim unaudited condensed Consolidated Statements of Changes in Shareholders’ Equity, when and if declared by the Board of Directors. An initial dividend was declared on September 22, 2014 for the third quarter 2014. Dividends have been declared for all subsequent quarters. 150,000,000 of its Depositary Shares. This new ATM Agreement terminated and replaced, in its entirety, the former at-the-market program that the Company had in place with the Agent for the Depositary Shares. Up to June 30, 2024, no sales had occurred under the new ATM Agreement. 4,359,190 Depositary Shares outstanding, representing an interest in 43,592 Series B Preferred Shares. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 10. Share-Based Compensation 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 Class A common shares in aggregate. The Board of Directors approved additional awards of 61,625 of Class A common shares to two other employees resulting in a total amount of awards of up to 1,421,000 shares. In July 2021, the Board of Directors approved the issuance of 17,720 shares to one member of senior management as a special bonus. The 1,421,000 shares of incentive stock may be issued pursuant to the awards, in four tranches. The first tranche was to vest conditioned only on continued service over the three-year period which commenced January 1, 2019. Tranches two, three and four would vest when the Company’s stock price exceeded $ 8.00 , $ 11.00 and $ 14.00 , respectively, over a 60-day period. The $8.00 threshold was achieved in January 2020 , the $11.00 threshold was achieved in January 2021 and the $14.00 threshold was achieved in March 2021 . Accordingly, 113,279 incentive shares vested in the year ended December 31, 2019, 317,188 incentive shares vested in the year ended December 31, 2020 and 1,008,253 incentive shares vested in the year ended December 31, 2021. Of the total of 430,467 incentive shares which vested up to December 31, 2020, 184,270 were settled and issued as Class A common shares in April 2020. A further 747,604 Class A common shares were settled and issued during the year ended December 31, 2021. A total of 1,438,720 incentive shares had vested as at December 31, 2021, of which 931,874 and 408,096 had been issued in 2021 and 2022, respectively. 10. Share-Based Compensation (continued) On September 29, 2021, the Compensation Committee and the Board of Directors approved an increase in the aggregate number of Class A common shares available for issuance as awards under the 2019 Plan by 1,600,000 to 3,412,500 , and approved new awards to senior management, totaling 1,500,000 shares of incentive stock, in three tranches, with a grant date October 1, 2021. The first tranche, representing 55% of the total, is to vest quarterly conditioned only on continued service over the four-year period which commenced October 1, 2021 . Tranches two and three, each representing 22.5% of the total, were to vest quarterly up to September 30, 2025 , once the Company’s stock price exceeded $ 27.00 and $ 30.00 , respectively, over a 60 -day period. The Compensation Committee and Board of Directors also approved an increase the maximum number of Class A common shares that each non-employee director may be granted in any one year to 25,000 and subsequently approved stock-based awards to the then seven non-executive directors totaling 105,000 shares of incentive stock, or 15,000 each, to vest in a similar manner to those awarded to senior management. During the year ended December 31, 2022, 28,528 unvested share awards were cancelled or withdrawn on the resignations of two directors and an award of 13,780 was made to one new director to vest in a similar manner to the other awards, with the first tranche adjusted for the date of appointment of the director. As at December 31, 2022, 3,028,972 incentive Class A common shares had been awarded under the 2019 Plan leaving 383,528 Class A common shares available to be awarded under the 2019 Plan. In March 2023, the Compensation Committee and the Board of Directors, approved an amendment to the 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 was to vest was amended to $ 21.00 . All other terms of the awards remain unchanged. The threshold for the third tranche, was met in second quarter 2024. During the years ended December 31, 2023, 2022 and 2021, 399,727 , 218,366 and 55,175 incentive shares vested, respectively, under the amended September 2021 awards. A total of 2,111,988 incentive shares under both plans had vested as at December 31, 2023. Of the total incentive shares which vested under both plans up to December 31, 2023, 152,598 had not been issued. On January 2, 2024, the Company approved awards to a non-employee director amounting to 4,884 shares of incentive stock which vested and were issued immediately, and 8,311 shares, to vest in a similar manner to the awards to other non-employee directors, adjusted for the date of appointment of the director, up to September 30, 2025. As a result of the Chief Executive Officer (“CEO”) transition in March 2024, the Board of Directors approved a new award of 6,465 shares of incentive stock to the new non-employee director and 51,750 a new award to the new CEO, both structured in the same way as existing equivalent awards, adjusted for the dates of appointment. 155,250 shares were forfeited, due to retirement of the then CEO. Share based awards since January 1, 2023, 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, 2023 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 Vested in six months ended June 30, 2024 (361,584) n/a 26.92 Granted in January 2024 13,195 18.82 n/a Granted in March 2024 58,215 17.80 n/a Forfeit in March 2024 (155,250) n/a n/a Unvested as at June 30, 2024 435,789 $ 21.92 n/a 10. Share-Based Compensation (continued) 4,460 (includes $ 345 positive net effect from the amendment to the stock-based awards consequent on the CEO transition) and $ 5,179 (includes $ 451 effect from the amendment to the stock-based awards), respectively, in respect of stock-based compensation. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2024 | |
Net Earnings per Class A common share | |
Earnings per Share | 11. Earnings per Share 435,789 and 881,213 , respectively, shares of incentive share grants unvested as part of senior management’s and non-executive directors incentive awards approved on September 29, 2021. Earnings/(Loss) per Share (Table) Six months ended June 30, 2024 2023 Numerator: Net income available to common shareholders: $ 175,149 $ 147,612 Denominator: Class A Common shares Basic weighted average number of common shares outstanding 35,201,716 35,533,273 Plus weighted average number of RSUs with service conditions 435,789 673,036 Common share and common share equivalents, dilutive 35,637,505 36,206,309 Basic earnings per share: Class A 4.98 4.15 Diluted earnings per share: Class A 4.91 4.08 |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent events | 12. Subsequent events On August 5, 2024, the Company announced a dividend of $ 0.45 per Class A common share from the earnings of the second quarter of 2024 to be paid on September 4, 2024 , to common shareholders of record as of August 23, 2024 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Disclosures (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying financial information is unaudited and reflects all adjustments, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair statement of financial position and results of operations for the periods presented. The financial information does not include all disclosures required under United States Generally Accepted Accounting Principles (“US GAAP”) for annual financial statements. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements as of December 31, 2023 filed with the Securities and Exchange Commission on March 20, 2024 in the Company’s Annual Report on Form 20-F. 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 $6,305, $18,300, and $33,386 for the three months ended March 31, 2023, six months ended June 30, 2023, and nine months ended September 30, 2023, respectively . The Company evaluated the reclassifications from both a quantitative and qualitative perspective and determined the impacts were immaterial to the previously issued interim financial statements. 2. Summary of Significant Accounting Policies and Disclosures (continued) |
Adoption of new accounting standards | 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 June 30, 2024, 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 interim unaudited condensed consolidated financial statements for the period ended June 30, 2024, as a result of adopting this standard. |
Principles of Consolidation | (b) Principles of Consolidation The accompanying interim unaudited condensed consolidated financial information include the financial statements of the Company and its wholly owned subsidiaries; the Company has no other interests. All significant intercompany balances and transactions have been eliminated in the Company’s interim unaudited condensed consolidated financial statements. |
Use of estimates | (c) Use of estimates The preparation of interim unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions and/or conditions. |
Vessels in operation | (d) Vessels in operation Vessels are generally recorded at their historical cost, which consists of the acquisition price and any material expenses incurred upon acquisition, adjusted for the fair value of intangible assets or liabilities associated with above or below market charters attached to the vessels at acquisition. See Intangible Assets and Liabilities at note 2(e) below. Vessels acquired in a corporate transaction accounted for as an asset acquisition are stated at the acquisition price, which consists of consideration paid, plus transaction costs, considering pro rata allocation based on vessels fair value at the acquisition date. Vessels acquired in a corporate transaction accounted for as a business combination are recorded at fair value. Vessels acquired as part of the Marathon Merger in 2008 were accounted for under ASC 805, which required that the vessels be recorded at fair value, less the negative goodwill arising as a result of the accounting for the merger. Subsequent expenditures for major improvements and upgrades are capitalized, provided they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels. Borrowing costs incurred during the construction of vessels or as part of the prefinancing of the acquisition of vessels are capitalized. There was no capitalized interest for the six months ended June 30, 2024, and 2023. 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. 2. Summary of Significant Accounting Policies and Disclosures (continued) (d) Vessels in operation (continued) For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. The cost and related accumulated depreciation of assets retired or sold are removed from the accounts at the time of sale or retirement and any gain or loss is included in the interim unaudited condensed Consolidated Statements of Income. |
Intangible assets and liabilities - charter agreements | (e) Intangible assets and liabilities - charter agreements The Company’s intangible assets and liabilities consist of unfavorable lease terms on charter agreements acquired in assets acquisitions. When intangible assets or liabilities associated with the acquisition of a vessel are identified, they are recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where charter rates are higher than market charter rates, an intangible asset is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel and equivalent duration of charter party at the date the vessel is delivered. Where charter rates are less than market charter rates, an intangible liability is recorded, based on the difference between the acquired charter rate and the market charter rate for an equivalent vessel. The determination of the fair value of acquired assets and liabilities requires the Company to make significant assumptions and estimates of many variables including market charter rates (including duration), the level of utilization of its vessels and its weighted average cost-of capital (“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 interim unaudited condensed Consolidated Statements of Income. For any vessel group which is impaired, the impairment charge is recorded against the cost of the vessel and the accumulated depreciation as at the date of impairment is removed from the accounts. |
Impairment of Long-lived assets | (f) Impairment of Long-lived assets Tangible fixed assets, such as vessels, that are held and used or to be disposed of by the Company are reviewed for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. In these circumstances, the Company performs step one of the impairment test by comparing the undiscounted projected net operating cash flows for each vessel group to its carrying value. A vessel group comprises the vessel, the unamortized portion of deferred drydocking related to the vessel and the related carrying value of the intangible asset or liability (if any) with respect to the time charter attached to the vessel at its purchase. If the undiscounted projected net operating cash flows of the vessel group are less than its carrying amount, management proceeds to step two of the impairment assessment by comparing the vessel group’s carrying amount to its fair value, including any applicable charter, and an impairment loss is recorded equal to the difference between the vessel group’s carrying value and fair value. Fair value is determined with the assistance from valuations obtained from third party independent ship brokers. The Company uses a number of assumptions in projecting its undiscounted net operating cash flows analysis including, among others, (i) revenue assumptions for charter rates on expiry of existing charters, which are based on forecast charter rates, where relevant, in the four years from the date of the impairment test and a reversion to the historical mean of time charter rates for each vessel thereafter (ii) off-hire days, which are based on actual off-hire statistics for the Company’s fleet (iii) operating costs, based on current levels escalated over time based on long term trends (iv) dry docking frequency, duration and cost (v) estimated useful life, which is assessed as a total of 30 years from original delivery by the shipyard and (vi) scrap values. Revenue assumptions are based on contracted charter rates up to the end of the existing contract of each vessel, and thereafter, estimated time charter rates for the remaining life of the vessel. The estimated time charter rate used for non-contracted revenue days of each vessel is considered a significant assumption. Recognizing that the container shipping industry is cyclical and subject to significant volatility based on factors beyond the Company’s control, management believes that using forecast charter rates in the four years from the date of the impairment assessment and a reversion to the historical mean of time charter rates thereafter, represents a reasonable benchmark for the estimated time charter rates for the non-contracted revenue days, and takes into account the volatility and cyclicality of the market. 2. Summary of Significant Accounting Policies and Disclosures (continued) (f) Impairment of Long-lived assets (continued) During the six months ended June 30, 2024, and 2023, the Company evaluated the impact of current economic situation on the recoverability of all its vessel groups and has determined that there were no events or changes in circumstances which indicated that their carrying amounts may not be recoverable. Accordingly, there was no triggering event, and no impairment test was performed for the six months ended June 30, 2024, and 2023. 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, as of December 31, 2023, 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 3). |
Revenue recognition and related expense | (g) Revenue recognition and related expense The Company charters out its vessels on time charters which involves placing a vessel at a charterer’s disposal for a specified period of time during which the charterer uses the vessel in return for the payment of a specified daily hire rate. Such charters are accounted for as operating leases and therefore revenue is recognized on a straight-line basis as the average revenues over the rental periods of such charter agreements, as service is performed. Cash received in excess of earned revenue is recorded as deferred revenue. If a time charter contains one or more consecutive option periods, then subject to the options being exercisable solely by the Company, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter, including any options which are more likely than not to be exercised. If a time charter is modified, including the agreement of a direct continuation at a different rate, the time charter revenue will be recognized on a straight-line basis over the total remaining life of the time charter from the date of modification. During the six-month periods ended June 30, 2024, and 2023, an amount of $ 4,249 loss and $ 1,785 gain, respectively, has been 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 June 30, 2024, current and non-current portion from implementing the straight-line basis, amounting to $ 8,403 ($ 9,027 as for December 31, 2023) and $1 4,581 ($ 15,139 as for December 31, 2023), respectively, are presented in the interim condensed unaudited 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 interim unaudited condensed Consolidated Balance Sheets and continues to depreciate the assets over its useful life. In cases of lease agreements where the Company acts as the lessor under a sales-type / direct financing lease, the Company derecognizes the underlying asset and records a net investment in the lease. The Company acts as a lessor under operating leases in connection with all of its charter out – bareboat-out arrangements. 2. Summary of Significant Accounting Policies and Disclosures (continued) (g) 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 agreements which qualify as failed sale and leaseback transactions as the Company is required to repurchase the vessels at the end of the lease term and the Company has accounted for the six agreements as financing transactions. The Company elected the practical expedient which allows the Company to treat the lease and non-lease components as a single lease component for the leases where the timing and pattern of transfer for the non-lease component and the associated lease component to the lessees are the same and the lease component, if accounted for separately, would be classified as an operating lease. The combined component is therefore accounted for as an operating lease under ASC 842, as the lease components are the predominant characteristics. |
Fair Value Measurement and Financial Instruments | (h) Fair Value Measurement and Financial Instruments Financial instruments carried on the interim unaudited condensed Consolidated Balance Sheets include cash and cash equivalents, time deposits, restricted cash, trade receivables and payables, other receivables and other liabilities and long-term debt. The particular recognition methods applicable to each class of financial instrument are disclosed in the applicable significant policy description of each item or included below as applicable. Fair Value Measurement: Level 1 - Level 2 - Level 3 - In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484,106 , which amortizes over time as the Company’s outstanding debt balances decline. In February 2022, the Company further hedged its exposure 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 $ 764 for six months ended June 30, 2024, was recorded through interim unaudited condensed Consolidated Statements of Income ($ 1,368 negative fair value adjustment for six months ended June 30, 2023). 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. The Company is designating certain future interest payments on its outstanding variable-rate debt as the hedged item in this relationship. Under ASC 815-20-25-106e, “for cash flow hedges of the interest payments on only a portion of the principal amount of the interest-bearing asset or liability, the notional amount of the interest rate cap designated as the hedging instrument matches the principal amount of the portion of the asset or liability on which the hedged interest payments are based”. 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 June 30, 2024, 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 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. 2. Summary of Significant Accounting Policies and Disclosures (continued) (h) Fair Value Measurement and Financial Instruments (continued) 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 On April 4, 2024, the Company entered into a foreign exchange option strip (“FX option”) to purchase 3,000 , with monthly settlements, starting April 11, 2024 , and ending March 13, 2025 . The strike price is EURUSD 1.10 . The Company entered to this option to hedge the downside foreign exchange risk associated with expenses denominated in EUR against fluctuations between the US Dollar and Euro . This FX option is designated as a cash flow hedge of anticipated expenses totalling €3,000, expected to occur each month. Changes in the fair value of the option other than “intrinsic value” are excluded from the assessment of effectiveness. The effectiveness of the hedging relationship will be periodically assessed during the life of the hedge by comparing the terms of the option and the forecasted expenses to ensure that they continue to coincide. Should the critical terms no longer match exactly, hedge effectiveness (both prospective and retrospective) will be assessed by evaluating the dollar-offset ratio of the spot intrinsic value of the actual option contract and a hypothetically perfect option contract. As of June 30, 2024, and December 31, 2023, the Company recorded a derivative asset of $ 36,446 ($ 184 41,506 ($nil 0 Financial Risk Management: Credit Risk: Liquidity Risk: Foreign Exchange Risk: |
Derivative instruments | i) Derivative instruments The Company is exposed to interest rate risk relating to its variable rate borrowings. In December 2021, the Company purchased interest rate caps with an aggregate notional amount of $ 484,106 (“December 2021 hedging"), 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. At the inception of the transaction, the Company document ed ed 2. Summary of Significant Accounting Policies and Disclosures (continued) (i) Derivative instruments (continued) This Transaction is designated as a cash flow hedge, and under ASU 2017-12, cash flow hedge accounting allows all changes in fair value to be recorded through Other Comprehensive Income once hedge effectiveness has been established. Under ASC 815-30-35-38, amounts in accumulated other comprehensive income shall be reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings (i.e., each quarter) and shall be presented in the same income statement line item as the earnings effect of the hedged item in accordance with paragraph 815-20-45-1A. The premium paid related to this derivative was classified in the interim unaudited condensed Consolidated Statements of Cash Flows as operating activities in the line item “Derivative asset”. The premium shall be amortized into earnings “on a systematic and rational basis over the period in which the hedged transaction affects earnings” (ASC 815-30-35-41A); that is, the Company will expense the premium over the life of the interest rate cap in accordance with the “caplet method,” as described in Derivatives Implementation Group (DIG) Issue G20. DIG Issue G20 dictates that the cost of the interest rate cap is recognized on earnings over time, based on the value of each periodic caplet. The cost per period will change as the caplet for that period changes in value. Given that the interest rate cap is forward-starting, expensing of the premium will not begin until the effective start date of the interest rate cap, in order to match potential cap revenue with the cap expenses in the period in which they are incurred. In February 2022, the Company further purchased two interest rate caps with an aggregate notional amount of $ 507,891 . The first interest rate cap of $253,946 which has been designated as a cash flow hedge, has the same accounting treatment as described above for the December 2021 hedging. The second interest rate cap was not designated as a cash flow hedge and therefore the negative fair value adjustment of $ 764 as at June 30, 2024 ($ 1,368 negative fair value adjustment as at June 30, 2023) was recorded through interim unaudited condensed Consolidated Statements of Income. 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 (see note 5). As of June 30, 2024, 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 %. The amounts included in accumulated other comprehensive income will be reclassified to interest expense should the hedge no longer be considered effective. The Company assesses the effectiveness of the hedges on an ongoing basis. As of June 30, 2024, and June 30, 2023, following a quantitative assessment, part of the hedge was no longer considered effective and an amount of $ 551 and $ (176) was reclassified to/(from) other comprehensive income to the interim unaudited condensed Consolidated Statements of Income. On April 4, 2024, the Company entered into a FX option purchase 3,000 , with monthly settlements, starting April 11, 2024 , and ending March 13, 2025 . The initial value of the excluded component is equal to the option premium of € 417 and are recognized in earnings using the amortization approach as per ASC 815-20-25-83A. As of June 30, 2024, following a quantitative assessment, no amount has been reclassified to other comprehensive income to the interim unaudited condensed Consolidated Statements of Income. |
Recent accounting pronouncements | (j) Recent accounting pronouncements 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 its interim unaudited condensed consolidated financial statement presentation or results. 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 evaluating currently the impacts of this guidance on its interim unaudited condensed consolidated financial statement presentation or results. |
Description of Business (Tables
Description of Business (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 Capacity in TEUs (2) Year 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 3Q27 (4) Global Ship Lease 43 LLC Liberia GSL Ningbo 8,603 2004 3Q27 Global Ship Lease 72 LLC Liberia GSL Alexandra 8,544 2004 3Q25 (5) Global Ship Lease 73 LLC Liberia GSL Sofia 8,544 2003 3Q25 (5) Global Ship Lease 74 LLC Liberia GSL Effie 8,544 2003 3Q25 (5) Global Ship Lease 75 LLC Liberia GSL Lydia 8,544 2003 2Q25 (5) Global Ship Lease 30 Limited Marshall Islands GSL Eleni 7,847 2004 4Q27 (6) Global Ship Lease 31 Limited Marshall Islands GSL Kalliopi 7,847 2004 1Q28 (6) Global Ship Lease 32 Limited Marshall Islands GSL Grania 7,847 2004 4Q27 (6) Alexander Marine LLC Marshall Islands Colombia Express (12) 7,072 2013 4Q28 (7) Hector Marine LLC Marshall Islands Kristina 7,072 2013 4Q29 (7) Ikaros Marine LLC Marshall Islands Katherine (tbr Costa Rica Express) (12) 7,072 2013 2Q29 (7) Philippos Marine LLC Marshall Islands Alexandra 7,072 2013 2Q29 (7) Aristoteles Marine LLC Marshall Islands Alexis 6,910 2015 3Q29 (7) Menelaos Marine LLC Marshall Islands Olivia I 6,910 2015 3Q29 (7) Global Ship Lease 35 LLC Liberia GSL Nicoletta 6,840 2002 1Q28 (8) Global Ship Lease 36 LLC Liberia GSL Christen 6,840 2002 4Q27 (8) Global Ship Lease 48 LLC Liberia CMA CGM Berlioz 7,023 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 3Q24 1. Description of Business (continued) Company Name (1) Country of Incorporation Vessel Capacity in TEUs (2) Year Earliest Charter Expiry Date GSL Arcadia LLC Liberia GSL Arcadia 6,008 2000 1Q25 (9) GSL Melita LLC Liberia GSL Melita 6,008 2001 3Q25 (9) GSL Maria LLC Liberia GSL Maria 6,008 2001 4Q24 (9) GSL Violetta LLC (3) Liberia GSL Violetta 6,008 2000 4Q24 (9) GSL Tegea LLC Liberia GSL Tegea 5,994 2001 3Q25 (9) GSL Dorothea LLC Liberia GSL Dorothea 5,992 2001 2Q25 (9) GSL MYNY LLC Liberia GSL MYNY 6,008 2000 2Q25 (9) Tasman Marine LLC Marshall Islands Tasman 5,936 2000 1Q25 Hudson Marine LLC Marshall Islands Dimitris Y (ex Zim Europe) (12) 5,936 2000 2Q25 Drake Marine LLC Marshall Islands Ian H 5,936 2000 3Q24 Global Ship Lease 68 LLC (3) Liberia GSL Kithira 5,470 2009 4Q24 (10) Global Ship Lease 69 LLC (3) Liberia GSL Tripoli 5,470 2009 3Q27 (10) Global Ship Lease 70 LLC (3) Liberia GSL Syros 5,470 2010 4Q27 (10) Global Ship Lease 71 LLC (3) Liberia GSL Tinos 5,470 2010 3Q27 (10) Hephaestus Marine LLC Marshall Islands Dolphin II 5,095 2007 1Q25 Zeus One Marine LLC Marshall Islands Orca I 5,095 2006 2Q25 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 Global Ship Lease 50 LLC Liberia CMA CGM Jamaica 4,298 2006 1Q28 Global Ship Lease 49 LLC Liberia CMA CGM Sambhar 4,045 2006 1Q28 Global Ship Lease 51 LLC Liberia CMA CGM America 4,045 2006 1Q28 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 4Q26 (11) Global Ship Lease 60 LLC Liberia GSL Eleftheria 3,421 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 2Q25 Global Ship Lease 42 LLC Liberia GSL Valerie 2,824 2005 1Q25 Pericles Marine LLC Marshall Islands Athena 2,980 2003 2Q25 Global Ship Lease 64 LLC Liberia GSL Elizabeth 2,741 2006 2Q26 Global Ship Lease 65 LLC Liberia GSL Chloe (13) 2,546 2012 4Q24 Global Ship Lease 66 LLC Liberia GSL Maren 2,546 2014 1Q26 Aris Marine LLC Marshall Islands Maira 2,506 2000 3Q24 Aphrodite Marine LLC Marshall Islands Nikolas 2,506 2000 4Q24 Athena Marine LLC Marshall Islands Newyorker 2,506 2001 1Q25 Global Ship Lease 38 LLC Liberia Manet 2,288 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 2,220 2002 1Q25 Global Ship Lease 44 LLC Liberia Akiteta 2,220 2002 4Q24 1. Description of Business (continued) (1) All subsidiaries are 100% owned, either directly or indirectly; (2) Twenty-foot Equivalent Units; (3) Currently, under a sale and leaseback transaction (see note 2g); (4) MSC Tianjin, MSC Qingdao and Agios Dimitrios were forward fixed 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”). Agios Dimitrios new charter commenced on 2Q 2024; (5) 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; (6) GSL Eleni, GSL Kalliopi and GSL Grania, were forward fixed with direct continuation for 35 – 38 months, after which the charterer has the option to extend each charter for further 12 – 16 months; (7) Colombia Express (ex Mary), Kristina, Katherine (tbr Costa Rica Express), Alexandra, Alexis, Olivia I were forward fixed 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 Colombia Express (ex Mary) commenced in early 2024. The new charters for the remaining vessels are scheduled to commence as each of the existing charters expire, between approximately 3Q 2024 and late 2024; (8) GSL Nicoletta and GSL Christen were forward fixed for 39 – 42 months and 38.5 – 41.5 months, respectively; (9) GSL Maria, GSL Violetta, GSL Arcadia, GSL MYNY, GSL Melita, GSL Tegea and GSL Dorothea. 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 (10) 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. GSL Tripoli, GSL Syros, GSL Tinos charterer’s options were exercised in 2Q 2024; (11) GSL Melina. Chartered for 27 – 28 months from July 2024; (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. On April 19, 2024, Zim Europe was renamed to Dimitris Y. On July 9, 2024, Katherine was renamed to Costa Rica Express. |
Vessels in Operation (Tables)
Vessels in Operation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Property, Plant and Equipment [Abstract] | |
Vessels in Operation - Schedule of Vessels in Operation (Table) | Vessels in Operation - Schedule of Vessels in Operation (Table) Vessel Cost, as adjusted for Accumulated Net Book Impairment charges Depreciation Value As of January 1, 2023 $ 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 Additions 4,453 – 4,453 Depreciation – (37,149) (37,149) As of June 30, 2024 $ 1,997,066 $ (365,661) $ 1,631,405 |
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 |
Intangible Liabilities - Char_2
Intangible Liabilities - Charter Agreements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Intangible Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) | Intangible Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) Intangible Liabilities – Charter Agreements as of June 30, 2024, and December 31, 2023, consisted of the following: June 30, 2024 December 31, 2023 Opening balance $ 5,662 $ 14,218 Disposals (*) – (476) Amortization (3,005) (8,080) Total $ 2,657 $ 5,662 (*) The acceleration of the unamortized portion of GSL Amstel intangible liability-charter agreement when the vessel was sold on March 23, 2023. |
Intangible Liabilities - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) | Intangible Liabilities - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) Amount June 30, 2025 $ 2,383 June 30, 2026 274 $ 2,657 |
Derivative Assets (Tables)
Derivative Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Derivative Asset - Schedule of Derivative Assets (Table) | Derivative Asset - Schedule of Derivative Assets (Table) June 30, 2024 December 31, 2023 Opening balance $ 41,506 $ 63,503 FX option premium 28 – Unrealized loss on derivative assets (interest rate caps) (4,479) (16,625) Unrealized gain on FX option 155 – Fair value adjustment on derivative asset (764) (5,372) Closing balance $ 36,446 $ 41,506 Less: Current portion of derivative assets (interest rate caps) (22,429) (24,639) Less: Current portion of FX option (183) – Non-current portion of derivative assets (interest rate caps) $ 13,834 $ 16,867 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt - Schedule of Long - Term Debt (Table) | Long-Term Debt - Schedule of Long - Term Debt (Table) Facilities June 30, 2024 December 31, 2023 Macquarie loan (a) $ 54,000 $ 66,000 2027 Secured Notes (b) 258,125 284,375 E.SUN, MICB, Cathay, Taishin Credit Facility (c) 21,600 28,500 Sinopac Credit Facility (d) 7,380 8,220 HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) 62,697 73,283 Deutsche Credit Facility (f) 37,721 40,046 HCOB Credit Facility (g) 16,719 24,744 CACIB, Bank Sinopac, CTBC Credit Facility (h) 36,400 38,950 Chailease Credit Facility (i) 2,090 2,608 Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j) 133,200 149,200 Total credit facilities $ 629,932 $ 715,926 Sale and Leaseback Agreement CMBFL - $120,000 (k) 51,737 64,438 Sale and Leaseback Agreement CMBFL - $54,000 (l) 34,236 36,018 Sale and Leaseback Agreement - Neptune $14,735 (m) 5,208 6,796 Total Sale and Leaseback Agreements $ 91,181 $ 107,252 Total borrowings $ 721,113 $ 823,178 Less: Current portion of long-term debt (155,704) (164,888) Less: Current portion of Sale and Leaseback Agreements (k,l,m) (17,973) (28,365) Less: Deferred financing costs (o) (8,428) (10,750) Non-current portion of Long-Term Debt $ 539,008 $ 619,175 |
Long-Term Debt - Repayment Schedule (Table) | Long-Term Debt - Repayment Schedule (Table) Payment due by period ended Amount June 30, 2025 173,677 June 30, 2026 200,629 June 30, 2027 192,992 June 30, 2028 153,815 $ 721,113 |
Long-Term Debt - Schedule of Deferred Financing Costs (Table) | Long-Term Debt - Schedule of Deferred Financing Costs (Table) June 30, 2024 December 31, 2023 Opening balance $ 10,750 $ 15,136 Expenditure in the period – 1,140 Amortization included within interest expense (2,322) (5,526) Closing balance $ 8,428 $ 10,750 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments And Contingencies | |
Commitments and Contingencies - Charter Hire Receivable (Table) | Commitments and Contingencies - Charter Hire Receivable (Table) Period ending Amount June 30, 2025 $ 630,639 June 30, 2026 414,570 June 30, 2027 338,924 June 30, 2028 167,236 June 30, 2029 84,978 June 30, 2030 6,878 Total minimum lease revenue, net of address commissions $ 1,643,225 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023 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 Vested in six months ended June 30, 2024 (361,584) n/a 26.92 Granted in January 2024 13,195 18.82 n/a Granted in March 2024 58,215 17.80 n/a Forfeit in March 2024 (155,250) n/a n/a Unvested as at June 30, 2024 435,789 $ 21.92 n/a |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Net Earnings per Class A common share | |
Earnings/(Loss) per Share (Table) | Earnings/(Loss) per Share (Table) Six months ended June 30, 2024 2023 Numerator: Net income available to common shareholders: $ 175,149 $ 147,612 Denominator: Class A Common shares Basic weighted average number of common shares outstanding 35,201,716 35,533,273 Plus weighted average number of RSUs with service conditions 435,789 673,036 Common share and common share equivalents, dilutive 35,637,505 36,206,309 Basic earnings per share: Class A 4.98 4.15 Diluted earnings per share: Class A 4.91 4.08 |
Description of Business - Sched
Description of Business - Schedule of Vessels (Table) (Details) Pure in Thousands | 6 Months Ended |
Jun. 30, 2024 | |
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 | 3Q27(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 |
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(5) |
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(5) |
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(5) |
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(5) |
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 | 4Q27(6) |
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 | 1Q28(6) |
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 | 4Q27(6) |
Alexander Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Colombia Express(12) |
Capacity in TEUs | 7,072 |
Year Built | 2013 |
Earliest Charter Expiry Date | 4Q28(7) |
Hector Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Kristina |
Capacity in TEUs | 7,072 |
Year Built | 2013 |
Earliest Charter Expiry Date | 4Q29(7) |
Ikaros Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Katherine (tbr Costa Rica Express)(12) |
Capacity in TEUs | 7,072 |
Year Built | 2013 |
Earliest Charter Expiry Date | 2Q29(7) |
Philippos Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Alexandra |
Capacity in TEUs | 7,072 |
Year Built | 2013 |
Earliest Charter Expiry Date | 2Q29(7) |
Aristoteles Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Alexis |
Capacity in TEUs | 6,910 |
Year Built | 2015 |
Earliest Charter Expiry Date | 3Q29(7) |
Menelaos Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Olivia I |
Capacity in TEUs | 6,910 |
Year Built | 2015 |
Earliest Charter Expiry Date | 3Q29(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 | 1Q28(8) |
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 | 4Q27(8) |
Global Ship Lease 48 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | CMA CGM Berlioz |
Capacity in TEUs | 7,023 |
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 | 3Q24 |
GSL Arcadia LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Arcadia |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 1Q25(9) |
GSL Melita LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Melita |
Capacity in TEUs | 6,008 |
Year Built | 2001 |
Earliest Charter Expiry Date | 3Q25(9) |
GSL Maria LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Maria |
Capacity in TEUs | 6,008 |
Year Built | 2001 |
Earliest Charter Expiry Date | 4Q24(9) |
GSL Violetta LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Violetta |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 4Q24(9) |
GSL Tegea LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Tegea |
Capacity in TEUs | 5,994 |
Year Built | 2001 |
Earliest Charter Expiry Date | 3Q25(9) |
GSL Dorothea LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Dorothea |
Capacity in TEUs | 5,992 |
Year Built | 2001 |
Earliest Charter Expiry Date | 2Q25(9) |
GSL MYNY LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL MYNY |
Capacity in TEUs | 6,008 |
Year Built | 2000 |
Earliest Charter Expiry Date | 2Q25(9) |
Tasman Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Tasman |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 1Q25 |
Hudson Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Dimitris Y (ex Zim Europe) (12) |
Capacity in TEUs | 5,936 |
Year Built | 2000 |
Earliest Charter Expiry Date | 2Q25 |
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 | 3Q24 |
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(10) |
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 | 3Q27(10) |
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 | 4Q27(10) |
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 | 3Q27(10) |
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 | 2Q25 |
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 |
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 |
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 |
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 |
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 | 4Q26(11) |
Global Ship Lease 60 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Eleftheria |
Capacity in TEUs | 3,421 |
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 | 2Q25 |
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 | 2,980 |
Year Built | 2003 |
Earliest Charter Expiry Date | 2Q25 |
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 | 2Q26 |
Global Ship Lease 65 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | GSL Chloe(13) |
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 | 1Q26 |
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 | 4Q24 |
Athena Marine LLC [Member] | |
Country of Incorporation | Marshall Islands |
Vessel Name | Newyorker |
Capacity in TEUs | 2,506 |
Year Built | 2001 |
Earliest Charter Expiry Date | 1Q25 |
Global Ship Lease 38 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | Manet |
Capacity in TEUs | 2,288 |
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 | 2,220 |
Year Built | 2002 |
Earliest Charter Expiry Date | 1Q25 |
Global Ship Lease 44 LLC [Member] | |
Country of Incorporation | Liberia |
Vessel Name | Akiteta |
Capacity in TEUs | 2,220 |
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, 2024 | Jun. 30, 2023 USD ($) | Dec. 31, 2021 | Dec. 31, 2018 | Nov. 15, 2018 | |
Number of vessels purchased | 23 | ||||
Number of vessels owned. | 68 | ||||
Weighted average capacity | 17 years 8 months 12 days | ||||
Seven Vessels [Member] | |||||
Number of vessels purchased | 7 | ||||
Capacity in TEUs | 6,000 | ||||
Twelve Vessels [Member] | |||||
Number of vessels purchased | 12 | ||||
Four Vessels [Member] | |||||
Number of vessels purchased | 4 | ||||
Capacity in TEUs | 5,470 | ||||
Four New Vessels [Member] | |||||
Number of vessels purchased | 4 | ||||
Capacity in TEUs | 8,544 | ||||
Aggregate purchase price | $ 123,300 | ||||
Delivery Date | which were delivered in various dates in May and June 2023 | ||||
Poseidon Transaction [Member] | |||||
Number of vessels purchased | 20 | ||||
Poseidon Transaction [Member] | Argos [Member] | |||||
Number of Vessels Sold | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Disclosures (Details Narrative) € in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Feb. 28, 2022 USD ($) | Apr. 04, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Apr. 04, 2024 EUR (€) | Dec. 31, 2021 USD ($) | |
Interest Costs Capitalized | $ 0 | ||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||
Estimated residual scrap value of vessels per lightweight ton (LWT) | $ 400,000 | ||||||
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. | ||||||
Property, Plant and Equipment, Net | $ 1,631,405,000 | $ 1,664,101,000 | |||||
Prepaid Expense and Other Assets, Current | 39,418,000 | 40,464,000 | |||||
Other Assets, Noncurrent | 22,564,000 | 23,935,000 | |||||
Derivative, Loss on Derivative | $ 764,000 | $ 1,368,000 | |||||
Line of Credit Facility, Interest Rate Description | 1-month Compounded SOFR | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.64% | ||||||
Derivative Asset | $ 36,446,000 | 41,506,000 | |||||
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 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 551,000 | $ (176,000) | |||||
Derivative, Premium Paid | 28,000 | 0 | |||||
Interest Rate Caps [Member] | |||||||
Derivative, Notional Amount | $ 507,891,000 | $ 484,106,000 | |||||
Derivative, Cap Interest Rate | 0.75% | ||||||
Derivative, Maturity Date | fourth quarter 2026 | ||||||
Derivative, Inception Date | Dec. 22, 2021 | ||||||
Derivative, Contract End Date | Nov. 30, 2026 | ||||||
Second interest rate cap | Two USD one-month Libor interest rate caps [Member] | |||||||
Derivative, Loss on Derivative | 764,000 | $ 1,368,000 | |||||
FX Option [Member] | |||||||
Derivative, Notional Amount | $ 3,000,000 | ||||||
Derivative, Inception Date | Apr. 11, 2024 | ||||||
Derivative, Contract End Date | Mar. 13, 2025 | ||||||
Derivative, Foreign Currency Option Strike Price | 1.10 | ||||||
Derivative, Description of Objective | The Company entered to this option to hedge the downside foreign exchange risk associated with expenses denominated in EUR against fluctuations between the US Dollar and Euro | ||||||
Derivative Asset | 184,000 | 0 | |||||
Derivative, Premium Paid | € | € 417 | ||||||
December 2021 interest rate caps [Member] | |||||||
Derivative, Notional Amount | $ 484,106,000 | ||||||
Charters Revenues [Member] | |||||||
Loss in charter revenue | 4,249,000 | ||||||
Gain in charter revenue | $ 1,785,000 | ||||||
Prepaid Expense and Other Assets, Current | 8,403,000 | 9,027,000 | |||||
Other Assets, Noncurrent | $ 4,581,000 | 15,139,000 | |||||
Two Vessel Group [Member] | |||||||
Tangible Asset Impairment Charges | $ 18,830,000 | ||||||
Number of vessels recognized with impairment charge | 2 | ||||||
Property, Plant and Equipment, Net | $ 43,830,000 | ||||||
Property, Plant, and Equipment, Fair Value Disclosure | $ 25,000,000 | ||||||
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 $6,305, $18,300, and $33,386 for the three months ended March 31, 2023, six months ended June 30, 2023, and nine months ended September 30, 2023, respectively |
Vessels in Operation - Schedule
Vessels in Operation - Schedule of Vessels in Operation (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | $ 1,664,101 | |
Balance ending of period | 1,631,405 | $ 1,664,101 |
Vessel Cost, as adjusted for impairment charges [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | 1,992,613 | 1,886,158 |
Additions | 4,453 | 138,802 |
Impairment loss | (25,544) | |
Disposals | (6,803) | |
Balance ending of period | 1,997,066 | 1,992,613 |
Accumulated Depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | (328,512) | (262,851) |
Disposals | 68 | |
Depreciation | (37,149) | (72,443) |
Impairment loss | 6,714 | |
Balance ending of period | (365,661) | (328,512) |
Net Book Value [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance beginning of period | 1,664,101 | 1,623,307 |
Additions | 4,453 | 138,802 |
Depreciation | (37,149) | (72,443) |
Impairment loss | (18,830) | |
Disposals | (6,735) | |
Balance ending of period | $ 1,631,405 | $ 1,664,101 |
Vessels in Operation - Vessels
Vessels in Operation - Vessels Acquisitions (Table) (Details) Pure in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
GSL Alexandra [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase Price | $ 30,000 |
Capacity in TEUs | 8,544 |
Year Built | 2004 |
Delivery Date | June 2, 2023 |
GSL Sofia [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase Price | $ 30,000 |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Delivery Date | May 22, 2023 |
GSL Effie [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase Price | $ 30,000 |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Delivery Date | May 30, 2023 |
GSL Lydia [Member] | |
Property, Plant and Equipment [Line Items] | |
Purchase Price | $ 33,300 |
Capacity in TEUs | 8,544 |
Year Built | 2003 |
Delivery Date | June 26, 2023 |
Vessels in Operation (Details N
Vessels in Operation (Details Narrative) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 23, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Unpaid capitalized expenses | $ 4,179 | $ 11,997 | ||
Proceeds from Sale of Property, Plant, and Equipment | 0 | $ 5,940 | ||
Property, Plant and Equipment, Net | $ 1,631,405 | $ 1,664,101 | ||
Number of unencumbered vessels | 5 | |||
Advances for other vessel additions | $ 21,488 | 12,210 | ||
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. | |||
Two Vessel Group [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Tangible Asset Impairment Charges | $ 18,830 | |||
Number of vessels recognized with impairment charge | 2 | |||
Property, Plant and Equipment, Net | $ 43,830 | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 25,000 |
Intangible Liabilities - Char_3
Intangible Liabilities - Charter Agreements - Schedule of Intangible Liabilities (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | ||
Opening balance | $ 5,662 | $ 14,218 | |
Disposals | [1] | 0 | (476) |
Amortization | (3,005) | (8,080) | |
Total | $ 2,657 | $ 5,662 | |
[1] The acceleration of the unamortized portion of GSL Amstel intangible liability-charter agreement when the vessel was sold on March 23, 2023. |
Intangible Liabilities - Char_4
Intangible Liabilities - Charter Agreements - Aggregate Amortization of Intangible Liabilities (Table) (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
June 30, 2025 | $ 2,383 |
June 30, 2026 | 274 |
Total | $ 2,657 |
Intangible Liabilities - Char_5
Intangible Liabilities - Charter Agreements (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Amortization income of intangible liabilities-charter agreements | $ 3,005 | $ 5,045 |
Weighted average useful lives | 5 months 15 days |
Derivative Asset - Schedule of
Derivative Asset - Schedule of Derivative Assets (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |||
Opening balance | $ 41,506 | $ 63,503 | $ 63,503 |
FX option premium | 28 | 0 | |
Unrealized loss on derivative assets (interest rate caps) | (4,479) | (16,625) | |
Unrealized gain on FX option | 155 | 0 | |
Fair value adjustment on derivative asset | (764) | $ (1,368) | (5,372) |
Closing balance | 36,446 | 41,506 | |
Less: Current portion of derivative assets (interest rate caps) | (22,429) | (24,639) | |
Less: Current portion of FX option | (183) | 0 | |
Non-current portion of derivative assets | $ 13,834 | $ 16,867 |
Derivative Assets (Details Narr
Derivative Assets (Details Narrative) - USD ($) $ in Thousands | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2021 | |
Derivative, Loss on Derivative | $ 764 | $ 1,368 | |||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 14,366 | $ 15,916 | |||
Unrealized gain on the interest rate caps | 551 | $ (176) | |||
December 2021 interest rate caps [Member] | |||||
Derivative, Notional Amount | $ 484,106 | ||||
Two USD one-month LIBOR interest rate caps [Member] | |||||
Derivative, Notional Amount | $ 507,891 | ||||
Derivative, Cap Interest Rate | 0.75% | ||||
Derivative, Maturity Date | fourth quarter 2026 | ||||
Interest Rate Caps [Member] | |||||
Derivative, Notional Amount | $ 507,891 | $ 484,106 | |||
Derivative, Cap Interest Rate | 0.75% | ||||
Derivative, Contract End Date | Nov. 30, 2026 | ||||
Payable premium amount | $ 15,370 | $ 7,000 | |||
Derivative, Inception Date | Dec. 22, 2021 | ||||
Derivative, Maturity Date | fourth quarter 2026 | ||||
Second interest rate cap | Two USD one-month Libor interest rate caps [Member] | |||||
Derivative, Loss on Derivative | 764 | $ 1,368 | |||
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | $ 14,366 | $ 15,916 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long - Term Debt (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | |||
Total Sale and Leaseback Agreements | $ 91,181 | $ 107,252 | |
Total borrowings | 721,113 | ||
Less: Current portion of long-term debt | (173,677) | (193,253) | |
Less: Deferred financing costs (o) | (8,428) | (10,750) | $ (15,136) |
Sale and Leaseback Agreement CMBFL - $120,000 (k) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 51,737 | 64,438 | |
Sale and Leaseback Agreement CMBFL - $54,000 (l) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 34,236 | 36,018 | |
Sale and Leaseback Agreement - Neptune $14,735 (m) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 5,208 | 6,796 | |
Total Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Total borrowings | 629,932 | 715,926 | |
Non-current portion of Long-Term Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Total borrowings | 721,113 | 823,178 | |
Less: Current portion of long-term debt | (155,704) | (164,888) | |
Less: Current portion of Sale and Leaseback Agreements (k,l,m) | (17,973) | (28,365) | |
Less: Deferred financing costs (o) | (8,428) | (10,750) | |
Non-current portion of Long-Term Debt | 539,008 | 619,175 | |
Macquarie loan (a) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 54,000 | 66,000 | |
2027 Secured Notes (b) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 258,125 | 284,375 | |
E.SUN, MICB, Cathay, Taishin Credit Facility (c) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 21,600 | 28,500 | |
Sinopac Credit Facility (d) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 7,380 | 8,220 | |
HCOB, CACIB, ESUN, CTBC, Taishin Credit Facility (e) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 62,697 | 73,283 | |
Deutsche Credit Facility (f) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 37,721 | 40,046 | |
HCOB Credit Facility (g) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 16,719 | 24,744 | |
CACIB, Bank Sinopac, CTBC Credit Facility (h) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 36,400 | 38,950 | |
Chailease Credit Facility (i) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | 2,090 | 2,608 | |
Syndicated Senior Secured Credit Facility (CACIB, ABN, First-Citizens & Trust Company, Siemens, CTBC, Bank Sinopac, Palatine) (j) [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding amount | $ 133,200 | $ 149,200 |
Long-Term Debt - Repayment Sche
Long-Term Debt - Repayment Schedule (Table) (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Debt Disclosure [Abstract] | |
June 30, 2025 | $ 173,677 |
June 30, 2026 | 200,629 |
June 30, 2027 | 192,992 |
June 30, 2028 | 153,815 |
Total | $ 721,113 |
Long-Term Debt - Schedule of De
Long-Term Debt - Schedule of Deferred Financing Costs (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Opening balance | $ 10,750 | $ 15,136 |
Expenditure in the period | 0 | 1,140 |
Amortization included within interest expense | (2,322) | (5,526) |
Closing balance | $ 8,428 | $ 10,750 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Feb. 10, 2020 USD ($) | Mar. 23, 2023 USD ($) | Apr. 30, 2021 USD ($) | May 18, 2023 USD ($) | May 31, 2021 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jul. 31, 2021 USD ($) | Oct. 13, 2021 USD ($) | Sep. 30, 2021 USD ($) | Sep. 24, 2019 USD ($) | Dec. 31, 2023 USD ($) | May 06, 2021 USD ($) | Apr. 13, 2021 USD ($) | Jan. 15, 2021 USD ($) | Feb. 26, 2020 USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||||||||
Proceeds from Lines of Credit | $ 0 | $ 76,000,000 | ||||||||||||||
Line of Credit Facility, Interest Rate Description | 1-month Compounded SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.64% | |||||||||||||||
Additional deferred financing costs | $ 0 | $ 1,140,000 | ||||||||||||||
Amortization of Debt Issuance Costs | $ 2,322,000 | 2,836,000 | ||||||||||||||
Debt Instrument, Covenant Description | Amounts drawn under the facilities listed above are secured by first priority mortgages on certain of the Company’s vessels and other collateral. The credit facilities contain a number of restrictive covenants that limit the Company from, among other things: incurring or guaranteeing indebtedness; charging, pledging or encumbering the vessels; and changing the flag, class, management or ownership of the vessel owning entities. The credit facilities also require the vessels to comply with the ISM Code and ISPS Code and to maintain valid safety management certificates and documents of compliance at all times. Additionally, specific credit facilities require compliance with a number of financial covenants including asset cover ratios and minimum liquidity and corporate guarantor requirements. Among other events, it will be an event of default under the credit facilities if the financial covenants are not complied with or remedied. | |||||||||||||||
Debt Instrument, Covenant Compliance | As of June 30, 2024, and December 31, 2023, the Company was in compliance with its debt covenants | |||||||||||||||
$120.0 Million - Sale and Leaseback agreements - CMBFL Four Vessels [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Proceeds from Lines of Credit | $ 30,000,000 | $ 90,000,000 | ||||||||||||||
Description of Scope | to finance the acquisition of the Four Vessels | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||
Sale Leaseback Transaction, Date | August 26, 2021 | |||||||||||||||
Number of sale and leaseback agreements. | 4 | |||||||||||||||
Sale and leaseback amount. | $ 30,000,000 | |||||||||||||||
Purchase Obligation | $ 7,000,000 | |||||||||||||||
Finance Lease Liability Maturity Date | three vessels mature in September 2027 and for the fourth vessel in October 2027 | |||||||||||||||
Finance Lease, Liability | $ 51,737,000 | |||||||||||||||
$54.0 Million Sale and Leaseback agreement - CMBFL [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Proceeds from Lines of Credit | $ 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. | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||
Sale Leaseback Transaction, Date | May 20, 2021 | |||||||||||||||
Sale and leaseback amount. | $ 54,000,000 | |||||||||||||||
Finance Lease Liability Maturity Date | May 2028 | |||||||||||||||
Finance Lease, Liability | $ 34,236,000 | |||||||||||||||
Finance Lease Liability Periodic Payment Terms, Balloon Payment to be Paid | $ 19,980,000 | |||||||||||||||
Aggregate purchase price | 75,000,000 | |||||||||||||||
Advance Hire | 21,000,000 | |||||||||||||||
$14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Proceeds from Lines of Credit | 14,735,000 | |||||||||||||||
Description of Scope | to finance the acquisition of GSL Violetta delivered in April 2021 | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.64% | |||||||||||||||
Sale Leaseback Transaction, Date | May 12, 2021 | |||||||||||||||
Sale and leaseback amount. | $ 14,735,000 | |||||||||||||||
Purchase Obligation | $ 950,000 | |||||||||||||||
Finance Lease Liability Maturity Date | February 2026 | |||||||||||||||
Finance Lease, Liability | $ 5,208,000 | |||||||||||||||
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 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.69% | |||||||||||||||
Long-Term Debt, Gross | $ 258,125,000 | |||||||||||||||
Debt Instrument, Issuance Date | Jun. 16, 2022 | |||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 350,000,000 | |||||||||||||||
Debt Instrument, Description of Variable Rate Basis | interpolated interest rate of 2.84% plus a margin 2.85% | |||||||||||||||
Debt Instrument, Collateral | 20 | |||||||||||||||
First Twelve Quarterly Installments [Member] | $120.0 Million - Sale and Leaseback agreements - CMBFL Four Vessels [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Number of installments of sale and leaseback agreements | 12 | |||||||||||||||
Sale and leaseback frequency of payments. | quarterly | |||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 1,587,500 | |||||||||||||||
Next Twelve Quarterly Installments [Member] | $120.0 Million - Sale and Leaseback agreements - CMBFL Four Vessels [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Number of installments of sale and leaseback agreements | 12 | |||||||||||||||
Sale and leaseback frequency of payments. | quarterly | |||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 329,200 | |||||||||||||||
Eight Instalments [Member] | $54.0 Million Sale and Leaseback agreement - CMBFL [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Number of installments of sale and leaseback agreements | 8 | |||||||||||||||
Sale and leaseback frequency of payments. | quarterly | |||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 2,025,000 | |||||||||||||||
Twenty Instalments [Member] | $54.0 Million Sale and Leaseback agreement - CMBFL [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Number of installments of sale and leaseback agreements | 20 | |||||||||||||||
Sale and leaseback frequency of payments. | quarterly | |||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 891,000 | |||||||||||||||
Fifteen Instalments [Member] | $14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Number of installments of sale and leaseback agreements | 15 | |||||||||||||||
Sale and leaseback frequency of payments. | quarterly | |||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 793,870 | |||||||||||||||
Four Instalments Member | $14.7 Million Sale and Leaseback agreement - Neptune Maritime Leasing [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Number of installments of sale and leaseback agreements | 4 | |||||||||||||||
Sale and leaseback frequency of payments. | quarterly | |||||||||||||||
Sale Leaseback Transaction, Quarterly Rental Payments | $ 469,120 | |||||||||||||||
$76.0 million Macquarie Bank Limited Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Proceeds from Lines of Credit | $ 76,000,000 | |||||||||||||||
Description of Scope | to finance part of the acquisition cost of four | |||||||||||||||
Number of tranches | 4 | |||||||||||||||
Maturity date | May 2026 | |||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 25,000,000 | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||
Long-Term Debt, Gross | $ 54,000,000 | |||||||||||||||
$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 | $ 5,000,000 | |||||||||||||||
$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 | $ 6,000,000 | |||||||||||||||
$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 | $ 3,000,000 | |||||||||||||||
$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 | $ 1,000,000 | |||||||||||||||
$60.0 Million E.SUN, MICB, Cathay, Taishin Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Description of Scope | The Company | |||||||||||||||
Number of tranches | 3 | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||
Long-Term Debt, Gross | $ 21,600,000 | |||||||||||||||
Issuance date of debt instrument | December 30, 2021 | |||||||||||||||
Repayments of Debt | $ 26,205,000 | |||||||||||||||
Fees on repayments of debt | $ 3,968,000 | |||||||||||||||
$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 | $ 4,500,000 | |||||||||||||||
$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 | $ 2,400,000 | |||||||||||||||
$12.0 Million Sinopac Capital International Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Proceeds from Lines of Credit | $ 12,000,000 | |||||||||||||||
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 | $ 420,000 | |||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,600,000 | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||
Long-Term Debt, Gross | $ 7,380,000 | |||||||||||||||
Issuance date of debt instrument | August 27, 2021 | |||||||||||||||
$140.0 Million HBOC, CACIB, ESUN, CTBC, Taishin Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Proceeds from Lines of Credit | $ 140,000,000 | |||||||||||||||
Description of Scope | to finance the acquisition of the Twelve Vessels | |||||||||||||||
Maturity date | July 2026 | |||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 35,600,000 | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||
Long-Term Debt, Gross | $ 62,697,000 | |||||||||||||||
Issuance date of debt instrument | July 6, 2021 | |||||||||||||||
Repayments of Debt | $ 2,838,000 | |||||||||||||||
Deduction from the balloon installment | $ 1,000,000 | |||||||||||||||
$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] | ||||||||||||||||
Description of Scope | in order to refinance one of the three previous tranches of the $180,500 Deutsche, CIT, HCOB, Entrust, Blue Ocean Credit Facility, that had a maturity date on June 30, 2022, of an amount $48,527 | |||||||||||||||
Repayment installments | 20 | |||||||||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||||||||
Line of Credit Facility, Periodic Payment | $ 1,162,450 | |||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 28,421,000 | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||||||||||
Long-Term Debt, Gross | $ 37,721,000 | |||||||||||||||
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 | $ 16,719,000 | |||||||||||||||
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] | ||||||||||||||||
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 outstanding amount of $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 | |||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 26,200,000 | |||||||||||||||
Line of Credit Facility, Interest Rate Description | SOFR plus a margin of 2.75% per annum plus CAS payable quarterly in arrears | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||
Long-Term Debt, Gross | $ 36,400,000 | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 51,700,000 | |||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Description of Scope | to re | |||||||||||||||
Debt Instrument, Periodic Payment Terms, 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 | $ 2,090,000 | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,000,000 | |||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | 36 Installments [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility, Frequency of Payments | monthly | |||||||||||||||
Line of Credit Facility, Periodic Payment | $ 156,000 | |||||||||||||||
$9.0 Million Chailease Credit Facility [Member] | 24 Installments [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Line of Credit Facility, Frequency of Payments | monthly | |||||||||||||||
Line of Credit Facility, Periodic Payment | $ 86,000 | |||||||||||||||
$268.0 Million Syndicated Senior Secured Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Description of Scope | in order to refinance existing credit facilities that had a maturity date in December 2020, of an amount $224,310 | |||||||||||||||
Long-Term Debt, Gross | $ 133,200,000 | |||||||||||||||
Issuance date of debt instrument | September 19, 2019 | |||||||||||||||
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 | |||||||||||||||
Debt Instrument, Periodic Payment Terms, 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 | |||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,000,000 | |||||||||||||||
Extended $268.0 Million Syndicated Senior Secured Credit Facility [Member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Description of Scope | to refinance its outstanding S | |||||||||||||||
Maturity date | December 2026 | |||||||||||||||
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 | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3% | |||||||||||||||
Issuance date of debt instrument | January 2022 | |||||||||||||||
$76.0 Million Macquarie Bank Limited Credit Facility [member] | ||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||
Additional deferred financing costs | $ 1,140,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | |||
Other Receivables, Net, Current | $ 886 | $ 626 | |
Other Liabilities, Current | $ 621 | 717 | |
Broker Fee Commission Percentage | 1% | ||
Technomar [Member] | |||
Related Party Transaction [Line Items] | |||
Number of ships under technical management | 5 | ||
Professional and Contract Services Expense | $ 10,808 | $ 8,901 | |
Other Receivables, Net, Current | 886 | 626 | |
Third Party Managers [Member] | |||
Related Party Transaction [Line Items] | |||
Professional and Contract Services Expense | 0 | 981 | |
Conchart [Member] | |||
Related Party Transaction [Line Items] | |||
Direct Operating Costs | 4,317 | $ 3,662 | |
Other Liabilities, Current | $ 621 | $ 717 |
Commitments and Contingencies -
Commitments and Contingencies - Charter Hire Receivable (Table) (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Commitments And Contingencies | |
June 30, 2025 | $ 630,639 |
June 30, 2026 | 414,570 |
June 30, 2027 | 338,924 |
June 30, 2028 | 167,236 |
June 30, 2029 | 84,978 |
June 30, 2030 | 6,878 |
Total minimum lease revenue, net of address commissions | $ 1,643,225 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments And Contingencies | |
Number of vessels owned | 68 |
Share Capital (Details Narrativ
Share Capital (Details Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||
Feb. 12, 2024 USD ($) $ / shares | Jan. 26, 2021 USD ($) $ / shares shares | Feb. 17, 2021 USD ($) shares | Mar. 31, 2024 shares | Jun. 30, 2023 shares | Mar. 31, 2023 shares | May 10, 2024 USD ($) $ / shares | May 10, 2023 USD ($) $ / shares | Apr. 30, 2022 shares | Apr. 30, 2020 shares | Jun. 30, 2024 $ / shares shares | Jun. 30, 2023 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 shares | Dec. 31, 2022 shares | Dec. 29, 2022 USD ($) | Dec. 31, 2021 shares | |
Number of classes of common stock | 1 | |||||||||||||||||||||
2022 ATM Agreement [Member] | Maximum [Member] | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 150,000,000 | |||||||||||||||||||||
January 2021 Equity Offering [Member] | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 5,400,000 | 141,959 | ||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 13 | |||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 70,200 | $ 67,758 | ||||||||||||||||||||
Common Class A | 2019 Plan [Member] | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 184,270 | 323,478 | 142,868 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 408,096 | 931,874 | ||||||||||||||||||||
Stock Repurchased and Retired During Period, Shares | 251,772 | 385,064 | 582,178 | 521,650 | ||||||||||||||||||
Shares, Outstanding | 35,077,907 | 35,165,914 | 35,491,054 | 35,260,029 | 35,165,914 | 35,188,323 | 35,990,288 | |||||||||||||||
Common stock [member] | ||||||||||||||||||||||
Stock Repurchased And Retired During Period Shares | 184,684 | 251,772 | 967,242 | 568,835 | 307,121 | 1,242,663 | ||||||||||||||||
Common Class A | 2019 Plan [Member] | ||||||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 184,270 | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 440,698 | 586,819 | 747,604 | |||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 747,604 | |||||||||||||||||||||
Shares, Outstanding | 35,260,029 | |||||||||||||||||||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | $ 0.375 | |||||||||||||||||
Dividends Payable, Date to be Paid | Mar. 06, 2024 | Jun. 03, 2024 | Jun. 02, 2023 | Sep. 04, 2023 | Dec. 04, 2023 | |||||||||||||||||
Dividends Payable, Date of Record | Feb. 22, 2024 | May 24, 2024 | May 24, 2023 | Aug. 23, 2023 | Nov. 24, 2023 | |||||||||||||||||
Dividends | $ | $ 13,214 | $ 13,255 | $ 13,340 | $ 13,300 | $ 13,258 | |||||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||||||||
Preferred stock issue 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 $ | |||||||||||||||||||||
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 $ | |||||||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 2,500,000 | |||||||||||||||||||||
Desositary shares outstanding | 4,359,190 | |||||||||||||||||||||
Preferred Stock, Shares Outstanding | 43,592 | 43,592 |
Share-Based Compensation (Tab_2
Share-Based Compensation (Table) (Details) - Restricted Stock Units RSU [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Unvested, Number of Units, opening balance | 881,213 | 1,316,711 |
Unvested, Weighted Average Fair Value on Grant Date, opening balance | $ 22.35 | $ 22.35 |
Vested, Number of Units | (361,584) | (399,727) |
Vested, Actual Fair Value on Vesting Date | $ 26.92 | $ 18.87 |
Forfeit, Number of units | (155,250) | (35,771) |
Granted in January 2024, Number of Units | 13,195 | |
Granted in January 2024, Weighted Average Fair Value on Grant Date | $ 18.82 | |
Granted in March 2024, Number of Units | 58,215 | |
Granted in March 2024, Weighted Average Fair Value on Grant Date | $ 17.80 | |
Unvested, Number of Units, closing balance | 435,789 | 881,213 |
Unvested, Weighted Average Fair Value on Grant Date,closing balance | $ 21.92 | $ 22.35 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jan. 02, 2024 shares | Mar. 31, 2024 shares | Apr. 30, 2020 shares | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) shares | Jul. 31, 2021 shares | Sep. 29, 2021 $ / shares shares | Dec. 31, 2023 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | Dec. 31, 2019 $ / shares shares | Mar. 31, 2023 $ / shares | |
Common Stock, Capital Shares Reserved for Future Issuance | 152,598 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 2,111,988 | ||||||||||||
Share-Based Payment Arrangement, Noncash Expense | $ | $ 4,460 | $ 5,179 | |||||||||||
Common Stock [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,438,720 | 430,467 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period | 408,096 | 931,874 | |||||||||||
Common Class A | 2019 Plan [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues | 184,270 | 323,478 | 142,868 | ||||||||||
Non Employee Director [Member] | Incentive Stock [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 8,311 | 6,465 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 4,884 | ||||||||||||
CEO [Member] | Incentive Stock [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 51,750 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 155,250 | ||||||||||||
Common Class A [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues | 747,604 | ||||||||||||
2019 Plan [Member] | Incentive Stock [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | 1,008,253 | 317,188 | 113,279 | ||||||||||
2019 Plan [Member] | Management [Member] | Incentive Stock [Member] | Second Tranche [Member] | Minimum [Member] | |||||||||||||
Share price | $ / shares | $ 8 | ||||||||||||
Stock Price Threshold Date | January 2020 | ||||||||||||
2019 Plan [Member] | Management [Member] | Incentive Stock [Member] | Third Tranche [Member] | Minimum [Member] | |||||||||||||
Share price | $ / shares | $ 11 | ||||||||||||
Stock Price Threshold Date | January 2021 | ||||||||||||
2019 Plan [Member] | Management [Member] | Incentive Stock [Member] | Fourth Tranche [Member] | Minimum [Member] | |||||||||||||
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, Number of Shares Authorized | 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, Number of Shares Authorized | 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, Equity Instruments Other than Options, 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, Equity Instruments Other than Options, 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, Number of Shares Authorized | 25,000 | ||||||||||||
2019 Plan [Member] | Common Class A [Member] | Management [Member] | Incentive Stock [Member] | |||||||||||||
Number of tranches | 4 | ||||||||||||
New 2021 Plan [Member] | Incentive Stock [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 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] | |||||||||||||
Commenced date | Oct. 01, 2021 | ||||||||||||
New 2021 Plan [Member] | Incentive Stock [Member] | Second And Third Tranches [Member] | |||||||||||||
Debt Instrument, Convertible, Latest Date | Sep. 30, 2025 | ||||||||||||
New 2021 Plan [Member] | Management [Member] | Incentive Stock [Member] | Second Tranche [Member] | Minimum [Member] | |||||||||||||
Share price | $ / shares | $ 27 | ||||||||||||
New 2021 Plan [Member] | Management [Member] | Incentive Stock [Member] | Third Tranche [Member] | Minimum [Member] | |||||||||||||
Share price | $ / shares | $ 30 | $ 21 | |||||||||||
Number of consecutive trading days | 60 days | ||||||||||||
New 2021 Plan [Member] | Non Executive Directors [Member] | Incentive Stock [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 105,000 | ||||||||||||
New 2021 Plan [Member] | Each Non Executive Directors [Member] | Incentive Stock [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 15,000 | ||||||||||||
New 2021 Plan [Member] | Common Class A [Member] | Incentive Stock [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 3,028,972 | ||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 383,528 | ||||||||||||
New 2021 Plan [Member] | Common Class A [Member] | Management [Member] | Minimum [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, 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, Equity Instruments Other than Options, 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, 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, Number of Shares Authorized | 13,780 | ||||||||||||
Amendment Stock Based Awards [Member] | |||||||||||||
Share-Based Payment Arrangement, Noncash Expense | $ | $ 345 | $ 451 |
Earnings_(Loss) per Share (Tabl
Earnings/(Loss) per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||
Net income available to common shareholders: | $ 175,149 | $ 147,612 |
Common Class A [Member] | ||
Denominator: | ||
Basic weighted average number of common shares outstanding | 35,201,716 | 35,533,273 |
Plus weighted average number of RSUs with service conditions | 435,789 | 673,036 |
Common share and common share equivalents, dilutive | 35,637,505 | 36,206,309 |
Basic earnings per share: | ||
Earnings Per Share, Basic | $ 4.98 | $ 4.15 |
Diluted earnings per share: | ||
Earnings Per Share, Diluted | $ 4.91 | $ 4.08 |
Earnings per Share (Details Nar
Earnings per Share (Details Narrative) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Restricted Stock Units (RSUs) [Member] | ||
Unvested restricted stock units | 435,789 | 881,213 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - Subsequent Event [Member] - Dividend Declared [Member] | 7 Months Ended |
Aug. 05, 2024 $ / shares | |
Dividends Payable, Amount Per Share | $ 0.45 |
Dividends Payable, Date to be Paid | Sep. 04, 2024 |
Dividends Payable, Date of Record | Aug. 23, 2024 |