GSL Seeks Asian Funding for Boxships

12 May 2010 (Last Updated May 12th, 2010 18:30)

Global Ship Lease (GSL) is seeking Asian funding to finance two 4,250teu vessels under construction at Jiangsu New Yangzijiang shipyard, China. The company, 45%-owned by French container line CMA CGM, agreed to purchase the ships, worth $77m each, from Germany’s Rickmers Group in December

Global Ship Lease (GSL) is seeking Asian funding to finance two 4,250teu vessels under construction at Jiangsu New Yangzijiang shipyard, China.

The company, 45%-owned by French container line CMA CGM, agreed to purchase the ships, worth $77m each, from Germany’s Rickmers Group in December.

GSL CEO Ian Webber said the company is looking at options in Asia as well as banks in Europe and the US to finance the ships.

The vessels are scheduled for delivery in December.

Israeli-owned container line Zim has agreed to charter the ships from GSL for more than 11 years at a daily rate of $34,000.

All 17 Boxships in the GSL fleet are chartered to CMA CGM under long-term contracts at rates 20% higher than current market spot rates.