Global Ship Lease announced on December 4, 2024, an agreement to purchase four high-reefer ECO-9,115 TEU containerships for an aggregate price of $274 million. These vessels, with an average age of 8.5 years, are currently under time charters to a leading liner operator, with firm durations averaging 1.7 years and up to 5.0 years if all charterer's options are exercised. The acquisition is expected to generate up to approximately $184 million in aggregate EBITDA if all options are exercised.
The acquisition will expand Global Ship Lease's fleet to 72 vessels, increasing its total capacity to 413,183 TEU. The newly acquired vessels are scheduled for phased delivery between December 2024 and January 2025. This strategic purchase was made at a 30% plus discount to their open-market charter-free values, aligning with the company's disciplined investment criteria for fleet renewal and selective growth.
To finance the acquisition, Global Ship Lease has secured in-principle commitments for ten-year financings priced at SOFR + 2.50%, benefiting from existing 0.64% SOFR caps. This financing arrangement is expected to extend the company's weighted average debt maturity to 5.3 years, further strengthening its balance sheet and providing long-term financial stability for this significant fleet addition.
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