British containership lessor Global Ship Lease (GSL) announced that it has agreed to purchase and charter back four 8,500 TEU Post-Panamax containerships.
Additionally, the four Post-panamax containerships came with a total purchase price of $123.3 million and an average age of about 20 years.
The four vessels are scheduled for phased delivery during the second and third quarters of 2023, at which point the vessels will be renamed GSL Alexandra, GSL Sofia, GSL Lydia and GSL Effie.
Executive chairman of GSL George Youroukos expressed contentment with the acquisition: “We are pleased to announce the acquisition of these four high-specification, enhanced-efficiency vessels, which both provide GSL with immediate contracted cash flow from a top-tier counterparty and further increase our fleet’s presence in the in-demand post-Panamax fleet segment.
“The transaction offers strong economics, combining predictable contracted cashflows with low residual value risk, consistent with our prior transactions. Additionally, it demonstrates the through-cycle value of our strong balance sheet, deep industry relationships and disciplined, returns-focused acquisition strategy.”
The company anticipates using a mix of cash on hand and senior secured debt to pay for the ships.
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Through the fourth quarter of 2026, the company’s existing interest rate limits of 0.75% will cover the senior secured debt’s exposure to floating interest rates.
With this purchase, Global Ship Lease reinforces its commitment to investing in high-quality, efficient vessels that meet the needs of its customers while delivering long-term value for its shareholders.
According to their environment reports, Global Ship Lease is dedicated to upholding high operating standards for all their boats, with a special emphasis on operational safety, high-quality upkeep, ongoing training for officers and crews and compliance with local and international laws as needed.
In addition to this, GLS is also a part of the Getting-to-Zero Coalition, a global initiative aimed at reducing greenhouse gas emissions in the shipping industry that is backed by important governmental bodies and NGOs.
The Getting-to-Zero Coalition is dedicated to putting into service net zero-emission ships that are fuelled by fuels with a net zero-emission footprint.
GLS’ membership in the Getting-to-Zero Coalition demonstrates its commitment to sustainability and reducing its carbon footprint.