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:  [phone] or [phone]; Passcode: 4714492 

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