Global Ship Lease to Buy Two Post-Panamaxes on Long-Term Charters (26 NOV 2019)

London-based containership charter owner Global Ship Lease (GSL) has agreed to acquire two 2004-built Post-Panamax containerships from Black Pearl Containers.

As informed, the ship pair will be bought for USD 24.5 million and with charters in place to an unnamed liner operator for minimum 52 months / maximum 60 months.

The 6,080 TEU vessels, which have bows optimized for fuel efficiency at lower operating speeds, are scheduled for delivery by the end of this year.

According to GSL, the boxships are expected to generate aggregate Adjusted EBITDA of approximately USD 21 million over the term of the contracted charters, assuming the median expiry dates.

GSL further said that the two containerships are being acquired from Black Pearl Containers, a company controlled by the former shareholders of Poseidon Containers, with which the company merged in November 2018, and pursuant to the company’s Right of First Refusal on all such containership purchase opportunities and divestments. The company has agreed debt finance in connection with the acquisition of these ships.

“These ships are the last remaining containerships owned by the former shareholders of Poseidon Containers and were originally acquired in a transaction with a German bank seeking to maximize its recovery of a pre-existing non-performing loan,” George Youroukos, Executive Chairman of Global Ship Lease, commented.

“With these acquisitions, we have now made seven highly attractive additions to our fleet since we merged with Poseidon Containers in November 2018, growing our fleet capacity by almost 25% and building on our base of multi-year charters for our high-specification vessels with best-in-class slot costs,” Youroukos added.

“We are delighted with the acquisition of these well-specified, in-demand Post-Panamax containerships, at a below-market price… The economics are consistent with the three ships we acquired earlier this year, also against term charters to a first-class counterparty and we are, once again, limiting our downside while maintaining upside potential and supporting our ongoing refinancing program,” Ian Webber, Chief Executive Officer of Global Ship Lease, said.

With the newest additions, Global Ship Lease’s fleet will comprise 45 vessels with a total capacity of 249,622 TEU.