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Global Ship Lease Reports Results For The Fourth Quarter Of 2010

   (1) Dial-in:  (888) 935-4575 or (212) 444-0412; Passcode: 3491512

Please dial in at least 10 minutes prior to 10:30 a.m. Eastern Time to ensure a prompt start to the call.

   (2) Live Internet webcast and slide presentation:

If you are unable to participate at this time, a replay of the call will be available through Tuesday, March 22, 2011 at (866) 932-5017 or (347) 366-9565. Enter the code 3491512 to access the audio replay. The webcast will also be archived on the Company's website: .

About Global Ship Lease

Global Ship Lease is a containership charter owner. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under long-term, fixed rate charters to world class container liner companies.

Global Ship Lease owns 17 vessels with a total capacity of 66,297 TEU with an average age, weighted by TEU capacity, at December 31, 2010 of 6.8 years. All of the current vessels are fixed on long-term charters to CMA CGM with an average remaining term of 8.1 years, or 9.3 years on a weighted basis.

Reconciliation of Non-U.S. GAAP Financial Measures


EBITDA represents Net income (loss) before interest income and expense including amortization of deferred finance costs, realized and unrealized gain (loss) on derivatives, income taxes, depreciation, amortization and impairment charges.  EBITDA is a non-US GAAP quantitative measure used to assist in the assessment of the Company's ability to generate cash from its operations.  We believe that the presentation of EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.  EBITDA is not defined in US GAAP and should not be considered to be an alternate to Net income (loss) or any other financial metric required by such accounting principles.
(thousands of U.S. dollars)
    Three Three    
    months months Year Year
    ended ended ended ended
    Dec 31, Dec 31, Dec 31, Dec 31,
    2010 2009 2010 2009
Net income (loss) 1,226 12,348 (3,971) 42,374
Adjust: Depreciation 10,096 10,066 40,051 37,307
  Impairment charge (1) 17,082 -- 17,082 --
  Interest income (24) -36 (185) (519)
  Interest expense 5,962 6,107 23,828 24,224
  Realized and unrealized (gain) loss on interest rate derivatives (7,367) (702) 32,049 (4,806)
  Income tax (570) 145 52 444
EBITDA   26,405 27,928 108,905 99,024
(1) Under US GAAP, following the agreement to convert purchase obligations on two 4,250 TEU vessels into options, an impairment charge totalling $17.1 million has been recognised in the quarter ended December 31, 2010 comprised $15.5 million released deposits, $1.3 million interest capitalised thereon and $0.3 million other predelivery capital expenditure.

B. Normalized net income

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