Global Ship Lease to acquire three containerships for $90M

Global Ship Lease (GSL) announced the purchase of three 8,600 TEU, Korean-built containerships with ECO upgrades for an aggregate purchase price of $90 million. The Newly Acquired Vessels have attached charters with a leading liner company. The charters are at below-market rates and have flexible durations, with latest redeliveries in mid-2030. Assuming the charters run to their full terms, they are expected to generate aggregate revenues of approximately $88 million; and at a through-cycle scrap price of $400 per LWT, the ships would have a combined scrap value of approximately $40 million. With these additions, the Company’s fleet will comprise 71 vessels with a total capacity of 422,567 TEU. The Newly Acquired Vessels are expected to be delivered around year-end 2025. The Company expects to initially fund the acquisition with cash on hand, which facilitates speed of execution, with the potential to attach financing subsequently.