GSL will offer 1,400,000 Depositary Shares, each of which represents 1/100 of one share of the Company's 8.75% Series B Cumulative Perpetual Preferred Shares. The new shares are priced at $25 each.

Morgan Stanley is acting as sole book-running manager of the offering, which is expected to close on or about 20 August. Ladenburg Thalmann & Co and National Securities Corporation are acting as co-managers.

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