Time Charters for Two Global Ship Lease Containerships

Global Ship Lease, Inc. signs new time charters with CMA CGM for two 4,113 TEU containerships.

The 1996-built Ville d'Aquarius and the 1997-built Ville d'Orion will be chartered for approximately eight months at a rate of
$9,962 per vessel per day, commencing upon expiration of the current time charters on September 20 and 21, 2012, respectively.

The time charters for the Ville d'Aquarius and the Ville d'Orion were executed under an agreement entered into with CMA CGM, providing Global Ship Lease with the option to obligate CMA CGM to charter the vessels at an index-linked rate, with a floor of $8,500 per day.

Ian Webber, Chief Executive Officer of Global Ship Lease, said, "We are pleased to have signed new time charters for these two ships with CMA CGM. These agreements are consistent with our strategy of operating our fleet of 17 vessels on fixed rate contracts in order to continue to generate predictable and stable results. With these two new contracts, our fleet continues to be fully time chartered until at least May next year with an average remaining term of 6.6 years, or 7.9 years weighted by TEU capacity, representing $1.1 billion of contracted revenue."