Global Ship Lease buys high-reefer containerships with 10-year financing committed

New York-listed Global Ship Lease, a containership owner leasing ships to container shipping companies, has contracted to purchase four high-reefer 9,115-teu containerships with an average age of 8.5 years for an aggregate purchase price of $274m.

With these additions, the company’s fleet will comprise 72 vessels with a total capacity of 413,183 teu.

The Athens-based shipowner said that the newly acquired vessels are currently on time charters to a liner operator, with varied median firm durations extending for an average of 1.7 years, or up to an average of 5.0 years if all charterer’s options are exercised.

Assuming all options are exercised, the charters are expected to generate aggregate Ebitda of up to approximately $184m.

The vessels are scheduled for phased delivery between December 2024 and January 2025. The company expects to pay for the ships with a combination of cash-on-hand and debt.

Global Ship Lease noted that it has received in-principle commitments for ten-year financings to be priced at SOFR + 2.50%, and benefiting from the balance of the company’s outstanding 0.64% SOFR caps.

Including these financings, the company’s weighted average debt