Global Ship Lease, Inc
(NYSE:GSL)

Global Ship Lease, Inc. owns and charters containerships of various sizes under fixed-rate charters to container shipping companies. As of March 10, 2021, it owned 43 mid-sized and smaller containerships with an aggregate capacity of 245,280 twenty-foot equivalent units. The company is based in Lond...

Website: http://www.globalshiplease.com

Founded: 2007

Full Time Employees: 7

Sector: Industrials

Industry: Marine Shipping

Marine Shipping

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Quarterly

Annual

Unit: USD	2025-11-12	2025-08-06	2025-06-30	2025-05-20	2024-12-31	2024-11-12	2024-08-06	2024-06-30	2024-05-20	2023-12-31	2023-11-09	2023-08-03	2023-06-30	2023-05-11	2023-03-03	2022-12-31	2022-09-30	2022-08-31	2022-06-30	2022-05-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-08-31	2020-06-30	2020-05-31	2020-03-31	2019-12-31	2019-11-30	2019-08-31	2019-06-30	2019-05-31	2019-03-31	2018-12-31	2018-10-29	2018-07-30	2018-04-30	2018-03-05	2017-12-31	2017-11-02	2017-08-01	2017-05-03	2017-03-07	2016-12-31	2016-10-27	2016-07-28	2016-04-28	2016-03-01	2015-12-31	2015-11-04	2015-08-04	2015-04-30	2015-03-03	2014-12-31	2014-10-31	2014-07-28	2014-04-30	2014-02-12	2013-12-31	2013-11-14	2013-08-15	2013-05-10	2013-03-11	2012-12-31	2012-11-14	2012-08-15	2012-05-15	2012-03-15	2011-12-31	2011-11-15	2011-08-17	2011-05-16	2011-03-08	2010-12-31	2010-11-12	2010-08-12	2010-05-11	2010-03-02	2009-12-31	2009-11-10	2009-08-10	2009-05-19	2009-03-05	2008-12-31	2008-11-17

operating revenues
time charter revenues	565,614,000	188,540,000	376,301,000	187,761,000	131,024,750	524,099,000	173,495,000	351,553,000	178,058,000	122,334,500	489,338,000		316,326,000	155,927,000		111,974,500	447,898,000		284,667,000	140,776,000	66,839,250	267,357,000	155,851,000	72,980,000	53,210,750	212,843,000		142,323,000	70,947,000
amortization of intangible liabilities-charter agreements	9,888,000	3,319,000	6,533,000	3,214,000	1,130,750	4,523,000	1,502,000	3,005,000	1,503,000	1,640,750	6,563,000	1,681,000	5,045,000	3,364,000	8,433,000	8,433,000	32,725,000		23,420,000	12,855,000	18,362,000	27,068,000
total operating revenues	575,502,000	191,859,000	382,834,000	190,975,000	182,433,000	528,622,000	174,997,000	354,558,000	179,561,000	178,894,000	495,901,000	162,080,000	321,371,000	159,291,000	165,022,000	165,022,000	480,623,000		308,087,000	153,631,000	153,529,000	294,425,000
yoy	215.46%	-63.71%	118.77%	-46.14%	1.60%	195.49%	-64.71%	118.75%	-44.13%	12.31%	200.51%	-1.78%	-33.13%		-46.44%	7.41%	213.05%
qoq	199.96%	-49.88%	100.46%	4.68%	-65.49%	202.07%	-50.64%	97.46%	0.37%	-63.93%	205.96%	-49.57%	101.75%	-3.47%	0.00%	-65.66%			100.54%	0.07%	-47.85%
operating expenses
vessel operating expenses	152,569,000	50,511,000	100,519,000	50,008,000	49,629,000	141,628,000	47,180,000	95,038,000	47,858,000	46,953,000	132,268,000	43,407,000	86,169,000	42,762,000	45,561,000	45,561,000	121,883,000		80,886,000	39,444,000							24,170,000				31,490,000	18,764,000	18,382,000		19,150	17,170,000	16,722,000	10,679,000	9,979,000	10,204,000	11,179,000	11,180,000	10,200,000	10,468,000	10,010,000	10,814,000	10,814,000	11,362,000	10,917,000	11,402,000	12,251,000	12,250,000	12,744,000	12,669,000	12,441,000	12,602,000	12,602,000	12,487,000	12,148,000	11,533,000	11,748,000	11,748,000	11,146,000	11,609,000	11,545,000	11,515,000	11,515,000	11,196,000	11,220,000	11,657,000	11,470,000	11,470,000	11,750,000	11,254,000	11,043,000		11,383,000	10,936,000	10,156,000	9,592,000	9,851,000	9,851,000	10,285,000	10,508,000	10,722,000	11,904,000	7,924,000	3,980,000
time charter and voyage expenses	18,563,000	5,074,000	11,603,000	6,529,000	4,262,750	17,051,000	5,386,000	10,631,000	5,245,000	4,546,250	18,185,000	6,681,000	12,139,000	5,458,000	6,560,000	3,648,500	14,594,000		9,458,000	4,357,000	2,077,750	8,311,000	3,889,000	1,765,000	2,179,500	8,718,000	2,712,000	6,181,000	3,469,000	2,449,000	1,181,750	1,942,000	1,664,000	2,785,000	1,121	739,000
depreciation and amortization	90,817,000	30,328,000	60,121,000	29,793,000	26,216,000	73,775,000	24,540,000	48,810,000	24,270,000	24,391,000	67,336,000	22,172,000	43,356,000	21,184,000	20,656,000	20,656,000	60,647,000		40,125,000	19,852,000	19,245,000	42,318,000	25,519,000	12,383,000	12,008,000	34,970,000	11,578,000	23,126,000	11,548,000	11,028,000	11,028,000	11,174,000	10,952,000	21,710,000	10,758	10,752,000
general and administrative expenses	12,419,000	4,069,000	8,674,000	4,605,000	4,094,000	13,038,000	4,049,000	9,138,000	5,089,000	4,469,000	13,748,000	4,711,000	9,500,000	4,789,000	4,078,000	4,078,000	14,448,000		6,736,000	3,862,000	3,686,000	9,554,000	6,131,000	4,274,000	1,972,000	6,378,000	2,322,000	4,759,000	2,437,000	1,732,000	1,732,000	2,973,000	2,085,000	4,110,000	2,025	4,571,000
gain on sale of vessels	-28,329,000		-28,343,000	-28,458,000
operating income	329,463,000	101,762,000	230,260,000	128,498,000	96,009,000	283,130,000	93,842,000	190,941,000	97,099,000	78,854,000	264,364,000	85,109,000	170,207,000	85,098,000	85,134,000	85,134,000	269,051,000		170,882,000	86,116,000	82,197,000	155,320,000	75,676,000	30,272,000	19,728,000	78,912,000	29,682,000	50,078,000	20,396,000		21,056,000	27,843,000	27,156,000	56,381,000	29,225	-56,205,000	-56,201,000	15,256,000	15,194,000	15,491,000	-72,183,000	-72,183,000	19,894,000	18,531,000	18,434,000	-44,902,000	-44,902,000	-11,884,000	17,921,000	18,385,000	19,413,000	19,413,000	-28,270,000	15,457,000	12,652,000	11,608,000	11,608,000	10,081,000	9,734,000	10,852,000	12,806,000	12,808,000	13,450,000	12,796,000	12,106,000	13,249,000	13,249,000	16,761,000	16,623,000	15,199,000	16,503,000	16,503,000	15,046,000	2,102,000	16,276,000	-773,000	-773,000	16,703,000	17,438,000	18,404,000	17,862,000	17,862,000	16,132,000	14,304,000	13,416,000	14,854,000	9,875,000	4,979,000
yoy	243.16%	-64.06%	145.37%	-32.70%	-1.12%	259.06%	-64.50%	124.35%	-42.95%	-7.34%	210.53%	-0.03%	-36.74%		-50.18%	-1.14%	227.32%		125.81%	184.47%	316.65%	96.83%	154.96%	-39.55%	-3.28%		40.97%	79.86%	-24.89%		71947.90%	-149.54%	-148.32%	269.57%	-99.81%	-462.82%	-22.14%	-121.14%	-23.63%	-16.40%	-491.58%	60.76%	-144.31%	-255.93%	2.86%	-344.23%	-331.30%	-161.22%	-163.39%	18.94%	53.44%	67.24%	-343.54%	53.33%	29.98%	6.97%	-9.35%	-21.29%	-27.63%	-15.19%	5.78%	-3.33%	1.52%	-23.66%	-27.17%	-12.83%	-19.72%	1.56%	10.48%	623.07%	1.39%	-2234.93%	-2046.44%	-87.42%	-6.66%	-104.20%	-104.33%	-6.49%	8.10%	28.66%	33.14%	20.25%	63.36%	187.29%
qoq	223.76%	-55.81%	79.19%	33.84%	-66.09%	201.71%	-50.85%	96.65%	23.14%	-70.17%	210.62%	-50.00%	100.01%	-0.04%	0.00%	-68.36%			98.43%	4.77%	-47.08%	105.24%	149.99%	53.45%	-75.00%	165.86%	-40.73%	145.53%			-24.38%	2.53%	-51.83%	192820.44%	-100.05%	0.01%	-468.39%	0.41%	-1.92%	-121.46%	0.00%	-462.84%	7.36%	0.53%	-141.05%	0.00%	277.84%	-166.31%	-2.52%	-5.30%	0.00%	-168.67%	-282.89%	22.17%	8.99%	0.00%	15.15%	3.56%	-10.30%	-15.26%	-0.02%	-4.77%	5.11%	5.70%	-8.63%	0.00%	-20.95%	0.83%	9.37%	-7.90%	0.00%	9.68%	615.79%	-87.09%	-2205.56%	0.00%	-104.63%	-4.21%	-5.25%	3.03%	0.00%	10.72%	12.78%	6.62%	-9.68%	50.42%	98.33%
operating margin %	57.25%	53.04%	60.15%	67.29%	52.63%	53.56%	53.62%	53.85%	54.08%	44.08%	53.31%	52.51%	52.96%	53.42%	51.59%	51.59%	55.98%	NaN%	55.47%	56.05%	53.54%	52.75%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
non-operating income/
interest income	13,305,000	4,676,000	7,871,000	3,195,000	4,203,000	12,532,000	4,143,000	7,827,000	3,684,000	2,882,000	6,895,000	2,582,000	4,394,000	1,812,000	1,317,000	1,317,000	1,195,000		515,000	250,000	80,000	369,000	364,000	243,000	59,000	897,000	193,000	831,000	638,000	593,000	593,000	414,000	367,000	784,000	417	441,000	441,000	364,000	351,000	269,000	154,000	154,000	152,000	90,000	93,000	59,000	59,000	57,000	38,000	44,000	16,000	16,000	19,000	13,000	14,000	9,000	9,000	26,000	19,000	10,000	10,000	9,000	12,000	12,000	11,000	14,000	13,000	22,000	21,000	23,000	20,000	20,000	13,000	10,000	13,000	24,000	24,000	66,000	60,000	35,000	36,000	36,000	178,000	163,000	142,000	413,000	195,000	218,000
interest and other finance expenses	-30,005,000	-10,596,000	-20,463,000	-9,867,000	-7,793,000	-32,883,000	-9,893,000	-20,343,000	-10,450,000	-11,201,000	-33,623,000	-10,905,000	-22,008,000	-11,103,000	-10,405,000	-10,405,000	-64,884,000		-48,742,000	-18,735,000	-14,925,000	-54,302,000	-39,254,000	-25,256,000						-18,510,000
other income	5,024,000	803,000	3,994,000	3,191,000	358,000	3,243,000		2,257,000	1,307,000	1,292,000	857,000	-422,000	1,160,000	1,582,000	582,000	582,000	1,200,000		178,000	371,000			933,000	384,000	915,000	337,000			21,000		-640,000	881,000	692,000	1,236,000	544	196,000
fair value adjustment on derivative asset	-3,937,000	-1,208,000	-2,831,000	-1,623,000	-213,000	-4,957,000	-1,014,000	-764,000	250,000	-4,335,000	-1,037,000	1,417,000	-1,368,000	-2,785,000	-1,623,000	-1,623,000	11,308,000		6,648,000	4,564,000
total non-operating expenses	-15,613,000	-6,325,000	-11,429,000	-5,104,000	-3,445,000	-22,065,000	-5,814,000	-11,023,000	-5,209,000	-11,362,000	-26,908,000	-7,328,000	-17,822,000	-10,494,000	-10,129,000	-10,129,000	-51,181,000		-41,401,000	-13,550,000	-13,720,000	-52,246,000	-37,957,000	-24,629,000
income before income taxes	313,850,000	95,437,000	218,831,000	123,394,000	92,564,000	261,065,000	88,028,000	179,918,000	91,890,000	67,492,000	237,456,000	77,781,000	152,385,000	74,604,000	75,005,000	75,005,000	217,870,000		129,481,000	72,566,000	68,477,000	103,074,000	37,719,000	5,643,000	7,403,250	29,613,000	13,519,000	15,019,000	1,500,000		7,763,750	10,714,000	9,507,000	20,341,000	10,834	-71,742,000	-71,740,000	4,643,000	4,816,000	4,973,000	-99,050,000	-99,050,000	9,659,000	7,595,000	7,570,000	-54,293,000	-54,293,000	-22,902,000	6,817,000	5,329,000	7,010,000	7,010,000	-40,309,000	3,660,000	801,000	-147,000	-147,000	6,734,000	-2,264,000	1,863,000	7,926,000	7,927,000	7,288,000	10,144,000	7,256,000	8,159,000	8,159,000	8,365,000	7,592,000	7,940,000	10,648,000			-11,617,000	10,858,000	656,000	557,000	-2,947,000	-4,939,000	3,309,000	12,493,000	12,493,000	-3,642,000	22,785,000	11,179,000	-43,868,000	-43,563,000	-305,000
income taxes						-1,000	-1,000	-1,000		-443,000	-5,000	-5,000	-5,000				50,000				2,000	-58,000			1,000	-50,000	-3,000	-3,000		-43,000	-43,000		56,000	40,000	-16	4,000	4,000	-13,000	-31,000	-15,000	-9,000	-9,000	-15,000	-6,000	-10,000	-14,000	-14,000	-17,000	-9,000	-6,000	1,000	1,000	-9,000	-19,000	-11,000	-17,000	-17,000	-16,000	-22,000	-20,000	-34,000	-34,000	-24,000	-16,000	-22,000	-38,000	-38,000	-22,000		10,000	212,000	212,000	-191,000	-76,000	-19,000	570,000	570,000	-579,000	-15,000	-28,000	-145,000	-145,000	-251,000	-23,000	-26,000	-102,000	-92,000	-10,000
net income	313,850,000	95,437,000	218,831,000	123,394,000	92,564,000	261,064,000	88,027,000	179,917,000	91,890,000	67,049,000	237,451,000	77,776,000	152,380,000	74,604,000	75,005,000	75,005,000	217,920,000		129,481,000	72,566,000	68,479,000	103,016,000	37,719,000	5,643,000	7,390,750	29,563,000	13,516,000	15,016,000	1,500,000		7,773,750	10,714,000	9,563,000	20,381,000	10,818	-71,738,000	-71,736,000	4,630,000	4,785,000	4,958,000	-99,059,000	-99,059,000	9,644,000	7,589,000	7,560,000	-54,307,000	-54,307,000	-22,919,000	6,808,000	5,323,000	7,011,000	7,011,000	-40,318,000	3,641,000	790,000	-164,000	-164,000	6,718,000	-2,286,000	1,843,000	7,892,000	7,893,000	7,264,000	10,128,000	7,234,000	8,121,000	8,121,000	8,343,000	7,514,000	7,950,000	10,860,000			-11,693,000	10,839,000	1,226,000	1,227,000	-3,526,000	-4,954,000	3,281,000	12,348,000	12,348,000	-3,893,000	22,762,000	11,153,000	-43,970,000	-43,655,000	-315,000
yoy	239.06%	-63.44%	148.60%	-31.42%	0.73%	289.36%	-62.93%	131.33%	-39.70%	-10.13%	216.58%	3.69%	-30.08%		-42.07%	3.36%	218.23%		243.28%	1185.95%	826.55%	248.46%	179.07%	-62.42%	392.72%		73.87%	40.15%	-84.31%		71759.40%	-114.93%	-113.33%	340.19%	-99.77%	-1546.91%	-27.58%	-104.67%	-50.38%	-34.67%	-1410.30%	82.41%	-117.76%	-133.11%	11.05%	-1120.23%	-874.60%	-426.90%	-116.89%	46.20%	787.47%	-4375.00%	24484.15%	-45.80%	-134.56%	-108.90%	-102.08%	-14.89%	-131.47%	-81.80%	9.10%	-2.81%	-10.55%	21.40%	-3.73%	2.15%	-25.22%			-167.99%	0.19%			231.62%	-318.79%	-62.63%	-90.06%	-128.56%	27.25%	-85.59%	10.71%	-128.08%	-91.08%	-7326.03%
qoq	228.86%	-56.39%	77.34%	33.31%	-64.54%	196.57%	-51.07%	95.80%	37.05%	-71.76%	205.30%	-48.96%	104.25%	-0.53%	0.00%	-65.58%			78.43%	5.97%	-33.53%	173.11%	568.42%	-23.65%	-75.00%	118.73%	-9.99%	901.07%			-27.44%	12.04%	-53.08%	188298.96%	-100.02%	0.00%	-1649.37%	-3.24%	-3.49%	-105.01%	0.00%	-1127.16%	27.08%	0.38%	-113.92%	0.00%	136.95%	-436.65%	27.90%	-24.08%	0.00%	-117.39%	-1207.33%	360.89%	-581.71%	0.00%	-102.44%	-393.88%	-224.04%	-76.65%	-0.01%	8.66%	-28.28%	40.01%	-10.92%	0.00%	-2.66%	11.03%	-5.48%	-26.80%				-207.88%	784.09%	-0.08%	-134.80%	-28.83%	-250.99%	-73.43%	0.00%	-417.18%	-117.10%	104.09%	-125.37%	0.72%	13758.73%
net income margin %	54.53%	49.74%	57.16%	64.61%	50.74%	49.39%	50.30%	50.74%	51.17%	37.48%	47.88%	47.99%	47.42%	46.84%	45.45%	45.45%	45.34%	NaN%	42.03%	47.23%	44.60%	34.99%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%
earnings allocated to series b preferred shares	-7,152,000	-2,384,000	-4,768,000	-2,384,000	-2,384,000	-7,152,000	-2,384,000	-4,768,000	-2,384,000	-2,384,000	-7,152,000	-2,384,000	-4,768,000	-2,384,000	-2,384,000	-2,384,000	-7,152,000		-4,768,000	-2,384,000	-2,384,000	-5,879,000	-3,495,000	-1,484,000	-1,248,000	-2,747,000	-911,000	-1,790,000	-879,000	-785,000	-784,000	-765,000	-766,000	-1,532,000	-766	-765,000	-765,000	-766,000	-765,000	-766,000	-765,000	-765,000	-766,000	-765,000	-766,000	-765,000	-765,000	-766,000	-765,000	-766,000	-765,000	-765,000	-766,000	-765,000	-766,000	-765,000	-765,000	-349,000
net income available to class a common shareholders	306,698,000		214,063,000
earnings per share
weighted-average number of class a common shares outstanding
basic	35,651,708			35,584,556		35,272,574			35,229,566		35,473,382			35,696,225			36,649,874		36,578,297	36,401,764	35,125,003	34,734,005	34,136,307	31,965,287	17,687,137	17,669,049	17,708,609	17,632,674	17,556,738	17,556,738	11,859,506	9,942,950						48,109,734	48,109,734	48,009,734		47,975,889	47,975,609	47,975,609		47,867,266	47,854,351	47,858,640	47,850,107	47,841,578	47,841,484	47,785,388	47,766,484	47,766,484	47,766,484	47,766,484	47,710,313	47,691,484	47,691,484	47,691,178	47,663,934	47,607,750	47,513,934	47,588,934		47,481,864	47,481,766	47,481,864	47,481,864	47,481,471	47,460,969	47,262,549	47,211,396	47,188,978		47,126,391	46,910,604		46,830,467	46,830,467,000	46,675,140	46,459,509	46,399,922	46,380,194				33,474,499
diluted	35,651,708			35,758,853		35,621,199			35,636,064		36,071,632			36,444,047			37,305,744		36,749,408	36,591,514	35,508,015	34,743,297	34,168,093	32,019,281	17,752,525	17,750,749	17,806,742	17,730,628	17,682,453	17,630,765	11,906,906	10,082,806						48,387,397	48,405,263	48,009,734		47,975,889	47,975,609	47,975,609		47,867,266	47,854,351	47,858,640	47,956,959	47,841,578	47,841,484	47,785,388	47,766,484	47,836,975	47,836,661	47,766,484	47,823,736	47,815,765	47,691,484	47,803,074	47,795,505	47,767,266	47,769,990	47,742,911		47,656,019	47,633,991	47,636,298	47,599,759	47,481,471	47,460,969	47,448,012	47,211,396	47,188,978		47,390,171	46,910,604		46,830,467	46,937,546,000	46,675,140	46,754,858	46,399,922	46,380,194				40,047,367
net earnings per class a common share
basic	8.6		6.01	3.4	1.8	7.2		4.98	2.54	1.623	6.49		4.15	2.02		1.438	5.75		3.41	1.93	1.85	2.8	1	0.13	0.22	0.88	0.42	0.43	0.02
diluted	8.6		6	3.38	1.783	7.13		4.91	2.51	1.595	6.38		4.08	1.98		1.413	5.65		3.39	1.92	1.8	2.8	1	0.13	0.218	0.87	0.42	0.43	0.02
operating expenses:
loss/(gain) on sale of vessels		115,000
net income available to common shareholders		93,053,000		121,010,000	90,180,000	253,912,000	85,643,000	175,149,000	89,506,000	64,665,000	230,299,000	75,392,000	147,612,000	72,220,000	72,621,000	72,621,000	210,768,000		124,713,000	70,182,000	66,095,000	97,137,000	34,224,000	4,159,000	6,704,000	26,816,000	12,605,000	13,226,000	621,000		7,199,500	9,949,000	8,797,000	18,849,000	10,052		3,018,750	3,864,000	4,020,000	4,192,000		5,624,000	8,878,000	6,824,000	6,794,000	-55,072,000			6,043,000	4,557,000	6,246,000	6,246,000	-41,084,000	2,876,000	24,000	-929,000	-929,000	6,369,000
weighted average number of class a common shares outstanding
basic			35,598,601					35,201,716					35,533,273
diluted			35,685,734					35,637,505					36,206,309
other income/(expenses)							950,000																							-639,000
time charter revenue												160,399,000			156,589,000												71,376,000			26,780,000	180,441,000	25,538,000	25,242,000	55,123,000	29,881	16,667,000	16,774,000	4,009,000	4,382,000	5,726,000	7,022,000	7,022,000	9,444,000	9,341,000	9,238,000	9,444,000	9,444,000	9,444,000	9,341,000	42,610,000	44,029,000	44,029,000	42,184,000	40,987,000	37,719,000	36,852,000	36,852,000	34,224,000	33,500,000	34,039,000	36,056,000	36,056,000	36,080,000	35,867,000	35,209,000	36,168,000	36,168,000	39,454,000	39,233,000	38,350,000	39,714,000	39,714,000	38,676,000	38,774,000	39,104,000	40,035,000	40,035,000	40,040,000	39,611,000	39,151,000	39,884,000	39,884,000	37,623,000	36,193,000	35,008,000	39,095,000	26,305,000	12,790,000
impairment of vessel															3,033,000
gain on sale of vessel																							-7,770,000
ownership days																		5,915,000
planned offhire - scheduled drydock																		-82,000
unplanned offhire																		-154,000
idle time																		-30,000
operating days																		5,649,000
utilization																		95,500
vessel name
cma cgm thalassa																		38,577,000
zim norfolk																		31,764,000
anthea y																		31,890,000
zim xiamen																		31,820,000
msc tianjin																		34,325,000
msc qingdao																		34,609,000
gsl ningbo																		34,340,000
gsl eleni																		29,261,000
gsl kalliopi																		29,105,000
gsl grania																		29,190,000
mary																		23,424,000
kristina																		23,421,000
katherine																		23,403,000
alexandra																		23,348,000
alexis																		23,919,000
olivia i																		23,864,000
gsl christen																		27,954,000
gsl nicoletta																		28,070,000
cma cgm berlioz																		26,776,000
agios dimitrios																		24,931,000
gsl vinia																		23,737,000
gsl christel elisabeth																		23,745,000
gsl dorothea																		24,243,000
gsl arcadia																		24,858,000
gsl violetta																		24,873,000
gsl maria																		24,414,000
gsl myny																		24,873,000
gsl melita																		24,848,000
gsl tegea																		24,308,000
tasman																		25,010,000
zim europe																		25,010,000
ian h																		25,128,000
gsl tripoli																		22,259,000
gsl kithira																		22,108,000
gsl tinos																		22,067,000
gsl syros																		22,098,000
dolphin ii																		20,596,000
orca i																		20,633,000
cma cgm alcazar																		20,087,000
gsl château d’if																		19,994,000
gsl susan																		17,309,000
cma cgm jamaica																		17,272,000
cma cgm sambhar																		17,429,000
cma cgm america																		17,428,000
gsl rossi																		16,420,000
gsl alice																		16,543,000
gsl eleftheria																		16,642,000
gsl melina																		16,703,000
gsl valerie																		11,971,000
matson molokai																		11,949,000
gsl lalo																		11,950,000
gsl mercer																		11,970,000
athena																		13,538,000
gsl elizabeth																		11,507,000
tbr gsl chloe																		12,212,000
gsl maren																		12,243,000
maira																		11,453,000
nikolas																		11,370,000
newyorker																		11,463,000
manet																		11,727,000
keta																		11,731,000
julie																		11,731,000
kumasi																		11,791,000
akiteta																		11,731,000
gsl amstel																		5,167,000
modern design, high reefer capacity, fuel-efficient vessel.
msc qingdao & agios dimitrios are fitted with exhaust gas cleaning systems (“scrubbers”).
contract cover for each ship is for a firm period of at least three years from the date each vessel was delivered, with charterers holding a one-year extension option on each charter (at a rate of 12,900 per day), followed by a second option (at a rate of 12,700 per day) with the period determined by – and terminating prior to – each vessel’s 25th year drydocking & special survey.
ultra-high reefer ships of 5,470 teu each. contract cover on each ship is for a firm period of three years at a rate of 36,500 per day, with a period of an additional three years (at 17,250 per day) at charterers’ option.
orca i. chartered at 21,000 per day through to the median expiry of the charter in 2q2024; thereafter the charterer has the option to charter the vessel for a further 12-14 months at the same rate.
gsl valerie. chartered to zim at an average rate of 35,600 per day-40,000 for the first 12 months, 36,000 for the next 12 months and 32,000 for the remaining period.
a.
vessels operating expenses																					21,673,000	86,692,000	52,406,000	24,286,000	18,781,000	75,124,000		49,682,000	25,512,000	21,609,000				37,532,000
impairment of vessels																																				71,834,000					87,624,000					63,065,000	63,065,000	29,357,000					44,700,000
(gain)/loss on sale of vessels																						-7,770,000
other income/(expense)																					421,750	1,687,000
note
vessel impairment losses																									2,124,250	8,497,000	912,000	8,497,000	7,585,000
loss on sale of vessels																										244,000
interest and other financial expense																									-12,633,250	-50,533,000		-35,539,000	-19,555,000		-14,121,000	-18,424,000	-18,708,000	-38,060,000	-19,352
total non-operating expense																									-12,324,750	-49,299,000		-35,059,000	-18,896,000		-13,292,250	-17,129,000	-17,649,000	-36,040,000
non operating income/
interest and other finance expenses including premium on 2022 notes																											-15,984,000
other (expenses) / income																											-372,000
total non operating expenses																											-16,163,000			-18,556,000
other (expense)/ income																												-351,000
time charter revenue - related parties																														40,774,000
vessels operating expenses-related parties																														2,874,000				4,233,000
time charter and voyage expenses-related parties																														517,000	332,000	478,000	420,000	850,000	430
operating income /																														27,345,000
income / (loss) before income taxes																														8,789,000
net income /																														8,746,000
net income / (loss) available to common shareholders																														7,961,000
earnings / (loss) per share
net gain / (loss) per class a common share
basic																														0.26
diluted																														0.26
weighted-average number of class b common shares outstanding
basic and diluted																																	9,942,950	9,937,836	9,932,664	60,907,958	6,514,390	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956		7,405,956		7,405,956		7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956,000	7,405,956	7,405,956	7,405,956	7,405,956			7,405,956	7,405,956		46,380,194		33,800,307
net gain per class b common shares
basic and diluted
time charter revenue-related parties																															28,221,750	40,409,000	37,845,000	72,478,000	34,633
vessel operating expenses-related parties																															1,751,500	2,773,000	2,428,000		1,805
net gain per class a common share
basic																															0.315	0.43
diluted																															0.31	0.43
net gain per class b common share
basic and diluted
weighted-average number of class a common shares outstanding
basic and diluted																																	9,942,950	9,937,836	9,932,664	60,907,958	6,514,390	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956		7,405,956		7,405,956		7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956	7,405,956,000	7,405,956	7,405,956	7,405,956	7,405,956			7,405,956	7,405,956		46,380,194		33,800,307
net income per class a common share
basic and diluted																																	0.38	0.82	0.44
weighted-average number of class b common shares outstanding
net income per class b common share
operating revenues - sum																																			64,514	50,021,000	50,128,000	35,859,000	35,009,000	36,102,000		37,871,000	41,216,000	40,259,000		41,426,000
total non operating expense																																			-18,391	-15,537,000
time charter revenue - related party																																				33,354,000
vessel operating expenses - related parties																																				938,000
time charter and voyage expenses - related party																																				222,000
non operating income
interest and other financial expenses																																				-16,174,000
net loss available to common shareholders																																				-72,503,000					-99,824,000						-3,271,250	-23,685,000
net loss per class a common share
basic and diluted																																				-0.64
net loss per class b common share
time charter revenue — related party																																					23,213,250	31,850,000
vessel operating expenses — related party																																					187,750	215,000
depreciation																																					6,175,750	8,375,000	8,173,000	8,156,000	9,394,000	9,394,000	9,446,000	9,541,000	9,600,000	10,415,000	10,415,000	10,578,000	10,877,000	10,934,000	10,935,000	10,934,000	11,524,000	11,422,000	10,978,000	10,951,000	10,951,000	10,042,000	10,033,000	10,033,000	10,095,000	10,095,000	10,094,000	10,126,000	10,070,000	10,066,000	10,066,000	10,144,000	10,165,000	9,969,000	10,076,000	10,076,000	10,117,000	9,989,000	9,949,000	10,096,000	10,096,000	10,100,000	9,984,000	9,871,000	10,066,000	10,066,000	9,469,000	8,986,000	8,786,000	8,731,000	5,883,000	2,848,000
general and administrative																																					1,182,000	1,335,000	1,458,000	1,935,000	1,458,000	1,458,000	1,278,000	1,325,000	1,240,000	1,675,000	1,675,000	1,373,000	1,281,000	1,970,000	1,594,000	1,596,000	1,579,000	1,548,000	1,757,000	1,891,000	1,891,000	1,721,000	1,681,000	1,728,000	1,486,000	1,484,000	1,490,000	1,499,000	1,557,000	1,454,000	1,454,000	1,421,000	1,316,000	1,593,000	1,765,000	1,765,000	1,801,000	1,876,000	1,942,000	2,410,000	2,410,000	1,924,000	2,084,000	1,836,000	2,187,000	2,187,000	1,981,000	2,445,000	2,140,000	3,712,000	2,686,000	1,026,000
other operating income																																					-4,000	-1,000	-9,000	-6,000	-1,000	-1,000	-2,000	-6,000	-42,000	-41,000	-41,000	-32,000	-63,000	-81,000	-164,000	-164,000	-93,000	-109,000	-109,000	-200,000	-200,000	-107,000	-96,000	-107,000		-79,000	-100,000	-163,000	-69,000				-91,000	-68,000				-92,000	-106,000				-51,000
total operating expenses																																					15,257,000	20,603,000	19,815,000	20,611,000	110,054,000	110,054,000	21,322,000	21,728,000	21,208,000	86,328,000	86,328,000	53,038,000	23,412,000	24,225,000	24,616,000	24,616,000	70,454,000	25,530,000	25,067,000	25,244,000	25,244,000	24,143,000	23,766,000	23,187,000	23,250,000	23,248,000	22,630,000	23,071,000	23,103,000	22,919,000	22,919,000	22,693,000	22,610,000	23,151,000	23,211,000	23,211,000	23,630,000	36,672,000	22,828,000	40,808,000	40,808,000	23,337,000	22,173,000	20,747,000	22,022,000	22,022,000	21,491,000	21,889,000	21,592,000	24,241,000	16,430,000	7,811,000
interest expense																																					-8,123,500	-10,977,000	-10,729,000	-10,787,000	-27,021,000	-27,021,000	-10,387,000	-11,026,000	-10,957,000	-9,450,000	-9,450,000	-11,075,000	-11,142,000	-13,100,000	-12,419,000	-12,419,000	-12,058,000	-11,810,000	-11,865,000	-11,764,000	-11,764,000	-11,949,000	-12,017,000	-8,142,000	-4,483,000	-4,483,000	-4,687,000	-4,776,000	-4,900,000	-5,091,000	-5,091,000	-5,272,000	-5,349,000	-5,466,000	-5,136,000	-5,136,000	-4,760,000	-5,058,000	-5,610,000	-5,962,000	-5,961,000	-5,963,000	-6,048,000	-5,856,000	-6,107,000	-6,107,000	-7,909,000	-5,554,000	-4,654,000	-3,842,000	-2,647,000	-1,195,000
net income per class a common share
basic																																					0.063	0.08	0.08	0.09		0.118	0.19	0.14	0.14	-1.15			0.13	0.1	0.13	0.13	-0.86	0.06		-0.02	-0.02	0.13	-0.05	0.04	0.17	0.16	0.15	0.21	0.15
diluted																																					0.063	0.08	0.08	0.09		0.118	0.19	0.14	0.14	-1.15			0.13	0.1	0.13	0.13	-0.86	0.06		-0.02	-0.02	0.13	-0.05	0.04	0.17	0.16	0.15	0.21	0.15
net income per class b common share
basic and diluted																																	0.38	0.82	0.44
time charter revenue – related party																																							30,627,000	30,376,000	30,849,000	30,849,000	31,772,000	30,918,000	30,404,000	31,982,000	31,982,000	31,710,000	31,992,000
vessel operating expenses – related party																																							214,000	322,000	400,000	399,000	400,000	400,000	400,000	400,000	400,000	400,000	400,000
net income per class b common share basic and diluted
weighted-average number of class a common shares outstanding
basic (including rsus without service conditions) diluted																																									47,976,722				47,975,609
net loss per class a common share
basic																																									-2.08						-0.068	-0.49
diluted																																									-2.08						-0.068	-0.49
weighted-average number of class b common shares outstanding basic and diluted																																												7,405,956		7,405,956		7,405,956																																7,405,956,000	7,405,956			7,405,956		7,405,956
gain on redemption of series a preferred shares																																																										8,576,000
realized loss on interest rate derivatives																																																													-2,878,000	-2,878,000	-2,877,000	-2,876,000	-5,414,000	-4,663,000	-4,662,000	-4,638,000	-4,610,000	-4,492,000	-4,788,000	-4,788,000	-4,953,000	-4,869,000
unrealized gain on interest rate derivatives																																																													2,471,000	2,471,000	1,390,000	4,988,000	5,453,000	4,650,000	4,650,000	1,492,000	907,000	2,676,000	4,049,000			-3,802,000
realized loss on derivative instruments																																																												-2,801,000
unrealized gain on derivative instruments																																																												1,944,000
impairment charge																																																																										13,645,000		17,082,000
other operating																																																													-79,000					-116,000	-56,500	-68,000			-100,000					-163,000				-552,000
basic diluted																																																																	47,513,578										47,186,378,000		11,709,471.25	46,852,478
net income in per class a common share
basic																																																																		0.17	0.17	0.18	0.16	0.17	0.23	0.23	-0.02		230	0.03	0.03	-0.08	-0.11	70	0.26	0.26	-0.08	0.42			-0.003	-0.01
diluted																																																																		0.17	0.17	0.18	0.16	0.17	0.23	0.23	-0.02		230	0.03	0.03	-0.08	-0.11	70	0.26	0.27	-0.08	0.42			-0.003	-0.01
net income in per class b common share
basic and diluted																																																																																				0.42	0.23
income tax credit																																																																					-78,000
other operating loss																																																																								-59,000	-38,000
unrealized loss on interest rate derivatives																																																																								-1,232,500	-6,090,000
(loss) before income taxes																																																																								-375,750	-744,000
net																																																																								-447,250	-935,000
net loss in per class a common share
basic																																																																										-0.25
diluted																																																																										-0.25
realized and unrealized gain on interest rate derivatives																																																																											179,000	7,367,000	7,367,000	-13,753,000	-16,389,000	-9,274,000	702,000	702,000	-12,043,000	13,872,000	2,275,000	-55,293,000	-50,986,000	-4,307,000
operating expenses vessel operating expenses																																																																												11,383,000
other operating expense																																																																													-163,000	377,000			-82,000	-82,000	-244,000	-50,000	-56,000	-106,000	-63,000	-43,000
net income in per class b common share basic and diluted
voyage revenue
voyage expenses
weighted-average number of common shares outstanding basic and diluted
net income per share
net income in per share
basic																																																																		0.17	0.17	0.18	0.16	0.17	0.23	0.23	-0.02		230	0.03	0.03	-0.08	-0.11	70	0.26	0.26	-0.08	0.42			-0.003	-0.01
diluted																																																																		0.17	0.17	0.18	0.16	0.17	0.23	0.23	-0.02		230	0.03	0.03	-0.08	-0.11	70	0.26	0.27	-0.08	0.42			-0.003	-0.01
net income in per share amount
basic																																																																		0.17	0.17	0.18	0.16	0.17	0.23	0.23	-0.02		230	0.03	0.03	-0.08	-0.11	70	0.26	0.26	-0.08	0.42			-0.003	-0.01
diluted																																																																		0.17	0.17	0.18	0.16	0.17	0.23	0.23	-0.02		230	0.03	0.03	-0.08	-0.11	70	0.26	0.27	-0.08	0.42			-0.003	-0.01
weighted-average number of class b common shares outstanding basic and diluted																																												7,405,956		7,405,956		7,405,956																																7,405,956,000	7,405,956			7,405,956		7,405,956
basic and diluted																																																																																				0.42	0.23
net income in per share amount
basic and diluted																																																																																				0.42	0.23
weighted-average number of class a common shares outstanding basic and diluted																																																																																						33,967,357
net income in per share amount basic and diluted																																																																																						-1.29

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-12	2025-08-06	2025-06-30	2025-05-20	2025-03-07	2024-12-31	2024-11-12	2024-08-06	2024-06-30	2024-05-20	2023-12-31	2023-11-09	2023-08-03	2023-06-30	2023-05-11	2023-03-31	2023-03-03	2022-12-31	2022-09-30	2022-08-31	2022-06-30	2022-05-31	2022-03-31	2021-12-31	2021-09-30	2021-08-31	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-08-31	2020-06-30	2020-05-31	2020-03-31	2019-12-31	2019-11-30	2019-08-31	2019-06-30	2019-05-31	2019-03-31	2018-12-31	2018-10-29	2018-09-30	2018-07-30	2018-06-30	2018-04-30	2018-03-31	2018-03-05	2017-12-31	2017-11-02	2017-09-30	2017-08-01	2017-06-30	2017-05-03	2017-03-31	2017-03-07	2016-12-31	2016-10-27	2016-09-30	2016-07-28	2016-06-30	2016-04-28	2016-03-31	2016-03-01	2015-12-31	2015-11-04	2015-08-04	2015-04-30	2015-03-03	2014-12-31	2014-10-31	2014-07-28	2014-04-30	2014-02-12	2013-12-31	2013-11-14	2013-08-15	2013-05-10	2013-03-11	2012-12-31	2012-11-14	2012-08-15	2012-05-15	2012-03-15	2011-12-31	2011-11-15	2011-08-17	2011-05-16	2011-03-08	2010-12-31	2010-11-12	2010-08-12	2010-05-11	2010-03-31	2010-03-02	2009-12-31	2009-11-10	2009-08-10	2009-05-19	2009-03-31	2009-03-05	2008-12-31	2008-11-17

assets
current assets
cash and cash equivalents	289,373,000	415,599,000	415,599,000	323,252,000	141,375,000	141,375,000	260,456,000	171,279,000	171,279,000	168,957,000	138,640,000	98,086,000	84,493,000	84,493,000	125,157,000	125,157,000	120,130,000	120,130,000	102,709,000	181,202,000	181,202,000	88,485,000	75,180,000	67,280,000	81,917,000	142,963,000	142,963,000	142,209,000	80,757,000	98,964,000	73,721,000	73,721,000	86,961,000	138,024,000	138,024,000	86,697,000	75,399,000	75,399,000	97,966	82,059,000	82,059,000	94,539,000	94,539,000	69,599,000	69,599,000	91,288,000	91,288,000	73,266,000	73,266,000	65,562,000	65,562,000	59,432,000	59,432,000	57,017,000	57,017,000	54,243,000	54,243,000	48,746,000	48,746,000	50,250,000	50,250,000	30,522,000	30,522,000	53,591,000	53,591,000	23,830,000	41,392,000	18,694,000	33,295,000	33,295,000	64,352,000	72,145,000	55,160,000	24,536,000	24,536,000	26,852,000	30,957,000	26,097,000	26,145,000	26,145,000	29,318,000	32,461,000	30,144,000	25,814,000	25,814,000	38,554,000	32,311,000	28,539,000	28,360,000	28,360,000	29,335,000	31,329,000	41,356,000	41,356,000	30,810,000	30,810,000	29,542,000	40,733,000	25,383,000	25,383,000	26,363,000	26,363,000	29,584,000
time deposits	200,500,000	15,000,000	15,000,000	10,450,000	26,150,000	26,150,000	26,450,000	53,000,000	53,000,000	14,000,000	14,000,000	14,000,000	12,600,000	12,600,000	9,600,000	9,600,000	8,550,000	8,550,000	17,400,000	7,800,000	7,800,000	7,900,000		7,900,000
restricted cash	49,090,000	48,995,000	48,995,000	53,165,000	55,583,000	55,583,000	59,209,000	58,864,000	58,864,000	59,287,000	56,803,000	62,208,000	45,142,000	45,142,000	23,784,000	23,784,000	28,363,000	28,363,000	28,802,000	14,630,000	14,630,000	21,325,000	24,894,000	24,894,000	28,524,000	17,465,000	17,465,000	6,859,000	825,000	8,728,000	9,750,000	9,750,000	4,569,000	3,909,000	3,909,000	5,355,000	3,367,000	3,367,000	3,023	2,186,000	2,186,000	525,000	525,000																													3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,027,000	3,027,000	3,027,000	3,027,000	3,027,000	3,027,000	3,027,000	3,027,000	3,027,000	19,261,000	3,026,000	3,026,000	3,026,000	3,026,000	3,026,000	3,026,000	3,026,000	3,026,000	3,026,000	3,026,000	3,026,000
accounts receivable	32,921,000	28,765,000	28,765,000	21,129,000	12,501,000	12,501,000	12,847,000	11,647,000	11,647,000	7,584,000	4,741,000	3,737,000	3,109,000	3,109,000	3,566,000	3,566,000	3,684,000	3,684,000	4,147,000	3,472,000	3,472,000	3,000,000	3,220,000	3,220,000	3,676,000	2,872,000	2,872,000	2,236,000	2,532,000	2,356,000	3,390,000	3,390,000	2,252,000	2,350,000	2,350,000	2,460,000	2,944,000	2,944,000	1,738	1,927,000	1,927,000	106,000	106,000					72,000	72,000	166,000	166,000	15,000	15,000	38,000	38,000	29,000	29,000	55,000	55,000	42,000	42,000	926,000	926,000	1,621,000	1,621,000	922,000	841,000	918,000	1,244,000	1,244,000	6,554,000	6,669,000	5,833,000	7,006,000	7,006,000	7,328,000	6,417,000	8,830,000	14,413,000	14,417,000	7,601,000	13,759,000	13,999,000	13,911,000	13,911,000	6,823,000	7,555,000	7,318,000	7,341,000	7,341,000	6,576,000	6,551,000	7,130,000	7,130,000	7,838,000	7,838,000	755,000	1,005,000	912,000	912,000	638,000	638,000
inventories	13,387,000	18,080,000	18,080,000	16,338,000	18,905,000	18,905,000	15,757,000	15,571,000	15,571,000	15,243,000	15,764,000	14,114,000	13,399,000	13,399,000	11,544,000	11,544,000	12,237,000	12,237,000	11,555,000	11,953,000	11,953,000	10,985,000	11,410,000	11,410,000	9,261,000	6,455,000	6,455,000	5,979,000	6,316,000	5,415,000	6,071,000	6,071,000	5,991,000	5,595,000	5,595,000	5,313,000	5,963,000	5,963,000	5,327	5,769,000	5,769,000
prepaid expenses and other current assets	31,851,000	28,685,000	28,685,000	32,097,000	31,949,000	31,949,000	28,861,000	39,418,000	39,418,000	41,041,000	40,464,000	42,025,000	36,252,000	36,252,000	39,326,000	39,326,000	33,765,000	33,765,000	24,619,000	22,425,000	22,425,000	23,082,000	25,224,000	25,224,000	20,696,000	12,004,000	12,004,000	10,872,000	6,711,000	6,075,000	6,910,000	6,910,000	8,438,000	8,132,000	8,132,000	6,755,000	7,880,000	7,880,000	7,162	6,214,000	6,214,000
derivative assets	7,823,000	10,318,000	10,318,000	12,365,000	14,437,000	14,437,000	15,178,000		22,612,000										27,357,000	18,937,000	18,937,000	9,364,000
due from related parties	173,000	843,000	843,000	1,631,000	342,000	342,000	495,000	886,000	886,000	276,000	626,000	617,000	48,000	48,000	1,050,000	1,050,000	673,000	673,000	359,000	773,000	773,000	4,394,000	2,897,000	2,897,000	1,248,000	2,007,000	2,007,000	2,739,000	1,472,000	2,371,000	7,244,000	7,244,000	6,018,000	3,860,000	3,860,000	4,440,000	3,982,000	3,982,000	1,086	817,000	817,000
total current assets	625,118,000	566,285,000	566,285,000	470,427,000	301,242,000	301,242,000	419,253,000	373,277,000	373,277,000	330,538,000	295,677,000	264,367,000	223,220,000	223,220,000	241,447,000	241,447,000	237,047,000	237,047,000	216,948,000	261,192,000	261,192,000	168,535,000	143,358,000	143,358,000	145,322,000	183,766,000	183,766,000	170,894,000	98,613,000	123,909,000	114,182,000	114,182,000	114,229,000	161,870,000	161,870,000	111,020,000	99,535,000	99,535,000	116,302	98,972,000	98,972,000	105,578,000	105,578,000	76,515,000	76,515,000	97,105,000	97,105,000	77,388,000	77,388,000	70,227,000	70,227,000	62,263,000	62,263,000	60,479,000	60,479,000	56,929,000	56,929,000	52,879,000	52,879,000	55,172,000	55,172,000	33,788,000	33,788,000	57,631,000	57,631,000	30,976,000	48,731,000	24,912,000	39,845,000	39,845,000	75,851,000	83,137,000	66,109,000	38,388,000	38,388,000	38,231,000	40,223,000	37,952,000	44,018,000	44,018,000	39,550,000	51,657,000	50,277,000	45,504,000	45,504,000	50,692,000	45,045,000	41,476,000	40,978,000	40,978,000	58,959,000	44,162,000	54,860,000	54,860,000	44,160,000	44,160,000	36,067,000	47,660,000	32,127,000	32,127,000	33,000,000	33,000,000	35,246,000
non - current assets
vessels in operation	1,895,735,000	1,918,103,000	1,918,103,000	1,939,470,000	1,884,640,000	1,884,640,000	1,633,329,000	1,631,405,000	1,631,405,000	1,649,360,000	1,664,101,000	1,700,935,000	1,716,778,000	1,716,778,000	1,602,141,000	1,602,141,000	1,623,307,000	1,623,307,000	1,640,788,000	1,655,199,000	1,655,199,000	1,669,771,000	1,682,816,000	1,682,816,000	1,655,567,000	1,212,642,000	1,212,642,000	1,130,840,000	1,140,583,000	1,148,116,000	1,147,214,000	1,147,214,000	1,165,052,000	1,155,586,000	1,155,586,000	1,129,808,000		1,118,049,000	1,103,604	1,112,766,000	1,112,766,000	587,151,000	587,151,000	595,318,000	595,318,000	590,845,000	590,845,000	597,779,000	597,779,000	694,638,000	694,638,000	703,993,000	703,993,000	712,695,000	712,695,000	719,110,000	719,110,000	791,458,000	791,458,000	827,951,000	827,951,000	836,013,000	836,013,000	846,939,000	846,939,000	862,429,000	869,409,000	880,893,000	836,537,000	836,537,000	790,601,000	798,142,000	807,852,000	817,875,000	817,875,000	827,959,000	838,042,000	847,706,000	856,394,000	856,394,000	865,441,000	874,477,000	883,794,000	890,249,000	890,249,000	900,167,000	905,974,000	913,386,000	922,498,000	922,498,000	932,593,000	942,689,000	952,003,000	952,003,000	961,708,000	961,708,000	970,647,000	889,066,000	898,048,000	898,048,000	906,896,000	906,896,000	520,459,000
advances for vessels acquisitions and other additions	7,418,000		6,785,000			18,634,000			21,488,000	13,335,000	12,210,000			6,699,000				4,881,000	3,912,000	5,642,000	5,642,000	6,712,000	6,139,000	6,139,000	6,109,000	27,645,000	27,645,000	1,197,000	1,364,000	4,047,000	10,073,000	10,073,000	9,620,000	10,791,000	10,791,000
deferred dry dock and special survey costs	101,871,000	101,467,000	101,467,000	98,182,000	91,939,000	91,939,000
other non-current assets	13,936,000		17,397,000			20,155,000			22,564,000	23,423,000	23,935,000			31,572,000				31,022,000	27,693,000	22,741,000	22,741,000	18,207,000	14,010,000	14,010,000															291	948,000
derivative assets, net of current portion	544,000	1,490,000	1,490,000	3,110,000	5,969,000	5,969,000	6,520,000		13,834,000										41,811,000	33,222,000	33,222,000	35,079,000
restricted cash, net of current portion	23,223,000	31,481,000	31,481,000	41,578,000	50,666,000	50,666,000	58,954,000	67,141,000	67,141,000	75,027,000	85,270,000	93,049,000	116,767,000	116,767,000	129,418,000	129,418,000	121,437,000	121,437,000	113,996,000	104,469,000	104,469,000	104,657,000	103,468,000	103,468,000	2,554,000	5,076,000	5,076,000	13,607,000	10,680,000	6,216,000	6,215,000	6,215,000	6,204,000	5,703,000	5,703,000	5,702,000	6,574,000	6,574,000	5,938	5,827,000	5,827,000
total non - current assets	2,042,727,000	2,076,723,000	2,076,723,000	2,105,782,000	2,072,003,000	2,072,003,000	1,818,752,000	1,829,237,000	1,829,237,000	1,849,264,000	1,876,103,000	1,926,819,000	1,969,649,000	1,969,649,000	1,855,211,000	1,855,211,000	1,869,168,000	1,869,168,000			1,869,656,000			1,850,756,000	1,700,763,000	1,268,968,000	1,268,968,000	1,167,824,000	1,175,578,000	1,177,286,000	1,181,289,000		1,198,938,000	1,189,955,000	1,189,955,000						1,134,515,000
total assets	2,667,845,000	2,643,008,000	2,643,008,000	2,576,209,000	2,373,245,000	2,373,245,000	2,238,005,000	2,202,514,000	2,202,514,000	2,179,802,000	2,171,780,000	2,191,186,000	2,192,869,000	2,192,869,000	2,096,658,000	2,096,658,000	2,106,215,000	2,106,215,000	2,094,542,000	2,130,848,000	2,130,848,000	2,047,135,000	1,994,114,000	1,994,114,000	1,846,085,000	1,452,734,000	1,452,734,000	1,338,718,000	1,274,191,000	1,301,195,000	1,295,471,000	1,295,471,000	1,313,167,000	1,351,825,000	1,351,825,000	1,262,504,000	1,236,339,000	1,236,339,000	1,239,230	1,233,487,000	1,233,487,000	693,261,000	693,261,000	671,843,000	671,843,000	689,091,000	689,091,000	675,184,000	675,184,000	764,998,000	764,998,000	766,420,000	766,420,000	773,362,000	773,362,000	776,257,000	776,257,000	844,588,000	844,588,000	883,405,000	883,405,000	870,118,000	870,118,000	904,920,000	904,920,000	906,353,000	927,031,000	915,458,000	886,627,000	886,627,000	877,495,000	893,115,000	886,219,000	858,247,000	858,247,000	868,375,000	880,900,000	888,604,000	903,680,000	903,680,000	907,845,000	929,299,000	937,521,000	939,535,000	939,535,000	954,121,000	954,498,000	972,144,000	981,022,000	981,022,000	1,012,748,000	1,008,250,000	1,028,298,000	1,028,298,000	1,027,358,000	1,027,358,000	1,028,201,000	966,115,000	959,381,000	959,381,000	966,608,000	966,608,000	720,339,000
liabilities and shareholders' equity
current liabilities
accounts payable	42,608,000	45,590,000	45,590,000	32,788,000	26,334,000	26,334,000	22,853,000	18,398,000	18,398,000	13,598,000	17,601,000	19,304,000	25,809,000	25,809,000	22,248,000	22,248,000	22,755,000	22,755,000	19,373,000	18,509,000	18,509,000	12,928,000	13,159,000	13,159,000	15,161,000	10,806,000	10,806,000	10,545,000	10,557,000	9,469,000	14,869,000	14,869,000	10,672,000	9,052,000	9,052,000	7,925,000	8,043,000	8,043,000	7,140	9,586,000	9,586,000	276,000	276,000	478,000	478,000	726,000	726,000	1,486,000	1,486,000	452,000	452,000	791,000	791,000	1,277,000	1,277,000	963,000	963,000	874,000	874,000	1,638,000	1,638,000	957,000	957,000	622,000	622,000	989,000	906,000	1,386,000	2,123,000	2,123,000	1,885,000	2,511,000	2,122,000	1,289,000	1,289,000	1,286,000	2,667,000	4,349,000	5,353,000	5,353,000	1,177,000	3,932,000	6,315,000	1,286,000	1,286,000	7,217,000	3,059,000	1,008,000	1,391,000	1,391,000	388,000	3,010,000	13,000	13,000	3,502,000	3,502,000	334,000	54,000	275,000	275,000	36,000	36,000	619,000
accrued liabilities	43,223,000	41,033,000	41,033,000	47,950,000	46,926,000	46,926,000	38,556,000	29,105,000	29,105,000	26,018,000	28,538,000	29,248,000	29,624,000	29,624,000	29,490,000	29,490,000	36,038,000	36,038,000	25,155,000	28,191,000	28,191,000	28,130,000	32,249,000	32,249,000	22,170,000	16,116,000	16,116,000	11,261,000	19,127,000	21,852,000	13,851,000	13,851,000	27,847,000	22,916,000	22,916,000	26,396,000	17,943,000	17,943,000	21,576	15,407,000	15,407,000
current portion of long - term debt	147,567,000		147,567,000			145,276,000			173,677,000	184,932,000	193,253,000			204,140,000				189,832,000			273,614,000			190,316,000			95,312,000		76,681,000				89,841,000	87,532,000	87,532,000						64,088,000
current portion of deferred revenue	51,119,000	47,030,000	47,030,000	45,138,000	44,742,000	44,742,000	40,870,000	41,177,000	41,177,000	40,978,000	40,331,000	41,106,000	29,661,000	29,661,000	13,126,000	13,126,000	12,569,000	12,569,000	17,172,000	7,313,000	7,313,000	7,249,000	8,496,000	8,496,000	6,942,000
due to related parties	716,000	720,000	720,000	1,234,000	723,000	723,000	707,000	621,000	621,000	750,000	717,000	516,000	692,000	692,000	804,000	804,000	572,000	572,000	552,000	602,000	602,000	912,000	543,000	543,000	338,000	312,000	312,000	257,000	225,000	153,000	33,000	33,000	333,000	109,000	109,000	63,000	115,000	115,000	1,548	3,317,000	3,317,000
total current liabilities	285,233,000	281,940,000	281,940,000	266,298,000	264,001,000	264,001,000	255,508,000	262,978,000	262,978,000	266,276,000	280,440,000	290,800,000	289,926,000	289,926,000	251,042,000	251,042,000	261,766,000	261,766,000	255,871,000	328,229,000	328,229,000	259,986,000	244,763,000	244,763,000	195,328,000	128,789,000	128,789,000	101,216,000	112,213,000	118,902,000	115,130,000	115,130,000	135,371,000	129,596,000	129,596,000	127,223,000	104,163,000	104,163,000	107,434	95,516,000	95,516,000	62,587,000	62,587,000	53,620,000	53,620,000	65,684,000	65,684,000	57,036,000	57,036,000	35,880,000	35,880,000	45,640,000	45,640,000	39,492,000	39,492,000	47,979,000	48,715,000	37,436,000	37,436,000	46,493,000	46,493,000	33,929,000	33,929,000	53,632,000	53,632,000	16,372,000	18,318,000	8,943,000	19,982,000	19,982,000	9,756,000	20,172,000	10,832,000	69,181,000	69,181,000	78,392,000	75,006,000	74,931,000	75,688,000	75,688,000	71,906,000	73,789,000	82,886,000	70,278,000	70,278,000	71,636,000	67,413,000	66,332,000	71,383,000	71,383,000	79,785,000	85,008,000	101,673,000	101,673,000	94,481,000	94,481,000	85,471,000	21,738,000	18,382,000	18,382,000	19,020,000	19,020,000	13,538,000
long - term liabilities
long - term debt, net of current portion and deferred financing costs	577,783,000	613,955,000	613,955,000	631,051,000	538,781,000	538,781,000	528,015,000	539,008,000	539,008,000	576,596,000	619,175,000	661,471,000	707,673,000	707,673,000	697,434,000	697,434,000	744,557,000	744,557,000			833,189,000			880,134,000	926,708,000	726,008,000	726,008,000	684,484,000	692,775,000	735,509,000	748,857,000		760,412,000	809,357,000	809,357,000						813,130,000
intangible liabilities - charter agreements	55,530,000		58,885,000			49,431,000			2,657,000	4,159,000	5,662,000			8,697,000				14,218,000			31,956,000			55,376,000			4,571,000		4,462,000						6,470,000
deferred revenue, net of current portion	32,337,000	45,257,000	45,257,000	48,495,000	57,551,000	57,551,000	65,963,000	66,815,000	66,815,000	74,540,000	82,115,000	90,178,000	114,331,000	114,331,000	126,838,000	126,838,000	119,183,000	119,183,000	111,650,000	103,078,000	103,078,000	101,033,000	101,288,000	101,288,000
total non - current liabilities	665,650,000	718,097,000	718,097,000	741,750,000	645,763,000	645,763,000	595,117,000	608,480,000	608,480,000	655,295,000	706,952,000	758,828,000	830,701,000	830,701,000	834,650,000	834,650,000	877,958,000	877,958,000			968,223,000			1,036,798,000	996,476,000	730,579,000	730,579,000	688,444,000	697,237,000	740,473,000	754,323,000		766,380,000	815,827,000	815,827,000						821,609,000
total liabilities	950,883,000	1,000,037,000	1,000,037,000	1,008,048,000	909,764,000	909,764,000	850,625,000	871,458,000	871,458,000	921,571,000	987,392,000	1,049,628,000	1,120,627,000	1,120,627,000	1,085,692,000	1,085,692,000	1,139,724,000	1,139,724,000	1,179,436,000	1,296,452,000	1,296,452,000	1,255,320,000	1,281,561,000	1,281,561,000	1,191,804,000	859,368,000	859,368,000	789,660,000	809,450,000	859,375,000	869,453,000	869,453,000	901,751,000	945,423,000	945,423,000	916,912,000	901,128,000	901,128,000	912,816	917,125,000	917,125,000	429,214,000	429,214,000	411,704,000	411,704,000	433,017,000	433,017,000	423,579,000	423,579,000	413,609,000	413,609,000	423,909,000	423,909,000	437,675,000	437,675,000	447,364,000	447,364,000	460,706,000	460,706,000	475,923,000	475,923,000	468,761,000	468,761,000	508,154,000	508,154,000	511,079,000	485,945,000	477,273,000	448,491,000	448,491,000	438,455,000	493,992,000	484,860,000	458,781,000	458,781,000	476,876,000	496,766,000	514,699,000	537,092,000	537,092,000	549,460,000	579,388,000	595,258,000	605,335,000	605,335,000	630,890,000	630,477,000	636,605,000	656,458,000	656,458,000	689,542,000	681,741,000	697,151,000	697,151,000	699,803,000	699,803,000	713,353,000	647,950,000			671,569,000	671,569,000	374,614,000
commitments and contingencies
shareholders' equity
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,770,652 shares issued and outstanding	358,000
series b preferred shares - authorized 104,000 shares with a 0.01 par value 43,592 shares issued and outstanding
additional paid in capital	686,659,000	684,985,000	684,985,000	682,863,000	680,743,000	680,743,000	678,713,000	676,056,000	676,056,000	673,902,000	676,592,000	675,635,000	676,571,000	676,571,000	681,055,000	681,055,000	688,262,000	688,262,000	691,438,000	695,641,000	695,641,000	699,513,000	698,463,000	698,463,000	697,281,000	689,921,000	689,921,000	666,331,000	586,355,000	574,186,000	571,974,000	571,974,000	569,979,000	565,586,000	565,586,000	512,811,000	512,379,000	512,379,000	512,379	511,683,000	512,379,000	387,115,000	387,115,000	387,070,000	387,070,000	387,025,000	387,025,000	386,748,000	386,748,000	386,708,000	386,708,000	386,708,000	386,708,000	386,708,000	386,708,000	386,708,000	386,708,000	386,625,000	386,625,000	386,540,000	386,540,000	386,458,000	386,458,000	386,425,000	386,425,000	386,425,000	386,400,000	386,375,000	386,350,000	386,350,000	386,325,000	352,777,000	352,726,000	352,676,000	352,676,000	352,602,000	352,501,000	352,399,000	352,316,000		352,234,000	352,103,000	351,969,000	351,856,000		351,748,000	351,605,000	351,430,000	351,295,000		351,165,000	350,944,000	350,629,000	350,629,000
retained earnings	1,026,842,000	953,016,000	953,016,000	878,726,000	773,759,000	773,759,000	699,583,000	636,785,000	636,785,000	564,397,000	488,105,000	436,698,000	367,311,000	367,311,000	305,259,000	305,259,000	246,390,000	246,390,000	187,317,000	115,118,000	115,118,000	74,423,000																																				-3,293,000	-3,293,000	20,392,000	20,392,000	14,349,000	14,349,000	9,792,000	9,792,000	8,300,000	54,137,000	51,261,000	51,237,000	51,237,000	52,166,000	45,797,000	48,084,000	46,241,000	46,241,000	38,348,000	31,084,000	20,957,000	13,723,000		5,602,000
accumulated other comprehensive income	3,103,000	4,613,000	4,613,000	6,215,000	8,624,000	8,624,000	8,729,000	17,862,000	17,862,000	19,581,000	19,340,000	28,874,000	28,009,000	28,009,000	24,298,000	24,298,000	31,480,000	31,480,000	35,989,000	23,270,000	23,270,000	17,510,000	227,000	227,000
total shareholders' equity	1,716,962,000	1,642,971,000	1,642,971,000	1,568,161,000	1,463,481,000	1,463,481,000	1,387,380,000	1,331,056,000	1,331,056,000	1,258,231,000	1,184,388,000	1,141,558,000	1,072,242,000	1,072,242,000				966,491,000	915,106,000	834,396,000	834,396,000	791,815,000	712,553,000	712,553,000	654,281,000	593,366,000	593,366,000	549,058,000		441,820,000	426,018,000	426,018,000	411,416,000			345,592,000	335,211,000	335,211,000	326,414
total liabilities and shareholders' equity	2,667,845,000	2,643,008,000	2,643,008,000	2,576,209,000	2,373,245,000	2,373,245,000	2,238,005,000	2,202,514,000	2,202,514,000	2,179,802,000	2,171,780,000	2,191,186,000	2,192,869,000	2,192,869,000				2,106,215,000	2,094,542,000	2,130,848,000	2,130,848,000	2,047,135,000	1,994,114,000	1,994,114,000	1,846,085,000	1,452,734,000	1,452,734,000	1,338,718,000		1,301,195,000	1,295,471,000	1,295,471,000	1,313,167,000			1,262,504,000	1,236,339,000	1,236,339,000	1,239,230
advances for vessels' acquisitions and other additions		6,785,000		5,048,000	18,634,000		12,447,000	21,488,000				5,872,000	6,699,000
other non - current assets		17,397,000		18,394,000	20,155,000		24,595,000	22,564,000				26,220,000	31,572,000		31,934,000	31,934,000	31,022,000																								948,000
current portion of long-term debt		147,567,000		139,188,000	145,276,000			173,677,000				200,626,000	204,140,000		185,374,000	185,374,000			193,619,000	273,614,000		210,767,000	190,316,000		150,717,000	95,312,000										86,004,000	75,732,000	75,732,000	74,533	64,088,000									40,000,000								31,026,000								35,160,000										50,110,000			53,160,000		50,572,000					46,000,000				44,500,000	44,500,000
long-term liabilities
intangible liabilities-charter agreements		58,885,000		62,204,000	49,431,000		1,139,000	2,657,000				7,179,000	8,697,000		10,378,000	10,378,000	14,218,000		22,651,000	31,956,000		42,521,000	55,376,000		69,529,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,612,584 shares issued and outstanding		357,000	357,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,605,438 shares issued and outstanding				357,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,447,370 shares issued and outstanding					355,000	355,000
deferred charges							82,907,000	72,805,000	72,805,000	71,653,000	73,720,000	73,468,000	69,106,000	69,106,000	59,328,000	59,328,000	54,663,000	54,663,000	49,394,000	48,383,000	48,383,000	44,174,000	37,629,000	37,629,000	29,107,000	23,605,000	23,605,000	22,180,000	22,951,000	18,858,000	17,679,000	17,679,000	17,576,000	16,408,000	16,408,000	12,014,000	8,730,000	8,730,000	8,661	9,569,000	9,569,000
current portion of long-term debt and deferred financing costs							152,522,000										189,832,000											73,482,000		81,313,000	81,358,000	81,358,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,440,224 shares issued and outstanding							355,000
derivative asset								22,612,000		24,150,000	24,639,000	29,580,000	28,177,000	28,177,000	27,420,000	27,420,000	29,645,000	29,645,000					533,000	533,000
derivative asset, net of current portion								13,834,000		16,466,000	16,867,000	27,275,000	28,727,000	28,727,000	25,264,000	25,264,000	33,858,000	33,858,000					6,694,000	6,694,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,260,029 shares issued and outstanding								353,000	353,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,077,907 shares issued and outstanding										351,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,188,323 shares issued and outstanding											351,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,192,029 shares issued and outstanding												351,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,165,914 shares issued and outstanding													351,000	351,000
advances for vessels’ acquisitions and other additions															7,126,000	7,126,000	4,881,000
liabilities and shareholders’ equity
shareholders’ equity
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,491,054 shares issued and outstanding															354,000	354,000
total shareholders’ equity															1,010,966,000	1,010,966,000	966,491,000												464,741,000					406,402,000	406,402,000						316,362,000
total liabilities and shareholders’ equity															2,096,658,000	2,096,658,000	2,106,215,000												1,274,191,000					1,351,825,000	1,351,825,000						1,233,487,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 35,990,288 shares issued and outstanding																	359,000	359,000
non-current assets
total non-current assets																			1,877,594,000	1,869,656,000		1,878,600,000	1,850,756,000									1,181,289,000				1,151,484,000	1,136,804,000	1,136,804,000	1,122,928	1,134,515,000		587,683,000	587,683,000	595,328,000	595,328,000	591,986,000	591,986,000	597,796,000	597,796,000	694,771,000	694,771,000	704,157,000	704,157,000	712,883,000	712,883,000	719,328,000	719,328,000	791,709,000	791,709,000	828,233,000	828,233,000	836,330,000	836,330,000	847,289,000	847,289,000	875,377,000	878,300,000	890,546,000	846,782,000	846,782,000	801,644,000	809,978,000	820,110,000	819,859,000	819,859,000	830,144,000	840,677,000	850,652,000	859,662,000	859,662,000	868,295,000	877,642,000	887,244,000	894,031,000	894,031,000	903,429,000	909,453,000	930,668,000	940,044,000	940,044,000	953,789,000	964,088,000	973,438,000	973,438,000	983,198,000	983,198,000	992,134,000	918,455,000	927,254,000	927,254,000	933,608,000	933,608,000	685,093,000
long-term debt																			789,264,000	833,189,000		851,780,000	880,134,000									748,857,000				782,725,000	789,499,000	789,499,000	797,406	813,130,000									358,515,000								388,847,000								442,913,000					414,782,000					316,256,000			357,716,000		375,104,000					437,612,000				488,269,000	488,269,000
total non-current liabilities																			923,565,000	968,223,000		995,334,000	1,036,798,000									754,323,000				789,689,000	796,965,000	796,965,000	805,382	821,609,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 36,292,765 shares issued and outstanding																			362,000
series b preferred shares - authorized 44,000 shares with a 0.01 par value 43,592 shares issued and outstanding
class a common shares - authorized 214,000,000 shares with a 0.01 par value 36,726,708 shares issued and outstanding																				367,000	367,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 36,911,392 shares issued and outstanding																						369,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 36,464,109 shares issued and outstanding																							365,000	365,000
series c preferred shares - authorized 250,000 shares with a 0.01 par value nil shares issued and outstanding
retained earnings/																							13,498,000	13,498,000
series c preferred shares - authorized 250,000 shares with a 0.01 par value 0 nil shares issued and outstanding
other non – current assets																									7,426,000
non – current deferred revenue																									239,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 36,216,803 shares issued and outstanding																									362,000
series b preferred shares - authorized 44,000 shares with a 0.01 par value 43,579 shares issued and outstanding
accumulated deficit																									-43,362,000	-96,917,000	-96,917,000	-117,635,000	-121,794,000	-132,546,000	-146,136,000	-146,136,000	-158,741,000	-159,362,000	-159,362,000	-167,321,000	-177,270,000	-177,270,000	-186,067	-196,119,000	-196,119,000	-123,618,000	-123,618,000	-127,481,000	-127,481,000	-131,501,000	-131,501,000	-135,693,000	-135,693,000																																	-2,741,000	-10,255,000	-18,205,000		-29,065,000	-28,130,000	-16,437,000	-27,276,000		-28,503,000	-24,977,000
deferred revenue																										6,243,000	6,243,000	5,671,000	5,623,000	6,115,000	5,019,000	5,019,000	6,678,000	9,987,000	9,987,000	6,835,000	2,330,000	2,330,000	2,637	3,118,000	3,118,000	1,420,000	1,420,000	1,668,000	1,668,000	1,866,000	1,866,000	2,178,000	2,178,000	2,848,000	2,848,000	2,698,000	2,698,000	2,368,000	2,368,000	1,940,000	1,940,000	1,707,000	1,707,000	588,000	588,000	692,000	692,000	796,000	796,000	592,000	588,000	667,000	462,000	462,000
intangible liability-charter agreements																										4,571,000		3,960,000		4,964,000	5,466,000	5,466,000	5,968,000	6,470,000		6,964,000	7,466,000	7,466,000	7,967
class a common shares - authorized 214,000,000 shares with a 0.01 par value 36,283,468 shares issued and outstanding																										362,000	362,000	362,000
series b preferred shares - authorized 44,000 shares with a 0.01 par value 36,772 shares issued and outstanding
series b preferred shares - authorized 44,000 shares with a 0.01 par value 27,178 shares issued and outstanding
intangible assets - charter agreements																														49,000	108,000		486,000	1,467,000	1,467,000					5,400,000	5,400,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 17,741,008 shares issued and outstanding																													177,000	177,000	177,000
series b preferred shares - authorized 44,000 shares with a 0.01 par value 22,822 shares issued and outstanding
series c preferred shares - authorized 250,000 shares with a 0.01 par value 250,000 shares issued and outstanding																													3,000	3,000	3,000	3,000	3,000	3,000	3,000		3,000	3,000	3	3,000	3,000
class b common shares - authorized 20,000,000 shares with a 0.01 par value nil shares issued and outstanding
series b preferred shares - authorized 44,000 shares with a 0.01 par value 16,655 shares issued and outstanding
assets held for sale																															7,096,000	7,096,000
intangible assets-charter agreements																																108,000				2,458,000	3,449,000	3,449,000	4,430
class a common shares - authorized 214,000,000 shares with a 0.01 par value17,741,008 shares issued and outstanding																																177,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 17,556,738 shares issued and outstanding																																	175,000	175,000	175,000
series b preferred shares - authorized 44,000 shares with a 0.01 par value 16,074 shares issued and outstanding
other fixed assets																																				2,000	2,000	2,000	4	5,000	5,000	6,000	6,000	7,000	7,000	8,000	8,000	10,000	10,000	12,000	12,000	13,000	13,000	6,000	6,000	7,000	7,000	9,000	9,000	5,000	5,000	6,000	6,000	5,000	5,000	6,000	5,000	5,000	6,000	6,000	7,000	8,000	11,000	7,000	7,000	11,000	16,000	22,000	29,000	29,000	35,000	42,000	48,000	54,000	54,000	58,000	38,000	9,000	10,000	10,000	11,000	15,000	6,000	6,000	9,000	9,000	12,000	15,000	18,000	18,000	21,000	21,000	24,000
liabilities and shareholders’ equity current liabilities
deferred tax liability																																							9	9,000	9,000	25,000	25,000	27,000	27,000	20,000	20,000	17,000	17,000	20,000	20,000	17,000	17,000	19,000	19,000	20,000	20,000	19,000	19,000	15,000	15,000	13,000	13,000	20,000	20,000	36,000	41,000	38,000	34,000	34,000	37,000	37,000	38,000	43,000	43,000	39,000	32,000	33,000	27,000	27,000	9,000	6,000
series b preferred shares - authorized 44,000 shares with a 0.01 par value 14,428 shares issued and outstanding
advances for vessel acquisitions																																				1,500,000
class a common shares-authorized 214,000,000 shares with a 0.01 par value 9,942,950 shares issued and outstanding																																				99,000
class b common shares-authorized 20,000,000 shares with a 0.01 par value nil issued and outstanding
series b preferred shares-authorized 16,100 shares with a 0.01 par value 14,000 shares issued and outstanding
series c preferred shares-authorized 250,000 shares with a 0.01 par value 250,000 shares issued and outstanding																																				3,000
ships in operation																																					1,118,049,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 9,942,950 shares issued and outstanding																																					99,000	99,000	99
series b preferred shares - authorized 16,100 shares with a 0.01 par value 14,000 shares issued and outstanding
intangible assets - other																																																																														68,000					87,000
liabilities and stockholders' equity
intangible liability - charter agreements																																								8,470,000	8,470,000																									2,119,000							2,119,000			2,119,000																						2,045,000	1,863,000	1,863,000	1,608,000	26,348,000	1,033,000
stockholders' equity
class a common stock																																								721,000
class b common stock																																								74,000
total stockholders' equity																																								316,362,000
total liabilities and stockholders' equity																																								1,233,487,000
class a common shares - authorized 214,000,000 shares with a 0.01 par value 9,017,205 shares issued and outstanding																																									90,000
class b common shares - authorized 20,000,000 shares with a 0.01 par value 925,745 issued and outstanding																																									9,000
due from related party																																										2,266,000	2,266,000	1,518,000	1,518,000	756,000	756,000	1,932,000	1,932,000	1,065,000	1,065,000	862,000	862,000	1,271,000	1,271,000	906,000	906,000	1,567,000	1,567,000	2,347,000	2,347,000
prepaid expenses																																										3,569,000	3,569,000	2,671,000	2,671,000	2,244,000	2,244,000	918,000	918,000	2,614,000	2,614,000	1,098,000	1,098,000	1,480,000	1,480,000	1,146,000	1,146,000	1,527,000	1,527,000	1,727,000	1,727,000	1,632,000	1,632,000	1,101,000	1,101,000	819,000	639,000	961,000	609,000	609,000	404,000	339,000	1,837,000	5,337,000	5,337,000	1,273,000	422,000	669,000	795,000	795,000	734,000	514,000	853,000	726,000	726,000	677,000	695,000	1,157,000	712,000	712,000	1,631,000	1,241,000	991,000	991,000	685,000	685,000	1,220,000	513,000	638,000	638,000	734,000	734,000
other receivables																																										170,000	170,000	119,000	119,000	292,000	292,000	458,000	458,000	191,000	191,000	182,000	182,000	72,000	72,000	52,000	52,000	394,000	394,000	270,000	270,000	132,000	132,000	708,000	708,000	1,177,000	1,980,000	484,000	996,000	996,000	1,070,000	365,000	208,000	115,000	115,000	1,237,000	984,000	883,000	1,165,000	1,165,000	754,000	755,000	1,036,000	839,000	839,000	537,000	130,000	119,000	264,000	264,000	969,000	724,000	1,118,000	1,118,000	613,000	613,000	186,000	955,000	1,160,000	1,160,000	1,713,000	1,713,000
inventory																																										3,323,000	3,323,000	2,608,000	2,608,000	2,525,000	2,525,000	742,000	742,000	629,000	629,000	674,000	674,000	601,000	601,000	553,000	553,000	590,000	590,000	536,000	536,000	576,000	576,000	610,000	610,000	750,000	620,000	624,000	553,000	553,000	328,000	473,000
other current assets																																										1,605,000	1,605,000
intangible assets																																										1,000	1,000	3,000	3,000	5,000	5,000	7,000	7,000	9,000	9,000	11,000	11,000	14,000	14,000	16,000	16,000	18,000	18,000	25,000	25,000	32,000	32,000	39,000	39,000	46,000	53,000	60,000	67,000	67,000	74,000	81,000	88,000	95,000	95,000	58,000	63,000
liabilities and stockholders’ equity
liabilities
current portion of long term debt																																										40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000	40,000,000		25,755,000	25,755,000	27,512,000	27,512,000	29,269,000	29,269,000	30,290,000		26,465,000	26,465,000	26,465,000	26,465,000	26,465,000	26,465,000	35,160,000		7,700,000								50,110,000		60,937,000	55,174,000		50,572,000		48,315,000	47,000,000	51,900,000	46,000,000		40,000,000	40,000,000	40,000,000			53,800,000	60,300,000	79,500,000	79,500,000	68,300,000	68,300,000	60,600,000
intangible liability — charter agreements																																										1,771,000	1,771,000
due to related party																																										2,545,000	2,545,000	1,909,000	1,909,000	3,923,000	3,923,000	2,813,000	2,813,000	1,555,000	1,555,000	1,817,000	1,817,000	2,758,000	2,758,000	1,315,000	1,315,000	4,074,000	4,074,000	3,629,000	3,629,000
accrued expenses																																										16,575,000	16,575,000	7,794,000	7,794,000	17,398,000	17,398,000	8,788,000	8,788,000	3,491,000	3,491,000	11,034,000	11,034,000	2,023,000	2,023,000	11,664,000	11,664,000	2,444,000	2,444,000	12,224,000	12,224,000	3,742,000	3,742,000	14,950,000	14,950,000	4,972,000	14,705,000	4,771,000	15,278,000	15,278,000	5,752,000	15,542,000	6,591,000	6,887,000	6,887,000	4,076,000	4,870,000	4,806,000	5,419,000	5,419,000	5,720,000	4,850,000	4,839,000	4,953,000	4,953,000	4,656,000	3,961,000	5,412,000	5,575,000	5,575,000	7,048,000	5,795,000	5,167,000	5,167,000	4,589,000	4,589,000	4,777,000	4,383,000	4,092,000	4,092,000	6,436,000	6,436,000
long term debt																																										359,920,000	359,920,000	350,932,000	350,932,000	359,745,000	359,745,000	358,515,000		369,255,000	369,255,000	369,355,000	369,355,000	388,824,000	388,824,000	389,583,000		413,019,000	413,019,000	418,730,000	418,730,000	423,728,000	423,728,000	442,913,000		482,564,000	454,952,000	455,128,000	414,782,000		414,436,000	414,052,000	413,731,000	316,256,000		323,339,000	344,905,000		375,104,000		388,441,000	412,756,000	419,924,000	437,612,000		458,953,000	468,953,000	478,953,000			499,341,000	492,841,000	504,600,000	504,600,000	519,892,000	519,892,000	538,500,000	542,100,000	542,100,000	542,100,000	542,100,000	542,100,000	286,100,000
total long term liabilities																																										366,627,000	366,627,000	358,084,000	358,084,000			366,543,000		377,729,000	377,729,000	378,269,000	378,269,000			399,385,000		423,270,000	423,270,000	429,430,000	429,430,000					494,707,000	467,627,000	468,330,000			428,699,000	473,820,000	474,028,000			398,484,000	421,760,000																			605,322,000
stockholders’ equity
class a common stock — authorized 214,000,000 shares with a 0.01 par value...																																										476,000	476,000
class b common stock — authorized 20,000,000 shares with a 0.01 par value...																																										74,000	74,000
series b preferred shares — authorized 16,100 shares with 0.01 par value...
total stockholders’ equity																																										264,047,000	264,047,000	260,139,000	260,139,000	256,074,000	256,074,000	251,605,000	251,605,000	351,389,000	351,389,000	342,511,000	342,511,000	335,687,000	335,687,000	328,893,000	328,893,000	383,882,000	383,882,000	407,482,000	407,482,000	401,357,000	401,357,000	396,766,000	396,766,000	395,274,000	441,086,000	438,185,000	438,136,000	438,136,000	439,040,000	399,123,000	401,359,000	399,466,000	399,466,000	391,499,000	384,134,000	373,905,000	366,588,000		358,385,000	349,911,000	342,263,000	334,200,000		323,231,000	324,021,000	335,539,000	324,564,000		323,206,000	326,509,000	331,147,000	331,147,000
total liabilities and stockholders’ equity																																										693,261,000	693,261,000	671,843,000	671,843,000	689,091,000	689,091,000	675,184,000	675,184,000	764,998,000	764,998,000	766,420,000	766,420,000	773,362,000	773,362,000	776,257,000	776,257,000	844,588,000	844,588,000	883,405,000	883,405,000	870,118,000	870,118,000	904,920,000	904,920,000	906,353,000	927,031,000	915,458,000	886,627,000	886,627,000	877,495,000	893,115,000	886,219,000	858,247,000	858,247,000	868,375,000	880,900,000	888,604,000	903,680,000		907,845,000	929,299,000	937,521,000	939,535,000		954,121,000	954,498,000	972,144,000	981,022,000		1,012,748,000	1,008,250,000	1,028,298,000	1,028,298,000
intangible liability – charter agreements																																												1,771,000	1,771,000	1,771,000	1,771,000	1,771,000	1,771,000	1,779,000	1,779,000	1,788,000	1,788,000	1,797,000	1,797,000	1,807,000	1,807,000	1,872,000	1,872,000	1,949,000	1,949,000	2,073,000	2,073,000	2,104,000	2,104,000		2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000		2,119,000	2,119,000		2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,119,000	2,118,000					1,608,000
class a common stock – authorized 214,000,000 shares with a 0.01 par value...																																												476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	476,000	475,000	475,000		475,000	475,000	475,000	475,000	475,000	475,000		475,000	475,000			475,000	475,000		475,000	475,000	475,000			474,000	472,000	472,000	471,000		470,000	468,000	468,000	468,000
class b common stock – authorized 20,000,000 shares with a 0.01 par value...																																												74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000	74,000		74,000	74,000	74,000	74,000	74,000	74,000		74,000	74,000			74,000	74,000		74,000	74,000	74,000			74,000	74,000	74,000	74,000		74,000	74,000	74,000	74,000
series b preferred shares – authorized 16,100 shares with 0.01 par value...
vessel deposits																																														1,128,000	1,128,000																																												16,699,000	16,541,000	16,390,000	16,390,000	16,243,000	16,243,000	16,087,000	15,935,000	15,780,000	15,780,000	15,720,000	15,720,000	115,079,000
total long-term liabilities																																														367,333,000	367,333,000		366,543,000					398,183,000	398,183,000		398,649,000					434,832,000	434,832,000	454,522,000	454,522,000				428,509,000	428,509,000				389,600,000	389,600,000			439,768,000	461,404,000	461,404,000	477,554,000	505,599,000	512,372,000	535,057,000	535,057,000	559,254,000	563,064,000	570,273,000	585,075,000	585,075,000	609,757,000	596,733,000	595,478,000	595,478,000	605,322,000		627,882,000	626,212,000			652,549,000	652,549,000	361,076,000
series b preferred shares – authorized 16,100 shares with a 0.01 par value...
other long term assets																																																		112,000	112,000	140,000	140,000	168,000	168,000	195,000	195,000	224,000	224,000	252,000	252,000	279,000	279,000	306,000	306,000
(accumulated deficit) retained earnings																																																								-58,365,000	-58,365,000
current portion of deferred financing costs																																																																		3,478,000	3,259,000	3,231,000	3,148,000	3,148,000	3,143,000	3,143,000	3,068,000
vessels held for sale																																																																		4,504,000
deferred financing costs																																																																		8,392,000	8,833,000	9,588,000	10,172,000	10,172,000	10,962,000	11,747,000	12,159,000	1,391,000	1,391,000	1,538,000	1,440,000	1,470,000	1,493,000	1,493,000	1,140,000	1,141,000	1,184,000	1,168,000	1,168,000	979,000	999,000	1,019,000	1,009,000	1,009,000	903,000	903,000	903,000	903,000	903,000	903,000	938,000	1,008,000	1,008,000	1,008,000	526,000	526,000	547,000
class a common stock - authorized 214,000,000 shares with a 0.01 par value...																																																																		475,000										475,000
class b common stock - authorized 20,000,000 shares with a 0.01 par value...																																																																		74,000										74,000
series b preferred shares - authorized 16,100 shares with 0.01 par value...
derivative instruments																																																																										8,776,000	8,776,000	9,974,000	10,176,000	10,497,000	12,225,000	12,225,000	14,575,000	15,888,000	17,713,000	15,920,000	15,920,000	17,644,000	18,274,000	17,793,000	17,798,000	17,798,000	16,430,000	13,784,000	14,874,000	14,874,000	15,971,000	15,971,000	17,642,000	15,256,000	12,152,000	12,152,000			3,634,000
series a preferred shares
series b preferred shares – authorized 16,100 shares with a 0.01 par value 14,000 issued and outstanding
preferred shares																																																																								44,976,000	44,976,000	44,976,000	44,976,000	44,976,000	44,976,000	44,976,000	44,976,000	44,976,000	44,976,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000	48,000,000
214,000,000 shares with a 0.01 par value...																																																																									475,000				475,000							475,000
20,000,000 shares with a 0.01 par value...																																																																									74,000				74,000							74,000
deferred tax																																																																																			34,000	19,000	19,000	95,000	328,000	297,000	265,000	265,000	284,000	388,000	336,000	336,000	285,000	285,000
intangible assets – other																																																																															73,000	73,000	78,000	83,000		92,000	92,000	97,000	97,000		26,000	26,000
intangible assets – vessel purchase options																																																																																									13,645,000	13,645,000
intangible asset – vessel purchase options																																																																																								13,645,000
intangible asset – other																																																																																								42,000
intangible liability—charter agreements																																																																																													23,759,000	23,759,000	24,288,000
retained deficit																																																																																													-23,305,000	-23,305,000
net income for the period																																																																																													3,281,000	3,281,000
intangible assets – purchase agreement																																																																																																						7,840,000
deferred tax asset																																																																																																	400,000	420,000
intangible assets - purchase agreement																																																																																																		7,840,000	7,840,000	7,840,000	7,840,000		42,659,000
current installments of long term debt
shareholders’ loan
trade accounts receivable
prepaid expenses and other receivables																																																																																																							5,115,000
amounts due to group companies
dividend payable																																																																																																							7,812,000
accrued expenses and other liabilities																																																																																																							4,074,000
preferred stock																																																																																																							48,000,000
other liabilities

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-05-20	2024-12-31	2024-09-30	2024-06-30	2024-05-20	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-05-11	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-05-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-05-31	2019-12-31	2019-09-30	2019-06-30	2019-05-31	2018-12-31	2018-09-30	2018-06-30	2018-04-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-05-03	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-04-28	2016-03-31	2015-12-31	2015-11-04	2015-08-04	2015-04-30	2014-12-31	2014-10-31	2014-07-28	2014-04-30	2013-12-31	2013-11-14	2013-08-15	2013-05-10	2012-12-31	2012-11-14	2012-08-15	2012-05-15	2011-12-31	2011-11-15	2011-08-17	2011-05-16	2010-12-31	2010-11-12	2010-08-12	2010-05-11	2009-12-31	2009-11-10	2009-06-30	2009-05-19	2009-03-05	2008-11-17

cash flows from operating activities:
net income	-418,000	95,437,000	123,394,000	272,481,000	-6,880,000	88,027,000	91,890,000	91,890,000	219,429,000	7,295,000	77,776,000	74,604,000	74,604,000	200,930,000	35,080,000	56,915,000	72,566,000	106,198,000	33,221,000	-5,642,962.3	5,643,000		1,031,000	13,500,000	1,500,000		1,151,000	20,370,182	10,818		-155,000	-173,000	4,958,000	4,958,000			29,000	7,560,000	7,560,000		-29,727,000	1,485,000	5,323,000	5,323,000	11,443,000	-43,959,000	2,851,000	790,000	-608,000	9,004,000	-4,129,000	1,843,000	25,254,000	-2,864,000	2,894,000	7,234,000	23,585,000	829,000	-436,000	7,950,000				10,839,000	-445,000	1,428,000	-8,235,000	3,281,000	46,267,000	-26,655,000	22,750,847	11,153	-43,655,000	-315,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	368,000	30,328,000	29,793,000	75,026,000	425,000	24,540,000	24,270,000	24,270,000	67,747,000	1,808,000	22,172,000	21,184,000	21,184,000	60,781,000	249,000	20,273,000	19,852,000	44,764,000	3,663,000	-12,382,974.5	12,383,000	35,134,000	266,000	11,552,000	11,548,000	32,738,000	222,000	21,699,242	10,758
gain on sale of vessels		115,000	-28,458,000
amounts reclassified to other comprehensive income
amortization of derivative assets’ premium						1,154,000	1,141,000									128,000	1,000
amortization of deferred financing costs	-622,000	1,342,000	915,000	3,230,000	2,460,000	1,138,000	1,184,000	1,184,000	4,247,000	-82,000	1,361,000	1,475,000	1,475,000	7,575,000	-856,000	4,514,000	1,579,000	6,832,000	490,000	-4,405,994.6	4,406,000	2,976,000	115,000	973,000	927,000	2,353,000	11,000	1,488,255	745	3,514,000	129,000	-43,000	1,029,000	1,029,000	6,934,000	-47,000	-5,000	890,000	890,000	2,713,000	89,000	-132,000	952,000	952,000	2,541,000	26,000	16,000	791,000	4,947,000	-27,000	-2,538,000	3,350,000	1,044,000	12,000	-3,000	333,000	950,000	1,000	-15,000	314,000	844,000	-5,000	-7,000	269,000	880,000	1,000	-1,000	226,000	847,000	2,010,000		374	133,000	66,000
amortization of intangible liabilities - charter agreements						-1,502,000	-1,503,000
fair value adjustment on derivative asset	2,314,000	1,208,000	1,623,000	977,000	5,207,000	1,014,000	-250,000	-250,000	5,703,000	-1,748,000	-1,417,000	2,785,000	2,785,000	-5,025,000	-6,744,000	-2,084,000	-4,564,000
prepayment fees on debt repayment				0
stock-based compensation expense	-2,000	2,122,000	2,122,000		-34,000					0	2,505,000	2,674,000	2,674,000
changes in operating assets and liabilities:
decrease in accounts receivable and other assets				-2,791,000																															1,265,000					283,000			699,000	699,000	-1,198,000	1,930,000	-1,986,000	647,000														779,000
decrease in inventories		-1,742,000	2,567,000			-328,000	521,000	521,000				693,000	693,000				425,000				337,000
increase in derivative asset		0	-194,000
increase in accounts payable and other liabilities	-7,006,000	7,816,000	5,924,000	5,156,000																	-6,066,000				6,595,000		8,953,000	785,281	3,719		18,439,000	-17,928,000	7,850,000	7,850,000	4,717,000	-16,547,000											22,528,000	-11,291,000			8,815,000	531,000	-611,000	-178,000	1,451,000	-2,434,000	6,184,000	-1,353,000	-3,867,000	2,994,000	-4,963,000	5,442,000			366,000	-5,001,000			1,894,000				1,493,000	-9,343,000
decrease in related parties' balances	392,000		-778,000	-187,000		-739,000	383,000								-2,947,000									-1,566,000	-1,934,000
decrease in deferred revenue	-7,485,000	-1,346,000	-8,660,000																		48,000			-1,691,000	-3,309,000			-787,519	-481
payments for drydocking and special survey costs	2,632,000	-10,804,000	-16,300,000	-26,369,000	-9,032,000	-7,105,000	-3,637,000	-3,637,000
unrealized foreign exchange gain							-3,000	-3,000																			-44,000																	32,000
net cash from operating activities	-6,782,000	119,233,000	102,814,000	311,934,000	12,737,000	105,475,000	100,620,000	100,620,000	272,601,000	-5,084,000	107,491,000	93,037,000	93,037,000	236,378,000	28,713,000	90,818,000	52,252,000	219,291,000	5,942,000	-19,896,941.4	19,897,000	58,308,000	32,872,000	13,245,000	25,355,000	56,459,000	24,821,000	36,611,466	24,534	26,923,000	20,606,000	-20,226,000	20,439,000	20,439,000	47,296,000	-17,403,000	19,740,000	8,185,000	8,185,000	62,214,000	-18,273,000	19,969,000	7,242,000	7,242,000	55,308,000	-18,387,000	23,546,000	1,870,000	65,004,000	-21,561,000	-3,287,000	20,747,000	58,766,000	-3,966,000	-1,215,000	20,759,000	58,411,000	3,889,000	-747,000	22,145,000	49,899,000	5,779,000	-447,000	19,641,000	66,563,000	-7,223,000	6,346,000	19,341,000	53,036,000	1,591,000		17,298	15,191,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0
free cash flows	-6,782,000	119,233,000	102,814,000	311,934,000	12,737,000	105,475,000	100,620,000	100,620,000	272,601,000	-5,084,000	107,491,000	93,037,000	93,037,000	236,378,000	28,713,000	90,818,000	52,252,000	219,291,000	5,942,000	-19,896,941.4	19,897,000	58,308,000	32,872,000	13,245,000	25,355,000	56,459,000	24,821,000	36,611,466	24,534	26,923,000	20,606,000	-20,226,000	20,439,000	20,439,000	47,296,000	-17,403,000	19,740,000	8,185,000	8,185,000	62,214,000	-18,273,000	19,969,000	7,242,000	7,242,000	55,308,000	-18,387,000	23,546,000	1,870,000	65,004,000	-21,561,000	-3,287,000	20,747,000	58,766,000	-3,966,000	-1,215,000	20,759,000	58,411,000	3,889,000	-747,000	22,145,000	49,899,000	5,779,000	-447,000	19,641,000	66,563,000	-7,223,000	6,346,000	19,341,000	53,036,000	1,591,000		17,298	15,191,000
cash flows from investing activities:
acquisition of vessels		0	-61,541,000																					-40,000	-23,060,000	-57,996,000	3,495,000
cash paid for vessel expenditures	-294,000	-2,537,000	-7,262,000	-8,193,000	-3,699,000	-948,000	-3,755,000	-3,755,000	-11,568,000	-4,649,000	-3,369,000	-1,182,000	-1,182,000	-4,256,000	34,000	-1,238,000	-1,987,000	-4,086,000	-197,000
advances for vessels acquisitions and other additions						-5,894,000	-1,633,000
net proceeds from sale of vessels		-743,000	54,226,000
time deposits acquired									-4,050,000			-1,050,000	-1,050,000	8,950,000
net cash from investing activities		-9,771,000	716,000	-272,081,000		-45,842,000	-5,388,000		-126,638,000	119,032,000	-144,377,000	-5,829,000	-5,829,000	-18,561,000	-7,500,000	-8,278,000	-12,424,000	-170,629,000	-201,103,000	3,739,885.7	-3,740,000		-7,766,000	-360,000	-28,440,000		-991,000		-687	25,131,000	10,236,000	-9,486,000	-1,651,000	-1,651,000	-4,194,000	1,618,000	-599,000	-1,720,000	-1,720,000	-3,716,000	-2,180,000	-887,000	-158,000	-158,000	-47,593,000	-52,399,000	54,472,000	-55,705,000	-79,239,000			-22,153,000	-12,763,000	7,000	2,120,000	-6,007,000	-18,886,000	1,582,000	-984,000	-6,028,000	-18,524,000	-3,308,000	224,000	-5,646,000	-11,596,000	-15,703,000	-52,000	-4,703,000	-10,516,000	-83,309,000		-2,614
cash flows from financing activities:
proceeds from drawdown of credit facilities																			27,095,000	-236,199,538.2	236,200,000			0	47,000,000	47,000,000	267,500,000																		40,000,000
repayment of credit facilities and sale and leaseback						-49,981,000	-52,082,000	-52,082,000				-53,056,000	-53,056,000	-129,894,000	1,845,000	-39,007,000	-40,911,000
prepayment of debt, including prepayment fees
deferred financing costs paid		-850,000	-1,335,000	-495,000										-9,264,000	6,627,000	-7,018,000	-2,246,000	-9,801,000	-309,000	4,235,992.1	-4,236,000	-1,200,000	96,000	-120,000	-880,000	-4,014,000	-3,568,000
net proceeds from offering of class a common shares, net of offering costs				-207,000
cancellation of class a common shares						0	-4,994,000	-4,994,000	-18,528,000	3,551,000	-6,992,000	-9,988,000	-9,988,000	-10,026,000	-5,060,000
class a common shares - dividend paid						-13,255,000	-13,214,000
series b preferred shares - dividend paid						-2,384,000	-2,384,000
net cash from financing activities	-26,703,000	-31,382,000	66,841,000		11,306,000	-65,620,000	-72,674,000	-72,674,000			4,929,000	-78,779,000	-78,779,000								54,256,000			-20,983,000	-46,817,000			-15,393,008	-6,992						-30,209,000	19,500,000	-19,500,000	-3,691,000	-3,691,000	-56,342,000	-779,000	23,715,000	-30,153,000	-30,153,000	30,143,000	30,526,000	-40,719,000	39,234,000	30,790,000	-2,379,000	-32,505,000	32,030,000	-43,507,000	-5,006,000	4,003,000	-14,800,000	-36,051,000	-10,931,000	-282,000	-11,787,000	-40,164,000	0	3,816,000	-13,816,000			-26,867,000	-4,092,000	-26,883,000			-15,664
net increase in cash and cash equivalents and restricted cash		78,080,000	170,371,000	-114,424,000		-5,987,000	22,558,000	22,558,000				8,429,000	8,429,000			85,834,000	18,825,000											-4,748,855	16,855
cash and cash equivalents and restricted cash at beginning of the period	78,080,000	0	247,624,000		-5,987,000	0	280,713,000	280,713,000		-31,957,000	0	269,930,000	269,930,000		85,834,000	0	195,642,000		2,829,000	-92,261,907.7	92,262,000		-8,048,000	-36,000	147,636,000		-21,588,000	89,981,928	90,072
cash and cash equivalents and restricted cash at end of the period	-134,389,000	78,080,000	417,995,000		81,335,000	-5,987,000	303,271,000	303,271,000		6,941,000	-31,957,000	278,359,000	278,359,000		-54,794,000	85,834,000	214,467,000		-52,509,000	-162,674,834.5	162,675,000		24,222,000	-8,034,000	97,734,000		12,414,000	85,233,073	106,927
supplementary cash flow information:
cash paid for interest	401,000	11,846,000	11,215,000	42,767,000	-2,070,000	14,724,000	15,902,000	15,902,000	50,314,000	808,000	16,875,000	16,454,000	16,454,000	42,317,000	-3,535,000	12,708,000	12,589,000	37,785,000	1,665,000	-14,468,975.4	14,469,000	52,496,000	-14,636,000	21,911,000	11,189,000	60,323,000	2,495,000		9,563
cash received from interest rate caps	-638,000	4,641,000	4,492,000	20,195,000	648,000	6,184,000	8,182,000	8,182,000	24,085,000	-375,000	8,839,000	7,077,000	7,077,000	6,252,000
non-cash investing activities:
acquisition of intangibles		0	15,987,000
non-cash financing activities:
unpaid offering costs																				-225,999.9	226,000					-656,000
unrealized loss on derivative assets/fx option
loss/(gain) on sale of vessels
amortization of derivative assets' premium	-31,000		1,092,000					1,141,000							242,000
amortization of intangible liabilities-charter agreements	-6,674,000		-3,214,000		-3,020,000			-1,503,000		-3,199,000		-3,364,000	-3,364,000		-19,870,000		-12,855,000
(increase)/decrease in accounts receivable and other assets																		-16,289,000
decrease/(increase) in inventories
unrealized foreign exchange loss/
advances for vessel acquisitions and other additions	1,517,000		-407,000	-19,688,000	1,428,000			-1,633,000	-8,746,000	1,872,000		-3,232,000	-3,232,000	-3,261,000	691,000		-1,122,000	-24,914,000	47,347,000	247,974	-248,000	298,000	-3,760,000	-1,100,000	-200,000
time deposits (acquired)/withdrawn	-180,950,000
net cash (used in)/provided by investing activities								-5,388,000
repayment of credit facilities/sale and leaseback	-7,000,000		-40,997,000		7,999,000					-3,781,000
repayment of refinanced debt, including prepayment fees				0
class a common shares-dividend paid	-46,000		-16,043,000		-2,710,000			-13,214,000		40,000		-13,351,000	-13,351,000		-20,000		-9,257,000		-11,000
series b preferred shares-dividend paid	0		-2,384,000		0			-2,384,000		0		-2,384,000	-2,384,000				-2,384,000		-373,000
net (decrease)/increase in cash and cash equivalents and restricted cash																									-49,902,000
acquisition of vessels and intangibles																		-134,401,000	-230,949,000
unrealized loss on derivative assets						-3,184,000	-1,140,000	-1,140,000
operating revenues
time charter revenues
total operating revenues
operating expenses:
vessel operating expenses
time charter and voyage expenses
general and administrative expenses
loss on sale of vessels																						0
operating income
non-operating income/
interest income
interest and other finance expenses
other income
total non-operating expenses
income before income taxes
income taxes
earnings allocated to series b preferred shares
net income available to common shareholders
increase in accounts receivable and other assets		-3,227,000	-7,015,000			-1,581,000	-2,908,000	-2,908,000	380,000		3,893,000	-6,355,000	-6,355,000		-3,471,000	-4,349,000	-1,835,000				-3,865,000				-208,000			-1,745,906	-94									-581,000	-581,000
net (expenses)/proceeds from sale of vessels
proceeds from drawdown of credit facilities/sale and leaseback
prepayment of debt including prepayment fees
unrealized loss on derivative assets/ fx option			-3,501,000
increase in related parties' balances																	-1,128,000				-1,235,000								-2,038
time deposits withdrawn/
unrealized foreign exchange loss			3,000	-5,000												1,000	3,000												-5	-12,000	13,000		4,000	4,000				6,000	6,000	5,000			32,000		26,000	-94,000	75,000	-21,000	9,000	-34,000	10,000	4,000	-5,000	8,000	10,000	-6,000	9,000	9,000	-23,000	16,000			-7,000	9,000	-12,000	38,000	-80,000	39,000
time deposits withdrawn			15,700,000
proceeds from drawdown of sale and leaseback			133,500,000
prepayment of debt			-5,900,000
impairment of vessels
increase in inventories
net proceeds from sale of vessel											0	5,940,000	5,940,000
time deposits withdrawal/
amounts reclassified to/(from) other comprehensive income				551,000	15,000	311,000	240,000	240,000
amortization of original issue premium of notes
stock based compensation expense
increase in derivative assets																0	-15,370,000
increase in deferred revenue						-7,526,000	-6,928,000								16,322,000											2,363,000
repurchase of 2024 notes, including premium														-29,070,000	-61,731,000
proceeds from drawdown of credit facilities and sale and leaseback																0	60,000,000
proceeds from 2027 secured notes
proceeds from offering of series b preferred shares, net of offering costs																		34,325,000	-6,740,000	-10,695,965.7	10,696,000	16,793,000	675,000	1,197,000	3,803,000
net cash used in financing activities
cash and cash equivalents and restricted cash at beginning of the year
cash and cash equivalents and restricted cash at end of the year
unrealized gain on derivative assets/fx option
(increase) in derivative asset
(decrease) in deferred revenue
decrease/(increase) in accounts receivable and other assets																						1,263,000	1,479,000
(increase)/decrease in inventories																		-2,288,000							-396,000
increase/(decrease) in accounts payable and other liabilities																		3,963,000	-942,000
decrease/(increase) in related parties' balances								383,000
net cash provided by/(used in) investing activities
net increase/(decrease) in cash and cash equivalents and restricted cash
other income/(expenses)
unrealized gain on derivative assets														18,872,000	6,717,000	5,632,000	17,282,000
decrease in accounts payable and other liabilities						5,945,000	-6,084,000	-6,084,000			-1,090,000	-9,578,000	-9,578,000			4,839,000	-5,854,000																					-9,548,000	-9,548,000				-10,714,000	-10,714,000																				-538,000
share-based compensation expense							2,304,000	2,304,000
(decrease)/increase in deferred revenue								-6,928,000	3,402,000								-1,502,000
gain on sale of vessel
amortization of original issue premium of notes/premium on repurchase of notes														326,000
share based compensation expense
(decrease)/increase in accounts payable and other liabilities
unrealized foreign exchange (gain)/loss
proceeds from issuance of 2024 notes																				-15,095,977.3	15,096,000			7,000	19,193,000
repurchase of 2022 notes, including premium																				239,182,760.8	-239,183,000	-90,178,000	-1,168,000	-603,000	-57,197,000
net cash (used in)/provided by financing activities														-88,735,000		3,294,000	-21,003,000					-106,430,000
unpaid advances for vessel’s acquisitions and other additions
issuance of 2024 notes for the acquisition of vessels																		0
premium on the 2024 notes issued for the acquisition of vessels																		0
unrealized (loss)/gain on derivative assets									-16,245,000		2,803,000	-8,034,000	-8,034,000
amounts reclassified from other comprehensive income										233,000	-137,000	-39,000	-39,000
amortization of derivative asset's premium										104,000
amortization of original issue premium on repurchase of notes
(increase)/decrease in related parties' balances
cash paid for drydockings										-3,091,000	-11,995,000	-6,305,000	-6,305,000	-19,994,000	1,475,000	-5,938,000	-9,315,000	-15,841,000	-791,000	1,586,995.8	-1,587,000	-11,846,000	207,000	-3,128,000	-4,072,000					-1,759,000	-23,000	-481,000	-373,000	-373,000	-3,931,000	1,510,000	-491,000	-1,720,000	-1,720,000	-3,461,000	-2,272,000						422,000	-1,485,000	-1,924,000				-1,550,000	8,000
unpaid capitalized expenses										-6,699,000	2,454,000	9,543,000	9,543,000	1,688,000	-767,000														826
unpaid drydocking expenses										-5,577,000	2,330,000	13,869,000	13,869,000	4,051,000	-21,000	1,514,000	5,903,000	-710,000	4,619,000	-948,998.1	949,000	1,061,000	-222,000	-1,537,000	2,037,000
time charter revenue
time deposits (acquired)/withdrawal
proceeds from 2027 uspp notes
net cash provided by/(used in) financing activities
unpaid deferred financing costs																			989,000
unrealized gain/(loss) on derivative assets
amortization of derivative asset’s premium											1,045,000	891,000	891,000
increase in related parties’ balances												-145,000	-145,000
increase/(decrease) in deferred revenue												8,212,000	8,212,000					103,222,000	366,000
unpaid advances for vessels’ acquisitions and other additions
impairment of vessel
amounts reclassified from oci
share based compensation														7,882,000	1,171,000	1,051,000	1,054,000	3,359,000	1,000	-1,703,998.1	1,704,000	1,640,000	-495,000	871,000	429,000	429,000				5,000	0	0	45,000	45,000						198,000	3,000	49,000	33,000	33,000	50,000	0	0	25,000	127,000	0	0	50,000	259,000	-1,000	19,000	83,000	329,000	-3,000	21,000	113,000	420,000	-30,000	39,000	136,000	757,000	-92,000	4,000	311,000	1,938,000
(increase)/decrease in related parties’ balances
unpaid vessel expenditures																	8,201,000	1,528,000	1,255,000
(gain)/loss on sale of vessels
amortization of intangible (liabilities)/assets - charter agreements
(increase) in inventories
increase/(decrease) in related parties' balances
unpaid advances for vessels' acquisitions and other additions
other (expenses)/income
amortization of original issue discount on repurchase of notes
time deposits withdrawal
net proceeds from offering of class a common shares, net off offering costs
series b preferred shares-dividends paid																					-1,484,000		-46,000	-921,000	-879,000		1,000	-1,531,234	-766
amortization of original issue (premium)/discount on repurchase of notes																	-120,000
repayment of refinanced debt																	-26,205,000	-143,799,000	137,966,000					-34,000	-44,366,000	-1,000
unpaid advances for vessel acquisitions and other additions																	890,000
(gain)/loss on sale of vessel
amortization of original issue discount/premium on repurchase of notes																		7,017,000	1,506,000	-7,043,992.9	7,044,000	3,096,000	30,000	161,000	2,139,000
(decrease)/increase in related parties' balances
net proceeds from offering and repurchase of class a common shares, net of offering costs
retirement of class a common shares
unpaid advances for vessels acquisitions and other additions
net unrealized gain on interest rate cap
cash acquired in poseidon transaction, net of capitalized expenses
loss/(gain) on sale of vessel
repayment of credit facilities																			-808,000	30,816,946.2	-30,817,000	-51,421,000	7,570,000	-20,448,000	-13,452,000	-52,233,000	9,048,000	-26,539,774	-6,226						-60,650,000	0	0	-2,925,000	-2,925,000	-7,575,000	0	800,000	-2,725,000	-2,725,000
net cash from / (used in) financing activities																			139,823,000
(decrease)/increase in cash and cash equivalents and restricted cash
amortization of intangible liabilities/assets-charter agreements
increase/(decrease) in accounts receivable and other assets
increasse in inventories
proceeds from offering of class a common shares, net of offering costs																				-67,983,932.4	67,984,000			-61,000	-39,000
increase/(decrease) in cash and cash equivalents and restricted cash
amortization of intangible liabilities/assets - charter agreements
series b preferred shares - dividends paid
net cash from/(used in) financing activities
amortization of intangible liability/asset-charter agreements																					-502,000		-319,000	-79,000	479,000
cash paid for vessel expenditure																					-1,905,000		-2,827,000	-292,000	-1,108,000
increase in cash and cash equivalents and restricted cash																					70,413,000
unpaid vessel additions																					2,461,000		-2,733,000	-636,000	3,436,000
net income /
adjustments to reconcile net income/(loss) to net cash from operating activities:
amortization of intangible assets/liabilities - charter agreements
increase/(decrease) in related parties’ balances
cash paid for income taxes
unpaid vessels additions
working capital acquired
vessels and other intangibles acquired
debt acquired
issuance of class a common shares
issuance of series c preferred shares
vessel impairment losses																								915,000	7,585,000
unrealized foreign exchange gain/
proceeds from sale of vessels
costs relating to offering of class a common shares
non operating income/
interest and other finance expenses including premium on 2022 notes
other (expenses) / income
total non operating expenses
earnings per share
weighted-average number of class a common shares outstanding
basic
diluted
net earnings per class a common share
advances from sale of vessels
decrease in cash and cash equivalents and restricted cash
time charter revenue - related parties
vessels operating expenses
vessels operating expenses-related parties
time charter and voyage expenses-related parties
operating income /
income / (loss) before income taxes
net income / (loss) available to common shareholders
earnings / (loss) per share
net gain / (loss) per class a common share
weighted-average number of class b common shares outstanding
basic and diluted
net gain per class b common shares
vessel impairment																																								63,065,000					0
vessels impairment
(decrease)/increase in related parties’ balances
cash paid for other assets																																								-1,000			-1,000	-1,000	0							-7,000
net cash (used in)/ provided by investing activities
proceeds from issuance of 2022 notes
repurchase of 2022 notes and other senior notes, including premium
net cash provided by/ (used in) financing activities
amortization of original issue discount / premium on repurchase of notes																											-1,000		202
amortization of intangible asset/liability-charter agreements																											11,000		468
cash paid for vessel improvements																											-1,147,000	-6,775,363	-637
cash paid for dry-dockings																											-1,839,000		-50
advances for vessel acquisitions
net cash provided/(used) in financing activities
net decrease in cash and cash equivalents and restricted cash																											34,002,000
time charter revenue-related parties
vessel operating expenses-related parties
interest and other financial expense
total non-operating expense
net income per class a common share
net income per class b common share
decrease increase in inventories																													442
cash paid for vessel deposits																																	-1,128,000	-1,128,000
net loss
amortization of intangible liability/assets-charter agreements
cash paid for vessels																															10,259,000														-54,558,000	-53,459,000	54,050,000	-54,220,000
proceeds from issuance of secured notes																																																				413,700,000
repurchase of secured notes																																								-46,471,000	-778,000	22,914,000	-26,662,000	-26,662,000
adjustments to reconcile net loss to net cash from operating activities:
gain on repurchase of secured notes																																								-2,390,000	-23,000
amortization of intangible asset/liability - charter agreements
unpaid capitalized expenses*
cash flows from operating activities
adjustments to reconcile net income to net cash from operating activities
depreciation																															201,000	18,000	8,156,000	8,156,000	28,535,000	-95,000	-59,000	9,600,000	9,600,000	32,227,000	-299,000	-57,000	10,934,000	10,934,000	33,335,000	102,000	444,000	10,978,000	31,017,000	9,000	0	10,033,000	30,291,000	-32,000	56,000	10,070,000	30,199,000	-21,000	196,000	9,969,000	30,014,000	128,000	40,000	9,949,000	29,951,000	116,000	113,000	9,871,000	27,838,000	483,000		8,786	5,883,000	2,848,000
amortization of original issue discount																															1,000	-1,000	201,000	201,000	2,265,000	-85,000	61,000	282,000	282,000	1,318,000	-1,000	-248,000	582,000	582,000	866,000	138,000	-172,000	346,000	698,000	63,000	290,000	31,000
amortization of intangible liability																															0	0	-443,000	-443,000	-1,355,000	0	0	-452,000	-452,000	-1,574,000	0	-1,000	-529,000	-529,000	-1,589,000	0	-1,000	-529,000	-1,589,000	0	-1,000	-529,000	-1,589,000	0	-1,000	-529,000	-1,589,000	0	-1,000	-529,000	-1,589,000	0	-1,000	-529,000	-1,590,000	0	1,000	-530,000	-1,152,000
decrease in inventory																																			-234,000			-48,000		111,000			34,000			-133,000	75,000	-71,000
increase in unearned revenue																															-50,000	114,000	-312,000	-312,000	88,000	-180,000	-98,000	428,000	428,000	25,000	1,223,000	0	-104,000	-104,000	330,000	83,000	-284,000	205,000
increase in related party balances																															3,433,000	-4,775,000	1,838,000	1,838,000	1,093,000	-535,000	532,000	48,000	48,000	364,000
cash flows from investing activities
cash flows from financing activities
loan finance drawn down
deferred financing costs incurred																																													-532,000	-69,000					14,829,000	-15,304,000
series b preferred shares — dividends paid
net cash received from financing activities
net increase in cash, cash equivalents and restricted cash
cash and cash equivalents at start of period																															-21,689,000	18,022,000	73,266,000	73,266,000		2,415,000	2,774,000	54,243,000	54,243,000		19,728,000	-23,069,000	53,591,000	53,591,000		22,698,000	-14,601,000	33,295,000		16,985,000	30,624,000	24,539,000		4,860,000	-48,000	26,145,000		2,317,000	4,330,000	25,814,000		3,772,000	179,000	28,360,000	-519,000	-10,027,000	10,546,000	30,810,000	-14,369,000	15,349,000		26,363	29,584,000	605,000
cash, cash equivalents and restricted cash at end of period
supplemental information
total interest paid																															-18,549,000	18,641,000	648,000	648,000	24,839,000	17,567,000	-18,186,000	18,932,000	18,932,000	23,113,000	19,296,000	-20,782,000	21,507,000	21,507,000	21,964,000	21,009,000	-20,870,000	21,000,000	3,751,000	22,293,000	-3,243,000	3,497,000	13,097,000	1,154,000	-93,000	4,624,000	15,092,000	-133,000	-109,000	5,255,000	16,540,000	-3,514,000				1,461,000
income tax paid																															14,000	4,000	12,000	12,000		2,000	-4,000	14,000	14,000		1,000	-6,000	16,000	16,000		-1,000	2,000	17,000		4,000	-7,000	24,000		8,000	-3,000	19,000		9,000	0	10,000		-17,000	35,000	26,000		7,000
increase in inventory																																							-48,000
net cash received from / (used in) financing activities
(increase) in inventory																																1,700,000	-1,783,000	-1,783,000
series b preferred shares – dividends paid																																1,000	-766,000	-766,000	-2,296,000	-1,000	1,000	-766,000	-766,000	-2,296,000	-1,000	1,000	-766,000	-766,000			1,000	-766,000	-765,000
net increase in cash and cash equivalents																																-39,711,000	18,022,000	18,022,000	12,893,000	3,715,000	-359,000	2,774,000	2,774,000						37,858,000	-40,260,000	37,299,000	-14,601,000	16,555,000	-24,781,000	-13,639,000	30,624,000	2,496,000	-8,965,000	4,908,000	-48,000	3,474,000	-5,460,000	-2,012,000	4,329,000	-8,789,000	2,471,000	3,593,000	179,000	-456,000	8,033,000	-20,573,000	10,546,000	15,637,000	-26,540,000		-980	-3,221,000	28,979,000
cash and cash equivalents at end of period																																-21,689,000	91,288,000	91,288,000		6,130,000	2,415,000	57,017,000	57,017,000		-1,504,000	19,728,000	30,522,000	30,522,000		-17,562,000	22,698,000	18,694,000		-7,796,000	16,985,000	55,163,000		-4,105,000	4,860,000	26,097,000		-3,143,000	2,317,000	30,144,000		6,243,000	3,772,000	28,539,000	-975,000	-1,994,000	-10,027,000	41,356,000	1,268,000	-11,191,000		25,383	26,363,000	29,584,000
unrealized foreign exchange (gain) loss
(increase) in accounts receivable and other assets																																	-1,104,000	-1,104,000
improvement of vessels																																	-150,000	-150,000
net cash (used in) by financing activities																																	-766,000	-766,000
adjustments to reconcile net loss to net cash from operating activities
proceeds from issue of secured notes
proceeds from drawdown of term loan
class a common shares – dividends paid
cash and cash equivalents at start of year
cash and cash equivalents at end of year
total income tax paid
cash paid in respect of sale of vessels
proceeds from drawdown of revolving credit facility
decrease (increase) in accounts receivable and other assets
decrease (increase) in inventory																																												34,000
costs paid in respect of sale of vessels																																											-157,000	-157,000
change in fair value of derivative instruments																																																				-1,944,000	-12,912,000	3,598,000	465,000	-5,453,000
settlements of derivative instruments which do not qualify for hedge accounting																																																				2,801,000
gain on redemption of series a preferred shares																																																	0
settlements and termination of derivative instruments which do not qualify for hedge accounting
repayment of previous credit facility
net proceeds from issuance of series b preferred shares
variation in restricted cash																																																	0								0																-3,026,000
redemption of series a preferred shares																																																	0
net decrease in cash and cash equivalents																																											-23,069,000	-23,069,000
movement in related party balances
cash paid for vessel acquisition
settlement of derivative instruments which do not qualify for hedge accounting
unrealized foreign exchange																																																																						-66,000			-80,000
settlement and termination of derivative instruments which do not qualify for hedge accounting																																																				-22,146,000
cash paid for intangible assets
proceeds from series b preferred shares offering, net of related expenses
class a common shares - dividends paid
repayment of credit facility																																																				-366,366,000
proceeds from drawdown of credit facility																																																40,000,000
cash paid to acquire intangible assets																																																														61,000	-40,000	-26,000
decrease in accounts receivables and other assets
(decrease) in accounts payable and other liabilities																																																																				-2,772,000
decrease in other receivables and other assets																																																				4,577,000		-4,510,000	-3,568,000	6,047,000									1,442,000	-1,077,000	850,000	-195,000	-6,988,000
change in fair value of certain derivative instruments																																																									-8,233,000	-585,000	1,769,000	-2,676,000	-5,209,000	2,288,000	8,764,000	-4,962,000	5,623,000	-2,755,000	7,575,000	4,879,000
settlements of hedges which do not qualify for hedge accounting																																																							-2,538,000	5,414,000	13,764,000	28,000	118,000	4,492,000	14,440,000	84,000	86,000	4,783,000	12,673,000	119,000	-460,000	4,395,000	9,205,000	1,135,000		2,034	350,000
cash paid for other fixed assets																																																													-2,000
repayment of debt																																																						-5,006,000	4,003,000	-14,800,000				-11,787,000		0
issuance costs of debt																																																																					-3,604,000			-3,293	-4,000	-3,852,000
repayment of preferred shares																																																									0
impairment charge
decrease in receivables and other assets
repayments of debt																																																																-13,816,000			-26,867,000	-4,092,000						-115,000,000
settlement of hedges which do not qualify for hedge accounting																																																						5,753,000
costs relating to drydockings																																																								-593,000	-5,122,000	1,610,000	-866,000	-1,536,000	-3,990,000	-3,228,000
increase in other receivables and other assets																																																																-315,000
acquisition of vessel purchase options
cash paid for purchase of vessels, vessel prepayments and vessel deposits
non cash investing and financing activities
(increase) in other receivables and other assets																																																												-498,000
proceeds from debt																																																																									256,000,000
dividend payments																																																																								-12,371	-15,624,000
net
adjustments to reconcile net (loss) to net cash from operating activities
cash paid for purchases of vessels, vessel prepayments and vessel deposits																																																																		663,000	-512,000	-308,000		-82,174,000
costs relating to drydocks																																																																-837,000				-164,000	-797,000
dividends declared
total interest paid during period																																																																5,374,000
expenditure on vessels, vessel prepayments and vessel deposits
purchase of other fixed assets																																																																									-257,450,000
dividend declared
adjustments to reconcile net (loss ) income to net cash from operating activities
acquisition of global ship lease, inc. net of cash acquired																																																																									-984,000
release of trust account																																																																										317,446,000
proceeds from warrant exercise																																																																									3,026,000
buyback of shares																																																																										-147,053,000
(decrease) in amount due to cma cgm deemed distribution to cma cgm
proceeds (repayments) of debt
net cash (used in) from financing activities
revenue
earnings per a and b share
normalised net earnings
normalised earnings per a and b share
adjusted cash from operations
normalized net earnings, normalized earnings per share, and adjusted cash from operations are non-us generally accepted accounting principles (us gaap) measures, as explained further in this press release, and reconciliations are provided to the interim unaudited financial information.
unrealized foreign exchangeloss
acquisition of global ship lease, inc., net of cash acquired
(decrease) in amount due to cma cgm
deemed distribution to cma cgm
purchases of vessels, vessel prepayments and vessel deposits
proceeds from shareholder loans
change in fair value of certain financial derivative instruments																																																																						24,779,000		-4,309	50,675,000	4,176,000
intangible liability amortization																																																																								-311	-53,000
share-based compensation																																																																								716	812,000	355,000
increase in amounts payable and other liabilities
periodic costs relating to drydocks
add: depreciation
charge for equity incentive awards
amortization of deferred financing fees
less: change in value of derivatives
allowance for future dry-docks
revenue accretion for intangible liabilities
deferred taxation
cash from operations available for common dividends
net income as reported
adjust: change in value of derivatives
normalized net earnings
weighted-average number of class a and b common shares outstanding
net income per share
normalized net income per share
adjustments to reconcile net income to net cash from operating activitiess
decrease in other receivables and prepaid expenses																																																																								386	-367,000	704,000
(decrease) in amounts payable and other liabilities																																																																								-1,531
cash paid for purchases of vessels and vessel prepayments																																																																								-580
net cash provided (used) in investing activities																																																																									-258,784,000	296,124,000
increase in amount due to cma cgm
repayments of long term debt
repayments of capital lease obligations
net cash provided (used) by financing activities																																																																									240,372,000	-265,904,000
decrease (increase ) in inventories
intangible liability accretion																																																																										-14,000
settlements of hedge which do not qualify for hedge accounting																																																																										282,000
net cash provided (used) by operating activities																																																																										-1,241,000
acquisition of global ship lease inc, net of cash acquired																																																																										-5,563,000
cash paid for purchases of vessels																																																																										-15,477,000
deemed distribution
decrease (increase) in other receivables and prepaid expenses
(decrease)/increase in amount due to cma cgm

Global Ship Lease, Inc(NYSE:GSL)

Global Ship Lease, Inc
(NYSE:GSL)