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Global Ship Lease Reports Results For The Third Quarter Of 2010

Dividend Global Ship Lease has agreed with its lenders that it will not declare or pay any dividend to common shareholders until the later of November 30, 2010 and when loan-to-value is at or below 75%. The board of directors will review the dividend policy when appropriate.

EBITDA

EBITDA was $26.8 million the third quarter 2010 compared to $25.6 million for the third quarter 2009 and was $82.5 million for the nine months ended September 30, 2010 compared to $71.1 million for the nine months ended September 30, 2009.

EBITDA is a non-US GAAP measure and is reconciled to the financial information further in this press release. The Company believes that it is a useful measure with which to assess the Company's operating performance as it reflects its ability to generate cash.

Adjusted Cash From Operations

Adjusted cash from operations was $15.5 million for the three months ended September 30, 2010 compared to $15.4 million for the three months ended September 30, 2009.

Adjusted cash from operations was $48.9 million for the nine months ended September 30, 2010 compared to $45.5 million for the nine months ended September 30, 2009.

Adjusted cash from operations is a non-US GAAP measure and is reconciled to the financial information further in this press release. The Company believes that it is a useful measure with which to assess the Company's operating performance as it adjusts for the effects of non-cash items.

Fleet Utilization The table below shows fleet utilization for the three and nine months ended September 30, 2010 and 2009 and for year ended December 31, 2009. Unplanned offhire in the nine months ended September 30, 2009 includes 18 days for drydock and associated repairs following a grounding and a seven day deviation to land a sick crew member.

  Three months ended Nine months ended  
              Year ended
Days Sept 30, 2010 Sept 30, 2009 Increase Sept 30, 2010 Sept 30, 2009 Increase Dec 31, 2009
               
Ownership days 1,564 1,508 4% 4,641 4,404 5% 5,968
Planned offhire - scheduled drydock -- (16)   -- (16)   (32)
Unplanned offhire -- (4)   (2) (42)   (42)
Operating days 1,564 1,488 7% 4,639 4,346 7% 5,894
               
Utilization 100.0% 98.7%   100.0% 98.7%   98.8%

Fleet

The following table provides information about the on-the-water fleet of 17 vessels chartered to CMA CGM.

Vessel Name  Capacity in TEUs (1) Year Built Purchase Date by GSL Charter Remaining Duration (years) Daily Charter Rate ($)
Ville d'Orion 4,113 1997 December 2007 2.25 $28,500
Ville d'Aquarius 4,113 1996 December 2007 2.25 $28,500
CMA CGM Matisse 2,262 1999 December 2007 6.25 $18,465
CMA CGM Utrillo 2,262 1999 December 2007 6.25 $18,465
Delmas Keta 2,207 2003 December 2007 7.25 $18,465
Julie Delmas 2,207 2002 December 2007 7.25 $18,465
Kumasi 2,207 2002 December 2007 7.25 $18,465
Marie Delmas 2,207 2002 December 2007 7.25 $18,465
CMA CGM La Tour 2,272 2001 December 2007 6.25 $18,465
CMA CGM Manet 2,272 2001 December 2007 6.25 $18,465
CMA CGM Alcazar 5,100 2007 January 2008 10.25 $33,750
CMA CGM Château d'If 5,100 2007 January 2008 10.25 $33,750
CMA CGM Thalassa 10,960 2008 December 2008 15.25 $47,200
CMA CGM Jamaica  4,298 2006 December 2008 12.25 $25,350
CMA CGM Sambhar  4,045 2006 December 2008 12.25 $25,350
CMA CGM America 4,045 2006 December 2008 12.25 $25,350
CMA CGM Berlioz 6,627 2001 August 2009 11.00 $34,000
(1)  Twenty-foot Equivalent Units.          

The following table provides information about the contracted fleet.

Vessel Name Capacity in TEUs (1) Year Built Potential Delivery Date Charterer Charter Duration (years) Daily Charter Rate ($)
Hull 789 (2) 4,250 2010 December 2011 ZIM 7-8 (3) $28,000
Hull 790 (2) 4,250 2010 December 2011 ZIM 7-8 (3) $28,000
             
(1)  Twenty-foot Equivalent Units.          
(2)  Option to purchase from German interests.          
(3)  Seven-year charter from December 2010 that could be extended to eight years at charterer's option.        

Conference Call and Webcast Global Ship Lease will hold a conference call to discuss the Company's results for the three months ended September 30, 2010 today, Wednesday, November 10, 2010 at 10:30 a.m. Eastern Time. There are two ways to access the conference call:

(1) Dial-in:  (888) 935-4577 or (718) 354-1389; Passcode: 4714492 

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