Global Ship Lease, Inc.

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Global Ship Lease Third Quarter 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. To ask a question, press star 1 on your telephone keypad. To withdraw your question, press star 1 again. Thank you. It is now my pleasure to turn today's call over to Thomas Lister, CEO of Global Ship Lease. Sir, the floor is yours.

Thank you very much. Hello, everyone, and welcome to the Global Ship Lease Third Quarter 2025 Earnings Conference Call. You can find the slides that accompany today's presentation on our website at www.globalshiplease.com. As usual, slides two and three remind you that today's call may include forward-looking statements that are based on current expectations and assumptions and are, by their nature, inherently uncertain and outside of the company's control. Actual results may differ materially from these forward-looking statements due to many factors, including those described in the safe harbor section of the slide presentation. We would also like to direct your attention to the Risk Factors section of our most recent annual report on our 2024 Form 20F, which was filed in March 2025. You can find the form on our website or on the SEC's. All of our statements are qualified by these and other disclosures in our reports filed with the SEC. We do not undertake any duty to update forward-looking statements. The reconciliations of the non-GAAP financial measures to which we will refer during this call to the most directly comparable measures calculated and presented in accordance with GAAP usually refer to the earnings release that we issued this morning, which is also available on our website. I am joined as usual today by our Executive Chairman, Georgi Rukos, and our Chief Financial Officer, Tasos Psaropoulos. George will begin the call with high-level commentary on GSL and our industry, and then Tassos and I will take you through our recent activity, quarterly results and financials, and the current market environment. After that, we'll be pleased to answer your questions. So, turning now to slide four, I'll pass the call over to George.

Thank you, Tom, and good morning, afternoon, or evening to all of you joining us today. Global Ship Leases' focus continues to be on optionality. as geopolitical and trade policy uncertainty continue to be a major factor throughout the third quarter. As we have seen in recent weeks, with the IMO net zero framework, USTR and China port fees, all of which were deferred at the 11 hour or later, even policies that are proposed without even fully coming into effect are having far-reaching real-world implications. All of these real and potential factors are contributing to two major effects, both on which play to our advantage. Number one, making supply chains less efficient, which means that more ships are needed to transport a given quantity of cargo. Number two, increasing the value of flexible, mid-sized and smaller container ships, such as those in our fleet. accrues particularly to the benefit of older, conventionally fueled vessels that are now likely to have a longer economic life. Taken together with aggregate growth in global containerized trade, these factors are contributing to a situation where there is essentially zero idle capacity for the vessel size segments in which we operate. Thus, we continue to see strong interest in chartering our vessels, typically on a multi-year basis. Through the first nine months of 2025, we added $778 million in contracted revenues, with full contract coverage for the remaining of 2025, 96% coverage for 2026, and 74% coverage for 2027. This offers us stability and certainty at a time where both are generally in short supply. Our progress in securing additional charter coverage, adding to our revenue backlog, and fortifying our balance sheet has enabled us to achieve strong credit ratings across the board, including an investment-grade rating on our U.S. private placement notes. These same factors, notably including a clutch of recent agreed long-term charters, have put us in a position to once again increase our supplemental dividend. bringing our overall dividend to $2.50 per share on an annualized basis. That's a 19% increase being announced today. But if you look at where our dividend was just over a year ago, which was $1.50 annualized, the total increase is 67%. All done on a non-speculative basis, on the back of reals, contracted revenues, and without compromising our ability to establish a fortress balance sheet and position GSL for opportunistic fleet renewal at the right time. With everything going on in the world, both GSL and our customers are acutely aware that many of our assumptions and understandings may be turned upside down from one second to the next. In this environment, we are simultaneously locking in the high value and forward visibility that comes from time charter contracts with top-tier global liners, while also making sure that we have the strategic and financial flexibility to respond to the challenges and the opportunities of a fast-changing world and a cyclical industry. In this way, we are maximizing GSL's optionality and putting ourselves in the position to protect and generate shareholder value no matter what is waiting around the corner. Now with that, I will turn the call over to Tom.