Global Ship Lease, Inc., an owner of containerships, has contracted to purchase four high-reefer ECO-9,115 TEU containerships with an average age of 8.5 years for an aggregate purchase price of $274 million, according to the company's release.
The Newly Acquired Vessels are currently on time charters to a leading liner operator, with varied median firm durations extending for an average of 1.7 years, or up to an average of 5.0 years if all charterer’s options are exercised. Assuming all options are exercised, the charters are expected to generate aggregate EBITDA of up to approximately $184 million.
With these additions, the company’s fleet will comprise 72 vessels with a total capacity of 413,183 TEU. The Newly Acquired Vessels are scheduled for phased delivery between December 2024 and January 2025. The company expects to pay for the ships with a combination of cash-on-hand and debt. The company has received in-principle commitments for ten-year financings to be priced at SOFR + 2.50%, and benefiting from the balance of the company’s outstanding 0.64% SOFR caps.
Including these financings, the company’s weighted average debt maturity would be extended to 5.3 years. The financings are subject to the negotiation and execution of definitive documentation and the satisfaction of certain customary closing conditions.
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 of September 30, 2024, and before adjusting for the Newly Acquired Vessels, Global Ship Lease owned 68 containerships ranging from 2,207 to 11,040 TEU, with an aggregate capacity of 376,723 TEU. 36 ships are wide-beam Post-Panamax.