Global Ship Lease, Inc. (NYSE: GSL), a containership charter owner, yesterday announced that it has agreed to acquire a 2005-built, 2,800 TEU containership for a purchase price of $11.3 million. Following delivery, which is expected to be during the second quarter of 2018 once the existing charter terminates, the vessel will be renamed and will commence charter employment with CMA CGM for a period of 12 months at a fixed rate of $9,000 per day. With this addition, the Company’s fleet will comprise 19 vessels with a total capacity of 85,112 TEU.

Global Ship Lease Announces Agreement to Acquire 2,800 TEU Containership
Caption (for illustrative purposes only): GSL containership Delmas Keta currently operated by CMA CGM - Image courtesy of Roeland.J

Ian Webber, Chief Executive Officer of Global Ship Lease, commented, “We are pleased to have expanded our fleet in a strengthening market with the acquisition of this high-specification vessel at an attractive price. By utilizing both our strong balance sheet and our well-established commercial relationships, we were able to confidently pursue the acquisition, having already secured the vessel’s subsequent employment with a top-tier counterparty at an EBITDA positive level. We remain optimistic for the continued tightening of the supply/demand balance for mid-sized and smaller vessels, and we will continue to pursue attractive, immediately accretive acquisition opportunities for the benefit of shareholders.”

Global Ship Lease is a containership charter owner. Incorporated in the Marshall Islands, Global Ship Lease commenced operations in December 2007 with a business of owning and chartering out containerships under mainly long-term, fixed-rate charters to top tier container liner companies.

Global Ship Lease owns 18 vessels with a total capacity of 82,312 TEU and an average age, weighted by TEU capacity, at December 31, 2017 of 13.0 years. All 18 vessels are currently fixed on time charters, 16 of which are with CMA CGM. The average remaining term of the charters at December 31, 2017 is 2.8 years or 3.2 years on a weighted basis, taking into account the charter extensions recently agreed for GSL Tianjin and OOCL Qingdao.

Source: Global Ship Lease