New York-listed boxship owner Global Ship Lease (GSL) has moved to expand its fleet, striking a deal to buy three 8,600 teu vessels for a combined $90m.
The vessels — Korean-built in 2010 and 2011 and fitted with ECO upgrades — come with charters already in place to a major liner operator. While the charter rates sit below today’s market levels, the durations are flexible, with potential redelivery stretching to mid-2030, the Greek owner said.
If the charters run the full course, GSL said it expects them to bring in around $88m in revenue, adding that the trio also carries a combined scrap value of roughly $40m at a through-cycle assumption of $400 per ldt.
Delivery of the ships is scheduled around the end of 2025. GSL said it plans to fund the deal initially with cash on hand, giving it room to move quickly before considering additional financing later.
The acquisition pushes GSL’s fleet to more than 70 ships. The company recently sold four older, smaller units for a similar total price, recycling capital into newer tonnage with better earnings potential.
Executive chairman George Youroukos called the ships “the cash cows of the future,” describing the price as “three for the price of one,” reflecting today’s charter-free valuations.
“Our patience and balance sheet strength allowed us to pounce on this opportunity,” he said. “We’re renewing and upgrading the fleet with assets that should serve the company and shareholders well for years.”