New York-listed containership owner Global Ship Lease (GSL) is expanding and renewing its fleet with the acquisition of four 9,115 teu vessels for $274m.
The Athens-based company, which will own 72 boxships after the transaction is completed, said the post-panamax vessels should deliver between December 2024 and January 2025.
GSL did not name the seller, but S&P databases show that the counterparty is China’s Minsheng Financial Leasing. The ships in question are the 2015-built Czech and Bremerhaven Express and the 2016-built Istanbul Express and Sydney Express.
The boxships are on charter to German liner operator Hapag-Lloyd, with varied median firm durations extending for an average of 1.7 years, or up to an average of five years if all options are exercised.
GSL noted that if all options are exercised, the charters should generate aggregate EBITDA of up to about $184m.
“As sisters to three high-performing vessels already in the GSL fleet, the newly acquired vessels are tried and tested high-earners, and will carry forward the economic runway of the cash cows in our existing fleet,” said George Youroukos, executive chairman of GSL.
The deal will be funded with cash on hand and debt, and the company has already received in-principle commitments for 10-year financing.
Online pricing platform VesselsValue estimates the four ships as worth more than $400m.
“Buying these ships for an en bloc price of $274m, against an aggregate open-market charter-free value of close to $400m, allows us to de-risk this deal right out of the gate,” added Youroukos.
