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Global Ship Lease Reports Results For The Second Quarter Of 2010

Vessel operating expenses are at less than the capped amounts included in Global Ship Lease's ship management agreements.

Depreciation Depreciation was $10.0 million for the three months ended June 30, 2010, including the effect of the purchase of one additional vessel in August 2009, compared to $9.0 million for the comparative period in 2009.

Depreciation was $19.9 million for the six months ended June 30, 2010 compared to $17.8 million for the comparative period in 2009.

General and Administrative Costs General and administrative costs incurred were $2.1 million in the three months ended June 30, 2010, including $0.3 million non-cash charge for stock based incentives, compared to $2.4 million for the comparable period in 2009, including $0.9 million non-cash charge for stock based incentives.

In the six months ended June 30, 2010, general and administrative costs were $3.9 million, including $0.6 million non-cash charge for stock based incentives, compared to $4.6 million for the comparable period in 2009, including $1.6 million non-cash charge for stock based incentives. Interest Expense Interest expense, excluding the effect of interest rate derivatives which do not qualify for hedge accounting, for the three months ended June 30, 2010 was $6.0 million. The Company's borrowings under its credit facility averaged $584.1 million during the second quarter and were $553.1 million at June 30, 2010 after repayment in June 2010 of $31.0 million. There were $48.0 million preferred shares throughout the period. Interest expense in the comparative period in 2009 was $5.6 million based on average borrowings, including the preferred shares, of $590.1 million in the quarter.

For the six months ended June 30, 2010, interest expense, excluding the effect of interest rate derivatives which do not qualify for hedge accounting, was $11.9 million. The Company's borrowings under its credit facility averaged $585.2 million during the first half of 2010. There were $48.0 million preferred shares throughout the period. Interest expense in the first half of 2009 was $10.2 million based on average borrowings, including the preferred shares, of $590.1 million in the period.

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