Global Ship Lease, Inc. has agreed new five-year time charters for the Eco 9,115 TEU Al Khor and Maira XL with a leading liner operator, to commence mid-2022 at the conclusion of their current charters, according to the company's release. The vessels, which are currently earning $31,650 and $34,000 per day, respectively, are expected to generate aggregate Adjusted EBITDA of approximately $206 million over the five-year firm period. Adjusted to include these newly signed charters, the Company’s total contracted revenue increases to $1.85 billion.
These new charter agreements, for two of GSL’s most valuable and in-demand vessels, are consistent with the Company’s strategy of capitalizing on the strong charter market to lock-in cashflow over a multi-year period. The agreements materially reduce open days in 2022 which are now at minimal levels, and together with the substantial increase in contracted revenue from other year-to-date charter renewals and from growth, provide additional cashflow visibility. Accordingly, our Board of Directors has announced its intention to increase the quarterly dividend to be paid to common shareholders by 50% to $0.375 per share, with effect from the first quarter of 2022. This increased dividend represents more than triple the amount initially announced in January 2021.
About Global Ship Lease
Global Ship Lease is a leading independent owner of containerships with a diversified fleet of mid-sized and smaller containerships. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under fixed-rate charters to top tier container liner companies. It was listed on the New York stock Exchange in August 2008.
As at November 21, 2021, Global Ship Lease owned 65 containerships, ranging from 1,118 to 11,040 TEU, with an aggregate capacity of 342,348 TEU. 32 ships are wide-beam Post-Panamax.