Global Ship Lease (GSL), an independent container ship owner, has agreed to purchase and charter back four 8,500 TEU container vessels with an average age of about 20 years for an aggregate price of US$123.3 million.
The charters are for a minimum fixed duration of 24 months each, followed by a 12-month extension at the charterer’s discretion. The charterer is a leading liner operator, according to GSL, but the name of the company has not been published.
The vessels are estimated to earn US$76.6 million in aggregate Adjusted EBITDA during the minimum firm period, reflecting an appealing average Purchase Price / Annual Adjusted EBITDA multiple of about 3.2x.
If all options are exercised, the vessels are estimated to contribute US$95.3 million in total Adjusted EBITDA.
Global Ship Lease’s fleet will now consist of 68 ships with an overall capacity of 375,406 TEUs.
The four vessels will be delivered in stages during the second and third quarters of 2023, after which they will be renamed GSL Alexandra, GSL Sofia, GSL Lydia, and GSL Effie.
Furthermore, the Company expects to pay for the ships with a combination of cash on hand and senior secured debt. The floating interest rate exposure of the senior secured debt will be covered under GSL’s existing interest rate caps of 0.75% through the fourth quarter of 2026.
“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,” stated George Youroukos, executive chairman of Global Ship Lease.
