Global Ship Lease, Inc.

Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the Global Sheep Police Fourth Quarter 2025 Earnings Conference Call. All lights have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw a question again, press the star one. I would now like to turn the conference over to Tom Lister, Chief Executive Officer. You may begin.

Thank you very much. Hello, everyone, and welcome to the Global Ship Lease Fourth 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 SECs. 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'm joined as usual today by our Executive Chairman, Georgiou Roukos, and our Chief Financial Officer, Tasos Psaropoulos. George will begin the call with high-level commentary on GSL and our industry, and then Tasos 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. Both the supportive supply and demand trends and heightened geopolitical uncertainty that we have previously highlighted remain firmly in place throughout 2025 and then in recent days have clearly ratcheted up even more. Tariffs, the prospect of new port fees in the U.S. and elsewhere, security concerns in and around the Red Sea, and now the situation in Iran shifting from tense to violent conflict. The list goes on. These and other factors have all combined to increase unpredictability and volatility, fundamentally alter and fragment trade patterns, and makes supply chains more inefficient as a consequence. At the same time, and perhaps surprisingly, given the noise, aggregate global containerized trade increased in 2025 by 5%, with import volumes to the US also growing year on year. In this environment, demand for mid-size and smaller container ships has remained remarkably strong. As a result, we have continued to lock in charter coverage at attractive rates, with $2.24 billion in contracted revenue over the next 2.7 years. with 99% contract coverage for 2026 and 81% in 2027. Maximizing optionality remains key focus to us in order to both mitigate risk and seize value accretive opportunities. With this in mind, we have transformed our balance sheet, reduced debt and increased liquidity, all serving to bolster our resilience and agility in the process. This progress has been reflected by the affirmation of our strong credit ratings by leading rating agencies and has also supported payment of our quarterly dividend, which we raised again with the dividend paid in December 2025. On an annualized basis, we now pay $2.50 per common share. Another thing at the front of our minds is strategic, but highly selective, fleet renewal. We were pleased to announce a transaction in December for three vessels that make our fleet younger and larger and replace some of our aging cash cows, which we had previously monetized at cyclically attractive prices. Tom will discuss this more in a few minutes. But we see these as great ships that are in the post-Panama sweet spot, acquired at a fantastic price, de-risked right out of the gate, and with compelling upside potential. In short, just a sort of deal for which we keep our powder dry. Taken together, this progress and these successes are possible because we have worked diligently to maximize optionality in order to manage risks and seize opportunities in a cyclical industry and a turbulent world. On slide five, we thought that it would be helpful for newer investors and a new refresher, a nice refresher, for our friends who have stuck with us and made money with us over time to put our current status in some historical context. Over the past five years, we have transformed the business and dramatically increased all of our key earnings and cash flow metrics while simultaneously de-risking our balance sheet. And we have returned capital to shareholders, both by way of opportunistic share-by-backs and by introducing a dividend which we have repeatedly upsized as we made progress on delivering and building our contract cash flow. And our share price has responded accordingly, tripling over the period. The profound improvements that you can see here are a testament to our dynamic capital allocation policy, the discipline and patience to stick with it through the cycle, and the ability and confidence to seize opportunities as they arise. We fully intend to continue building on this track record, generating shareholder value by making global supply even more competitive, robust and resilient for the long term. With that, I will turn the call over to Tom.